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Priceactiontrader

EURUSD| my thoughts on Friday?Evening Traders, this pair has been stuck in a bit of range for me, although it seems we still have plenty of buyers in the market, this being confirmed by the large bullish candles every time we have a sell off, Price action may potential pierce the top of the 1.14410 area before market close or potentially my do so during the Sunday market open. either way i will simply wait for confirmation from price action. couple scenarios for you all to consider: 1) seeing as we are now in the later part of the session on a Friday afternoon i imagine we wont get much in the way of any real momentum, as you can see i have ray line at the 1.1490 level which we are charging towards if we have corrective move up into this level with a rejection of this area potentially we may have interim short position, that is if price action confirms it. 2) we could have a bit of a spill out, price action pushes out to the side and potentially forms the start of a descending channel during next weeks session, this then potentially breaks to the upside potentially giving us some trade opportunities. let me know your thoughts, if you agree or disagree. Thank you.
by NK008
EURJPY| EARLY MORNING BUY OPPORTUNITY (That I did not take)Afternoon Trader, I will be honest and say this IS NOT a trade I managed to take, I simply just missed it. Ill talk you through my thoughts on why I would potentially take this as a trade, we had multi bullish candle closes from the 121.917 level all the way up to the highs of 122.501 level with a swift sell off, initially I was not interested as price action had pushed down too quickly for me showing we may potentially have some non tradable volatility and clear rejection of the most recent high level signalling very little momentum. However, over the course of the Asian session price action continued to form into a tight range/channel that then hit my key level of interest and my entry would have been triggered and impulsed away. but as stated I did not enter this trade but for the purposes of being fully transparent I thought It may help fellow traders. let me know your thoughts if you agree or disagree. Thank you.
by NK008
EURJPY: current analysisEvening Traders, a few potential scenarios on this particular pair: 1) potentially we are in a larger ascending channel structure highlighted with the dotted outer trend lines, if so I see price action going for another move up within structure, but it will be largely corrective and not the best trade-able move, if we do, ideally a high candle rejection with an immediate sell off at the top and a sell area as highlighted in the box, I will be waiting for price action to confirm the significant low at that point if we get there (the box is simply there for illustration purposes) 2) price action could potentially fall out the bottom and retrace all our gains from yesterdays trade, if so once again i will wait for the relevant low and set my order. 3) it could simply just push out of it current structure and then get itself caught in a range as illustrated and then push up. but I will employ patience and wait for the markets to reveal its direction and i will update if necessary, this is simply my opinion if anyone has any other thoughts let me know. Thank you.
by NK008