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Gold respecting the 1300 psychological levelFOREXCOM:XAUUSD The 1300 level has been holding so with a bearish harami printing at the resistance level I am happy to short this pair: Short at market price @ 1292.71 with *Stop loss above the highs where I will deem this setup invalidated @ 1305.00 *Take profit provisionally at 1259 where the 200ema is currently positioned ** Take note - I have marked 1229.43 and 1213.34 which comes off the 50.0 and 61.8 fib levels respectively when measuring the current bullish move. These levels should be the real targets as I am trading the retracement off a bigger bullish move upwards. Don't bet the farm and always exercise healthy risk management
FOREXCOM:XAUUSDShort
by Cmasterza
Trade idea on USDCADFX:USDCAD Price has been in a bullish rally for some time until the highs from back in June 2018 were met again but no newer highs were formed. Based on a possible swing trade on the D1 time frame I have been looking for a good (short) entry on H4, noting the bearish flag pattern emerging... I will look to sell off the previous resistance level at 1.33159 and provisionally target 1.31859 around previous support - bearing in mind that the actual pattern (bearish flag) trade would be completed BUT keeping the swing trade (short) on D1 in the back of my mind. Sell stop @ 1.33159 Take profit @ 1.31859 (provisionally) Stop loss @ 1.33451 (above recent highs) Don't bet the farm, always exercise good risk management
Short
by Cmasterza
Interactive - share your thoughtsFX:USDCHF Ok, so I can see a clear break of the trend line and it is currently being tested from the under side. So this looks like a classic support and resistance setup..... BUT Did you see the massive inverse head and shoulder pattern on the weekly time frame? Did you see the ascending triangle pattern on the Monthly time frame? My opinion would be to trust the higher time frames as there is lesser noise and the analysis is more "trustworthy". So if the higher time frames are showing strong bullish possibilities it means that the H4 setup could prove to possibly fail OR The bullish moves could fail and the bears prevail, price is around a key level after all and anything could happen. I would give it time to see what is indicated through price action before opening a trade... What are your thoughts? Feel free to share.
by Cmasterza
Major resistance level reached1. Resistance at 1.32091 2. Selling off the resistance of the rising wedge pattern, this level is pretty close to the major resistance level 3. Essentially a sell signal like a hanging man/bearish engulfing would be an ideal confirmation 4. Targeting the support of the rising wedge is a good first target in my opinion 5. 1.30000 would be my next stop IF price continues to fall (next big support and psychological level) Aggressive traders usually enter now at market price 1.31930 Stop loss above the major resistance around 1.32628 Take profit 1 1.31267 Take profit 2 1.30000 Always exercise healthy risk management, don't bet the farm and seek professional advice before making investment decisions.
Short
by Cmasterza
USDCHF - where the bulls just wont give upFX:USDCHF The bulls have been doing exceptionally well on this pair since the latter part of September to the point where the major resistance level has been reached and the inverse head and shoulder pattern has been completed with the exception of breaking the neckline - the current candle is above the neckline signalling the possibility of a bullish continuation however the candle needs to close as such to confirm the same. I will be on H4 and D1 timeframe looking for a good entry to go long or for a sign of price reversal in which case a sell off could take place. On my watch list and more details to follow.
by Cmasterza
USDZAR setting up for a possible short FX:USDZAR Ah, I have been watching this pair for a couple of days and it looks like we may just have a possible short setting up. * Price is currently in a down trend in the bigger picture * Hanging man (hammer at resistance) candle completed (sell signal) * Bearish candle currently printing (needs to close bearish for confirmation of sell signal) Should this move play out we could see price hitting the 13.85 level and possibly lower Essentially a sell stop under the hanging man and confirmation candle can provide an ideal entry.
Short
by Cmasterza