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Rangeanalysis

BluetonaFX - AUDUSD RANGE SETUPHi Traders!, We are back inside the range zone on AUDUSD. After multiple breaks of the range zone, we have not continued with the direction of the break, which tells us that both buyers and sellers are currently undecided long term as to where to go from this area. We have highlighted the range zone on the chart. Resistance to the zone is at 0.68183 and support is at 0.65664. From analysing the price action on the chart, we recently had a pin bar morning star candle after a range zone break at the 0.64583 level. The pin bar morning star is a strong reversal candle pattern, therefore a push to the upside of the range may be on the cards here. As long as we are above 0.65664 there are opportunities for long positions and with a look to exit near the top at 0.68183. To the downside, to look for a continuation, we must break and close below the pin bar morning star candle at 0.64583. We will keep an eye on this in the next few days and will give you a progress update. Please do not forget to like, comment and follow. Thank you for your support. BluetonaFX
by BluetonaFX
2
EURUSD StoryIntraday, price did not touch it's minimum high or low projection by few pips. I always tell a story to myself that "if the price doesn't touch the minimum high or low daily range, they owe the market and have to pay it eventually". Now, this information doesn't help me really as it doesn't necessarily offer me any kind of a "crystal ball" "leading indicator" telling me with absolute accuracy in which the price will go, after all price could touch the minimum high or minimum low regardless on where the price currently sits in (if the price is closer to the projection high, doesnt mean it will eventually touch it. It could move down and touch the projection low and vice versa. However, it can offer me a level once a bias have been established. I am, technically, bias on a EURUSD Bull. In the last 4 weeks, EURUSD been stuck in a range (refer to top right chart, H4) between 1.17300 to 1.15500. Technical Analysts will describe this as an accumulation phase (though in a up-trend, they also call it distribution phase). The old adage "Range begets Trend". I am anticipating a price expansion beyond this four-week range and finds 1.17500 (if you scroll back in the past, you can see a major rejection when price hits there. Notice the green trendline and inspite of the big bearish candle, the trendline remain strong and supported the price further up. Weekly range havent been hit as well, its almost the end week, usually price already made anchor and turns towards it. I pick a direction for a bullish move. Speaking of, monthly range havent been hit as well, dependent on which side the price pick this week, next week could be a clear (technically) bias setter.
Long
by sufiansaid
EURJPY -Retracement/Reversal Trading IdeaEURJPY had hit the average weekly range (220 pips) from Y130.80. Part of my method in range analysis is, when price already hit its range the price very often retraces between (38 to 60% of its move), make a full reversal or price begins to move smaller and create small price structure (accumulation phase) (Yes I've just described the entire price action phases. Duhh!). Having said that though, not all my trading plans are Long. One of my plans is to Short the EURJPY when A. price reaches the daily pivot and gives me either i) Bearish Engulfing Candle ii) Dark Cloud Cover , I will SHORT and target according to the arrow I've marked in the chart. Price very often react to obvious levels like Daily/Weekly/Monthly hi-lo levels. B : When price reaches this level, and gives me i) Bullish Engulfing Candle ii) Piercing Candle and target according to the arrow I've marked in the chart. C. If the price breaks the weekly low (or I was long based on plan B and got stopped out) and reaches last week's Weekly Pivot and gives me i) Bullish Engulfing Candle ii) Piercing Candle, I will LONG and target according to the arrow I've marked in the chart. If you agree my trading idea, hit the agree button and give me a follow. If you do not agree with my trading or I am missing something (i.e significant prices, levels etc), post a comment below and let's discuss. Thank you for reading p/s : Its U.S Labor Day hence I trade the crosses today (USD Pairs range on Labor Day is almost untradeable, whilst EURJPY and GBPJPY historically maintains 90-100 pips daily range)
by sufiansaid