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Rejection

EURUSD BREAK & RETESTHere we have a high probability drop. CONFIRMATIONS: 1) It breaks & retest it's channel 2) Based on price action (1H candles seem to reject the buyers & wants to keep going down). 3) DXY (Dollar Index) seems to bounce up that mean the opposite for the EURUSD 4) It was forming for a drop but because USD PPI it go up to retest. 5) Market go to EMA 200 & respected it so EMA 200 works like resistance to EURUSD. 6) EMA 50 breaks EMA 200 to downside. ENTRY: (1.1768) STOP LOSS: (1.1803 - 35 pips)---> 1.1800 key level TP1 : (1.1733 - 35 pips ) 1:1 TP2 : (1.1698 - 70pips) 1:2 HAVE FUN & HAPPY PROFITS ! ! !
Short
by CYPRUS_MAFIA
CADJPY short: continuation of a downtrend?There is so much going on on CADJPY. The main chart, showing the bigger picture, highlights a downtrend with the setup of the moving averages, but it is also clear that the price is going down recently. If we have a closer look, we can appreciate more details of recent price action and how the trade is structured: The entry point is placed on a small reaction by sellers to a good level of resistance. Obviously, I would have preferred better candles to play this rejection, but since we have other strong elements in favour of a short position, I'm ok with this kind of reaction and I don't want to compromise my risk to reward ratio to have a better confirmation. Regarding the stop loss, we have two main levels to consider. The first one is right above the short term resistance. As I mentioned above, at the moment it is clear that we have a downtrend, but reaction by sellers is not that strong. For this reason, I preferred a safer stop loss, placed above an important swing high (as shown in the chart above). The take profit is placed at 76.30, trying to catch a new lower low on the market, but I will also consider removing part of my position around 77.60, where we have a previous important swing low. There is also a chance that the price will follow an ascending triangle formation, so I will keep an eye on the uptrend line at the bottom. Good luck everyone!
Short
by FedericoSellitti