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Rejection

GBPCAD potential bullish movementGBPCAD potential bullish movement. we are waiting for a momentum candle close above 1.731 (in purple) to buy this one Reason: 1- Objective Ascending Triangle (in blue) 2- Divergence on MACD (in red) 3- Support zone from Daily Three confluences are enough to consider Buying GBPCAD, after a break below 1.731 (in purple) *meanwhile, this pair is overall bearish, and if price breaks below our lower blue trendline, then a long-term bearish movement would be expected
Long
by TheSignalyst
5
CADJPY with an outstanding risk to reward ratio!Bearish engulfing pattern on a downtrend line for CADJPY. Last week, JPY has been one of the weakest currencies, while CAD has been one of the strongest. In terms of market action, I normally would wait for a confirmation, since buyers have been very strong. The opportunity offered by the risk to reward ratio (up to 1:10!) that we can get, leads me to take this trade on the bearish engulfing pattern on the key-level, without waiting for a second confirmation. I'm planning to take part of the profits on each potential level of support highlighted by the pink rectangles. Good luck!
Short
by FedericoSellitti
EURJPY - Swing Trading sell ideaEURJPY had a very strong short-term up-movement, especially due to a very weak Japanese Yen in the past 2 days. In the long term, I still believe that the market is bearish: We have the chance to trade the rejection on a very good level of resistance. Although the first reaction is promising, we have a bearish engulfing pattern, the market is coming from a very strong up-movement, so I want to wait for a second confirmation. There's a candlestick (the one where the red horizontal line starts) that shows a first attempt by sellers to push the price down, but buyers proved to be strong enough and we had a so-called pin bar. This is a second attempt and we want to see sellers closing the session below the low formed by last attempt, so I place a stop entry order below it, below the red horizontal line. Stop loss above the resistance and take profit slightly above last important long-term swing low, where I will evaluate if it is better to take the profits or keep the trade for a breakout and a new lower low.
Short
by FedericoSellitti
1
Price action & Psychology - Triple bottom, rejectionHello ! Key points: Triple bottom Rejection at support Spike in volume That price rejection actually tells us that people were afraid and panic sold at open, driving the price down until it encountered some buying pressure and price went back up. When gauging this candlestick pattern, it is important that : It is at a support level Occurs after a selling wave Shadow/wick goes below previous swing point low A volume increase An obvious wider price range Look at the previous candlestick, it clearly tells us that there was some buying pressure but not enough momentum to carry the price up. Furthermore, it pulled back, I'd guess, halfway at previous "resistance" from the second bottom. Thanks for reading and if you have suggestions or wanna discuss the idea, just leave a comment, I'll be happy to answer. ***Disclaimer : This is not an advice to buy the stock. Please, be aware that trading is a matter of probabilities and that it takes only ONE trader to deny your trade.***
QLong
by UnknownUnicorn6734025
USDCAD two possible ScenariosUSDCAD H4 - TWO POSSIBLE SCENARIOS this pair is trading inside this green channel, so we are overall bearish here. price is now sitting around the upper green trendline and orange resistance, so we may expect a downward movement from here unless price breaks above the orange level 1.4200 upward aggressively, then an upward movement till around 1.4650 would be expected as mentioned, for now, this pair is overall bearish (going downward), in this case, the first main rejection area is the lower green trendline and blue level 1.380 if price breaks below the blue level 1.3800, then a downward movement till around 1.3500 would be expected
by TheSignalyst
USDCAD Long Trade *SUPPORT ZONE*USDCAD has reached the 1.38600 support zone and is showing signs of rejection. If bullish candle closures remain then I can see buying at these levels should prove profitable. There is a 1hr bearish trend in play (trendline shown) so watch for price reactions there. If that TL breaks to the upside then 1.40200 and even 1.42500 could be achieved. The dollar us always in demand in times of global uncertainty and we are definitely in that right now. Stop losses should be placed conservatively below the wicks testing this support zone.
Long
by UnknownUnicorn772665
7
GBP USD Head and shouldersOn the daily we hit the daily supply of orders to short. This morning we saw an impulse and rejection wick. The daily has formed a big rejection wick. Looking to the downside Swing trade target 1 = 1.22 Target long term will look to be 1.15.. however short term target [ supply is strong and will have a retest zone around 1.246 we can see however, GBP is overall weak. For this have a wider stop and will extend to 1.2520 Good luck and enjoy the swing on this one. Thanks Lupa.
Short
by LupaCapital