EURGBP : Simple Bearish continuation short chanceEURGBP facing resistance 0.8560's and as we are in bearish trend, initiating short positions with strict stops
Happy Trading !
Resisance
NZDUSD Bearish AnalysisSome Fibonacci confluence at a strong structure zone and a trend line resistance.
Some bearish pin bar candlesticks have formed at this level to go along with MACD bearish divergence
Looking for a big correction to the downside
EURAUD reversal after failed new highEURAUD seems to have failed to make a new high and now it looks like a reversal back down. Potential for 50% Fib retracement.
Lets see and wait for confirmation.
EURAUD Bearish AnalysisI am selling this stop with a stop above the 1.4800 level
Looks to be a wedge peaking out at a resistance zone with some MACD divergence
The MACD seems to indicate that there was not as much strength in this recent up swing and perhaps bulls are losing momentum.
Could form a double top and perhaps a cup and handle price pattern.
If we reverse here this could be the correction wave after the big impulse 5 wave count
NZDUSD Short AnalysisHello traders.
It looks like we've come to a pretty strong resistance level on the charts (more evident on the weekly chart)
Last week closed off with two consecutive bearish rejection pin bar candles, and formed an inside day pattern while doing so.
This area shares confluence with previous structure high fibonacci extensions as seeon on chart.
Lets see if market open gives us a good opportunity to get involved
Buy crude oil to trade the move downCrude oil for me is likely to move yet closer to $40 per barrel.
However, this strong RSI divergence and high level of structure indicates an imminent pullback.
Buy now and short later.
AUDCHF: uptrend and strong support indicate room to the upsideThe pair has been in a longer term uptrend (better visible on the daily chart). After the strong bullish move recently, the price is now retracing to the previous support levels, ready to continue further up.
Stochastic indicator show oversold levels both on the 4H and the 1D chart, which indicate that the sellers are losing steam. The support area offers great opportunities for traders entering long, with a good R/R ratio of initially 1:2 but with potentially much more room to the upside.
Nifty : Planned to stay out, But Why ??Before someone thinks why ? how can you be without trading Nifty ? how can you make money n sort of questions, lets see what chart conveys us.
We are in strong support zone of Nifty but here we don't have proper risk:reward if we choose to enter long positions. So we wont b entering our trades here instead wait for 8540's zone. Its very small support zone so need to watch Nifty keenly before taking decisions @8540's, don't miss that expiry is in another 48hrs - so ranging might be possible.
Let's wait till it comes to our marked zone before entering long.
I don't prefer to enter long now around 8580's bcos of R:R. So I will wait n see what happens @ 8540's. If Nifty bounces back from here, no issues. That is what is known as Following Ur Plan n Discipline.
Hit Likes if you like the post...
Thanks for your Support..Happy Trading !
EURJPY Analysis Week of July 24, 2016Weekly:
Price is currently in a downtrend. The 20 moving average is currently being used as a dynamic resistance. We will use this towards our trading plan. The end of the week candle closed as a bearish pinbar. The size of that pinbar in relation to the previous bullish candle is not convincing that price is to continue its way down.
Daily:
Looking at the daily chart we can see a nice well formed channel. Price broke through lower and decided to get back into the channels range. This indicates that price has some bull movement before its continuation down.
4 Hour:
Looking at the 4 hour chart we can see a nice structure forming. A good area to go long is between support 114.500 - 115.500. A safer route would be to wait for price to reach resistance 120.500 - 121.500 to short for its continuation down.
Wishing everyone a good trading week!
Using Parrallel Trend LinesFinding a trend line on a long term chart that price has consistently use for support and resistance is a great way to find other areas of support and resistance. Clone the line and place it on extreme levels on the chart. You will notice how price uses these levels.
When you go to a lower time frame, you will notice that you can clone these levels to find smaller levels of support.
