GBPNZD Analysis - Corrective Structure in Progress Welcome back! Here's an analysis of this pair!
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Structuretrading
CHFJPY Nice Setup for Monday open on Asian sessionA clear structure formation on CHFJPY for sells and a short term buys after we reach the area of 123.578 as we see liquidity resting right below it. Price Action on LTF will be a good indicator to take those buys but 4H and 1H directions are at the moment for sells as Daily will be approaching for 38% retracement level at 122.500 and also a structure retesting structure level.
GBPJPY - Bearish BatIf you have engaged after this candle closed. It is a great call. And this is why you should have engaged in the trade.
1. It has reached the completion price of the Bullish Butterfly Pattern(cyan).
2. Bat Pattern consolidation at D, but fail to break and close above Point X of the Bat Pattern and that is a good sign. It attracts structure traders to hop in.
3. Long shadows appears, showing a strong rejection of the Bearish Bat Pattern.
4. RSI Divergence is a good sign of GBPJPY weakening.
Small move up then a drop from 1hr Supply ZoneSo the pair tried to make a short term move up yesterday, hit the 1hr Supply and rejected.
Will continue to monitor the areas and flow with the market
USDJPY - FAKE BREAKS & SHORTS AT RESISTANCEAs the USDJPY looks to violate the 111.00 even handle my guess is that a lot of traders will anticipate a bullish breakout. This may be true, but it also may be short lived as if you LOOK LEFT (Structure leaves clues) you'll notice 2 overlapping levels of previous resistance from the 1st quarter of 2020.
Now there is certainly room to the upside for those getting long, as those levels are 75-100+ pips away, but personally I'll be looking for opportunities to short as we come into those highs taking more of a contrarian view (as I often do).
I hope you guys are having a great week of trading & if you found any of this helpful please leave me a thumbs up. Also if you have any questions or comments please leave them below as I do read and respond to each one.
Your Trading Coach
Akil
EURUSD Long Term OutlookCurrently not much on lower timeframes to be traded so looking at the larger ideas for now.
We recently changed trend on the 1Day chart and the next turn point of this level is at the purple line shown at 1.14963. From there we may expect a continuation of the major (weekly/monthly) trend which is bullish.
Currently the market is overextended and we should expect a pullback before continuing to that level. This pullback should be at the demand zone shown.
From this demand zone, we should swing to the supply area and then a massive swing opportunity presents itself at that high to target the purple line.
Next Trade:
1. Sell to Demand Zone (ONLY if an opportunity shows itself)
2. Buy at Demand zone (after confirmations)
Housekeeping:
Computer was down for a bit, then had to catch up on work. Glad to be back!
Did a lot of work updating my analysis techniques as well, hope it serves well...
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It was UP! EURUSD following the plan...After my post earlier, I spoke with a friend and realized my demand zone was incorrect..
Market reacted beautifully and is on its way back up, potentially finishing the wyckoff reaccumulation!
Looking out for opportunities to get in!
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Which Way EURUSD?Looking at the market now, we had a great push from the spring point but failed to make higher highs.
The pullback is also coming very deep right now, seemingly deeper than normal for a continuation from a spring.
We do have a potential support level labeled as the LPS so will be looking out for that.
PS. My computer was down earlier this week so unfortunately did not catch the sell.
We are currently in consolidation so I'm largely sitting on my hands for now.
Ideas welcomed!
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~Blessed Trading~
EURUSD HTF Liquidity GrabThis is the rest of the details for framing up the charts and my current idea of this high timeframe liquidity grab.
Current reaccumulation almost complete.
The red zone must be broken for the creek to be considered broken. Once broken, we will look to catch the LPS and continue to trade higher.
Note:
Reaccumulations usually look like distributions up until the market jumps the creek. I am biased to my direction due to the higher timeframe perspective.
If the red supply zone "holds" in the creek, we may consider it a distribution pattern and flip our bias to the sell side.
Stay Flexible!
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EURUSD Pulling Back the HTF SlingshotAs we approach the yearly high made at the start of the year, we are currently pushing for a final liquidity grab to accumulate the necessary orders.
Will post the details of my zones in a bit. This is what I expect of the major move.
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EURUSD Getting Ready to Reach for New Highs!ANALYSIS UPDATE (See linked Ideas)
Building on previous ideas, we have tapped into the MTF demand and moving upwards but reached a block and currently retracing.
(See "EU MTF Update: Bull Train Leaving the Station!" Linked Idea)
We tapped the initial point of demand but were unable to break the top (Updated the demand level 2.5 pips in hindsight)
(See "The EURUSD Buys are Strong!" Linked Idea)
Looking at it again, another demand level was found nearby. Expecting the market to drop down into this level, accumulating the orders necessary to push the market to new highs.
Willing to sell off the red dotted line and then buy once we get down to the level shown.
Discussion welcomed!
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~Blessed Trading~
EURUSD Scalp BuyQuick Idea for a Scalp buy to capitalize on EU's bullishness right now.
Looking for price to return to the support level (OB) and push up to create new highs.
May just put a pending order for this even though it's always safer play the reaction.
It's a quick and simple idea, if it helps you, great!
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~Blessed Trading~
The EURUSD Buys are Strong!The EU bulls are rampaging!
For swing entries, we are going to look at the 4H timeframe and wait for price to return to the nearest supply level to look for opportunities to get in.
Just marking out key levels for now.
Nothing to do... yet .
Housekeeping:
I think I prefer the classic chart layout, keeping this one!
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EURUSD Reaccumulation Complete? LAST WEEK'S RECAP
The week played out perfectly!
Price came down into our LPS zone and turned, showing the support that we anticipated to finish off the reaccumulation pattern and allowing an entry at the bottom of the next bull run!
LOOKING AHEAD
I'm anticipating this demand zone to push price all the way to 1.23496, so it's a matter of enjoying the ride and looking out for available seats.
Based on this level of analysis, we can anticipate the HTF supply level as done and bulls are in charge.
Forgot to indicate the latest demand on this HTF chart previously but will update if there is anything of value to add on the weekly level or above.
Looking at what we have right now, a disciplined trader would wait for a pullback to at least the green line and find an entry off the order block.
I am not always that trader... I might sell above the red line if a trade shows itself.
Housekeeping:
Black Charts!
Haven't decided if I like black or white background more...
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