USD/WTI - LongUSD Crude Oil - Been watching this to see if we can fill the gap down from last week, on the daily not much has happened since the big weekly push down. We have been rejecting the 61.8% Fibonacci level and are currently testing it, looking to see if we reject here again, or manage to come down to touch the 78.6% level.
After we fill this gap, we could see some exhaustion and the bears may step in to take this down further, let's be patient and see how today pans out...
Trendline-rejection
USDJPY 4h Short Off Resistance Trendline RejectionSo we have a valid trendline with 3 points on it, and UJ hit it once more during last Friday. I shorted it for several reasons:
1 - Rejection from trendline
2 - Price filled the gap and then went back down
3 - Price became overbought when it made a LH
4 - Bearish engulfing candle on Friday's close
5 - 1h double top formation with broken support and retest of broken support as resistance
Even so, this trade can go against me, so I only risk 2% of my account as always, on every trade.
usdcad long Position Active at Support TL RejectionJust as I explained in my previous post, USDCAD is going up. (I linked it to this one)
Price bouncing up off support after rejection - this rejection is clearly seen by the long lower wick of the candle below the trendline.
This chart is the same as previously, but it shows how I am trading this.
Price should comfortably retest the resistance at 1.3210, but my target is slightly below that - just in case.
Patience is Key.
GBPUSD short trade 7 GBP/USD short
1H momentum down
RSI hitting 80 level
MA200 Rejection pin bar
Strong support/resistance level pin bar
Daily Pivot R1 rejection
Trend line rejection
ABCD pattern
Forming lower lows / lower highs
50% Fib retracement from strong bear sell off
61.8% Fib retracement from following sell off
Enter 1:1 risk reward.
EURJPY: Short with Bearish Pinbar on 1h and 4hThe yen pairs have been climbing very high for the pass few weeks. It seems as though price is getting rejected to go any higher. We will see if price will continue falling after it touches the trendline. Still a good opportunity to grab a few hundred pips.
A trade I've taken on GoldAlthough looking a bit choppy, the bigger picture on Gold still shows an uptrend with higher highs and higher lows. Price has touched the floor at ~1180 and rejected the trend line for a third time giving a bullish engulfing and doji bar yesterday, together with rejecting the 0.786 Fibonacci level and closing above it. Stochastic and RSI are in convergence and are just about hooking up to rise after being in oversold territory.