USD/SEK changes the trend starting from this week and goes for the eye! Follow for more. Entry: 9.37 Stop-Loss: 9.27 Target: 9.55 Have a nice week!
USDSEK had a strong enough rebound on the July 19, 2019 Support, managing to turn 1D bullish again (RSI = 55.827, ADX = 26.453, Highs/Lows = 0.0481) since November. We are expecting this bounce to accumulate more buyers in the process aiming at the 9.7000 Symmetrical Resistance. Conservative traders may enter a little lower as a pull back is very much possible if...
Pattern: Channel Up on 1M. Signal: Bullish as the price is near the Higher High zone. Also every time the price broke below the 1D MA50, it always stayed supported above the previous low, which delivered a rebound to a new Higher High. Target: 10.04400 (+0.73% from last Higher High) and 10.20000 in extension (+8.00% as per the increase that the last bounce on a...
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The pair is trading on a very long term Channel Up on a monthly basis and based on the neutral 1W indicators (RSI = 54.242, MACD = 0.104, Highs/Lows = 0.0000, CCI = -24.9765) is on the Higher Low Buy Zone. This can initiate a potential rebound which makes it a medium term buy opportunity for us. The RSI on the 1D frame has also entered the Buy Zone. Our Target...
4H CHART EXPLANATION: On this timeframe we observe that price is on a small consolidation at this moment. If it breaks down and the Ascending Trendline is broken, then we will wait for a corrective structure (continuation pattern) like a triangle, pennant, flag, etc. to take this trade. The first short term target is the confluence zone between the Daily...
Short USDSEK @ 9.911; TP @ 9.7128, SL your choice
Really like this pattern because it happened at a break of all time new highs. We have had a nice uptrend with higher lows and higher highs. And we can now see that this momentum may now be running out. The swing we are working with is the 9.6050 level. This is the neckline we are using. Once this higher low swing gets taken out, the uptrend by definition is...
4H CHART EXPLANATION: On this timeframe, price has broke the short term Ascending Channel and the Support Zone. Now we are waiting for a pullback or corrective movement to place sell orders, since it will provide a good zone to place the Stop Loss. The first short term target would be the Support Zone at 9.5400 and it if is broken, then the Support Zone at...
Pattern: Channel Up on 1W. Signal: Bullish but wait for a lower entry as the price is approaching the Higher High zone. The optimal buy entry will be when it crosses again the 1D MA50 (projected around 9.60000). Every time the price broke below the MA50, it always stayed supported above the previous low. Target: 10.00000. * See how well this pattern worked...
Short USDSEK @ 9.7014; TP @ 9.50747, SL your choice
Short USDSEK @ 9.6748; TP @ 9.48139, SL your choice
ENTRY 9.68176 TP 9.60887 ( RR+2.18) SL 9.71481 INTEL: The contraction is leading right to a previous top making this a possible double top pattern. Price action achieved a fake-out to the upside, showing that the "buyers" are dying out. TP1 (50%) and TP2 (61%) both line up with previous resistances, now supports.
-Daily Chart Explanation: Price is currently making a Double Top Pattern with the previous high. We need for a rejection daily candlestick to confirm the bounce, but in case it happen then there is a potential movement towards the Support Zone at 0.9300. And, nn case this zone is broke, then the Weekly Ascending Trendline would be the target. -Weekly Timeframe:
Consider this as a guide to develop your own setup. Main Items we see on the Daily Chart: a)Price has broken the descending trendline b)Currently we can see an ABC formation (maybe an expanding Triangle) c)This type of formations are considerer continuation structures d)The price Broke out the corrective structure and now is making a pullback to the...
4H CHART EXPLANATION: Price is on a bearish trend since May, broke the daily Ascending channel and now it is making a bearish corrective structure facing a support zone. The idea of this trade is to short once the support zone is broken, and the potential movement may reach the next support zone. MULTI TIMEFRAME VISION: -Daily: -Weekly:
4H CHART EXPLANATION: In 4H chart we can observe that price has broke the Ascending Trendline and the previous support zone, making a pullback on it. It has potential to continue the downside movement towards the Support Zone at 9.4700 and if it is broken, then to the bottom of the Ascending Channel Updates coming soon! MULTI TIMEFRAME VISION: Daily: ...