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GBPCHF At Key Area. Two Scenario'sGBPCHF overall is downtrending as you can see on the higher time frames (4H and above). We have added a chart image of the weekly and daily charts below this description. As you can see on the weekly chart, Price in march had spiked down aggressively to form a new all time low for GBPCHF. This can signify a possible aggressive rise in price in the near future. Price had recently broken below a larger range and is now trading within a tight range below. On the 1H we have a clear downtrend towards the bottom of the range and price has failed to break below multiple times. We have marked two scenario's on the chart, however we have a LONG bias on this pair due to price nearing all time lows. Short scenario; If we get a clear break below support, we would like to see price develop a continuation pattern on the 1H or 4H charts to look for shorts. Long scenario; We would like to see price break above the minor resistance (blue line), retest and reject this area with strong bullish momentum candles (engulfing/pinbar) to confirm long positions to the top of tight range and possibly further. Follow us for more analysis and educational content!
Long
by BlueFireForex
GBPUSD Trendline & S/R Break And RetestWe forecasted this scenario on GBPUSD last week and it is playing out exactly as planned. GBPUSD on the higher time frames (4H and above) is downtrending and is currently trading within a range. We have added a daily chart image and a zoomed out image of the 4H below this description. Price had recently broken out of the strong 1.26500 resistance level but rejected higher prices and broke back into the range. Price was in an uptrend towards the 1.26500 resistance level, but has now broken clean below, and is possibly forming a downtrend. Price is now retesting the uptrend line, which is in line with a S/R zone(blue box) and also the downtrend line, which would add more confluence to a short trade if we see a strong rejection of this area. We would like to see a strong rejection of the uptrend line and S/R zone with a bearish engulfing or pinbar on the 1H or 4H charts to confirm a bearish bias. Our 3+ reasons to enter a short position; -Break of uptrend line -Retest and rejection of uptrend line -Retest and rejection of S/R zone -Rejection of downtrend line -Strong bearish rejection candles on 1H/4H Follow us for more analysis and educational content
Short
by BlueFireForex
EURGBP Break And Retest Forecast Playing OutEURGBP has broken above the strong .9000 whole number resistance level and is coming back to retest this level. Price overall on the daily chart is trading within a large range. We have added a daily chart image at the bottom of this description. Inside this larger range, price is respecting levels of support and resistance and therefore has been trading within smaller ranges. Price had tested the .9000 resistance level many times recently, and last week had successfully broken above due to negative GBP data. On the 4H and below, price has lost bullish momentum and is looking like it will fall back to the resistance turned support for either a retest and continuation or a break back inside the range. An uptrend could also be forming and the retest zone is in line with the uptrend line, a rejection of both the uptrend line and the S/R zone would add more confluence to a bullish trade. We want to see price fall back the the .9000 S/R level and rejected this area with a strong bullish engulfing or pin bar on the 1H or 4H charts to confirm continued upside momentum. Our 3+ reasons to take this trade -Break and retest of strong whole number S/R level -Strong bullish rejection candles (engulfing/pinbar) at S/R level -Rejection of uptrend line Follow us for more analysis and educational content
Long
by BlueFireForex
GBPUSD Possible Lower High/Downtrend RejectionGBPUSD overall is in a downtrend on the higher time frames (4H and above). We have added a Daily chart image with notes below this text. Price is currently trading within a range (red lines) and has recently failed to successfully break out of the top of the range. Price is in a small uptrend and close to touching the up trend line for a possible rejection and bullish continuation, or a break below. We have marked two high probability scenario's with arrows on the chart. Bullish scenario; -Price tests uptrend and/or support level -The up trend is in line with a support level (blue line) which would add confluence to a buy if we get a strong sign of rejection on the 1H or 4H charts, ideally a large bullish engulfing or pin bar followed by strong bullish momentum -Targeting the HTF downtrend line/next resistance (red line above downtrend line) and possibly further Bearish scenario; -Price breaks below the uptrend line and support level -Price retests the support level and/or uptrend line and rejects this area with strong bearish momentum candles -Targeting the bottom of the range We have a bullish bias on this pair, due to the break of the top of the range, we expect price to attempt to form a new lower high towards the HTF downtrend line but we always make sure to forecast many possible scenario's. Follow us for more analysis and educational content!
Long
by BlueFireForex
EURUSD Head & ShouldersEURUSD has attempted to break the strong 1.1400 whole number resistance level multiple times but failed. Price has now formed a head and shoulders pattern (reversal pattern) after breaking an uptrend line and rejecting the resistance. A break below the neckline would confirm the head and shoulders pattern, and we would look for short opportunities on the retest of the neckline targeting around 1.1100. I generally scalp EURUSD on the 15m everyday, and was able to enter a short position at the top of the right shoulder on the close of a bearish pinbar . Currently running at over 2.5% risk free Follow us for more analysis and educational content
Short
by BlueFireForex
NZDUSD Double Top Rejecting HTF Downtrend LineNZDUSD on the higher timeframes is in a clear downtrend Price has recently rejected the HTF downtrend line with a double top (reversal pattern), visible on the 4h and below. Price then broke below the neckline but has respected an up trend line and is now retesting the neckline of the double top, which usually happens before a double top becomes successful. Currently price has strongly rejected the neckline, with a pin bar like candle on the 4H closing on the neckline, and now a large bearish candle on the 4H showing strong bearish momentum. Our 3+ reasons to take this trade -HTF downtrend line rejection -4H Double top -Neckline break and retest -Multiple 4H reversal candle confirmation on the retest -Break of uptrend line Follow us for more analysis and educational content
Short
by BlueFireForex
EURGBP Break And Retest | Two Scenario's EURGBP is trading within a large range on the higher timeframes and is currently trading within smaller ranges on the lower timeframes. This is EURGBP on the daily Earlier this year price strongly rejected higher prices at the top of the higher time frame range, so we can expect price may fall to the bottom of the range in future. Price on the 1H chart has been testing the strong .9000 resistance level. Currently price has strongly rejected this .9000 resistance with a bearish pinbar and strong bearish momentum afterwards. We have marked two scenario's on the chart, and currently it looks like the bearish scenario is playing out. Follow us for more free analysis.
Short
by BlueFireForex
NZDCAD 1H Bearish Pinbar At ResistanceNZDCAD on the 1H has formed a bearish pinbar signal near the very strong 0.8800 resistance level. Price on the lower time frames has formed a symmetrical triangle, and has strongly rejected the top of it with the pinbar. On the daily chart we can see price overall is downtrending and is heading up likely to attempt to test the higher time frame downtrend line to form a lower high after making a lower low earlier this year. However as price is testing the strong 0.8800 level resistance and currently is failing to break above, we can assume that price may have reached its peak around this level and look for shorts from here. We are aware price can continue further up from here and we can lose this trade (like with any other trade), but it would be better to take a high probability trade in this area and lose than to miss out on the opportunity due to fear of losing and for it to reach or surpass targets. We will be targeting at least the .8600 level for this pair.
Short
by BlueFireForex
EURJPY Daily Downtrend Break OutEURJPY broke out of a higher timeframe downtrend last week. Price also broke out of two strong resistance areas with the EUR strength we have seen for the past few weeks. We can see two possible scenarios; 1.Price falls to retest the strong support/resistance (red line) and continues with strong bullish momentum 2.Price breaks back into the downtrend creating a "fake out" and bearish momentum forms with EUR pairs Our bias for EURJPY is currently bullish as a result of the current strength in EUR pairs. To change this bias we would need to see price break back into the downtrend.
Long
by BlueFireForex
GBPUSD Possible Triple TopGBPUSD is in a range. Price is currently in a strong uptrend, heading towards the top of the range. Looking back on the charts, price has strongly rejected the resistance at the top of the range multiple times before, meaning this is a strong level. We would like to see price reach the resistance and reject with strong bearish momentum in the form of either 4H or 1H bearish engulfing candles, or pinbars. We are also aware of the up trending strength in this pair currently, and realise price can continue pass this level.
Short
by BlueFireForex
1
EURUSD Possible Break And Retest EURUSD has just impulsively broken above a strong level of resistance, marked with the red line. We forecasted this possible trade idea last week. Price is moving in a strong up trend on the 1H and 4H charts. We are now looking for price to retest the resistance now turned support, and/or one of the up-trend lines marked on the chart. We would like to see price ideally retest the S/R zone in line with an uptrend line, adding more confluence to a long position. This would be confirmed with a strong bullish engulfing/pinbar candle formation on the 4H or 1H time frames We are also aware this can be a fake out, and price can reject higher prices and fall back below the S/R area and back into the range, targeting the lows. Thats why we always wait for confirmation and confluence when trading.
Long
by BlueFireForex
1
NZDCAD Head & Shoulders Forecast Playing OutWe forecasted this NZDCAD head and shoulders last week. Our position is now running at over 4.15% with over 2.5% locked in with our stop loss. Now risk free with guaranteed profit. With experience analysing and trading in the live markets we were able to forecast the right shoulder far before it was confirmed, due to the nature that price was rejected the previous highs of the left shoulder. This was a very high probability trade due to all the confluence factors in line with eachother; 1.Multiple rejections of strong resistance level (red line above price) 2. Rising wedge break and retest 3. Head and Shoulders pattern 4.Right shoulder failing over and over to break the highs of the left shoulder 5. Bearish engulfing on the 1H time frame 6.Strong bearish momentum on the 4H time frame. This was our entry point, with a stop loss above the right shoulder highs, and a target at the bottom of the range, but trailing our stop loss according to our BlueFire Strategy as price develops safe levels. We were able to enter at the break of a minor 1H resistance at the top of the right shoulder, which is a part of our strategy.
Short
by BlueFireForex