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XAUUSD, 1hr tf, upper zone rejection with bearish divergenceHello my friends, Previously XAUUSD closed with a solid big bearish candle on daily timeframe during Wednesday. After that, it consolidated inside marked zone for whole day at Thursday. It actually looked like an inside bar which is a continuation pattern to the downside for me. It also break below the ascending trendline so i think the short term trend is bearish for now. In my opinion this is the C wave of ABC correction from higher timeframe. Taking a deeper look into 1hr chart to time our entry, there is a bearish divergence exactly at the resistance so we could try capitalize this opportunity. Sell XAUUSD 1950 Stop loss 1958 Take profit at 1926 RR ratio 1:3 Use proper risk management Only risk 1-2% of your equity Good Luck
OANDA:XAUUSDShort
by HayatoDragonFX
GBPNZD, 4hr timeframe, Sell on retest of resistance areaHello my friends, GBPNZD currently very interesting as price broken below the short term trend line. Also noticed that the last 2 candles on this chart looks like a bearish pinbar / shooting star candle. I tried selling GBPNZD on the retest of broken zone of previous double top pattern. Sell GBPNZD 1.9960 Stop loss 2.0035 Take profit 1 @ 1.9860 Take profit 2 @ 1.9770 Use proper risk management Only risk 1-2% of your equity Moved SL to entry once price touched TP1 Good luck
Short
by HayatoDragonFX
EURNZD, 2hr timeframe, sell on zone retest Hello my friends, Another interesting setup for today is EURNZD. Price made a double top previously and go down for 110 pips since it broken through the support. This support now turned into resistance and price currently retesting it. EURNZD also has broken below the trend line, so I could say the short term trend is now bearish. Sell EURNZD 1.8055 Stop loss 1.8120 Take profit 1 @1.7950 Take profit 2 @1.7880 RR ratio is 1 : 2.5 Risk only 1-2% of your equity Move stop loss to entry once it hit TP1 Good Luck
Short
by HayatoDragonFX
GBPJPY, 4hr timeframe, price back into zone after false breakHello my friends, I previosly posted about the chance of GBPJPY making a broadening wedge pattern. Looking at the previous daily candle of all GBP pairs, i could say that most of the pairs making a bearish reversal candle so there is possibility GBPJPY could turn lower as well. I am closing my previous buy and cut my losses at138.90 for -20 pips. At the same time i switched into sell position because the last 4hr candle close also support further downside. Sell GBPJPY 138.90 Stop loss 139.50 Take profit 137.85 RR ratio is 1 : 1.75 Risk only 1% of your equity Set stop loss to entry once price move below 138.50 Good luck
Short
by HayatoDragonFX
EURGBP UPTREND CHANNELStrong uptrend , currently price is hitting on channel and also on 200 MA, important level to watch if it breaks down or bounce back in upward direction. Do your own analysis ... Dont Forget Moving StopLoss At Breakeven Disclaimer! This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. You must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
by tyleralee
USD/JPY - Key Level Reached, Breakout Or Sell Off?Hello Traders!, Hope everyones had a good start to the week with our trading, Today marks the last day for all Q2 forecasts and readings, meaning that there may be some abrupt price manipulation/speculation with certain pairs. This erratic movement in price is coming from institutions and banks loading and unloading positions from cutting losses and taking profits. What Is The Market Telling Us? Current market sentiment shows us 58% of traders are long and 42% are short, meaning there is indecision between traders in the market Price has reversed since bouncing off level 106.2 and has reached the market's first resistance, waiting to see how market reacts to this Im anticipating some consolidation to occur before we see the market make it's directional impulse move to the upside or downside When Should We Enter? PATIENCE IS KEY!!, As I said, price is most likely going to consolidate before anyhing convincing happens If we're looking to go long, we wait for a clear break and retest of our R1 level followed by bullish signals before going LONG If we're looking to go short, we wait for a clear break and retst of our support zone on a lower timeframe, followed by bearish singnals to go SHORT
by forexwithfred