Price is consolidated after making a solid move down.
This is forming an upside down flag pattern.
I will be placing a Sell stop below the formation waiting for a potential push down once price breaks out.
It's interesting how price has stopped at a resistance zone just days before top tear fundamental news is due to be released. It would seem that this news would either drive the currency through the resistance or make the resistance zone stronger. It's any bodies guess I'll be keeping a close eye on this for an upward explosion.
This is a text book double top set up.
Price has tested the same area twice in the past few months. After price found resistance the second time it formed a big down candle.
One closed bar down is enough confirmation for me to enter this trade.
2% risk as usual and if the first TP gets hit close half and move trade to break even.
This pair has been in a ranging downward trend for over 6 months.
It has also recently tested the down trend line and formed a shooting star.
This gives us an obvious Stop and Take profit.
In the case of this trade I will not use multiple take profits.
If you have an questions please don't hesitate to ask.
Happy Trading.
This is a classic Price Action set up.
Price recently broke through a fairly strong weekly Support and Resistance level 1.17175 and is now retesting it.
This line has offered both Support and Resistance going back as far as 2006. This means that the 1.17175 level is about as strong as they get.
If the level holds and price confirms it is moving back up we...
There is still potential for an explosive move ahead. Although the up trend line had to be moved slightly price is finding constant support on it.
There is potential for market moving news in the near future. I am looking to catch a move up if price breaks the 113.400 level.
Nothing fancy here just a possible break out trade forming.
Happy trading.
With this pair in a 9 month down trend on the daily and a confirmed up trend on the 60, price is getting squeezed by trend lines.
If prices breaks through to the upside the next resistance is at 114.5 then 115.5 then there is no solid resistance till the double top at 118.600.
There is bound to be a bunch of stops placed above that down trend line, which means...
After an extended down trend on the daily that was kicked off by a huge Bearish engulfing pattern back in June. This pair shows no sign of slowing down, forming lower highs and lower lows for the past few months. More recently price found resistance on 20/9 at the .99000 psychological level and formed another huge bearish engulfing pattern. Which is more...
