Michael_Harding

Michael_Harding

Taking a look at the 4hr timeframe, price action is now testing the ascending trendline. My suggestion here is to close the shorts and wait breakout confirmation with a candle closing below this rising support. That's it - That's all Trade Safe

Michael_Harding

Look to only short on the small timeframes such as the 15 minute. Price action is currently trading in a descending channel from strong rejection as pointed out on the chart. That's it - That's all Trade Safe

Michael_Harding

Simple observation taking a look at Aussie pairs across the board. Bearish price action is strong to the downside. For that reason, I expect bearish continuation for this upcoming week. On Wedneday Australia reports Employment Change for March. The forecast is for only 7.2k new jobs. This may cause unexpected price action following the report as there's lots of...

Michael_Harding

Observing the daily price action with BTCUSD, I'm waiting for a pullback to the approx 50% level of the current range to consider a short scalp position. All trades are indended to start as a scalp and then transition into position management to maximize gains. My deciding factor for holding the short will depend on the momentum at the given time. Scaling down...

Michael_Harding

Waiting for a drop back down to the 1.64 handle to go long with a target at the 50% pivot zone of the current range. This will be a 4:1 risk to reward setup. Stop loss will be just below the last candle with a buffer. Trade Safe - Trade Well All the Best

Michael_Harding

Taking a look at the 4hr chart, price action stalled out at the 50% zone leaving 100 pip risk/reward (however you look at it) in either direction to the support and resistance levels I chalked up. The most important technical indicator that I'm paying attention to is the fact that we are still getting red arrows on this timeframe. Once we get a green arrow, I'll...

Michael_Harding

== KEY TAKEWAYS == + There were four-month lows for the pound sterling relative to the US dollar. + It appears that GBP/USD will be vulnerable coming up to UK inflation week. + The pound sterling maintains its bearish technical indication target at 1.2400. The US dollar (USD) continued to lose ground against the pound sterling (GBP), causing the GBP/USD...

Michael_Harding

The Bollinger Band is a versatile technical indicator. It identifies trend direction, momentum, volatility, and overbought or oversold price conditions. This indicator provides all this information using three lines. The middle line of the classic Bollinger Bands is based on a 20-period Simple Moving Average (SMA). Two lines are then drawn above and below the...

Michael_Harding

The daily chart shows bearish continuation following the pullback of the 61.8% level from early March. On screen I have two bearish targets. The first one around the 1.0650 where we may find support from the descending trendline. My final bearish target is currently set at the 1.05 handle where we had support back in October of last year. == How to trade this...

Michael_Harding

To start the week, this pair continues to consolidate above the 1.08 handle amid mixed market sentiment from last week. On the 15 min timeframe I placed two areas of interest (aoi) with horizontal lines. Should price action reach either of those lines within the next 2 trading sessions, I'll take look to see if there's a low risk trade. Continued talks of...

Michael_Harding

Starting with the 1 hour timeframe, price-action is currently trading in a wedge formation below the 200 Simple Moving Average (SMA) RSI is also below 50 suggesting that bears are currently stronger. Let's take a look at the 4hr. With the 4hr timeframe we can get a better view of the wedge. RSI is below 50, and it appears price action wants to pullback to the...

Michael_Harding

Taking a look at the 4hr timeframe, price action is having a difficult time climbing higher. RSI is now below 70 showing signs of lack of bullish momentum following a rejection candle. With that said, I believe a retest of the red area support is likely but the question is will it break even lower. I'll need to wait for 4hr candle to close below the red area for...

Michael_Harding

Basically enter here and set first target to Alert area. Reason I want to be alerted is because we might get a bounce at the area. If bearish momentum is in play, I'll look to hold the sell to my final target. Trade Safe!

Michael_Harding

Taking a look at RSI on the daily timeframe, it's well overbought. At this levels, I would caution traders from buying here and wait for a decent dip before going long. Trade Safe!

Michael_Harding

So I'm obviously not interested in buying here. I think there's great possibility for a pullback/retracement/correction whatever term you'd like to use... With that said, this trade plan is so simple. I'm just waiting for a close below the last candle on the 4hr timeframe. The last time we had a close below the last on the 4hr timeframe was when Bitcoin was...

Michael_Harding

Taking a look at the 4hr chart, price action is trading in a wedge formation. RSI is below 50. I believe based on the current candlestick characteristics, that this pair is likely to trend lower at least back to the ascending support.

Michael_Harding

Simple setup with RSI bearish divergence. This is a 2:1 risk to reward. Trade Safe

Michael_Harding

Here's an idea on how to trade this range with a 3:1 R2R for each trade.