MngomezuluCapital

MngomezuluCapital

Will be looking to go long if price holds the 137.862 level as support and price breaks out of our descending trendline.

MngomezuluCapital

Waiting for price to give us a third retest of this descending wedges trendline resistance and a breakout in order to take a buying position on GBPJPY. If price holds the 158.409 level as support we could see bullish price action as a rejection of this area in the past has led to big impulsive moves.

MngomezuluCapital

Looking to go for a short on the close of this 4H candle on the USDZAR. The dollar has been giving us a lot of bullish price action but it seems as though the bullish momentum is starting to peter out as price is struggling to hold the 16.96031 level. A close below this key level of structure will indicate a reversal in trend.

MngomezuluCapital

Over the past couple of months price has been giving us bearish price action which in turn has given us a descending channel. Price looks like it has found its bottom as price has given us strong wick rejection at the 0.99530 level. Furthermore, price has given us a descending trendline inside the descending channel which has been tested 4 times. We could see...

MngomezuluCapital

Taking a buy on EURJPY as we have had 4 retests of our trendline resistance and a breakout which shows that we have had a strong level of trendline resistance broken, signaling a bullish reversal. Price has also failed twice to break below the 134.975 level of support and after the wick rejection at this level price has started to make higher highs and higher...

MngomezuluCapital

As you can see price has created a descending trendline on GBPJPY and given us a breakout candlestick which signals that we could see price reverse and push to the upside. Furthermore price has been struggling to break below that 160.110 level signaling to us that the bulls have started to take back control in the market. I have set my stop below the breakout...

MngomezuluCapital

As you can see price has been giving us bullish price action which in turn has created an ascending channel. If my Elliot wave counting is to be assumed as correct we could see price start to create its final bullish wave before giving us a bearish reversal. If so, price could potentially rally to the 144.303 level. If price rejects this level as resistance we...

MngomezuluCapital

Over the past couple of weeks price action has given us very strong bullish momentum, however due to the following technical factors we could start to see a reversal in the medium term. As you can see price has started to develop a new bullish wave in our Elliot wave pattern and has ended the previous bearish advance. Price could therefore start to rally all the...

MngomezuluCapital

As anticipated in my previous post, price created a right shoulder to complete our head and shoulders pattern to give us a third touch on our trendline resistance. Price has since broken out, thus giving us our signal for an entry. I will be placing my stop loss at the previous swing low as if price breaks past this level it invalidates our buying position as...

MngomezuluCapital

As you can see price has been creating strong bearish momentum on the GBPUSD which has in turn given us a long descending channel. However, price is starting to give us some signs of a potential bullish reversal on the pair as an inverse head and shoulders pattern has started to develop, coincided with price giving us a strong wick rejection on that 1.17605 level...

MngomezuluCapital

As you can see price has been moving in a bullish manner over the past couple of weeks and has created an ascending channel. Price has tested the support of the channel twice and could break out if it is tested for a third time. If price breaks below the key area of 16.32655 this will further confirm our sell and we could see price drop all the way to the 14.44848 level.