THE REASONS WHY I WILL BE TRADING THIS PAIR:
1. THE PREVIOUS SUPPORT LEVEL, NOW RESISTANCE HAS BEEN BROKEN AND RETESTED.
2. PA HAS BEEN MAKING MULTIPLE LH AND LL INDICATING MORE DOWNSIDE ACTION.
3. ASCENDING CTL WHICH HAS BEEN RESPECTED TWICE PREVIOUSLY HAS BEEN BROKEN.
4. PA IS STILL BELOW THE EMA'S.
THE REASONS WHY I WOULD TRADE THIS PAIR:
1. 50% FIB REJECTION ON H4
2. EMA'S HAVE CROSSED OVER TO THE DOWNSIDE.
3. ASCENDING CTL BROKEN.
4. IF PREVIOUS LOWS CAN BE TAKEN OUT THEN THE NEXT MONTHLY SUPPORT LOOKS LIKELY TO BE REACHED.
MY ANALYSIS ON THIS PAIR HIT ITS STOP LOSS,BUT FORTUNATELY,LOOKING AT THE CHARTS,ALTHOUGH IT DIDNT RESPECT THE 23.6% FIB,THE 38.2% WAS RESPECTED ON THE DAILY CHART.ALTERNATIVELY,I SHOULD HAVE WAITED AHEAD OF A BULLISH CLOSE PREVIOUSLY(20/7/2017) TO CONFIRM THE BIAS,BUT DIDNT. LESSON LEARNED,WE'RE LOOKING AT A GOOD AMOUNT OF PIPS HERE
DAILY SUPPORT RETESTED AGIN IN THE MATTER OF 5-6 DAYS. WITH THE PAIR'S INITIAL BULLISH MOVE,THE 23.6% FIB LEVEL HAS BEEN A KEY RETRACEMENT REGION,THUS THE PAIR SHOULD BE LOOKING TO CONTINUE ITS BULLISH TREND TO THE WEEKLY RES. THE ANALYSIS I MADE ON THIS PAIR DID NOT GO WELL BECAUSE I FILED TO TAKE INTO CONSIDERATION A FEW IMPORTANT POINTS.
GBPUSD BROKE THE WEEKLY RES AREA AND NOW IS RETESTING THE ZONE,WITH A FIB APPLIED,THE HIGHER LOWS FORMED REJECT THE 50% FIB LEVEL,THIS PAIR SHOULD BE HEADING HIGHER SOON,WITH 1.3200 AS A TARGET
EURUSD BROKE THE 1.1450 BARRIER DAYS AGO INDICATED BULLISH MOMENTUM WITH A RETEST OF THAT AREA ACCOMPLISHED. THE PAIR RALLIED TO HIGH LEVELS AND NOW HAS RETRACED BACK A LITTLE,EURUSD SHOULD BE HEADING TO THE 1.16100 REGION SOON.
ON THE DAILY CHART,WE HAVE BEEN LOOKING AT STRONG BULLISH CANDLES SHOWING GOOD UPSIDE MOMENTUM. A BREAK OFF THE 0.79000 BARRIER IS ALSO A GOOD SIGN,WITH PA RETESTING THAT KEY AREA,WE COULD SEE A CONTINUATION TO THE UPSIDE,NEARING THE 0.80000 ZONE. BESIDES, THE EMA'S ARENT LOOKING TO CROSSOVER ANYTIME SOON MEANING THAT THE BULLISH BIAS IS STILL INTACT.
BREAKOUT-RETEST-CONTINUATION.
PA BROKE AN IMPORTANT KEY LEVEL,AND THEN RETRACED TO THE 61.8% FIB,AND NOW POSSIBLY CONTINUING ITS BULLISH BIAS,
THE BREAK OF MY CTL CONFIRMS A LONG POSITION
HAD THIS IDEA SINCE THE START OF LAST WEEK,ALTHOUGH IT BROKE MY CTL,I WASNT CONFIDENT WITH IT.THEREFORE AFTER THE HUGE BREAKOUT A FEW HOURS AGO,A SELL IS DEFINITE.
ALTHOUGH I'M POSITIVE THAT AUDUSD MAY MOVE TO THE UPSIDE, I WOULD NOT TAKE ANY CHANCES, THE THIRD BOUNCE OFF THE TRENDLINE SUGGESTS A GOOD BUY TRADE,BUT ANY REVERSAL(AND A BREAK OF THAT TRENDLINE) WOULD NOT SURPRISE ME.I'M READY FOR BOTH
AFTER REBOUNDING OFF ITS WEEKLY RESIISTANCE(BLUE AREA) GOLD SHOULD BE LOOKING TO HEAD DOWN TO ITS PRECEDING SYMMETRICAL TRIANGLE,
WITH A MOVE TO TARGET (38.2% FIB)
