TheBearTrader1

TheBearTrader1

EURAUD- Looked ready for a push higher on the higher timeframes, based on my rules, i now have lower timeframe confirmation to take this long from the highlighted level.

TheBearTrader1

Instead of waiting for the Short trade, i am looking to trade and make money out of the market, therefore i will look to long up to my short region, we can see a long is a valid trade as we have been very bullish recently, therefor on the 4hour chart i am looking for price to come into my entry level, where it aligns with previous resistance level, where we have a...

TheBearTrader1

As we can see on the daily timeframe, medium term we are bearish, therefore shorts are the smart trade, however if we come up to this 1.21200 region it would give us an edge over the market as the confluences are, 1. Coming up to a 61.8 fib level from the long term high, 2. Coming into a 78.6 fib level of the recent daily high, 3. We are coming up to a high which...

TheBearTrader1

Chart explains reasoning

TheBearTrader1

Original analysis didnt play out, we have seen a deeper retracement into the 78.6 fib level and a structure zone, expect a push higher on this, just be wary its a fridy and this couod be a possible swing.

TheBearTrader1

This pair recently broke out of former resistance level with a very bullish rally, signalled by the GBP strength yesterday and the USD weakness, this has confirmed a breakout of the consolidation of the pair and I am looking to get long upon a retracement into a confluence zone (50 or 61.8 fib level)

TheBearTrader1

We can see we have created a double top, but what also looks like a head an shoulders formation, although it is not the cleanest if we can break this neckline then it will confirm this head and shoulders pattern. However I will only be looking at taking shorts upon a confirmed lower low then on the retracement of a lower high.

TheBearTrader1

As we can see we are in a downtrend, however at the moment we are in a corrective phase of it, creating this rising wedge with a confluence of the 61.8 fib if we can reach the intersection of both trendlines this would be an optimum place for shorts and price would definitely react to this level even if it is not in our favour.

TheBearTrader1

Upon a rejection 4H close I will look to buy this pair

TheBearTrader1

As we can see, we are in a bullish trend, forming this falling wedge pattern which signals just a bullish correction, we also have this ascending trendline and a fib level which I believe would be the optimum zone for longs if price played out this way.

TheBearTrader1

As we can see price has broken out o this former resistance zone, creating a higher high, i would be looking to go long on this pair if we can get a retracement back down into this previous resistance zone and test it as support.

TheBearTrader1

As we can see price has now confirmed this lower low, but is it just the markets trying to manipulate us retail traders to fulfil our stops? We need to wait to see how price develops on the 4Hour chart, any wick closes will signal the orders have been met and it is valid to enter a short.

TheBearTrader1

Price is in a downtrend, creating lower highs and lower lows, if we get a retracement up to this 50 fib level shorts would look good as it is also a structure level.

TheBearTrader1

The chart tells us it all...

TheBearTrader1

We can see price previously made a lower low, i am looking to go short upon a lower high, however i need a confirmation candlestick to confirm my short entry. A wick to the 50EMA then rejection down to the 61.8 could look likely...

TheBearTrader1

As we can see, price has broken out of this ascending trendline, creating a lower high and a lower low, I have set a sell limit at 0.71308 as this is an area of interest, with the 50 fib level, structure level and 50 EMA all in alignment.

TheBearTrader1

As I spoke about we have broken out of this descending trendline, creating a higher high, we can now see this flag pattern which price is respecting at the minute, once we have a breakout of this I will look for an aggressive entry to go long.

TheBearTrader1

Price has broken out of previous resistance zone, we can now see it is testing it as support with the 38.32 fib level and a beautiful wick candlestick is forming. Longs on 4H close.