A similar possibility to EURUSD on the 4h - so if price heads down on both those pairs, there will theoretically be an inverted head and shoulders. The rest depends upon the strength of the Euro's NZD and USD pairings. I also may look for a short, with a sell stop order at the green line and a target of slightly above the next area of immediate support.
If I didn't care about my risk reward ratio being a minimum of 1:2, I would take this trades...alas.
I am technically neutral on this pair, however I will only take a bearish position. This is because there are no major supports below the support trendline shown above, while there are several resistance areas above the resistance trendline. There are simply less obstacles in a short position.
Although it is the 15 minute chart, and considered a very small time frame, these kind of setups are profitable. The end of the price consolidation as seen above will be signaled by a break of the trendline.
Not sure which way this trade will go, as at this point it is possible it will break out either way. Resistance TL breakout, go long. Support TL breakout, go short.
Waiting for this setup - a break of the smaller support trendline, and then a drop to the larger one, from there I will look for a bounce.
AU still has some space to climb before it reaches huge weekly/daily resistance in the mid 0.77s For now, price bounced off the support trendline, and closed. I suppose that the 4h candle is not closed yet, but the 2h and 3h candles have.
This is a strategy that has been in development for a week or two, no trades placed yet, this is the first. You can see that pattern, RSI breaks out above 65 and goes back down below 65 for several markers, while price is in the upper bollinger band (or near it), and price will go down. Likewise, RSI breaks out below 35 and goes back up above 35 for several...
After a bullish move for several hundreds of pips, NZDUSD has finally reversed. The reason for this was a second batch of poor economic data, and the strengthening of the US Dollar. Above is my position, which satisfies my risk to reward ratio of 1:2, which is still open. As the week was nearing the close, volatility just kind of dried up and price began...
Support trendline is finally broken, and the bearish momentum is evident in the clear breakout. 1:2 Risk to Reward ratio
Depending on how markets open, CADJPY may be set up for along position to buy as shown by the order above.
Price is just hovering above the support trendline. I am looking to short this pair, as soon as it breaks the support trendline. I will be watching for the market gap to decide when to take the trade. Remember that gaps are often filled. However, with a strong AUD against the USD, this pair may break the horizontal resistance zones at 1.0072 and 1.0155
On the weekly chart, we have a sideways channel. Price is approaching the horizontal resistance level at 0.7750, and slightly above that is the resistance trendline from the previous two highs. I will not be buying this, yet I do think it will go up a bit more. Overall, I am short on this pair, as soon as it breaks the 4h support trendline pictured above.
I was short on this pair since 1.0690 from last week, but decided to close my position before the weekend. The reason I closed was because this wasn't as much of a long term position as my GBPCAD short, or NZDUSD short. Also, the area at 1.0625 is one of some significant support. I will not be shorting to 1.0526 because it won't fit my 1:2 risk reward ratio,...
This is simply my view on this pair with no bias, as no breakout has formed yet. (One that I can see at least). So, with my Neutral view; I would go long if the triangle resistance is broken, and short if the triangle support is broken. It is unwise to buy and sell within the triangle at this point, as I have learned with CADJPY last week. - Price has...
Even with a strengthening USDollar, Canada came out with positive news regarding the unemployment rate last Friday. I am leaning towards bullish on this pair, looking to buy whenever price hits the green area. After it breaks those 2 resistance trendlines, the next area of immediate resistance is in the mid 1.33s, around 1.3357.
I bought this pair last week in the green circle and closed in profit in the blue one even when most people thought the USDollar Index, DXY, was going to fall even more. I even had doubts when the pair retraced back to the trendline, but I held. It just goes to show to trust you analysis and not let your emotions influence you. At the moment I am looking at...
Broken support Trendline on 30m chart