MtxTrader

MtxTrader

No doubt that fake out caught many traders unawares, but price fell back below the resistance trendline in the next candle. This slightly complicates my EU chart as I cannot really on that trendline as much now. Price was very overbought in that breakout candle, and began to drop as USD started gaining more strength - bad timing as the markets closed 4 hours...

MtxTrader

Observe the chart for a moment, and you will see the support trendline. Now, price on the 4h candles has broken below this support trendline, but has never closed below it. After the first three points on the trendline, illustrated by the first 3 circles, the trendline was established as valid. (It generally is considered that 3 points are necessary for a...

MtxTrader

It seems that DXY (USD) is still full of steam for the moment. I closed my NU short position from Thursday, but I will reopen it when price breaks the zone I drew. The zone represents a breakout, and I think that if price were to reach that area, it would be considered a breakout in the bearish direction. I linked my NZDCAD idea (also bearish), the correlation...

MtxTrader

Preparing for next week, price seems to be heading to the support trendline. From there, I will be looking for a break to short. I will not go long as price is currently downtrending, and in my eyes, is retracing. I consider this a good bearish continuation setup. We will see what next week will bring us.

MtxTrader Updated 

This will be a reversal category setup, as price seems to be recognizing the resistance trendline as a barrier that bulls need to break. This is going down for now, and it may make one more push downwards, but I'm looking at an eventual (next week) breakout and price rising to next resistance.

MtxTrader Updated 

This is what I think will happen on EURUSD This is an obvious resistance trendline, that all price action traders must have on their charts, and yet, it has only 2 points, and is still unconfirmed.

MtxTrader Updated 

Price has reached resistance and has stalled, and Stochastic has become overbought - it seems to be a pattern.

MtxTrader Updated 

CAD weakened and allowed AUDCAD to push up further than I anticipated. Regardless, I am still looking for a short opportunity from the 1.0150 area, preferably on a strongly bearish 4h or daily candle, and with the broken support trendline.

MtxTrader

I believe something like this will happen. EURUSD is currently in a downtrend, until the high 1.03s, in my opinion.

MtxTrader Updated 

AUDNZD has a major resistance at the 1.0750 area, and it has broken a support trendline after testing 1.0750. You can also say that a triple top has formed on the chart, with a slightly strange support (neckline), but nothing in the forex market is like they say it is in the textbooks.

MtxTrader

Patience is the most important aspect in trading this setup. Price has been slowly climbing to the resistance zone that extends from 0.7750 to 0.7830 - this is the red zone. A support trendline has also been forming, it looks steep on the 1d chart, but on the 4h it is much clearer. In my opinion, this trendline is crucial to the reversal of this pair. When...

MtxTrader Updated 

Quick scalp, I will see how this goes Broken support trendline, pretty profitable setup if too short of a time frame.

MtxTrader Updated 

USD is strong at the moment, thank you very much UJ and EU. USDCAD resistance trendline broken and closed above on 1h, soon on 4h as well (Likely). Stop loss below a low on 1h, target set so risk reward ratio is 1:2, and target is slightly below previous high. (Just in case, shit happens).

MtxTrader Updated 

As you can see here, price had a clear rejection off the trendline. Here's for more USD strength, cheers.

MtxTrader

This pair has met this resistance trendline yet again, for probably the 9th time. Additionally, the structure also represents a descending triangle... And we all know that descending triangles are bearish continuation signals. In this scheme, it will be a reversal signal it seems. I am targeting price just above 1.62225 - which is an area of previous support.

MtxTrader Updated 

When this resistance breaks, I will buy. UJ resistance TL has already broken.

MtxTrader Updated 

Had to move this setup to the right and adjust everything. NZDCAD has now formed 5 consecutive lower highs, while maintaining a support at 0.9393 area. Descending triangle as well, obviously. Check previous NZDCAD post if you don't understand the title lol.

MtxTrader Updated 

After an initial bearish movement, price momentarily reversed at around 0.7150, then got stopped at the resistance at 0.7235. This is a position that I have been holding for about 1 and a half weeks now, and I must see it come to fruition.