Given that we are close to the end of the month I will be keeping my watch list lite. Further more I don't see a lot of setups on the daily time frame. However I have been following a few setup thats been in the works on the Weekly and Monthly time frame. I
This is an update to the EURGBP Head and Shoulders setup that I had pointed out in the previous Weekly Forex Watch list post.The chart below is what i had posted in my last post. I was looking for price action to break above the neck line of the Head and Shoulders pattern and
EURGBP - LONGOn this weeks watch list lets take a look at how we can take advantage of the this Head and Shoulders pattern thats forming on EURGBPDaily and weekly charts have found support at 0.84 zone.
This areas is also supported by the weekly 50 ema and Daily 50 and 200 emas.
On the top
This week I only have one new pair that i’m interested in adding to my watch list. However i’m currently holding positions of EURJPY and GBPCAD.The new trade opportunity for our watch is a short setup on NZDJPY forex pair
Ideally for me this trade should trigger early this week and should come with strength
First on the list is GBPCAD . We are SHORT bias on this Forex pair.As you can see on the first image below,Weekly price action has tested the 200ema with high test (Inverse Hammer) candle.
Friday daily closed was a high test which further supports our BEARISH Bias
Following the break of 1.76
Following a free fall to the downside the pair CADCHF has been slowly retracing back up to the 0.75500 zone. This area has played a key role in the recent past for this Forex pair. If you look to the left you will see that this zone has acted as both Support and Resistance over
Following a Bearish move, price has been retracing upwards. On the 30th of Nov price was able to break and close below the retracement zone, but soon after price began to move upward. Price currently is sitting at a key level since it has retouched the lower trend line of the channel. I’m waiting for
Today I want to use a trade that I just entered as an example to show you how I study price action and how I use price swings to get better entry level. Take a look at the USDCAD chart above. On this daily time frame chart you can see that in early 2016, USDCAD
CADCHFAs you can see price has been moving in a down trending channel.
A break of such channel should have strength as traders have been waiting for a some time for this break to happen.
However a day after the break we get a reversal candlestick pattern to the down side. Which shows that the break
Ello ello,Hope you all had a well rested weekend. Below are the Forex pairs that are on my watch listNZDJPY
Bias - LONG
On the daily chart price tested the upper trend line of the channel and 50 ema. However if you look at 73.00 zone it has been acting as good support and if fact