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 a Bearish signal to confirm a further bearish move.
I’ve been watching this pair for the last two weeks to see if it would give me a clear a bullish setup to signal the breakout of this consolidation around 1.7700 – 1.7600 zone. However I didn’t see a convincing setup to get in on.
Only possible entry would have been on Nov 30th which I missed. I’m not too sad about missing it b’cos price didn’t break out with strength as I expected. Since price has been consolidating in this zone for around 13 days i would like to see a lot of strength if this breaks out.
On this i’m waiting to see if price will continue to complete the second shoulder of this Head & Shoulder setup. I was actually stopped out last week of a trade where i bought after the price printed and broke above the Bullish Engulfing candle on the 25th of Nov. However the fact that price closed below the up trend line is working against the overall up move . I will not be taking any long trades on this pair. I will be looking for a bearish signal to come in the zone between 0.9700 and 0.9600 zone. Thats if price come up to that price zone and completes the second shoulder
Price broke above the down trend line and have now closed above several key structure levels to confirm Bullish strength. I believe that the money in this trade is to the Long side. However this pair is due for a retracement at least down to 112 – 110 zone. Hence there is a Long term and Short trade on this one. Long term i will wait for price to pullback and give us a good Bullish signal . In the short term you can take a trade to the Short side but should be careful of not getting caught to a sudden up move.
Not much to say about this pair. I will take a trade to the Long side if it comes back down to 0.7000 zone and prints a Bullish signal.
Looking for a Bullish signal around the support level of 0.9800.
Pair just broke out of a major down trend line. Prior to that price was consolidating for July to Dec ’16 at the bottom of this trend line.
Price has now approached 121.680 zone and finding some resistance. Stay away from taking any Short trades on this Forex Pair. This pair just broke above a down trend line which it has been following since Dec of 2014. Look for a pull back to get into a Long trade. As usual i will alert you in our signal group when I enter the trade.
Price is touching the upper channel and has been printing candles with long wicks signalling weakness. However I would like to see a strong Bearish Signal such as the one printed on Oct 19th to take Short position. also keep in mind that price might break above the resistance zone around 0.75980 an go up to the high around 0.77000.
If you look at the chart you will see that price topped off on Jan 20th’16 and started its down trend. Price managed to break below a key structure support level of 1.2900. Since May of ’16 price has been on a retracement pull up. As you can see this retracement has created an upward moving channel. When price tested the upper channel around Nov 11th, I expected the retracement to end and price to start moving down with strength . However that didn’t happen. Looking at how price is acting now i believe that price still has more bullish strength in it, at least up to .618 Fib level. With this bias i’m looking for price to come down to 1.3200 zone and print a Bullish signal for me to enter a Long trade.
Weekly chart is showing too much strength to the down side. However it is also oversold on the daily. Short term I will look for Long setup around 0.830 zone and Long term if price moves back up to 0.870 zone i will look for a Short opportunity.
I Will update you in our Signal group or at our Mid week recap Vid if price starts setting up any patterns.
Daily Chart: https://www.tradingview.com/x/OZh4SglT/
Weekly Chart: https://www.tradingview.com/x/DeO1RW6d/
Lets see if price prints any Bullish setups around 1.41 zone. Break above 1.430 zone and a retouch would be the ideal trade.
Price is approaching key resistance zone around 1.287 zone. Looking to see if prints a Bearish setup.