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
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
Hi all,Hope you all had a good weekend. Following pairs are on my watch list for this week.AUDUSD Bias - Long
Monthly price action is finding support at .78 fib level.
Price tested the level twice and then broke above the highs to form an Ascending Triangle.
Weekly and Daily supports Monthly price action.ExecutionTest of the bottom
I should first mention that as traders we are not trying to win every single trade that we enter.In order to become a master trader you need to understand that trading is a game of probability and should be comfortable with having losing trades. No trading strategy can win all the time. So how can we
Trade alerts for Friday Aug 12 are as follows . Two pairs in my radar :AUDCAD SHORTPrice is has been printing candles with long upper shadows signifying a weakness in the Bullish strength.
Todays candle (Aug 11th) shows strong Bearish strength.
I'm short on a break below today's candle .Entry : 0.99758Stop: 1.01320 USDJPY LONGPrice has retraced
AUDCHFTwo BEARISH Dojis around key Resistance zone.Entry: 0.75001
NZDCAD :Even though price did not reach all the way up to previous resistance , after Wednesday's price action you are safe to consider this as a Double Top reversal pattern.I have entered a Sell Limit order below to be triggered if price breaks Thursdays low with a stop above Wednesday's high.Entry : 0.93266Stop
EURGBP Short .Price has printed a BEARISH engulfing candle at a very key level. As you can see the market has printed a uptrend line over the last 8 - 10 days. However the lack of large solid BULLISH candles shows weakering BULLISH power.Following the minor Green bars over the last 8 - 10
Price has retraced following a parabolic downtrend. The retracement was capped by the BEARs rite at .38 Fib level which shows that the BEARISH pressure is still on.Enter SHORT - 1.82766Stop Loss above Aug 1st candle = -157 pips1st Target -
CADJPYBearish engulfing pattern printed on a key level. The bearish sentiment is also supported by the touch of the downtrend line.Similar to trade above another Bearish engulfing candle printed on a key level and downward trendline.Full