To retrace to the 0.786 level of fibonacci would mean for price to get all the way up to 1.59949.
4/25/18 (1.61409) on the Daily timeframe, shooting star candle which lead to a massive drop (~860 pips) til around 6/4/18 (1.52747 top of a key zone.)
Historically, this trend repeats itself from the ~1.61409 level very well. From 8/24/15 to 2/11/16 about 5...
So I'm looking for short term longs on the 4HR chart. I see two possible plays in price action (red and blue arrows). In both cases, I'll look to take longs if price reaches my zones (orange lines). Out of the first zone, I'll target target about 75 pips and then move SL to breakeven. The 2nd, I'll look for about 125 pips and then move SL to breakeven.
This is the follow on video to the post i just made that explains why I went short on GBP/CAD.
My manual post is linked below and is the post, I will likely update as this trade plays out.
Give me a like and leave a comment with your thoughts.
I'm short GBP/CAD; I tried to do a video like 5 times and it's not posting, so as soon, as i'm able to do one, I'll highlight why i went short.
Short @ 1.83532
SL @ 1.85688
TP @ 1.66430
This is the video for this trade setup.
I've started to watch GBP/USD a little more closely now, as price action is starting to close in on a mid 2016 supply zone that has not been touched since that time.
Personally, i don't use a bunch of indicators on my charts, i just plot out what i believe to be strong supply and demand zones and simply wait for price to get there. Once there, I'll simply look...
Looking at the larger time frames, The AUDUSD has made an ABC zigzag correction, and the trend down from that is here as the high, there are 5 waves down, with divergence between the 3rd and 5th waves on the 1H MACD, should this be the bottom, I am expecting a correction to the upside before looking for a longer term sell.
I rarely publish these longterm ideas but here i am pointing out the current wave 4 on a weekly chart.
So in the long run we will be short the CC1! but since we are currently in a wave 4 we will be looking for long positions.
For a starter position i placed a long entry @2000, next @1975, @1935 and finally @1900
Soft targets start @2290,@2610 and very distant...
We have a SHORT setup in development on this pair. After a breakout of the bearish flag we can enter aggressively in a SHORT position and if the 148.00 level breaks and we have a retest of the level from below, we should add another position for a longer term horizon.
Huge loooong movements.
The trend has clearly turned, and even if we missed the perfect entry, there is stilll sooooo much potential right here.
Zoom out and you will find that incredible huge channel!
Every wave is taking for close t o6 month. but thats like 6 month of profits, profits, profits!
DISCLAIMER: Hi everyone, this is just a log book for me on applying everything that I have learned and continue to learn as I go along. That being said, I do not advise you to base your trading on these "ideas".
Ok so this pair has been a bit tricky for me. A lot of volatility but we can manage. Let's take a look...
As we can see on GBP/AUD Chart here . the price already react to weekly resitance and preparing to go short until the last destination (weekly support1,427..)
Note that we are on bearish territory and if the candle close above resistance just treat it like support.
Happy and safe trading (like and follow for more)
News both went neutral
NASDAQ 100 Index of US listed shares GONE SHORT
Sentiment changed at the end of last week and that sets up for a renewed run in equities. But just how strong will this move be?
The chart does show the RSI in technically overbought territory. But there is a saying in technical analysis, overbought can always get more overbought.
*Tensions with North Korea...