Let’s look at some possible swing action here too.
The counter TL on the weekly time frame seems set to retrace. This can be noticed on the daily timeframe which gave a bullish butterfly and price went up from there making higher highs, hence our bias is shifted to bullish run for now.
However, we see that price fails to break the outer TL on the daily timeframe, hence we’ll be weary of taking long positions for now till we are able to see price at least close above the outer Trend line [TL] better still give a break out [open and close above TL].
It also may give a bounce and dip from here… let’s look at the 4hr tf for further clues.
Here, price closed above the the outer TL quite ok, but we’ll prefer to have it do so on the daily tf instead…
If we have a bounce, price might dip to the next support zone @ 84.80 which is a 382 fib retracement.
On the 1hr, we see price making a tweezer top and its stalling/hovering around tis zone all day…
ACTION PLAN
BIAS IS MORE BULLISH
If price breaks daily TL, we go aggressively long.
If price bounce off TL, we watch for retrcement to the S/R zone @ 84.80 to go long.
Might as well trade the bearish bounce off TL if we get good signals for doing so on the daily tf.
What is a swing trader professional description?
Theres only 4 types of professional traders do you know which one is it will help you in your trading.
@ kneesup
Hello trader, its been 3yrs+ now, i hope you’re still in the best profession ever…
I checked the PAST site and i must say they are wonderful…its almost as if i did the postings there myself (same thoughts, same approach) especially their present take on GbpJpy a trade av gone short on using almost same analysis as theirs.
On the weekly time frame, we see price at a resistant level and likely forming a double top. Buyers beware at this point as sellers are revving up to take over…but the lower time frames will give us more details as to what price is doing.
When we have a squeeze cf on the 4hr time frame, we usually go to 1hr tf to look for a 321 entry. This gives us a suggestion of where the squeeze cf will break out to…and from all indication, its highly likely to give a bearish breakout…see chart here…
UPDATE ON EURUSD
Price did dance (trickishly though) as expected and presently we have taken 2 short positions on EurUsd
ENTRY 1. was at 1.3740
ENTRY 2. was at 1.3789
Stop Loss is at 1.3869
TP 1 is at 1.3415
TP 2 is at 1.2754
TP 3 IS at 1.2118
Hope this turns out well…
If you missed initial entry on EurUsd, dont fret yet…Price might give u another opportunity to enter at a good point…
Will keep you posted as this pair unfolds…
The yen pairs are showing interesting signs right now…of top importance to us at Forex Traders Academy is the NzdJpy…
Double top + squeezy candle formation + Bearish bat formation…etc, we just might see a big drop in this pair…
Charts and more detailed analysis will come up later…Wish u guys happier pipping…
Here’s the analysis as promised…
On the weekly time frame, we see a bearish bat complete at a close range to an anticipated resistant point…
On the daily tf, we see a bearish crab formation complete at same area as the weekly bearish…
On the 4hr tf, we see a bearish viglo formation…Price gave us a squeeze cf, but no break out yet for us to take a trade…Moreso the squeeze cf range is too wide and not so convenient to trade, so we’d prefer to see a better candle formation for us to go short on this pair.
I have read your very first post, where you were been writing about price action being the most effective way how to treat the market. Why did you turn into harmonics?