Alternative technical biases:
Long-term: Northward, particularly should price action break above 0.88445
Short-term: Southward, with a retracement to the 0.86995 area
I may be wrong. Trade safe and prosper.
Here’s why I am neutral on the EURGBP and will wait for the market to show me its hand. On the H4 time frame, price action is respecting an ascending trendline (in magenta colour). However, as the price action is around a resistance zone, a rejection of the zone southward may lead to a retest of the trendline and target the 0.86995 area, the origin of the most recent upward push. This scenario appears much likely to occur as price action has found it difficult to move much farther from the last two recent highs.
Trade safe and prosper.
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If you are tracking GBPNZD this week, here’s a technical perspective you may wish to consider.
On the H4 time frame, price action since mid-May produced one descending price wave and then went into a consolidation and ranging pattern for much of late May and early June, apparently in anticipation of the British election. This was followed by a strong bearish drop last week Thursday (British election shockwave), from an area (around 1.79075) which had served as a strong demand zone on April 18, 2017. We should expect price action to retest this zone in the coming days. The most recent price action on the H4 time frame was a bullish move which may be a corrective one as price action has moved too far from the mean value.
I may be wrong. Trade safe and prosper.
I have been asked by some traders which indicators I use and whether or not I am a price action trader. I am a semi-price action trader; using a few indicators to trade price reaction levels such as S/R, pivots, Fibonacci retracement zones and trendline breaks/bounce.
The main indicators I use are MAs and RSI but I don’t use the RSI in a conventional way. I use it once a week for directional purpose during my weekly technical analysis and screening, not for overbought/oversold considerations. As for MAs, it doesn’t matter which you choose, only know how and why you use them and how they fit into your trading style and strategies.
Trade safe and prosper.
Here’s why I will look to trading GBPAUD pair southwards.
On the H4 time frame, sellers attempted to take control of price action through three price waves to the downside since the beginning of June but the ride southwards has not been smooth; there has been a lot of buyers’ resistance resulting in a series of sideway moves, consolidation and range trading. The most recent price action last week fell within a 137-pip range (in Khaki coloured rectangle). Should the price action break out of the range southwards, the initial target will be the immediate resistance around 1.66570, which may expose the 1.64804 handle. This is a more likely scenario given the technical bias on the weekly time frame. However, an alternative scenario, albeit temporary in nature, will be for price action to move northwards towards the distal part of the the range; perhaps to retest the 1.68392 area before heading southwards.
I may be wrong. Trade safe and prosper.
Are you tracking GOLD for trading opportunity this week? Here’s a technical perspective to consider.
On the H4 time frame, price action moved upwards from a support trendline (magenta colour) to validate a resistance trendline from the high of June. The most recent price action saw a bulllsh move on Friday afternoon after a rejection of the resistance trendline by sellers earlier in the day. Should buyers push price action to break the resistance trendline, an initial target northward is likely to be the 1271 area, provided buyers can overcome the immediate minor resistance around the 1261 area. Failure of price action to take out the 1261 area is likely to lead to a southward turnaround to break the support trendline and target the 1240 area, the base of the support trendline. This is a more likely scenario given the weekly technical disposition noted earlier.
I may be wrong. Trade safe and prosper.
To trap a market, don’t just jump into a moving market. Study the market and analyse it first. Then plan your approach and act on your plan.
Trade safe and prosper.
If you are tracking GBPCAD this week, you may benefit from this technical perspective.
On the H4 time frame, price action has been largely in consolidation/sideways mode and in a channel (Khaki coloured rectangle) for the most part of June. Presently, price action is in the middle of the channel, somewhat a noman’s land, but the last sessions on Friday saw the buyers getting more influential in the market. Should buyers take price action to the distal part of the channel, perhaps targeting the 1.69750 area, this is likely to present a good sell trading opportunity. Given the technical disposition on the weekly time frame, a sell trading opportunity is more feasible than a buy trading opportunity. A break of the channel southward is likely to initially target the 1.67224 area; this may expose the 1.66367 area, the base of the April 17, 2017 rally.
I may be wrong. Trade safe and prosper.
I will look to trading EURUSD on either side otturns out most profitable for me this week. Here’ why.
On the daily time frame, the most recent price action was within a significant S/R zone which it could not breach. Price action is respecting a support trendline (navy colour) from the low of April 6, 2017 and we may expect a pullback to the trendline, perhaps around the 1.13280 area, before any further upward move. A successful break of the zone is likely to target the next resistance around the 1.16100 area. However, should price break the trendline southward, a likely target is the immediate support around the 1.12270 area. Such a move would be likely corrective in nature.
On the H4 time frame, price action is operating in a range (bound by two magenta-coloured horizontal lines). Most recent price action has moved upwards and distally, respecting an inner ascending/support trendline with buyers very much in control of the most recent sessions. This move may break the range northward and target the immediate major resistance around the 1.16100 area. A retracement to test the trendline may take place before further northward move gets an increased momentum.
I may be wrong. Trade safe and prosper.
Here’s why I will look to trading USDCAD southward this week.
On the weeky time frame,since May 2017, price action has been under the control of sellers. Presently, price action is within an S/R area and may target 1.22310. The technicals on the weekly time frame seem to support further southward move before any bullish operation can be expected, moreso as a consolidation pattern has formed between the 1.22310 area and the 1.37050 area.
On the H4 time frame, price action is respecting an inner descending trendline (magenta colour) from June 2017 after moving below an outer descending trendline (navy colour). The most recent price action was a strong bearish move after a period of consolidation. Sellers may be able to sell further southward before buyers are attracted. Thus, a retracement may not be immediate. Any retracement, however, is likely to be in an area of value, much likely leading to a retest of the inner descending trendline.
I may be wrong. Trade safe and prosper.
I will wait for a pullback to an area of value, perhaps a retracement of the inner trendline or to within the 20/50 MA channel before looking for a sell trading opportunity.
Are you tracking EURUSD this week? Here’s a technical outlook you may connsider.
On the daily time frame, price action has moved northward respecting an ascending trendline (navy colour) from the low of April 2017. A much likely follow-up price action is a retest of the trendline at an area of value, much likely at the most recent horizontal support zone; this is around the 1.14520 area. We may see a brief period of consolidation or a slight upward move of about 30-50 pips before this.
On the H4 time frame, price action has moved away from the outer ascending trendline (navy colour) seen on the daily time frame to respect an inner ascending trendline (magenta coour). The last H4 session on Friday resulted in a bearish pinbar or shooting star. If this is followed through by price action this week, we should expect a southward turnaround, perhaps to test the trendline. Should the trendline be broken southward, this may target the outer/lower trendline (navy colour), perhaps around the 1.14520 area.
I may be wrong. Trade safe and prosper.
Just sharing
If you want to effectively trap the markets, you don’t wait until the markets open. You don’t do it during the markets. You do it in a disciplined way involving pre-market opening analysis and define clear conditions and criteria which price action must meet as you wait for the markets to meet them.
Trade safe and prosper.
Are you thinking of trading EURUSD this week? You may want to consider my perspective on the pair.
On the H4 time frame, price action has moved above the support trendline seen on the weekly time frame and is operating in an ascending channel (bound by two navy coloured lines). Last week, price action within the channel was largely ambivalent or sideways around the distal end of the channel. Apparently momentum for a bullish drive is weakening and we may see a southward turnaround this week, perhaps to target the 1.16170 area which is the origin of the most recent rally northward, or by extension the proximal channel line.
I may be wrong. Trade safe and prosper.
Here’s why I will look to trading GBPUSD southward this week.
On the H4 time frame, price action was respecting an ascending trendline (magenta colour) from the low of June 20, 2017 but this was rejected southward on Friday last week. However, the last H4 session on Friday saw buyers push price further upward; this still fell far short of retesting the trendline. Should buyers manage to push price upward this week, an initial target is likely to be a retest of the trendline and, by extension, the immediate minor resistance around the 1.31350 area; an area that is in confluence with the 50 Fib retracement zone of the drop from last week’s high.
I may be wrong. Trade safe and prosper.
Just Sharing
Beginners to this trade should use the demo time to learn basic trading skills, experiment and master one or two strategies, learn patience and master how to trade and protect their accounts. The first few years of trading are to learn to secure your trading accounts so that you are long enough in the business to build competencies for consistent profitability.
Trade safe and prosper.
My 2 cents
Good preparation, thorough market analysis, preparing a trading plan for each trade you intend to take, and waiting for the right moment to strike will help you do well in the market.
Trade safe and prosper.
If you are tracking the EURUSD for trading opportunities this week, you may find this technical perspective helpful.
On the daily timeframe, price action was respecting a support trendline from the low of May 10, 2017. This formed an ascending channel with the high of March 28, 2017 (bound in navy coloured lines). The most recent price action is bullish in nature and showed increased momentum as an inner support trendline (chocolate colour) has developed. This may result in subsequent price action moving toward the distal channel line (navy colour), perhaps around the 1.19066 area, before any retracement is seen. As four price waves have consummated within the channel, we may see a fifth price wave heading southward after price action has tested the 1.19066 area. A potential target of a southward move is the immediate horizontal support around the 1.16205 area. This area is in confluence with the monthly pivot.
I may be wrong. Trade safe and prosper.
I will be looking for a sell trading oportunity on EURJPY this week. Here’s why.
On the H4 time frame, an ascending trendline (magenta colour) from the low of Aoril 21, 2017 acted as support for some time but was breached southward last week Friday by price action. The last seesion on Friday was a bearish follow-through after the previous candlestick retested the tendline flipping it to a resistance. A likely initial target of further southward move is the immediate minor support around the 126.595 area but there may be a period of sideways movement before an increased southward momentum.
I may be wrong. Trade safe and prosper.
If you are tracking EURUSD, consider the following technical analysis.
The pair has been on an upside move since May 2017. Three weeks ago, the pair was in a sideways operation within an ascending channel in an area that has served as an S/R zone on a number of occasions in the past. Last week price action moved to retest the distal part of the zone around the 1.19066 area; an area it had rejected southward four weeks ago.
On the H4 time frame, price action is respecting a support trendline (black colour) from the low of June 20, 2017. For much of July and August 2017, price action was consolidating within a descending channel (bound by navy coloured lines). This was breached distally by over 140 pips last week. We may expect price action to retest the distal part of the channel or the trendline (magenta colour) before further upward move. A break of the trendline southward on at least a daily close is likely to target the next significant support zone around the 1.16650 area.
I may be wrong. Trade safe and prosper.
