AUDNZD respects old resistance level as new swing level by printing bullish pin bar…
Also waiting for the AUDUSD to pull back to a support level a drop a buy signal…
Good thread, hope u keep post and share u trading/experience.
thanks for your great knowledge .
Good thread, hope u keep post and share u trading/experience.
thanks for your great knowledge .
Thanks for the feedback guys, Ill keep the thread updated as much as I can.
The AUDNZD market moved as I forecasted, but unfortunately I was taken out of the long position 
The FOMC dropped some bombs during their announcement and caused a sell off on the AUD. As a result of the news volatility my trade stop was hit and I was taken out of the trade. But after the market stabilized from the news ‘noise’ the market exploded higher from this key turning point within the trend.
It’s a shame, but sometimes the news does annoying things like this to your trading and there really isn’t much you can do about it without compromising your trading integrity.
I’ll just have to sit this one out and wait for the next bullishprice action signal.
Yooha, they both look like good signals.
I do like how the NZDJPY closed positive for the day. Which ever signal you decide you want to take, make sure you only take that one only. Don’t go and open trades on both because you’re essentially ‘double dipping’ your risk, and if one trade doesn’t work out then the other won’t either.
Watch the EURUSD this week for a buy signal after corrections into support…
After the explosive rally last week on EURUSD, we need to wait for any bullish price action reversal signals form off key support levels to consider pulling the trigger for long trades. Just have to watch and see how the market reacts when the level is tested.
Alternatively, if the support level does not hold, we can wait for short signals to form off the bottom side as the market tests the level a resistance.
Looking at the NZDUSD chart today, price is now wedged between a critical resistance level and a the mean value, which has been acting has dynamic support.
Generally in these situations the momentum of the market, and the mean value generally prevail. So we’re anticipating a breakout to the upside here. Also, the last two days have demonstrated rejection of lower prices reinforcing our bias to an upside breakout.
Waiting for the price action to break the highs of these candles before considering long positions. A close above this level will pave the way for much higher prices.
A lot of quiet markets this week ahead of the Easter break. Most weekly candles showing indecisions, EURUSD one of the biggest sufferers of the low volatility.
Despite the low price action, the market has clearly demonstrated rejection of moves into higher prices, so we may see some continues bearish movement next week when normal trading resumes.
Have a great time over the Easter break though guys and enjoy your time with loved ones.
I hope everyone had a relaxing Easter break and enjoyed the time off. The markets should pick back up now as things return to normal. One market I am watching is the GBPNZD cross pair.
This bad boy has just broken out of consolidation, and breached a resistance containment line as price exploded into new highs. We’ve got a bullish bias on this chart now and are now targeting bullish price action signal that do develop to get in long with the fresh upward momentum.
The best play here is to wait for the market to weaken and re-test the old resistance level and let bullish price action confirm it as new support. This will create a new swing level, and it’s here we should jump on any bullish signal that develops.
As anticipated the GBPNZD market did retrace back into the hot spot we were watching and did prompt a strong bullish reaction from the market. The bullish move created a very strong bullish rejection candle. The close price was much higher than the open price, a nice feature for any bullish signal. Waiting for a retracement entry which probably won’t get triggered until next week.
Still optimistic that we will be able to grab an entry on this setup next week…
Also looking at the AUD pairs which are breaking down into new lows.
The old resistance level has failed to hold as support when price collapsed back down underneath it. An inside day signal has formed under the level in the form of a bearish rejection candle knocking back higher prices. Breakouts of the would be a nice trigger for short positions.
The currency markets have been so slow and hard to trade due to the lack of volatility we’ve been seeing. Lots of pairs are producing hostile trading environments that we need to avoid until things pick up. The EURUSD is an absolute mess at the moment, I don’t know how any trading system could cope with all that violent whipping up and down motion.
Some light at the end of the tunnel, looks like USDJPY is gearing up to move lower, producing a nice sell signal after the NFP release.
Looking to take advantage of any retracements next week
A bearish breakout trap and reverse trade has just triggered on GBPAUD, going short on this one.
It feels like forever since I’ve taken a trade. I am just being very cautious in these hostile market conditions. Lots of mediocre signals forming that end up being traps.
Indecision candle on the AUDUSD daily chart. Watch for breaks of the highs for buying opportunities with the upward momentum.
Was watching the USDJPY watching for the price action response at the range bottom this week…
The market did try to dive below the range support containment, but could not maintain the lower prices. A bear trap occurred and the market sling shotted back above into the range. At this stage it looks like range is going to remain intact after a bullish rejection candle formed.
Traders who like range trades could try grab a retracement entry here. Personally I don’t like trading ranges and was really hoping for a break + bearish trend development.
These market conditions are tough and it’s these sort of rough/choppy conditions that cause a lot of Forex traders to lose money. With Summer trading around the corner. This could be the start of a long slow grind.
gbpchf has formed an bullih pin bar at swing point its good for long ,
Everyone in this wonderful thread have a great week-nd, i know i will and i will be ready for the coming week.
The GBPJPY price action has just recently buckled below a support level – which we expected to hold. There was a bullish Inside Day at this level which we did anticipate would break out higher, but the trade setup never triggered. Now because the market is trading under the resistance level and on the negative side of the mean value, we are sellers in this market.
Last session, that support level was tested as resistance and held. The rejection of the resistance level forced the daily candle to close lower than the open price creating a small bearish rejection candle swing trade setup. If the market breaks the rejection candle lows then it’s likely we will see much lower prices from this pair.
Just to recap the last GBPJPY setup that was discussed…
Trade didn’t turn out as expected. We all know that there is no such thing as 100% success rate so events like this need to be expected, more times than not.
An AUDJPY Indecision Breakout trade idea triggered for me today on the AUDJPY.
AUDJPY is a pair I’ve been watching for the last week, due to the fact price broke out of a supportive containment line during the previous week’s trading. The market had been consolidation above the support area of 95.35, condensing into a very tight mess of consolidation mess.
A clear, decisive breakout occurred last week where the market finally broke through that support line and closed lower. The plan was to wait for a retest of the old support level and see if the price action lets me know it will hold as new resistance. The market did come back up and test the level as expected and printed an Indecision Candle on the daily chart.
The Indecision Candle is a great catalyst for breakouts at these ‘breakout & re-test’ type areas. The market has now broken the lows of the Indecision, verifying the breakout and triggering short positions. If the market continues to trend downwards on the daily time frame, we could be looking at a retest of the 93.68 swing low support level.