Hey I like your thinking with the GBPJPY chart, that will definitely be a nice hot spot for a long signal to form.
The NZD has got my attention today, a large bearish rejection candle on the NZDUSD and on the EURNZD chart a bullish rejection candle formed at the New York close
The chart seems to be stepping upwards here off the recent support level making higher lows. A bullish rejection candle formed last session which was responsible for creating the higher low. This bullish rejection candle signal could prompt a further bullish response from the market and potentially see the next move to the high side.
It’s best to see retracement entries trigger in the Asia session, but they can trigger during London.
Eurjpy is at a line in the sand. We will be watching with a keen eye during the next few trading sessions to see how price action responds to the range top. Have to be careful of breakout traps to the high side here.
Here is the daily chart for the Aud/Jpy pair. Price has been contained and ranging between a strong support and resistance level recently. Today price is breaking out and forming a bullish engulfing bar having rejected the 20EMA mean value. A couple of hours to go here in the US session but I’m looking to get in at a 50% entry.
AUDCAD failed break over night in the asian session. I was woke up with a loss. reversed before London open. Now we have a break higher. I noticed I ignored the weekly levels. :rolleyes:
Ahh Vas you’re too quick for me, I was just about to post this and notice you’ve beat me too it.
Vasude has pointed out something interesting. Large breakouts like this that happen during the Asian session generally don’t work out, especially if none of the currencies are Asia based economies.
You can see that the move into high prices has been rejected as we are now trading in the London session and now approaching NY. This could be the catalyst we need for a breakout trap and reverse trade setup here.
Enjoying the thread. Thanks!
Would you have just entered this short at the break of the previous candle low…or were you waiting for the candle to complete as a pin or engulfing before entering short?
hopefully be able to get in on a retracement although its not looking promising.
