Updates for potential trades 14/11/2018
A very exciting day for cable with anything being possible - if an agreement is bashed out in parliament regarding the Brexit proposal then we could see the bearish momentum needed to enter this trade:
Price has certainly stalled right on the descending trend-line and around a previous strong area of resistance - MACD and MA’s look likely to cross with RSI pointing to bearish momentum - however, everything depends on the outcome of today.
I would like to see a bit more price action before I set my target entry and exit levels.
With the Ozzie holding out against mixed Chinese data and the CAD suffering from the continued fall in oil prices:
It is difficult to see where the bearish pressure might come from to bring price back down so I have an opportunity to get in and trade. However, the markets do have a way of surprising so it is a case of wait and see with this pair!
This pair could be a great trade very soon - with a lack of direction in the Ozzie (although that could change with Thursdays announcements) it is all down to the pound to give the bullish momentum.
With the MACD and the MA’s just about to cross and RSI suggesting bullish momentum it looks like this could be a good trade.
On the 4 hourly, price has broken that descending trend-line and and then bounced nicely off of broken trend-line support:
My target entry will be around the 18070 - 18080 level, just above previous resistance on the 4 hourly chart, putting my stop loss around the 17790 level.
This is certainly more than my normal risk level at around 300 pips, however, the upside could be the previous high around 18700 - giving a 600 pip upside and a nice 2:1 R/R ratio.
This pair has reached a very nice descending trend-line and looks poised to make a move in either direction:
It looks like we might be about to get the cross on the MACD and MA’s on the daily chart along with bearish suggestions from the RSI, just coming back in from that overbought level.
With nothing out for the Swissy this week but employment figures for the Ozzie coming out on Thursday it is most likely that this will drive price action.
I’ll look for an entry level around the 7150 mark with a stop loss around the 7350 - just above previous highs and a target at 6850 - just below previous lows.
Let me know thoughts guys - anyone trading or thinking about trading these?