Here’s a possible short selling setup. Attached are H1 and H4 charts.
Daily chart showing reversal candle formation at the 61.8 fib. of the last up swing, note also this is at a past resistance level now support. The upper trend line on the daily is broken but also note that the market also breaks above the long term down trend line on the weekly/daily.
Daily gave long confirmation on the the formation of the reversal candle, my entry was taken on the 1H chart after a retracement to the up trend line.
I like this pair short should the daily bar close as is forming a tweezer top formation. Its testing past support area at the inner trend line. Look for short entries on lower time frames.
Simple trend line test at the 618 on the 1H followed by engulfing bearish formation. This entry will be carried over the weekend. Current daily trend is down also testing the 618 from the last swing.
Its possible we might see a reversal on the gbpchf throughout the week. Its now testing fib. 618 resistance at the up trend line and also testing the back side of the broken down trend line. I’m looking for a reversal candle formation round about this level on the daily to confirm.
Daily chart showing tweezer bottoms(bullish reversal formation) at the expected bounce, look for long entries on smaller time frames.
Morning star on the daily at the test of the up trend line, also this is a bounce at past support. I’m looking for the up trend to continue. Look for entries with smaller stop on lower time frames.
The pound has been weak across the board(bad economic conditions I guess), the GU breaks below another up trend line which is sign that we might be in for a bearish run, the H&S is really playing out.
Even with a break of the up trend line I still feel a bit bullish about this pair. Its now testing the backside of the broken down trend line. The daily chart is now showing bullish engulfing at fib 786. I’m looking for a rally up to either test the broken up trend line then pulls back or a rally up to break previous highs. Will be looking for long entries on smaller time frames.
Heres a trade idea for those who trade through NFP.
Daily chart showing tweezer bottoms at past resistance level thats now support and its also a test of the fib. 618. I’m looking for the bullish run to continue to around 9500. I will wait until next week to pick an entry seen that I dont trade NFP.
Nice entry on 4H, buy morning star.
Short opportunity on the eurusd after a break and test of the inner up trend line. Entry after the formation of the engulfing bearish candle at the fib 786 on the 4H chart. This is a short term trade as the daily trend is more bullish, I’m aiming for 1.4600.
I wonder if we will see a proper CF here for a possible short opportunity. Though, I’m not sure if that would be a correct pattern given that a previous support has already served as a resistence recently.
Thats possible, also it would be a double top formation. Note that its been making higher lows so we could also get a break above resistance to create a higher high.
Here’s a short setup for GBPJPY. In addition, a possible H&S is being formed on the 1H timeframe. That confuses me though is that the price didn’t break through the low of 139.70. Does this fact invadidates the pattern?
It doesn’t “invalidates” the pattern but its something to take into consideration, more so that the daily is showing bullish reversal candle formation at that level of support.
The 1H is showing a crown/H&S - a good short term entry IMO.
4H showing reversal candle formation(tweezer bottoms) at the up trend line. Daily chart previously bounce at a 618 at the daily up trend line, I’m looking for the up trend to continue.
We are in an uptrend on NZDUSD on the daily basis. The price formed a morning star at a broken resistence. It has tested only 50% Fib though.
Both pairs show vague signals.
AUDUSD: It is in an uptrend on daily, shows a nice bullish engulfing bar, bullish flag, but the up TL was broken.
USDJPY: It is in a downtrend on daily, may show a bearish engulfing bar, but the down TL was broken.
You might want to wait for the AU to retrace further, its better to buy after a retracement than at the top. The chart below shows my projected bounce. Its possible it might continue long before retracing that far, look for reversals on daily charts.
