EURUSD Price structure analysis (Daily)EURUSD continues to trade sideways closer to the top of the bear channel.
Structure-trade
USDCAD Price structure analysis (1H)USDCAD Price structure analysis (1H). After a very strong move down I am looking for selling opportunities as price pulls back into the resistance zones market on the chart. There is also confluence with the 50% and 61.8 fib retracement levels. Wait for price action to confirm the reversal. On the 1 hour timeframe I remain bearish while price keeps trading below the 50 SMA.
GBPUSD (1h) Wait to sell resistance and channel highsGBPUSD (1h) Wait to sell resistance and channel highs. Price is now at the inner channel high, 50% retracement, close to 127 fib inversion and has just broken a previous swing high. Look for false upward breakout for shorting opportunities and a test of the outer down channel line. Wait for price action to confirm the reversal.
EURUSD Price structure analysis (1H)EURUSD Price structure analysis (1H). Price has broken through the resistance zone like it was not there. That zone now becomes support. Price is now at the 78.6 fib retracement and slightly above the 127 inversion. It is also in a zone of previous congestion. At these levels I expect some profit taking and a retracement to wards the support zone. I expect the buyers to step back in and take prices higher. Look for bear traps at the lows to go higher. Note that the down trend line has been broken. The reverse size of the trend line should now act as support. I prefer to sell into bull traps at the highs. Wait for price action to confirm the reversal.
GBPJPY Retrace before continuation Down So we can back down to the Daily Support and have bounced.
Last time we did this the pair had a 618 retracement back up before the recent drop
Im looking at a possible 618 retracement again before a further Test of the daily support
USDJPY Price structure analysis (1H). Look for the bounce higherUSDJPY Price structure analysis (1H). Look for the bounce higher. This is a counter trend move as the price action is predominantly bearish.
USDCAD: The Rising Wedge Pattern ExplainedAs price action blew through the potential double top that we were watching this morning in the Live Trading Room, we had to throw the idea out and start looking for other opportunities.
Currently we have a setup on USDCAD that I really like. It's called a rising wedge. This setup starts with a strong bullish move then as selling pressure starts to enter the market (from actually sellers, and from buyers who are selling to take profit), momentum starts to slow & price begins to flaten out. When combined with divergence on the rsi (and for me) a good level of structure, it makes for a very tasty trading opportunity.
So what's wrong with this situation? Well the fact is that we're so close to structure that there just isn't enough room to get a good enough risk to reward ratio. So I'll have to play the sidelines and watch.
Now before you think about forcing this trade REMEMBER THIS if there's one thing that we know about trading it's that "THERE WILL ALWAYS BE ANOTHER GOOD OPPORTUNITY"
Good luck out there traders! And thanks to all of you that were so quick to comment on my latest video blog!
