As the markets come out of the holiday lull, I'll be watching this ascending channel on USDCAD. The area highlighted in green could produce bullish price action as a signal to get long. The absence of a bullish signal there and a break of channel support would send the market to the next area of support around 1.1260.
Summary: Wait for a pullback to channel support and then watch for bullish price action. Key resistance comes in at 1.1660 and 1.1810…Continue
Every once in a while the Forex market pulls a level out from the "Confluence" textbook. The kind of level where everything seems to intersect at once. Now whether or not the market reaches that level and gives us price action to work with is another story...
CADCHF gave us such a level last week. We'll start with the 4 hour chart below. As you can see, the…Continue
Added by Justin Bennett on July 5, 2014 at 8:19pm — No Comments
We've been talking about EURCAD since the bearish pin bar on June 18th. The market broke through the 1.467 support level last week and continues to look weak.
Not much to report today, although the market was able to make up for a lot of lost ground before the close. I wouldn't be surprised to see a retrace to the 1.467 area before a possible continuation to the 1.444 support level.…Continue
Added by Justin Bennett on June 24, 2014 at 1:18am — No Comments
The AUDUSD finished the day lower, forming a bearish pin bar on the daily chart. The next level of possible support looks to come in around the .922 level. This level is represented by the lows from late March / early April. Below this level, the .913 may prove as support. The pair is still looking fairly constructive in the short to mid term, however we are still making lower highs and lower lows in the longer-term.
The EURAUD finished today with a…Continue
Added by Justin Bennett on April 29, 2014 at 12:00am — No Comments
Looking at the NZD vs USD on the daily we can see the resistance at .85442 where price has pushed up to this level but failed to break this level on two consecutive days with the close of Thursday and Friday. The bears have been very aggressive at this level as price rose as…Continue
Added by ChaosTrader63 on March 15, 2014 at 8:00pm — No Comments
The EUR/USD technically produced a two-bar false break of resistance near 1.3800 over the last two trading sessions. Price is now coming off lower from Friday's false-break signal that we discussed in our weekly market commentary on Sunday 29th December. Traders can now look for profit targets of ~1.3600 and…Continue
Added by Lewis Barber on January 1, 2014 at 9:00pm — No Comments
The pin bar candle formation is a price action reversal pattern that shows that a certain level or price point in the market was rejected. once you get acquainted with the skill of being able to correctly spot a profitable pin bar trade setup, you would be amazed just how profitable this setup can be. Lets first go over what a pin bar…Continue
Hello my name is Henry Nnalue and I am the founder of Swanforex Group. a small blog where I post free trade setups to help traders trade the markets profitably. I recently found Forexstreet.net and I liked it. starting from today, I would post regular trade setups here at the close of the New york session every trading day. be sure to follow and benefit from this. Always read the comments to follow updates on the trades…Continue
Added by Henry nnalue on August 20, 2013 at 10:30am — No Comments
GBPNZD on the daily chart formed a bullish fakey setup after today's candle failed to break below the previous day's inside bar and also going ahead to close as a significant bearish rejection candle. Considering that the weekly time-frame remains significantly bullish, we are likely to see price move higher towards…Continue
Added by Henry nnalue on August 19, 2013 at 9:49pm — No Comments
Slightly more exotic pair than usual here, with the CADCHF. I'm currently short from 0.9462 with original stop at 0.9550.
Eyeing up a potential reversal at the 0.9030 horizontal support level. Price needs to give me some form…Continue
Added by Andrew Hewerdine on June 6, 2013 at 9:13am — No Comments
The AUDCAD has of course been moving down over the past few weeks, and making lower highs and lower lows on most timeframes. However price is currently forming a bullish pin bar setup from a stong level of support.
Check back to…Continue
Added by Andrew Hewerdine on May 29, 2013 at 12:30pm — No Comments
The AUDUSD has been in a constant strong downward movement over the past few weeks, and there's been good money to be made selling this pair.Continue
Cable is at a horizontal level with continuation divergence and looks like it could move to the upside, before we see price stall and create a head and shoulders pattern.Continue
The Kiwi is at a diagonal support level and has formed another bullish gartley formation on the daily timeframe. I've also been interested in buying kiwi for a while as the price is bouncing off the weekly 50ema, which has been given great respect throughout this upward trend.…Continue
Added by Andrew Hewerdine on May 14, 2013 at 3:01am — No Comments
Last week's oil stats were the catalyst for the continued sell off in the WTI June contract which saw the oil price fall to $90 per barrel, before bouncing back with strong volumes on Thursday and Friday to close above the $95 per barrel price point.
However, yesterday's price action on the daily chart has now…Continue
Finally, ECB left with no choice and had to slash its rates by 50 basis point. I had already mentioned in my weekly (Monday) outlook note that price stability is the key responsibility…Continue
Added by asad rizvi on May 3, 2013 at 8:12am — No Comments
trade for next few days.price on daily charts shows uptrend channel and actually is on the bottom of channel,breakbottom line 1.5170 in my opinion should sterling get to 1.5032 if won't break next level is 38.2% fibo 1.5424 so we should sell on this position with the 1.5075 or even 1.5032 target.daily charts shows abc formation(correction) what ussually mean another waves down soon.brakthrought 1.5424 might invalidate this scenario and the price will start heading to 50% fibo…Continue
I wanted to post a few trades I took recently on AUDUSD and Silver. You can see the entry and exit points for each trade which I did just using price action strategies.
Here they are below;
Attempting to bottom and make some headway to the upside, the EURUSD failed to clear the 1.2800 role reversal level which was the Oct. swing lows. For now, the pair is stuck between 1.2800 weekly highs and 1.2659 lows which was the pin bar rejection on Tuesday. So bears can look to sell any weak rallies up to 1.2800 while bulls can…
Added by 2ndSkiesForex on November 18, 2012 at 10:01pm — No Comments
Similar to how the Euro I discussed on Tuesday reversed with an engulfing bar + pin bar combo, the Cable is possibly attempting to bottom after losing ground for six days in a row. After forming a final flag pattern to end yesterday and start today, the pair rallied off of 1.5825 with a strong bullish piercing bar,…
Added by 2ndSkiesForex on November 16, 2012 at 1:18am — No Comments