Trap the Market

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Keep up the fantastic job @keenpips. Enjoyed reading through this thread.

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Thanks m8. Green pips to.

Continue the good work @keenpips. Enjoyed.

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Originally Posted by ;

I've just completed my mid-week update, to accommodate any significant change that is impacting on my opinion for the week on the 3 pairs I chose to trade. As I haven't entered a commerce on GBPCAD, I will still keep your eye on the price action but I was wrong in my initial analysis...I will be wrong. Trade safe.

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Price has only broken down the trendline I pulled Sunday on the daily EURJPY chart. That has provided over 110 pips southwards and has the potential to double this figure. Trade safe.

I've just finished my mid-week update, to accommodate any significant change that is impacting on my sentiment for the week on the three pairs I chose to trade. As I haven't entered a trade on GBPCAD, I shall keep your eye on the price action but I was wrong in my analysis. Here is the update on GBPCAD and GBPNZD, I am still bearish on EURJPY.

GBPCAD: My initial analysis did not favour a strong upward push due to the long upper wick of past weekly candle along with its close far below the start of the bear candle prior to it. The simple fact that the upper wick was more than 3/4 of the candle range was an indiion of bearish threat. In any case, current GBP post-brexit situation couple with generally more powerful USA fundamentals favour further bearish mode for GBPCAD. What's more, key technical e.g. 50 SMA, RSI and ADX favour a bearish mode for GBPCAD on my applicable HTFS (weekly, daily and 4H). I will stay away from trading the GBPCAD.

GBPNZD: The initial price action on Monday favoured a northward transfer, which offered an early profit on my long trade. Ever since then the GBPNZD has been ambivalent. Current GBP situation couple with generally more powerful USA fundamentals favour a bearish mode but restricted by the lack of positively related kiwi fundamentals, a reason GBPNZD hasn't proceeded much southwards. In reality, technically, GBPNZD has moved below the daily trend line I identified on Sunday and there is possibility of a break to the upside since the technicals on daily and 4H time frames are mixed/ambivalent. I will track price action for possible trade on the north; so much like great GBP fundamentals during the week will provide the impetus.

I might be wrong. Trade safe.

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Originally Posted by ;

quote I'm still biased to the downside on EURJPY. This may seem atm but the prognosis and current market arrangement favors my prejudice. I may be wrong. Trade safe.

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It should be interesting to observe that price is testing to the downside a confluence region of the daily pivot and 200 EMA about the 4 hour chart. If that is done, that may be the impetus for a strong bearish momentum.

KP

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quote I have discovered a double top formation on the 4H chart in a prominent resistance zone. If pa forms another rejection candle it will be my cue to have a trade southward. I might be incorrect. Trade safe.

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I am still biased to the downside on EURJPY. This may seem absurd atm however, the prognosis and current market structure favors my prejudice. I might be incorrect. Trade safe.

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After performing my pre-weekly scanning and analysis, I'm picking three pairs out of the ten pairs on my watch list for trading opportunity this week. The 3 pairs I will trade are: GBPCAD EURJPY and GBPNZD. Here is my view on the EURJPY. In the time period, I found that there was a bullish threat for an upside move but the long back of the second to the weekly candle indied there was a bear strain. Moving into the 4H, that will be my setup time period, here is what I saw and my plan of activity. . .momentum into the...

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I have discovered a double top formation on the 4H chart at a prominent resistance zone. It will be my cue if pa creates another rejection candle at that place. I may be wrong. Trade safe.

After doing my scan and analysis, I'm choosing three pairs from the ten pairs on my watch list for trading opportunity.

The 3 pairs that I may likely trade are: EURJPY, GBPCAD and GBPNZD.

Here is my view on the EURJPY. From the weekly time period, I saw there was a bullish threat for an upside move but the long back of the next to the weekly candle indied there was a bear strain. Moving to the 4H, that will be my setup time period, here is what I saw and my plan of action: Bulls are responsible for much of the fad, comparatively major bull candles and far more bull candles but second-to-last bull candle has been an upper-wick pin-bar using a tiny wick at low end followed with a little bull candle using wicks at both ends and which closed over the close of the prior and followed with a bearish spinning top, a indiion of bull weakness; bears began becoming influential towards upper part of trend originally using a few moderate-sized candles but became stronger with the past two candles being comparatively bigger bear candles than the majority of the former bull candles; last candle has wicks of equal dimensions at both ends -- bears aren't yet completely in control; RSI on 4-H bears southwards and ADX bears downwards: momentum to the downside has resumed but it's still weak. Wait for clarity. My egy is to look to the drawback working with a egy.

I might be wrong, trade safe.

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Though the EURUSD may appear to be bearing northwards atm, the momentum is feeble. A much better appreciation of this market is that it's in a range currently however, the major management is towards the south. Trade safe.

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EURUSD currently stuck into a range.

The momentum for AUDUSD proceed to the north remains strong. Trade safe.