E-TRADE
GBP/USD Forex Signal: Looking Prone to Bearish Breakdown The price is sitting heavy near 1.4100 level. Last Wednesday’s GBP/USD signals were not triggered, as there was no bullish price action when the support level at 1.4116 was first reached. Today’s…
Long Trade Ideas
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.4098 or 1.4010.
Place the stop loss 1 pip below the local swing low.
Move the stop loss to break even once the trade is 20 pips in profit.
Remove 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to ride.
The best method to identify a classic “price action reversal” is for an hourly candle to close, such as a pin bar, a doji, an outside or even just an engulfing candle with a higher close. You can exploit these levels or zones by watching the price action that occurs at the given levels.
Go long following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.4098 or 1.4010.
Place the stop loss 1 pip below the local swing low.
Move the stop loss to break even once the trade is 20 pips in profit.
Remove 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to ride.
The best method to identify a classic “price action reversal” is for an hourly candle to close, such as a pin bar, a doji, an outside or even just an engulfing candle with a higher close. You can exploit these levels or zones by watching the price action that occurs at the given levels.
GBP/USD Analysis
I wrote last Wednesday that the technical picture was not changing, with the price continuing to range between 1.4200 and 1.4100. I thought that there might be a breakout on Thursday, but I saw the best opportunities here for Wednesday as likely to arise at any reversals which might set up at either 1.4200 or 1.4116.
The price did reach 1.4116 on Wednesday but continued to fall before turning bullish the next day after the 1.4100 held, so my prediction that the ranging environment support at 1.4100 would hold turned out to be correct.
The 1.4100 area is under pressure again, and we see this multi-week consolidation now starting to look heavy as the U.S. dollar seems to be emerging as the strongest major currency. This suggests that we are becoming increasingly likely to see a strong bearish breakdown below the lower boundary of the recent consolidation pattern at 1.4100.
I wrote last Wednesday that the technical picture was not changing, with the price continuing to range between 1.4200 and 1.4100. I thought that there might be a breakout on Thursday, but I saw the best opportunities here for Wednesday as likely to arise at any reversals which might set up at either 1.4200 or 1.4116.
The price did reach 1.4116 on Wednesday but continued to fall before turning bullish the next day after the 1.4100 held, so my prediction that the ranging environment support at 1.4100 would hold turned out to be correct.
The 1.4100 area is under pressure again, and we see this multi-week consolidation now starting to look heavy as the U.S. dollar seems to be emerging as the strongest major currency. This suggests that we are becoming increasingly likely to see a strong bearish breakdown below the lower boundary of the recent consolidation pattern at 1.4100.
WTI Crude Oil Breakout (Update)2021-06-14 17:45:00
WTI Crude Oil Talking Points:
Oil prices hit a fresh two year high to start this week’s trade.
Buyers remain large and in-charge of crude oil prices, the bigger concern would be short-term dynamics as oil prices have been up for 13 of the past 16 trading days.
The analysis contained in article relies on price action and chart formations. To learn more about price action or chart patterns, check out our DailyFX Education section.
WTI Crude Oil Talking Points:
Oil prices hit a fresh two year high to start this week’s trade.
Buyers remain large and in-charge of crude oil prices, the bigger concern would be short-term dynamics as oil prices have been up for 13 of the past 16 trading days.
The analysis contained in article relies on price action and chart formations. To learn more about price action or chart patterns, check out our DailyFX Education section.
Nasdaq sell 14151.00
Tp 14120.00
Tp 14030.00
Tp 13950.00
Sl 14250.00
Use small lot size ‼️
Tp 14120.00
Tp 14030.00
Tp 13950.00
Sl 14250.00
Use small lot size ‼️
AUD/USD Forex Signal: Extremely Bearish Below 0.7675
The pair will likely keep falling as bears target the next key support at 0.7646.
Bearish View
Set a sell-stop at 0.7675 and a take-profit at 0.7645.
Add a stop-loss at 0.7750.
Timeline: 1-2 days.
Bullish View
Set a buy-stop at 0.7715 and a take-profit at 0.7850.
Add a stop-loss at 0.7650.
The AUD/USD pair tilted upwards after the positive news from Victoria. The pair rose to 0.7692, which was higher than Wednesday’s low of 0.7675.
The pair will likely keep falling as bears target the next key support at 0.7646.
Bearish View
Set a sell-stop at 0.7675 and a take-profit at 0.7645.
Add a stop-loss at 0.7750.
Timeline: 1-2 days.
Bullish View
Set a buy-stop at 0.7715 and a take-profit at 0.7850.
Add a stop-loss at 0.7650.
The AUD/USD pair tilted upwards after the positive news from Victoria. The pair rose to 0.7692, which was higher than Wednesday’s low of 0.7675.