After a long weekend, I invite you to review the potential Price Action setups. This period was definitely worth to dedicate for rest or time spent with family and not on trading. Usually, during the limited liquidity in the market it’s less “technical” and gives frequent false signals.
Here we go:
AUDJPY:
We find interesting sell signal for the Australian dollar to the yen in a form of a large pin bar on the daily chart. Since the formation is really large and is 120 pips, I will not open the position at the market price, but wait for a correction. Ideally, of course, at the abolition of 50% and then the entrance of about 70 pips SL. The target of the position will be the next significant support, more than 350 pips.
EURUSD:
A buy signal on EURUSD. The pair doesn’t behave nicely and likes to “cheat”, leaving traders playing technically on the wrong side of the market. This time broke the downward trend going through 2 resistance levels and actualy is above the second. Green pointed pin bar candle on the chart H4 is a buy signal and if there is a pullback I’ll open a long. Trade will be the kind of the small target ones because TP is only about 60 pips, where SL must necessarily be less than the 20 pips.
GBPCAD
Failed transaction on British Pound to the Canadian dollar. After emerging candle pin bar on the daily chart resistance, I expected price to return to a strong downward trend. That has not happened and the price rose. What remains for the moment is to leave the pair and look for possible shorts on other crosses with GBP.
USDCHF:
The selling signal was mentioned before and if someone opened it should be satisfied. Price broke through local support but also another which allowed to get out of position on the Take Profit and didn’t matter how distant was the goal. Unless someone targeted even deeper in further support, in this case, the position will still be open on a big plus.
USDJPY:
Dollar to yen is cheating traders recently. First, the proper sell signal indicated on the chart in green, which ended with a stop loss. Later, the price broke the resistance and it seemed that this movement should be continued, but that did not happen. Therefore, I delete a line of support/resistance simply because it does not work.
