Yesterday’s session ended without new position, but I see some possible signals. I hope they will bring some profit.
EURAUD
Pretty nice Pin Bar on daily chart. Price decreased to support, broke it and came back quickly. It is a sign of strength of bulls in this area and there can be strong bullish correction. Parameters of position: Stop Loss 100 pips. Take Profit 400 pips.
If you are interested in Price Action Strategy description, you can read it here.
EURCAD
Inside Bar on this pair. There are 3 possible scenarios:
- Break below and close below mother candle range (green area on the chart). Then we can set sell limit order on 50% retracement of signal candle and SL above it.
- Break below and come back and close in mother candle range. Then we can open longs with market price and SL below signal candle.
- Break above and close above mother candle. It will be a buy signal and I will set buy limit order on 50% retracement of signal candle and SL below it.
GBPJPY
It decreased sharply and every bullish correction will be an opportunity to open shorts. It would be perfect if price would go up all the way to old support (now a resistance) and there will be sell signal.
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GBPUSD
Cable broke really important support. It is at lowest level since 2009 and there is 500 pips left to major support which stopped decreases since 80’s. It would be a disaster if it won’t be defended. That would be very bad information for GBP. If decreases will be deepened and February will close on lower levels than current it will be the lowest close of monthly candle since 1985! Remember that 80’s were a time of huge depreciation of GBP and almost a parity on Cable!
Technically situation is similar like on GBPJPY, every correction will be a chance to open shorts. So far it is tough to predict any rebounds and bullish corrections.
