DISCLAIMER: Hi everyone, this is just a log book for me on applying everything that I have learned and continue to learn as I go along. That being said, I do not advise you to base your trading on these "ideas".
Good day to all! I took a week off last week but it affected me badly. Since no anaysis was done, I thought I could just jump into the market but I was very very wrong. With that being said, lets get started on some propper analysis.
Monthly:
Alright so with June closing off, here we can see the price is reaching highs from 2015 and 2016. A bit of a resistance level if you will, and a damn strong one at that. The price did move over our moving average but we need to first of all be patient to see if it will break that resistance point and second, set a resistance point. So lets take a closer look.
Weekly:
Ok so in the weekly we can see a little bit better where we can set a good resistance level around the 1.14659 area. Resistance has been holding since January of 2015. There have been a few minor breakouts but the resistance level is clear.
Daily:
On the daily we clearly see some more support and resistance. Our major resistance area beign that 1.14659 area.
The other resistance that was broken was around the 1.12885 area. In the rectangles highlighted below we see how back in September, October and one day in November of last year the resistance was tested, and once again this past month.
So now it could be that it will become a support area if the price rejects the 1.14659 resistance area.
The trend line is obviously bullish on this pair.
4hr:
This week I want to try out pivot points. I am using these on a daily timeframe. So lets take a look at the chart. First thing we see is that the price crossed our MA and tapped it a bit this past Friday, closing below it. Looking at our pivot point the price was also unable to break it. I firmly believe there will be a bit of a big gap this weekend when markets open.
Analysis:
Option one:
Ok So one of the posibilities is that this price will test that 1.14442 resistance area that did not pass this past thursday and friday. If it breaks, our next target could be the previous larger resistance ar 1.14659 and break down. An it would be nice to catch it coming down.
Option two:
Other thing that could happen is that this will be the end of this uptrend, seeing as how its come to a major resistance area.
Be patient this week, trade smart.
Good day to all! I took a week off last week but it affected me badly. Since no anaysis was done, I thought I could just jump into the market but I was very very wrong. With that being said, lets get started on some propper analysis.
Monthly:
Weekly:
Daily:
The other resistance that was broken was around the 1.12885 area. In the rectangles highlighted below we see how back in September, October and one day in November of last year the resistance was tested, and once again this past month.
The trend line is obviously bullish on this pair.
4hr:
Analysis:
Option one:
Option two:
Be patient this week, trade smart.
