EURNZD, 15/05 - Trade #2 ------------------------------------------------- EURNZD on weekly has rallied after break out from falling wedge. Price looks to be stalling near 1.5417, although current high is at 1.54028.
On daily, if we see a lower close today, it could be quite bearish. Moving to H4, price is forming a rising wedge/triangle pattern. So far we got 3 contact points.
I have entered this trade a bit early as the H4 is shaping out to be a reversal with the doji on the previous H4 candle.
There could be a bounce from point 4 however but could be doubtful.
Looking to move trade to BE on close below 1.5266 (which will be another level to watch to add to shorts.
I've been watching AUDUSD on the potential triangle consolidation pattern forming on H4. Price broke the Lower median line and also touched the lower trend line of the rising triangle/wedge pattern.
Lack of retest to 0.806 and the strong doji rejection near the trend line of the triangle led me to take a counter trend set up with a smaller position of 0.02. RR is close to 1:1, so there's nothing great about this set up and i'm not expecting too much from this trade either.
I do have a pending sell order near 0.8067 price zone.
Both the trades triggered as expected Stops moved a bit more close to the entries with a close to 0-loss on the cards On H1, noticed a falling wedge, but not too sure if this will work. Regardless, expecting a retest to 1.5697 (on CPI data maybe?) Any move higher will likely see the trades stopped out. In this event, will look to enter again near 1.57 - 1.569
The early entry did work as price dropped out of the rising wedge and closed below 1.5266. Will move stops to BE towards EOD Tempted to add to positions if there is a bounce on the larger wedge (red), although I expect a straight run through for this set up to work, else the position might be at risk. Will most likely leave this trade alone with the current set up and focus on moving Stops to BE by EOD.
While the trade triggered prematurely, price managed to break out of the falling wedge Now I expect a retest to 0.92185 and tempted to add more positions here, targeting .936 for new trades Will see how PA shapes up into US session.
Trade# 3 EURNZD ---------------------------------- Added new position at market Reason: I was watching the level at 1.5246 - 1.52215 on the H4 chart. Price formed a doji close to this level and followed through with two (currently third) bearish candlestick.
So added to the position with stops at around -$38 in risk while moving previous short entry to the same stop level for a +$50 profit locked in. In the event price invalidates my bias, I will still exit with a profit.
Trade #5 - WTI Crude Oil - 20/05 --------------------------------------------------- Took a short at market after price formed a DCC type of candlestick on H4 near the lower range at 58.40
Support comes in at 55.8, which is where the target is. For the stops, I used the nearest previous resistance/support level at 59.15
The bias for the trade comes as the longer term trend line was broken and prices failed to make new highs and instead ranged sideways. Adding the pitchfork, I see price attempted to rally to previous resistance which held and promptly declined lower. Lot of room between the UML where price is now and the ML where the target of 55.8 comes in.
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