First things first, I didn't take any of my usual scalping set ups today. There was a nice move down this morning as it reacted to the low of Friday's zone but there was no P&F set up on the way down. A couple of set ups showed up near the low of the move. At this stage I figured it was too close to the trend channel to take an entry. But they all would've come good.
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| EURUSD Sells |
I mentioned I was going to start looking at some higher time frame Point and Figure charts which I started doing today. There was a few charts that caught my eye.
I've taken a short on GBPUSD and have a sell order placed on NZD/USD. Both based on10x3 1HR charts.
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| GBPUSD Analysis |
Most of it is annotated on the chart. There was a double top at the high and as it touched off the trend channel. Price fell hard from this high and it broke the lower channel. I took the triple bottom signal that printed this morning. Targeting the lower orange rectangle as this is the count from the high. This could be a good place to take profits as there is an old resistance line which could turn into support around this level.
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| NZDUSD Analysis |
So far i've only set an order for this trade. My sell stop is at 0.7500 and i'm targeting the orange rectangle at 0.7320. R:R for this trade is around 1:3. There seems to be a lot of resistance at 0.7740 as price has attempted this area on four occasions across that red line. There's potential support at 0.7430 and 0.7400 but we'll have to see what happens when and if we get there. Third potential support is a touch of the lower trend channel.
Does anyone have any forex charts they'd like me to point and figurise? I'm not looking to make calls and show off but to step outside of my comfort zone, welcome the challenge of a new chart and hopefully learn something along the way.
Cheers,
Liam
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