Feel like trading trend break and retest plays today?
If you do, then y’all better check these setups out!
Cable has fallen sharply this week, enough to trade below a trend line support that had been solid since late June.Now that the bears have taken a breather, the bulls have a chance to revisit the 1.3150 levels that’s near the broken trend line support. As you can see, the area also lines up with Fib retracements levels AND the 100 and 200 SMAs on the 1-hour time frame.
Buying at current prices would get you a pip or two (or 100) if you’re confident that GBP/USD will pull back to the Fib retracement levels.
Of course, you can also short at the first signs of bearish momentum or as soon as Cable makes new September lows if you believe that the bears won’t wait for a deeper retracement before they make pips rain again.
Whichever direction you end up trading, make sure you’re trading according to your plan and not according to what group chat “analysts” are telling ya!
Not feeling like trading the dollar these days? Take a look at this one!
Like GBP/USD, CAD/JPY has pulled back after breaking below a legit trend line support.This time around, the currency pair has actually reached Fib retracement levels AND is showing signs that it might turn lower in the area.
Shorting at current levels would still give you a decent reward-to-risk ratio especially if the Loonie ends up making new lows against the yen.
If you think that CAD/JPY will return to its uptrend, though, then you might want to at least wait for the pair to trade back above the 61.8% Fib and maybe even the broken trend line support before you enter them long orders.
Watch this one closely, yo!