It has become easy for decision making. When I see a shooting star in line with my trend bias, I will go for short immmediately without thinking too much.
On h4 it is more apparent that the short is immiment, with the completion of a h4 head and shoulders
A h4 super pivot helped to complete the right shoulder.
I shorted immediately on tuesday open and am ready to short more with sell limit should price does an intra-day retracement.
After previous week of bearish movement,
price seems to be resisted at 1.700 in confluence with cluster of 52weeks level.
Double shooting stars were printed, near the resistance cluster. This could be the topping signal of a right head and shoulder. Should this distributive pattern be completed, more downside spaces will be available for next phase of shorting.
NZDCHF, the direct opposite of EURNZD, looks the weaker one with more ease to trade ( LONG side), as price has already completed a larger flush phenomenon.
A very primitive play . Week to week downtrend for 8 weeks. On simple pattern recognition that this week will be no different.
A shooting star is registered on tuesday close. Shorting for this week to create new lows again.
A sharp shooting star appearing few hours before AUD big news. This shooting star helped to complete a multi day bearflag. There is strong indication that the trend is going to resume downwards, and the news at 0830 ( an hour later) may be the catalyst for trend resumption.
AUDJPY h4 day to day downtrend. So it is easier to follow the path of least resistance
week to week has been uptrend.
However a resistance confluence has been formed at current price range nearing ~1.5000
I am looking at this as a testing area for $1.50 , a psychological price level.
On h4 the price action has furthur stoke dup my desire to short this chart despite the fierce upmove for the past 2 weeks. I am looking at 2 X shooting star, which has also been in the formed of bearish engulfing #trappedtraders signal.
Lastly, another tenet of price action will also be the timing of the candle. I see the formation of these candles w.r.t FOMC last night which should have caused some shakeout.
Hence when the market opens at the next session all traders should see this as a short of long exhaustion.
The psychology will be that there will be profit taking on the long side and there could be some reversal players coming in for a speculative play. All these, I hope will help to herald the start of bearish momentum.
After reaching 90.000 and possibly many bullish traders were booking profit at a key resistance, what happens next will likely be a retracement due to a shift in supply and demand.
This chart suggests a flying buddha in the forma of shooting star could be happening, and as a result a mean reversion could be taking place.
D1 line chart
Line chart version also suggests price is currently at resistance.
price finally moved and acknowledge the resistance the 90.00 . Whether this is a countertrend/ deep retracement / reversal , it is not obvious at this stage of time. However it is good to take profit from this short for now, until there are clearer signs for more shorts.
A trendline resistance was drawn few weeks ago.
However price hovered at the top for several days, without moving. Short positions were initiated & otm for 2 weeks. It was not until yesterday that a trappedtrader signal was printed, signalling a potential top and ready for price to move down.
profit taken by end of the night , within 24 hours, at 2.0000