Usd/cad Intraday Outlook based on Price Action

Ahead of very choppy session in panic trading Eur/usd give away all the gains and that has happened thrice in this week, So far my bias for Eur/usd is neutral to bearish ahead of FOMC Meeting next week.

I will post the usd/cad chart, which is more likely to move today with some good strong manufacturing data about to release.

Chart of Usd/cad will be posted later in the day

Overbought and Oversold Market Real Terms

I have cover most of the points of "Price Action" in my blog. But I would like to put more thoughts in new Trader's mind that what is overbought and oversold market and recent with Recent example. Being "Overbought and Oversold" is not When an oscillator give you some reading above or below the predetermined values set by trader. But overbought and oversold situations are created by Market movers like "Institutions". And they often end up the traps and then Market Liquidation breaks is confirmed after that momentum which comes in late after first part of the move.

See the chart of Gbp/usd I have mentioned below with Recent Price Activity

I will more on that topic in the days to come because it is so necessary to confirm all the points before we need to take a look at these type of traps and not to use that setups and try to analyse every market as "Overbought" and "Oversold" Market.

Are we Seeing Shift In Value ? Price Action Basics

Update Chart of usd/chf Prior to European Open

I was unable to update the blog for last few days,then opportuniites were quite rare. But I have come up with another chart where I have seen Another Possible
"Shift In Value", in usd/chf chart. If You watch the chart closely, then there are multiple signs of buying at low levels after recent shift in value marked by Blue Rectangle.

After that We have seen some netural days and some passive seller move the price down but every-time we see that shift to the downside, buyers step in and move the price with strong demand again to the upside, And the Values is again shifted to upside and watch if the top is taken out, but as long as high is not taken out, we can see another failure But as Price is moving ahead with strong force we see of another test of hot-spot area which as it has done twice, and possible go beyond that area this time.

Moment I saw that chart today, I was wandering If an opportunity waiting on the sidelines and Is it would be worth to watch that price line today with Asian session could be crucial one And "Zew-Economic- Data" From Europe about to release later today and any strong deviation could really lift the price of Euro and its counterparts.

It is really worth it to take a lot at different setups when you trade "Supply and demand" with the help of past few days trading activity.

Trade gbp/chf My last week best trade setup

Here is update of trade gbp/chf chart with Explanation

As I mentioned in my previous chart examples that I love to trade this type failure attempts and when price get strong demand from a level after building and spending so much time near the highs and when price falls it gets good protection.

So, for me it was two trades both long at first attempt of development area, and second it was short after the attempt failed to test the high's and when it is clear that earlier attempt was "Momentum candle" Inner space Rotation, and confluence or double bottom, the second pattern trap give me strong confidence that this is yet another classic trade example and patience really pays when you can trade these type of logical trade setups.

update of the eur/nzd chart My last week trade

Here is update of trade Eur/Nzd chart with Explanation

As You can see in the chart pair breakout from a level and real maintained a level above after building strong reference points, on neutral days and when value shifts in such case,the breakout was false and it was another bearish engulfing trap, that ends with some congestion candles.

When You have such scenarios then you always look with the first attempt out of that failure with strong rise from the false breakout level and that is the good part with very low risk and possible very good reward and In the end I have to cover with some strong rally to the downside, And If you watch the chart carefully when value shifts and price and when it test the area then most of time that area is protected and that is also the low or recent rally

Stay tuned for more updates !

Update of the chart of New zealand dollar My last week trade

Here is update of trade nzd/usd with Examples

As You can see in the chart the angle of the impulse is 360 degree and I enter with the breakout candle as It has the logic but with considering background it hurts a lot but I cover at small loss, But trade Idea was good as overall trend was strongly bearish and that is the only loss I had last week

Stay tuned for more updates !

Trades That I tool last Week An Insight View

Here is the complete list of trades twith Examples

A. Usd/chf

B. Gbp/chf

C. Nzd/usd

D. Eur/nzd

E. Eur/cad (I Miss that trade but opportunity was there)

Below are the charts of the trades I took last week with complete explanation that "How I analyze the market, How I was able to fetch few good pips beside few losses as well. To start of I would like to post my chart of Usd/chf and entry was taken from 1 hour chart.

to be continued........