At the looks of it, we just had a reversal on upper daily trend channel at the major monthly trend upper trend channle line.
Se now we need to look for a new lower high on daily.
Piphunters took an agressive smaller sized position (three of them as always) after 4H Heikin reversal and we are currently on 60 pips profit. See previous analyse for more details
Hey piphunters, we also got bearish RSI divergence on daily time frame. This could work in our favor but I think the downside move might only be short term because the market was able to make a weekly close above 2.10 ( high of previous 3 years). The bulls are definitely interested now :)
Piphunters1
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Hi moneymaker.
Hard to say I see this a clear move down since wea re hitting monthly trend channel roof, but we might have to look at the reversal at weekly demand zone.
Piphunters1
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I love all your comments since it make most analysis much more accurate :) thx
moneymaking
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Your Welcome. Sharing knowledge and ideas helps to make things even more clear :)
moneymaking
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I just recognized another RSI bearish divergence on USDJPY 4 hour time frame. The divergence is already in play but still good risk to reward level. I would love to get your take on this pair :)
Piphunters1
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Yes I can see shorting this one down to at least 4H trend line, I'm always carefull thou going counter trend and the trend on this one VERY UP
moneymaking
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Ya that is true. Thank you for the input :)
moneymaking
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We see the US dollar bulls running out of steam as well :)