Hi guys let's analysis trading opportunity for Monday.
USDJPY DAILY TIMEFRAME
A weak bullish engulfing pattern formed above the middle bollinger band, followed a previous bearish pin bar.
This is a reversal see signal, for a minor down trend.
Reasons:
The pin bar formed had the preceding bullish bar retracing to about 50% of the pin bars range.
Secondly, stochastic (10,3,3) is already overbought.
What to expect:
A bearish candlestick on Monday will be expected once the close of the Friday candlestick is broken; but if the price breaks above the high of the Friday candlestick,the bearish trade is invalidated.
If invalidated, enter for a short term buy.
2)EUROUSD TRADING ANALYSIS
EUROUSD on Friday closed as bearish as I predicted
An inside bar was formed while stochastic are overbought.
Price broke above the bollinger band.
Expected reaction on Monday
If the mother bar low is broken by Monday, there will be a sell rally.
Expect a little bearish retracement if the low of mother bar is broken.
GBPUSD ANALYSIS
A hammer was formed while the stochastic is overbought and RSI(10) is overbought too.
What to Expect:
We are waiting for a bearish candlestick to form to confirm out stand.
Overall, we stand aside.
