This is a trend following analysis using a breakout entry formation that generally has the greatest results. This analysis is good for 4H trading, but can also be used on almost all time frames and on all pairs. Basically, this analysis is based on breakout and certain forms of reversals. The analysis seeks to highlight potential breakout setups that can result in higher reward. To ensure consistent successful trades, the trader should exercise some degree of patience and wait for the perfect set up to execute trades. There’re are several types of breakouts, I only focus on two types of breakouts, trend line breakout and double top/triple top/ bottom breakout. Even with the two, I only trade double top/ triple bottom breakout most of the times and trend line breakout at some other times. Double top/Triple top/ bottom breakout is more dependable and reliable than the other. Note, trend line breakout includes also breaks that occur out of various shapes such as wedges, channels, triangles, and all the other shapes part from rectangles. Below are the simple sketches of some of the breakout setups I’ll be focusing on.
| 31 May - 04 June |
weekly
forecast 31 May - 04
June Gold Weekly Review Technical Observation Last week, Gold rallied to the lowerside but failed to break below 1890.53. While the price remains above this level, I expect nothing but a possible rally to the upperside. The idea is to wait for a pullback towards 1890.53 to pick a possible long | ||
| 2021 | EURUSD | GBPUSD | USDJPY |
| 04 June | Technical observation On the chart above, price declined and broke below the supportive zone 1.2172-1.2161, it hit the stop loss level I mentioned yesterday and it is still showing signs of declining even further. As it is on the 4 hour chart above, as long as price is contained below the zone 1. | Technical observation On the weekly chart above, GBP is trading with an increasing bearish bias between a supportive zone 1.3599-1.3661 and a resistance level 1.4615. In case this downwards movement continues to the zone I have mentioned above, pick long positions within it after a bounce with you | Technical observation USD is trading with an increasing bullish bias between a supportive zone 104.74-104.22 and a resistance level 114.15, I expect this upwards movement to continue to the resistance level I have mentioned above followed by a clear breakout above it with a big green candle. If yo |
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