Mid-Week Price Action Trade Ideas – 8th May
Markets Discussed in Today’s Trade Ideas: AUDJPY and BITCOIN.
Note: We Use Correct ‘New York Close 5 Day Charts’ – You can read about why we use these and how to download the correct free charts at Correct Free New York Close Demo Charts
AUDJPY Daily Chart
Quick Break and Re-test
In the start of week price action trade ideas we discussed this market and the major level price action was looking to move into and make a test of.
Price has since smashed below this level and then quickly retraced, forming a rejection candle of the old support and new resistance.
Whilst price will need to break the immediate swing low, if the price flip resistance holds and price gains momentum, we could look for price to move into the next major support (see daily chart below).
Daily Chart
BITCOIN Daily Chart
Testing Major Level and Very Big Round Number
Price action on the daily chart of Bitcoin is creeping higher looking to make a test of the major resistance and Very Big Round Number = VBRN 6000.
As we have discussed on multiple occasions in these trade ideas, this VBRN has been crucial to this market.
When price was making its crushing move lower in this market, this level proved to be key in holding up the bears from making a major push lower. Once it finally gave way price collapsed aggressively.
This level looks incredibly interesting over the coming sessions to watch the price action. Whilst price has moved off a base low in recent times to form momentum higher, this level could see the bears jump in.
If the bulls remain in control and this level is easily broken it could do what happened on the way down and give way for the next strong leg higher.
Daily Chart
Daily Chart Zoomed Out
Trade Ideas Note: All views, discussions and posts in the ‘trade ideas’ are the view of Forex School Online and are not recommendations or trading advice. All posts are general in nature and are not advice to buy or sell.
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