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Countertrendtrade

ASX 200 futures could tease bears at these highsThe ASX 200 futures market has struggled to retest 8500, after a brief and uninspiring spell above it. Overnight gains on Tuesday were seen on low volumes, and Wall Street indices have provided a weak lead today. A bearish divergence has also formed on the daily and 1-hour chart. While prices have rebounded from the weekly pivot point, price action looks corrective. Hence the bias for it being a corrective channel that could break to the downside. If we see prices rise at the open, I am on guard for it being a 'last hurrah", which could make it a suitable market to fade into with a stop above the record high. The weekly pivot (8390), weekly VPOC (8348) and weekly S1 around 8300 make viable downside targets for bears. MS
ASX24:AP1!Short
by CityIndex
EUR/USD SELLHey Guys, This is a counter trend trade!! I'm currently selling EU after that huge bullish run we just had. We've just seen price break beneath a strong area of support now acting as resistance, since London open we've had some strong bearish momentum step into the market, but I am only selling this pair to around the 1.0000 zone as this is where price is likely to reject and continue to the upside. I will drop another analysis on this pair at 1.0000 where I anticipate price to go back up to the 1.01500 zone.
Short
by TomBray1
Whats next for Euro Kiwi? Hi Team, As discussed on last night's FX market scan it looks like many pairs have completed their trends and are now in correction mode on the daily. This gives us an opportunity for some counter-trend trade on the smaller timeframes. I'm liking EURNZD long here for a "C" wave up. Cheers Dale DISCLAIMER: Just ideas, no crystal ball, NO ADVICE. The information presented here is general in nature and is for education purposes only. Nothing should be considered to be advice. You should consult with an appropriate professional for specific advice tailored to your situation.
Long
by OrganicFX
EURAUD Short - A Risky CountertrendWith most AUD pairs seem to have reached key support levels and about to reverse up, and EUR going ranging, riding a possible immediate consolidation for this pair. Setting up sell stop order with 1st TP @1.56210 (38.2% fib), and possible to trail this until 2nd TP (0% fib) by next week, and hard SL @1.58 (few pips above its current high/past the 100% fib level). Daily: Weekly: Confidence: B (risky because it's going against its recent bullish momentum-- I'm not really into countertrend trading, unless I think the pair is going into a ranging pattern hiatus after a strong trend)
Short
by aiza_belle
USDCAD ShortShooting star formed in the hourly chart might be confirming a double-top formation in the weekly chart. Considering how this pair is near its 2018 high, DXY becoming overbought overall, and talks between Russia and Saudi Arabia to reduce oil production by December, I'm highly bearish for this pair. Setting up short stop order with 1st TP @1.315 (100% fib level), and 2nd TP near 1.30 (weekly support). May or may not setup an SL depending on whether I decide to short this pair early (like after Gov Council Lane's speech in a few hours), or after US Durable Good Order and crude oil news tomorrow (hard SL will be at 1.34 at most). www.cnbc.com Daily: Weekly: Confidence: A
Short
by aiza_belle