EURCAD Renko Analysis - Short

EURCAD Renko Chart, Head & Shoulders Pattern

A minor head and shoulders was formed with a retracement from 150% now taking place. There are two possible entries.

• Entry #1 at 1.4964, which marks the support/resistance level previously
• Entry #2 at 1.50405 which is exactly the distance between 200% and 100% (So it should form 2 retracement bricks).

Stops would come in at 1.51937

P.S: That EURAUD short decision to take profit at H&S target was sweet. Price kissed the level and retraced quite strongly.

USDJPY Renko Head and Shoulders(ish....)

USDJPY - Head & Shoulders Forming

The left shoulder and head has been formed and price looks steady to form the right shoulder. Ideally a bullish brick at 103.050 will make is ideal to trade the following ways:

1. Short from 103.050, stops at 103.485 and targeting 100.005
2. Short from 101.745, stops at 103.050 and targeting 100.005

The risk/reward varies for both, but ideally, i'd start with a smaller position at the top and build into the trade accordingly.

Bear in mind that this trade set up is valid only when a bullish renko is printed closing at 103.050

GBPAUD - Head & Shoulders Follow Up

From the previous post, we find a strong resistance at 1.8182 with a small double top formation set in place followed by a bearish renko block opening. Therefore, we can assume that the retracement is complete, which coincides with the neckline (left side).

GBPAUD - Renko, Head & Shoulders Continuation

There are a couple of price levels to bear in mind.

• The H&S target comes to 1.7642, which makes it the first target.
• The retracement which we saw from 1.775 gives a further downside target to 1.7462 if 1.775 is broken and confirmed with a bearish renko block printed.

For now, continue to hold on to the shorts.

EURAUD - Head & Shoulders in Play

Continuation through to H&S target of 1.458. The minor retracement gives a further downside target to 1.44 (rounded off)

EURAUD - Renko Charts, Head & Shoulders

Edit:

What seems to be a double bottom could pose some risks. If the double bottom is true, then we could see price rally up to 1.52165 (one brick above the neckline of the H&S) before dropping further.

EURAUD - Double Bottom Risk

So for existing short positions from the neckline, it would be ideal to move stops down to 1.495 (with the risk of giving away some pips but giving enough room to the downside).

New short positions could see their stops coming in at 1.495 and perhaps scale out if a bullish renko is posted closing at 1.4765.

GBPAUD - Head and Shoulders, Renko Chart

This should be a nice trade to take on with a good RR as price retraced back to the H&S neckline. Target is set to 1.75 and stops at either of the shoulder's highs.

GBPAUD - Renko Charts, head and Shoulders