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EURGBP 15 Minute Chart – Whipsaw
How to define whipsaw in trading:
Whipsaw in trading describes a sharp increase or decrease in an asset’s price, which goes against the prevailing trend. Whipsaw is different to other reversals because it is characterized by a sudden change in an asset’s momentum shortly after a trader has opened their position.
Today: EURGBP fell to its low after weak EZ flash PMIsand then turned bid after the BOE monetary policy decision
This is a whipsaw
Meanwhile, the chart does not show the key level on top, which is at .8576 (high so far .8573)
On the downside, expect support if .9550 holds.
EURUSD 4 HOUR CHART
I like to look at longer time frames even though I rarely trade using them. What it does is put the current price moves in perspective and help me determine which side to trade from.
What still amazes me looking at this chart is how Amazing Trader algo levels, which I would not have put on a chart drawn manually, often hold, such as the 1.0945 level in this chart (and I created the program).
Looking at the chart, 1.09 will continue to be a focal point until it is established on either side.
In the meantime, expect some support as long as it can hold above the 1.0877 level broken yesterday but on the other side, upside is limited unless 1.0945 is broken (high today 1.0942).
USDCAD 4 HOUR CHART -The Loonie
Looking at this time frame to show a bounce off the key 1.3459 level to keep the current range intact.
Otherwise, the loonie is living up to its name as attempts to build momentum on either side running into roadblocks.
This has kept 1.35 as a pivotal level that will ultimately set direction.
On the upside, only back above 1.3552 would put 1.36 in play again.
USDJPY Analysis: Pullback and Support Levels
USDJPY has experienced a retracement from 151.81 to a low of 150.26, with the pair now testing the support of the ascending trend line on the 4-hour chart.
If the trend line support remains unbroken, the current pullback from 150.26 could be interpreted as a period of consolidation for the uptrend starting from 146.47. In this scenario, there is still potential for further upward movement towards the 170.00 area after the consolidation phase.
The key support level to monitor is at 150.26. If the price falls below this level, it could indicate the potential completion of the uptrend that initiated from 146.47, with the next target set at the 149.00 area.
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