TraderEngineering

TraderEngineering

DXY finally broke out of the bull channel it has been in since July of this year. A strong bull response off of the 30EMA brought the price back to the bull channel. We are now waiting to see if the price can re-enter the channel, or if it fails and confirms a breakout to the downside. Key Points: 1. Bear breakout of the Bull Channel, waiting for...

TraderEngineering

USD/CAD has finally broken out of the bear channel/bull flag and closed near its high on the Weekly chart. Current price is at 1.38750 with a nice gap to fill at the bear channel high of 1.40000. This is an ideal Daily or Weekly scalp, placing your stop below the channel top of 1.37000 or the Weekly 9EMA. That creates a Risk/Reward Ratio of 2:1, which means your...

TraderEngineering

CAD/CHF is showing no signs of a reversal on the Weekly chart. We currently have a descending triangle in a bear trend, signaling a continuation to the downside. Until we see a bull signal bar with a confirmation bar closing on or near its high, we should remain short. I would wait for a minor pullback at least to the Weekly 9EMA to short again, depending on how...

TraderEngineering

USD/CAD had a fantastic bounce off of the bull channel bottom (1.36600) just below the 1HR 200EMA, leading to a 120 pip run to the top of the channel (1.37800). If you followed my last USD/CAD 1HR Analysis, this was the exact move I was after, which has now ended. Where do we go from here? Key Points when considering a long: 1. We're at the top of a bull...

TraderEngineering

USD/JPY has refused to fall below the Weekly 9EMA since July 28th. However, we are inching closer to the previous high resistance of 152.000, so we should be cautious longing in the coming weeks. JPYX is also hovering around a support area in a descending wedge and has the potential to pullback to the upside, dragging USD/JPY down or at least, holding it...

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USC/CAD may have established a new support with the Weekly resistance as shown in in my USD/CAD Weekly Analysis Idea from October 9th. We have several factors pointing to remaining long at this stage: 1. Currently in a Bull Channel 2. Weekly Resistance is starting to act like Support 3. We have a minor Bear Channel/Bull Flag on the hourly 4. Last weeks Weekly...

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FTM has been bouncing off and consolidating in its major support zone of $0.15-$0.20 since it made contact in June of 2022. After a quick bounce to the $0.60 area, the price has remained in that support zone. We have now had a third touch point on this support, and so far, the bull response is strong. Bitcoin has also been consolidating in its support zone of...

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BTC broke out of the bull channel to the downside last Tuesday in a mad dash toward $25,000, the bottom of the Weekly trading range. As the price curled up to test resistance and confirm the breakout, the price failed to fall lower and as the days ticked by, the bears gave up. This past Monday, we broke back into the bull channel hard and went all the way to...

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DXY refused to fall below 4HR 200EMA support last week and had a fantastic bounce to the upside. This bounce solidified the current bull channel we are in, with no sign of a reversal in sight. There is currently a gap between 106.672 and 109.000, which is the next weekly resistance zone noted from July 2022. How do we trade this? Probability shows that breakouts...

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USD/CAD broke out of weekly resistance last Thursday with some solid strength, touching 1.37850. The price action fell back down to the Daily 30EMA at 1.35700 and bounced back to the resistance line at 1.37000, but failed to break out this time. USD/CAD fell back down to the Daily 9EMA and gave a slight bounce to the upside before the week closed. The buy...

TraderEngineering

USD/JPY has been ranging between 148.300 and 149.300 since last week and has failed to break down to the 30EMA on the Daily chart. DXY has failed to break below its Daily 30EMA as well. The USD/JPY price action is currently in the top 1/3rd of the range with the RSI just mid-level leaving room for a move up and out of the range. There is a gap to fill up to the...

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BTC has failed three times in its attempt to ascend to the top of the bull channel with three-pin bar bear candles closing on or near their lows. It's been a slow bleed to the downside ever since last Friday. We are nearing the 200EMA on the 4HR and should expect some support here. A good short entry may be at the end of the next bull bar or two if you're not...

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USD/CAD had a fantastic move to the upside the first week of October which came to an end with a nice double-top reversal pattern last Thursday at 1.37850. Since then, we have had 2 pushes down and landed in a high-volume zone around 1.35800. At this moment, we have a two-leg pull back and about 24 hours of sideways price action on USD/CAD. The longer the price...

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JPY showed a quick bout of bull strength on Monday and Tuesday of last week only to fall back down to the bottom of the wedge. That Tuesday bull bar could be the first sign of a reversal. This week, we should be looking for another bounce off of the wedge to confirm a move to the upside. The first target is the 9EMA of the Monthly chart between 784.0 and 785.0,...

TraderEngineering

USD/JPY showed a strong sign of bear pressure on Tuesday last week when the JPY ripped to the downside for a brief moment. At this stage of a bull run, this is likely a sign of weakness and a reversal to the downside lurks. My recent DXY analysis shows the potential for a fall below its 106.000 support, and the JPY analysis shows signs of a reversal to the upside....

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Bitcoin continues to range between $25,000 and $31,000, a pattern ongoing since March of 2023 as we wait for a breakout in either direction. The analysis in the chart below is one I conjured in October of 2022 and so far has been on point with one *critical* exception; Bitcoin has not touched the lifetime support line as I hoped it would by early 2023....

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USD/CAD made an attempt to break out of the bear channel last week with a high of about 1.37850 before pulling back to a close around 1.36600. The weekly candle closed below the bear channel top and so far this week, we've fallen another 100 pips to the weekly 9EMA around 1.35600. What does this mean for the bulls? The bulls have a pretty solid picture ahead if...

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DXY had 11 weeks of bull bar closes until this past week, which ended with a pin top bear bar. The body was small and closed above the support line of the trend, making it a weak sell signal. This week, we watch to see if DXY bounces off of the intersection of the trend line support and previous high, or falls through to the Daily 30EMA at 105.430, or 200EMA at...