A potential long opportunity at the completion of a bullish bat which is the 0.886 retracement of the XA leg Stops need to go below X. TG1 is at the 0.382 retracement from A to D. TG2 is at the 0.618 retracement from A to D
A potential short opportunity at the completion of a bearish bat which is the 0.886 retracement of the XA leg Stops need to go above X. There is a major structure level above X looking left. Pay attention to that level when placing stops. If the risk/reward doesn't meet your rules, simply wait for an entry reason on the lower timeframe (a double top for...
A potential short entry zone if price retraces into the orange box. We have some structure looking left and some fib confluence in there as well.....
Last week the Greenback opened bullish on the back of the prior Fridays better-than-expected core cpi readings and strengthened throughout the week. On Tuesday it made strong gains as core durable goods, consumer confidence and new home sales all beat expectations. These positive readings reinforced dollar strength. Wednesday´s BoC rate decision and statement...
EUR/CHF - H4 Chart - Gartley Pattern Here on the H4 chart of EUR/CHF we have a nice Gartley Pattern setup. With a deep D leg completion giving us nice risk reward and a strong reversal zone. We must see a completion at D leg before any long entry is triggered. - SL must go below X - Target 1 at 38.2% retracement - Target 2 at 61.8% retracement Good luck.
Last week the dollar finally traded in line with fundamentals again, with the Dollar Index gaining four out of five days. There had been a strong bearish sentiment surrounding the dollar for the last couple of weeks, helped by key data points coming out unfavourably and when a currency is fundamentally bullish, but sentiment-wise bearish, the result is choppy...
Chart says it all, just waiting for the market to go to any of two areas. After it touches I am looking for an engulfing candle on 4h chart. Stops go above or below previous (before engulfing) candle wig. 113460 is a good place to take profits from the first trade since this area worked great as a resistance.
I don’t publish all my trades obviously, but every day I am a couple of hours in the forex chat, where I share thoughts about the market and pairs I am watching. The chat provides a more instant way to share views by posting quick charts of trade ideas in real time. Last Thursday I posted a snapshot of a EURGBP setup -before going short- when price was smack in...
One of the highlights of last week was the UK general election . The cable remained remarkably resilient and even rallied over 200 pips prior to the elections, as a result of the dollar weakening and the UK services pmi coming in better than expected. On the day of the elections itself, it dropped almost 100 pips, due to the uncertainty of there potentially...
If price action will push till 1.1410 then bat pattern completion. Notice the nice 1.618 extension of the B-leg T1 @ .382 and T2 @ .618
The digital currency has been trading in a bearish parallel channel on the 4H timeframe for over 18 days and has just tested the upper trend line. Since April 6th is has been printing lower highs consecutively, indicating its clearly bearish on this timeframe. Price touched the 382 Fibonacci retracement of the swing low that started on April 6th and seems ready...
Last week started with a move lower for this pair as the Chinese trade balance was showing a much lower than expected reading. The market anticipated a negative effect on the Australian economy by this Chinese slowdown. Later in the week the pair recovered after some very good Australian employment data caused the market to change its view on an RBA rate cut in...
FACTORS OF CONFLUENCE + Massive Bearish Sentiment on the Weekly and Monthly charts, so with the dominant trend. + 38.2% Ret. + Yearly Pivot Resistance Convergence. + 50.0% Ret. + Monthly Pivot Resistance Convergence. (Typos on the chart, sorry.) + 61.8% Fibonacci Retracement (so lonely) + 50 + 200 EMA Converging Into the Value Area + Previous Support / Resistance...
The Pound took a beating last Friday and dropped significantly against the dollar on the back of disappointing industrial production and construction data coming out. The cable even fell to a low we had not seen since 2010, which confirms a continuation of the downtrend that started July of last year. As a matter of fact, since Wednesday the 8th (the day the...
The Euro obviously is a weak currency though it rallied a couple of times the last month for no real fundamental reason . It seems it seized the opportunity to capitalise on the recent uncertainty surrounding the USD after the last FOMC statement left the market confused on its direction and after the poor NFP numbers that came out last week. Traders have been...
FACTORS OF CONFLUENCE + With overall bearish sentiment. + Rejection of 200 EMA. + 200 EMA converges with 50% Fibonacci retracement from the last swing from 0.79358. + Coincidence of the yearly, weekly, and monthly pivot lines being in the same area as the above confluences. + Price forming a bearish wedge continuation pattern. + Double top from the two candles on...
The policy divergence between the FED and the BoJ keeps me fundamentally bullish on this pair. The BoJ announced yesterday it would leave its policy unchanged, despite lower inflation. Had they announced a surprise move to spur inflation, we would have already seen a much higher price for this pair, but they refrained from additional easing. After the bad NFP...
The Reserve Bank of New Zealand is expected to hold rates. With the Kiwi being resilient of late, Graem Wheeler is likely going to jawbone about it being overvalued, which should give it at least some short-term drag, especially against the USD. In terms of monetary policy, the press conference might reveal whether or not a rate cut is still on the table, and if...