Looking at this chart, price action is following the fib extension plotted on the chart. A supporting trendline was added to show an area of support and also to help confirm a good place to put the stop. The first target is at the .618 fib, with price action being used to determine if the whole position should be closed or not. Also, a Gartley pattern was...
I'm looking to buy the ES if it manages to pull back to the 1530 area that has been both recent support and resistnace. I would a expect a small bounce to around 1589, which would be the .382 re-tracement area of this hypothetical move. I wouldn't expect it to move to the 50% re-tracement area just because of the 1600 psychological number. I added the Elliot...
I'm waiting for this pattern to complete. While the pattern formation does not conform to strict Gartley and its various similar pattern rules, there seems to be Fib confluence at certain levels as seen on the chart. Since the AUDUSD is correlated with the S&P 500, I expect the dollar to gain some strength since traders are anticipating a pull back in the S&P. I...
A Bearish Bat pattern just finished the D leg and is beginning to move downward. This pattern also formed within a rising triangle so the profit target is set at the rising trend line.
The ES seems to be finishing its 3rd drive below are my reasons for this and my expected target. Drives 1, 2 & 3 are practically equidistant ( drive 2 is off by a few points) Pull Backs A & B are both 61.8% of their respective prior drive. Both drives 1 & 2 and subsequent Pull Backs have taken the same amount of time to occur. Currently drive 3 has taken the...
Since the begining of the year the EURJPY has been forming a triangle on the 4hr chart, and within the last candle it began to break to the downside with momentum. To find a profit target the high and low of the triangle formation were measure (aprrox 206 pips) and projected from the breakout point to the target of approx 112.457. This area happens to be a...
Bought the Euro after the pull back of the early morning move up. After price pulled back to the .618 level and price action confirmed I entered with a stop below the .764 level and a target at resistance around 1.3280.
I am looking to enter long as price action approaches the rising trendline. There is a confluence of support at the trendline both horizontal and the .382 fib retracement of the current uptrend. Also the 100ma is currently moving toward teh support zone as well. I am placing my stop slightly below the 50 fib retracement level. I am doing this since there is a...
Using the resent leg up and resent high as a point of reference to draw the Fib retracement, shows price action holding the 50% fib, and also holding support. The prior pin bar came close to the 61.8 fib level, I also think the pin bar is false break from the prior inside bar, which may have trapped some shorts. The target is 82.911 which is a high from the end...
A nice pin bar developed after the recent move up. With a break of both 1.26421hourly support zone and the 20ma enter short, with a stop above daily resistance zone at 1.26641. First target at the .385 fib retracement taken from the most recent move up, once this target is reached move stop to B/E, Also, I do not usually use RSI, but I did notice some divergence.
Currently watching price action here. Price action is still contained within the blue highlighted bearish bar. Price could break in either direction, and once a break is confirmed I would enter at the either of the green lines, with the opposing green line being the stop loss. (depending on the break) This isn't really an A trade, but just an idea I am currently...
I saw the pin bar form on the prior candle once it closed I entered short on a break of the 1.2700 level. I placed my stop just above the pins high, giving me around 25 pips of risk, while my target is 1.2630 to around 1.2610 depending on price action. This pin bar is maybe a B in my book, I'm testing an idea out using a demo account thats why I took a B trade....
AUDJPY broke the 80.770 resistance area. After a close above the resistance level I put on a small long position, and will add more to the postition once the 200 ma is broken or with a pull back to the 80.770. Stops are placed below the bullish engulfing candle @ 80.510. Just an update: I did have a chance to add any addtional lots to this position sice price...
Currently, price is forming a rising wedge pattern on the daily, with a rising trendline acting as support, and the 50ma 23.6 fib and the .9874 level all acting as resistance. Given the resistance above my bias is still long for the pair. Reviewing past price action reveals that once the USDCAD reaches the .96298 level or lower it tends to reverse pretty quickly...
Pretty upset with myself that I missed this Pin Bar today. Nice horizontal support and 61.8 fib support from the most recent move up, and finally support from the 20ma. I am trying very hard not to chase this. I took a look at the 4hr chart which is in an uptrend, and I'm thinking with some pull back I may enter long. Anyone have an suggestions on ways to...
There is clearly a confluence and or multiple points of resistance above the the current close on the daily. I did take a look at RSI / Stocastics / CCI / MACD, and some are showing a very small amount of divergence. But given the "Double High, Low Close candle" I believe we are heading to parody, with a small bounce up then the AUDUSD will be pushed down to the...
Entered this trade @ 1.04794 with a target just below Fridays high 1.05803 and a stop @ 1.04358. The risk to reward ratio is aprox: 2:1. Price action seems to be bouncing off of the .618 fib extention taken from the 9/6/12 low, 9/7/12 high and 9/11/12 low. Price was also supported by an hourly support line @ 1.04640, and further backed by the 50% fib extention...
H/T @JohnKicklighter from dailyfx.com for pointing out the S&P 500 move. A$ was unable to close above the the resistance level of 1.05837 & also was unable to close above the .382 fib extention level taken from the 6/4/12 low & 9/6/12 low. The S&P however was able to move higher, while the A$ which is a risk currency that correlates positively with the S&P...