As I wrote yesterday (see related idea) we are around the end of the weekly cycle and, now, with the movements of today, it's about to complete a head and shoulder. Double probability.
I placed a buy order at 0,7515
Following the standard movement of a cycle (explanation here) we are on the second top (also known as 5th wave for Elliot).
Looking for buy entry since the bigger trend is bullish (higher highs and lows)
The price is now decorrelated from the weekly cycle (not shown here) so, back to usual pure technical analysis:
Usd/Jpy's just broken the last top so I'm looking to buy the dip.
Next levels: 105 - 105,50 (cyclical moving average + channel) and 103.50 (two supports)
How to identify support and resistance using the ...
We are around a multi-year low so there aren't many support (both static or dynamic).
The only thing we can see is that the weekly cycle it's ready to reverse (speaking about time) around a higher low. (Bullish situation)
Looking to buy around the two green arrow.
After the perfect swing low of yesterday (see related chart) It just did a lower low, so following the Dow's law, we are in a bearish trend so I will look to sell (never try to catch a falling knife).
Hurst cycles suggest around Monday of the next week.
5 Reasons to go short.
1:) Symmetrical Triangle Breakout
2:) 50% Fib level intersects with 14 day bearish trend-line and 7 day bullish trend-line that was recently broken which could create a triple threat of resistance.
3:) Expected resistance at .7200
4:) Bearish Cloud
5:) Why the hell not.
We broke out of our symmetrical triangle and now looking to go short. I'm waiting on a pull back to the trend-line in question and would like to see a pullback to the circled area on the chart. I've been pin point accurate all month so lets see how this trade pans out. Once price touches our zone we will execute ...
This is not an idea but a suggestion. Don't trade breakouts when the odds are against you. Look to where big institutions are wanting to buy or sell and then go from there. Trend is not your friend . Nothing in regards to trading is your friend. I forgot to post my sell position on this trade but its obvious ...
Originally posted last Thursday we've predicted the possibility of a reversal between our plotted reversal zone area and then narrowed it down to a Demand Zone and its Sweet Spot.
Price made a heck of a bounce off of the Demand Zone which ranges .7150-.7075 while it's sweet spot .7126-.7100 has not been touched. ...