Over next 24-48 hours, I am expecting USDJPY to retrace into Wave 4 before shooting for Wave 5. On M5, a bearish head-and-shoulders is being completed. This will be a confirmation to enter short. In fundamentals, oil is rallying. This suggests a weakening USD. SL: 108.9 TP: 107.25
Earlier this week, I suggested that USDCAD might be reaching the end of an impulse. Wave 5 looks like it has been completed and USDCAD is now in the entry zone for a short. We will be able to ride the impulse down to at least 1.27325. There is a resistance that will be tested before USDCAD retraces and Wave 2 overlaps with the previous Wave 4. SL: 1.28575 TP:...
Wave 4 is approaching the 61.8% level. Sub-wave 3 should be coming to a stop short of this level. There will be a small retrace to form Sub-Wave 4, which will approach the 50% level. Sub-Wave 5 will form from here and move to complete Wave 4. Once resistance at the 61.8% level is confirmed, the trade will go active.
5th Wave looks complete. This means that the impulse waves over the next week or two will be descending. SL: 0.9775 TP1: 0.964 TP2: 0.955
Yesterday I expected the price to meander back towards the maroon trend line and mentioned that it could provide a good entry for a long. The last candle came within a hair of that trend line before the bulls quickly pushed the price back over $8,900. Support has continued to move up after supporting the large sell volume from the 20th. That is a very good sign...
Yesterday I was very happy to see us break the the 0.382 FIB resistance as well as the log trend line! In daily update I also mentioned that $8,900 - $9,000 would be the next area of resistance and that's where we pulled back today. From here I expect it to be smooth sailing for the next week. This is when it is very easy to get complacent and/or greedy. Stay...
Over the past 24 hours I have been watching closely for Bitcoin to break through the 0.382 FIB retracement level. I am very happy to see the slow grind upward continue to break through major resistance. It leaves us well positioned without being over extended, which is very important for a recovery. Support has continued to move up and that is crucial in order...
GBPUSD has become oversold after yesterday's breakout. This can be verified using Connor's 2-Period RSI on the daily chart. Chris Moody's Slingshot System shows an aggressive entry opportunity. I recommend going long for the next 3 or 4 bars (8-16 hours) as GPBUSD pulls back from the overreaction. Recommended SL: 1.406 Recommended TP: 1.416
Using Chris Moody's Slingshot System to identity aggressive entry points. Prices tend to cross into or past the sling before big trend-following moves. NZDUSD is respecting a major support and has bounced off successfully. Recommended SL: 0.7308 Recommended TP: 0.737
Using Chris Moody's Slingshot System to identify aggressive entry points. Prices tend to cross past or into the sling before big trend-following moves. GBPUSD has bounced off the bottom of a channel and is respecting the support. It has also respected a minor support set by previous bars. Recommended SL: 1.418 Recommended TP: 1.437
Using Chris Moody's Slingshot System to identify aggressive entry points, in yellow. Prices tend to cross past or into the sling before big trend-following moves. The price has bounced off the top of the channel and appears to be respecting the resistance. USDCAD is in an H4 downtrend. Recommended SL: 1.266 Recommended TP: 1.253
Parabolic SARS, Awesome Oscillator and Accelerator are almost perfectly lined up and red. With previous bold down candle, this is a strong sell signal. Recommended SL: 1.2363 Recommended TP: 1.23102
Parabolic SARS, Awesome Oscillator (AO), and Accelerator have been lined up almost perfectly for a sell signal. The AO has much downside potential towards a support level. The Accelerator has also crossed down and has downside potential. There was a slight pullback after the signal, albeit it was not able to break past the previous down candle. It has been...
Over the past few days we have been on red alert, awaiting final confirmation that this bear market is over. Step 1: Break through bear trend (red line) Step 2: Turn that trend line into support Step 3: Golden Cross on 50/200 day SMA In yesterday’s post I pointed out the dragonfly doji that was forming on top of the trend line and was watching for the price to...
Good morning, everyone. I hope you have a great Saturday. Well, after that significant run yesterday, it looks like ETH may have reached the perfect storm of price level of support. As of 0300 EST, on the 4-hour chart, the 12-period Exponential Moving Average is providing nice support, and it looks like the 200-period EMA is moving in to offer some backup as...
Over the past couple days we have been on red alert for breaking the cursed bear trend (red line). The first step was to support above $7,500 after the massive rally from yesterday. The second step was to bust through the trend line on large volume. The third step is to find support above the trend line. We did see good volume on the breakout, however the price...
Yesterday I mentioned that the amount of short sellers had gone parabolic and said if we could get the price above $7,155 then a massive short squeeze would be triggered. This morning I was very excited to see that the bulls were able to get the job done! Resistance came in like clockwork on the longer term bear trend (red line). The wick on top of the 4 hour...
PSARS has popped below the bars while AO and accelerator are green. This is a BUY signal with some probability of being late. STOP: 1.25775 TARGET PRICE: 1.26994