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
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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:...
As we consolidated over the past 48 hours I remained confident that we would trend toward $10,000. Today we have seen the price fall below the trend line and now I am less certain about an upcoming pump. The range has tightened to the point that we are going to see a significant move one way or the other very soon. If we breakdown then I expect us to retest...
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...
In USDCAD it seems like we are wave 3 of 3. Within wave 3 we are in wave i. Wait for wave i to finish with possibility of it finishing around 1.286 resistance level and prices bouncing of from there creating wave ii of 3 of 3. Plan is to Enter long above wave iv of c of ii. Entry Point: 1.2705 SL: 1.2515 TP1: 1.284 TP2: 1.306 TP3: 1.3375
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...
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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
I am happy to see the price nicely following the arrow I drew on the 17th. The slow grind upwards is exactly what we want to see. That allows the pressure to build while resistance is being eaten away. I expect that to give us the momentum needed to break through $8,400 and the 0.382 FIB level. That will likely be a key level for a lot of traders who are still...
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