Dollar Index - bearish targets?see chart for details, three areas of interest for this dollar bears to look at for targets, or for the bulls to look at for areas to enter longs.
Confluence
ETC/BTC Short Hi everyone. ETC/BTC (ETC/XBT) has been pumping quite nicely these past couple of days. We are reaching a pretty strong confluence of resistance however, and I plan to attempt a short near the purple descending line. Some confluence to consider:
-Fib line
-Top of the daily cloud
-Descending resistance trend line
-Daily pivot Resistance 1
-Descending resistance on RSI
We may have a little more room to run on the L-RSI in yellow below. Once it tops out with a green candle, I will be shorting. If we end up getting a higher high however, I will stop out. Aiming for the previous support area.
NZDUSD Buy IdeaH4 - Pair reaching the confluence zone as marked on the chart, that would be a triangle and duplication of the first wave down.
This is where we may start looking for buy setups with bullish evidences.
Invalidation: If the price moves lower and if we get a valid breakout below the bottom of this triangle pattern then this bullish scenario will be invalidated.
BTC UpdateHi everyone! I've entered a long on BTC. I believe there is definitely a possibility of another leg down, but I dont want to miss the train and dont have much time tomorrow to watch it. We are approaching a major intersection here, especially the light blue ray i threw out a couple weeks ago. We are hoping that, and the previous trend resistance will act as support. I could see further retrace down to 7330 or so, maybe a wick down into the 7200s to shake out remaining weak hands. As long as we find some support here, we will validate the bullish divergence on the 12 hr chart as well.I will be looking to target at least the purple trend line, which I imagine will be around 8.8k when it gets there. I opened my lng at about 7536, so a close at 8.8k will make for a nice profit. Trade at your own risk! Uptrend has not been confirmed!
BTCUSD Looks To Make Significant Retracement Before Going HigherBTCUSD made a significant move up over the last 2 weeks from the 6500's, most recently breaking throught the 7800 level last week. After the break through 7800 it attempted to retest the 8600-8900 range but failed. After noticing an extremely overbought RSI and a developing double top I conducted some fib analysis. It seems there is major fibonacci confluence near the previous consolidation zone. (Blue box). I also noticed that there was bullish bat pattern beginning to form with a completion that resides within the confluence zone between 7200 and 7600. Because of the failed break in resistance I believe the market is headed to this level. It also seems that the move down to form the bat pattern could be the beginning of retracement wave 3 from an Elliot wave theory stand point. If entering into a bearish position, stops would need to be above the 8500 level, with target 1 around 7400. IF looking for a bullish position on BTCUSD I would suggest waiting until after the market retests this potential reversal region.
NZDJPY super fun tradeAs we are bearish on the NZD shorting the NZDJPY is a "no brainer".
It's a super fun trade because there is confluence of the trendline with the 61% fib and the R2 weekly pivot.
As I already am selling the kiwi I could only take a small position.
First target is at the 127% fib extensions around 74.77 because there are a lot of levels coinciding over there.
Trade safely!
Inverse H&S, along with a little downward wedge, stochastic up. All of these factors are coming together. Lots of retail coming in from FA news
USDCAD Double Scenario H4 - We may look for a correction to happen now and once this correction completes itself, we may look for short term sells towards 1.29.
D1 - 1.29 zone is a confluence of Fibonacci expansion level and 2 trend lines.
Once the price reaches this confluence zone, we may look for longer term potential buy opportunities with bullish evidences.
VEN Update. Possible reversal zone upcoming?So, After that little discussion on my last chart, I decided to look a little harder for clues. What the heck, we may have a bounce zone coming up. Lets see what happens when it hits. You never know!
USDCHF Fib Confluence Short TradeLooking for market to retrace after running into a 127 and 141 fib confluence that are within a pip
Market is also very overbought giving more cause to the short case
Not looking for total reversal just pullback to continue the overall trend
SL is at the 1.00560s above the previous swing high
Looking to take profit at 9990s
Good luck and always have a plan
ONT: UPDATEHi everyone,
Update on ONT. We've entered the trade at the green box posted up last week. Its still a tad early in my opinion. Better confirmation would be seeing this daily candle close as a bullish spinning top or hammer for a reversal, which looks like it may be doing right now. I would also like to see some upticking on the MACD histogram followed by a nice golden cross. Take what you can get!
USDJPY - BUTTERFLY SHORT SCENARIOBUTTERFLY PATTERN FORMATION ON USDJPY - LOOK OUT OVER THE NEXT FEW DAYS
GOODLUCK,
GBPNZD Bullish BatBullish Bat Formation on Higher TF.
Looking to go Long upon completion of this Bat pattern.
Bat Pattern = 50.0 B Point
XA: 50.0 Fib (B)
AB: 38.2 - 88.6 Fib (C)
XA: 88.6 (D)
ABA:161.8
88.6 Fib completion confluence with 1.775 Quarter Point.
SL & TP Given on the chart.
Goodluck
USDJPY SHORT UPDATEPrice is retesting the ascending trend line. Buyers looks to be exhausted and sellers should come in soon.
short EurCADbig drop yesterday after ECB announcement
looking at this confluence of fibs, Ma's and previous structure to short this
EURUSD confluence - soon ready for a buyStrong confluence around the current area. I'll be looking for a bottom to build at the current area and the break of a reversal pattern before going long.
We might see an even bigger upmove up to the daily -27.20% Fib, but for now I'm just focusing on the two targets marked on the chart.
Safe trades!
Bud
waiting for confluenceso to begin with we have a engulfing pattern on the monthly to give us a bullish bias BUT WE DO HAVE MOVING AVERAGES SAY WERE BEARISH, we have a weekly bullish bias but we do have broken structure on the 4h and 1h for a bearish bias, i do have my red key support and resistance and i do also have quarters theory and a Fibonacci on my 4h so were going to have to wait and see what plays out if i do get my divergence on my 61.8 on the 1h i will take the buy. if we continue in the uptrend that were currently in on then i will wait for a retest around the price of quarter 1.29250 which is also on our key Fibonacci 38.2 which will be in confluence with our monthly daily and weekly buy. we can hold up to previous quarter 1.3000 if we get our awaiting confluence.
BTC bearish price action coming soon?
The area of confluence ($7742-$7570) is holding up strong.
Area of confluence: combination of multiple strategies into one strategy. It is useful to find a support or resistant range for the asset's price action.
How to find: One way to find the area of confluence is finding the overlap within separately mapped Fibonacci retracements
Today's candle is currently closing under the 10 MA. If it closes under the 10 MA ($7453) it will be harder for the price to move up.
The OBV is sloping down which indicates a price drop.
BULLISH SITUATION: If today's candle prints a green 1 that will break the count which could lead to an increase in price for the next few days.
BEARISH SITUATION: If today's candle prints a red 8 the probability of bearish price action in the coming days are high.
On the lower time scale (4hr, 2hr, 1hr) the signs are pointing to a positive price gain; the OBV is bullish and the TD is looking bullish. So, on the short term we might see an increase on price since the shorter time frame is showing strength.
This is actually bearish on the long term (next few days) becuase that will print a green 8 for today (read the bearish situation above)
We shall see how today closes. Today's close is crucial in indicating the price action for the next few days.
I will keep this updated
*As I was writing this post, the price climbed $30 in 3 mins.
EURJPY Sell ideaH4 - Bearish divergence, basically we are looking for the price to create lower lows, break below the confluence of Fibonacci zones at around 128.20.
H1 - Break below 127.95 should provide sell opportunities.
