textbook setup. Price has failed to break the 1.10 psychological barrier several times so this could be a nice level to go short with a nice 1:3 risk to reward. if price does manage to break out of this barrier then next resistance to look to get short is at 1.11294 which is also in confluence with the 61.8 fib level.
R1 level and previous resistance confluence at 1.114. First target 1.047 - previous bottom, could create first wave after correction and continue either to fall till 1.005(fibo ret and s1) or bounce of it till 1.072 and then fall to second target 1.005. Wait for price action to confirm this move for lower risk.
Nice simple analysis here - I'd advise getting on it quick as NZDUSD will melt downwards! We've got a nice fibonacci retracement drawn from previous highs and the current lows. The overall market sentiment looked like it was producing a bearish flag but the fundamental data reversed the trend which saw the price spike up to the 0.382 fib level. However, the price...
No doubt who is in control here. Pretty much a selloff since 2011-ish, with bullish pullbacks here and there. In the start of December '14, a bearish crossover occurred on the D1 after a pullback, and the selloff continued down. Yesterday's candle (Monday, 09/03) showed a clear rejection of the key level around 1.0515 and the 50EMA. Bears are definitely...
After breaking through the 1.05 support level on the daily Chart, price came up to retest it and found resistance. It was also met with a bearish slap by the 50EMA line and the 0.382 Fib Retracement level. At this point a nice doji reversal candlestick formed and overall price is making the long way down after a triple top formed between September and November of...
AUD/JPY has been in a dominant bearish trend since December 2014, continuing to print lower swing highs and lower swing lows. We now have an excellent opportunity to trade with momentum on our side as 6 confluence factors join together to create the perfect storm. Confluence Factors: 1. Trading With Dominant Bearish Trend 2. Rejection of Key 94.00 S/R...
The EURUSD pair has been gaining some pips and seems to try to reverse the downward trend. I drew in this bat pattern on a Renko chart because it looks a bit cleaner than on the standard candle chart. Completion as always for a bat pattern is at the .886 retracement of the impulse leg. You'll see that I drew in 2 X-points to show that it doesn't really matter...
On Jan 26th EURUSD reached the lowest point for now since it's decline from 1.39s that started way back in the summer. Last weak this pair cought a little breather but now seems on it's way to test that level again. We have both a butterfly pattern and a bat pattern that complete in the same area. The Butterfly pattern around 1.1600 and the Bat pattern around...
What we are looking at here is a potential Gartley pattern that would give the GBP a little relief rally in it's otherwise bearish trend. We have a Fibonacci confluence of the XA 886 retracement, the AB 1.272 extension and the BC 1.414 inverted extension at approximately the same level. The pattern should complete in the PRZ zone which extends down to X which is...
Price is in an uptrend on the weekly TF, and is making HHs and HLs. We could possibly see a bounce off the bottom trend line which is confluent with the 61.8 fib retracement area and a continuation of the uptrend. This move is invalidated by a clean break of the bottom TL followed by a breach of previous HL. Long on a break of the retracement CTL.
Like Gold, Silver and Palladium, Platinum is preparing for the bullish run. First nice confluence is overlap of 127.2 and 23.6 @1257. Nice for first target on long. The second confluence is 61.8 (1392) and 61.8 (1388) which comes at nice structure and could be the second target on long. Look at the price difference Platinum vs. Gold
Waiting here to see what happens at this point. 189x area has become a strong resistance point. The most recent candle is still inside the prior bearish candles from 10/13 and 10/15, a break through the resistance and close above the 10/13 candle begin to look long, a close below the 10/15 candle look short. In the meantime just wait. Volume has also been weaker...
Waiting for price to pull back a bit before entering. Expecting price to find support on .382 fib retracement confluence, if price holds, will look for entry on the hourly. If price breaks this level, will look for trend continuation as a false breakout.
I had some time on my hands so I decided to take a look at the EURUSD daily chart and an opportunity for the longer term. We have a possible AB=CD pattern (with 0.318 retracement) setting up terminating on structure level around 1.26300. Drawing Fib extensions we also have a 1.618 and 2.618 confluence at the same level. If this level holds, I'll be looking for a...
I'm a brand new trader learning technical analysis and I would love to get some feedback from more experienced traders. In this chart I saw the head&shoulders pattern. After this completed, we reached a 0.382 retracement back up and now the market is (in my humble opinion) going down to a minor structure level at the 1.272 and 1.618 extension confluence around...
Nice AB=CD pattern coming up with 1.414 and 1.272 extension confluence at an even 1200. Opportunity to go long ? Don't hesitate to share your thoughts as this is the first idea I publish :)
This trade idea is the once in a million years one. I still can't believe my eyes when I see these crazy confluences. First EURJPY started a 5 wave down move which I marked on the Daily timeframe with the green elliott wave lines. Then it completed the whole down move and started to retrace the whole down move as an ABCD move to the upside. For this it formed...
I have noted some confluence on the 4 hr chart for the Guppy. It looks like a potential swing trading opportunity to go short. Perhaps I'll hold until the end of the week. I've broken my reasoning up into three areas below: - 21/9 MA's have recently crossed - Key Fib level lines up with resistance/support - Broken support now turned resistance Although my...