Good evening traders. With price remaining in consolidation below the trend's high printed at 124.1 for 6 consecutive trading days now we can expect to see continued consolidation or downside going into the holiday weekend. There is a key institutional resistance level at the 123.35 figure where we can expect to see pending sellers awaiting a sharp up move,...
Yesterday's short-term technical outlook: As mentioned yesterday, the 1.052 figure is the first major key institutional resistance to watch. It represents the "line in the sand" in that if price remains below it we should see up moves faded by institutional sellers. Today's spike high at 1.04992 gave us a very good insight into what smart money is doing. It is...
EURAUD is in a consolidation zone between 1.45 and 1.415, price before entering consolidation zone was bearish impulsive, the range has held for 2 months other than the trump spike on November 8th. Entry on top of the range with a stop above spike high and RRL level.
After days and days of going sideways GbpAud finally did something interesting and went abruptly bullish this morning, I have placed some sells in the belief that after an abrupt ascent comes a descent. Let me know what you think.
On the Eur/Cad we have a pattern that might not stand out to everyone because it is a little sloppy. It is one I that stuck out to me however. It is a cypher pattern entry at the 78.6% retracement of the X-A leg I have drawn on the chart with targets at the Fibonacci levels, 38.2% and the 61.8%. If you're a cypher pattern trader and this one stood out to you then...
Here is my wave analysis on GBPCAD. I believe the pair is now in the consolidation and is about to complete c wave in following days. After that I expect a delcline, and I will sell the breakout of consolidation. (red line)
Opportunity for an aggressive entry with Bullish Cypher pattern on USDCAD ONLY if it fits your trading strategy, otherwise sit back and wait. That's what I'll be doing, waiting for my entry signal and desired R/R.
Long at 81.52 entry of 1/2 position. SL at 81.16 below support on 1hr time frame. Entry just above resistance. 2nd entry upon achieving 1 x ATR.
NZDUSD is in a strong downtrend for the last few weeks, which is expected to continue soon if we consider a five wave fall from 0.7402 followed by a recent bounce towards the 0.7171 level, which could be the first leg of a minimum three wave rise in corrective wave 2), labeled as wave A. If that is the case then drop from the mentioned level was sub-wave B that...
A bearish setup is forming on the USDCAD. Let it prove it wants to go down with price action and confirming indicators.
This thread takes over from the previous one: "Oversold: Buy the dip." BAD NEWS OUT OF THE WAY? The stock was demolished after disappointing earnings and the drone debacle. This lead many analysts to downgrade it (current consensus rating = HOLD) with an estimated average target price at the current money. There currently seems to be a lot of bad news in stock....
There is potential for a breakout trade when the corrective pattern is formed. Keep a lookout for it. It might happen within the next few hours. Don't miss the trade. Thank you
Oil price has been in consolidation for a while on a daily timeframe. Hourly chart is currently giving us a potential Gartley pattern. RR for 1st targets is a bit bellow 1:1 but it is within 5 pips of difference which is acceptable. If you are aiming for multiple targets, target number 2 will be at 46,38.
BTC should consolidate more before another push higher. There are negative divergencies on MACD and RSI.
Potential Gartley pattern on 1 hour chart. Daily chart shows that pair is currently in consolidation which makes room for advanced patterns.