USDJPY is testing the bottom of the trading range defined by the Wyckoff Redistribution evaluation and median line of the pitchfork of the previous markdown. Will be looking for the market to go long to the upper median line of the smaller pitchfork in the next week.
The BC leg of the larger ABCD correction is probably going to take some time longer to complete. We saw a correction to the 61.8% level of the up move before we reached the confluence of significant levels around 1.335. This week we could see a continuation of the up move. The 'TDI is showing bullish signs and the down move is not supported by volume.
We have been following the ABCD patterns the EURUSD has been making for some time (see below). We broke the Brexit key level and trend line formed by the previous down ABCD pattern. The 'TDI is overbought and we can expect some correction back to the previous structure before the final push to point E. Volume is showing increase on the move up and no demand at the...
With the Municipal elections over there seems to be some change in the air. The market seems to be defined by previous market structure and has reached the 61.8% retrace of the previous impulse. With the time running out for the downgrade to junk status for the Rand and a looming USD interest rate hike we may just see the end of the Rand's good run happening soon....
All the GBP-crosses actually show the same pattern, more or less. Possible overextension on the higher time frames, combined with clearly increasing volatility on the lower time frames and a possible change in order flow. On this pair I am looking to go long if price makes it back down to the short term resistance zone around 1.6718-1.6740. Primary target is...
The big bullish impulse is anticipated for a long time . But it seems there is more downside before it happens.
Looking for a long opportunity with FX:USDCAD The divergence isn't perfect but it's still oversold and this pair has been making higher highs and higher lows on the daily chart for the past 2-3 months. 1.2900 price action number acting as a rebound should help this pair continue upward. Happy Trading
Following the view of the USDCHF using the two pitchfork trend lines the market could be completing an ABCD pattern.
Silver is in a corrective structure, broke the Pitchfork median line, retested it and is now moving to the lower median line.
Price has reached the Schiff Pitchfork upper median line as part of the correction. Looking to complete at the 50% median line.
I was expecting the USDCAD to complete the correction of the BC leg down move at the 38% level. However, price moved down breaking the lows of the previous weeks and the market seems to be bearish now finding resistance at the yearlyPP. In spite of this the expectation is still to the significant resistance levels which include the 50sma, 38% retracement, SSB 50%...
We are now in Phase B of the redistribution using a Wyckoff analysis. We are now building a cause in preparation for a new downtrend. Large institutions and large professional interests are still disposing of their long inventory and initiating short positions in anticipation of the next markdown. The COT non-commercial interest are still short and showed some...
Continuing the ABCD pattern completion. Notice areas of volume increase and no demand. Looks as if we are on track towards point E but first we have to break the trend line from point C.
The USDZAR is showing some strength. I expected some correction last week that never materialised and the trend seems to be strong. Price is in an area that previously showed some structure and the expected correction could happen this week. The TDI indicates overbought conditions. There is volume support for the down move with increasing volume and spread and...
We have a small corrective structure in between a support and resistance zone. If the structure holds and the buyers are able to maintain control we should see a rejection from the bottom of the structure. That would allow for a tight SL with primary target at 0.8500 and possible secondary target around 0.85750 if 0.8500 folds.
Best entry for this trade would be an entry on the bottom of the corrective structure with primary target around 1.3230. If that level folds to the bulls, 1.3350 would be next.
As mentioned in my last trading idea on this pair a bearish breakout was more likely but resulted in a false break. Bulls took over and pushed price higher which is now followed by a small corrective structure. As mentioned earlier I still have my main target at 114.50. Since this is a trade on the lower time frame though, 113.90 will come in before that and...
Much like Gold the Silver price is in a corrective move. The price has broken the median line of the Pitchfork channel. So this week we should see the continuation of the ABCD correction.