On BNBBTC a big rising wedge is being built --> Target 0.0053785 with ~14% gains.
On BNBUSD old support should become resistance --> Target 31.82$ with 27-28% gains
Calculating the difference, the result would be a BTC wick to 6000-6050$. Matches with the ascending triangle which is being built and the red channel line on my other post on BTCUSD.
With IOTA, ADA...
Hope this idea will inspire some of you !
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I like to plot USDXXX and XXXUSD against DXY or Equally Weighted USD Indices like the EWI I prefer because then you can tell if the USD is devaluing faster than the other currency of the named pair, in this case MXN.
First thing I notice is the strong correlation. Even though quoted in USD a pair does not have to correlate that strong if the other currency is...
In this video, we take a look at the key correlations between risk-on and a risk-off market.
Typically when we see the stock market indexes fall, the safe haven currencies see significant strength.
Looking back we can highlight opportunities when the stock indexes fall and the JPY sees significant strength.
Price has made a bearish engulfing off strong resistance at the 2860 region, breaking price back into the range. Will be watching for additional downside if price can find resistance at the 2815 region. More downside would cause "Risk Off" in the forex market leading to a stronger JPY & CHF..
So beginning with fundamentals, this is going to be an interesting pair to watch this week with the OPEC Meetings as well as the crude oil inventories on Wednesday. The discussion on oil being the most volatile topic as the OPEC represents 40% of the worlds oil supply alongside other news events such as FOMC talk and various other data releases.
Doing bit of...
Here we have Litecoin in black against a bevy of other cryptos including Bitcoin, EOS, Monero, and Ethereum. As can be seen, it wasn't doing great compared to its peers before the September and November 2018 setbacks, but since then has outperformed all o its peers.
Keep in mind though, these cryptos, nearly all relatively liquid cryptos really, are...
This trade is based on the 6 term trend pattern of correlation with both CAD and NZD and JPY. There is strong resistance at the 9200 level, hence the stop loss. However, I believe that based on 5 day,1 month, 3, month, 6 months, that NZD is overpriced in comparison to CAD in JPY terms.
Last time we saw a CCI this low, it resulted in a double top. Same could happen here, ladies and gentlemen. To reinforce this morning as a good one, we had a double bottom on the NQEM RSI-21 on the 15min timestep. Cryptocurrencies closely correlate with the emerging market indexes, so this is another good sign we can enjoy a bullish run this morning.
after a time of inactivity I"m back.
Today I show you how you can trade EUR/USD with the help of correlations.
You can see in the chart positive correlations and negative correlations.
Be careful the arrows on the chart are no trend direction.
If for example Oil change its direction the trend direction of EUR/USD can change but always look at...