The bearish scenario and bearish similarities:
Most are long and expecting a move to $5k so it's always a good idea to cover the contrarian view and see if we can pick holes in either argument.
We retraced to around $3900 (not too far from the $3930 retracement target in my previous post) but it looks like we'll be retesting this uptrend support soon.
I was able to spot a W,X,Y pattern early on USD/CAD, Right now it's finishing off the (b) correction on the (X) wave. Im hoping for it to retrace to the .618 as I find the X wave to commonly retraces to that spot. After the X wave is complete, I'm hoping for the Y wave to finish up on the major trend line holding as support starting from September 2017. The Y wave...
Please note that this is my first post on TradingView so don't go all in based on this. Always Mind Your Trades and make sure to make your own analysis before investing your hard earned money.
1. But here is what we can notice on BITFINEX:BTCUSD:
*Multiple rejection from the 50 MA 7 days in a row
*Multiple rejection from blue descending trendline
Momentum is still light, so I am holding.
I will likely sell stop below a new low under $3200 unless momentum kicks in earlier and I will sell quicker.
A break of a new low has Fibonacci extension targets attached.
LONG Signal - 09/18/18 @0.71958 (Missed Entry)
Targets - Dashed golden lines
Fib Extensions: 1.000 - 2.618 Navy Blue lines
My actual entry on the 20th is under pressure from today's price action in anticipation of FOMC. Aussie has been very weak so this trade might not work out. We'll see.
I've hit my first three targets after calling the short on USDCHF a month ago on August 21st. I had mentioned that getting to Target Three was going to be more difficult than targets One and Two. Nevertheless, the current Bear on this pair is firmly in place and there is still room on the downside as global markets are displaying a more risky appetite.
On two separate occasions within the month I've noted the shifting trend on the CABLE/DOLLAR.
First, on August 29th I wrote that after finding support around 1.2690, Bulls were now in position to bid up the market. I was neutral then, but as I posted again on September 12th I noted that I actually missed my signal to go long that was issued on August 24th. As...
I published a short entry on the Dollar/Looney back on August 28th. Price action dipped below and closed beneath my sell zone. However, I closed that position with a small profit as price action retraced back up to 1.32 area. I kept my chart as is, with my sell zone still in tact, mostly because I am still on a short bias.
Sentiment is intriguing at the moment...
Very strong Bullish price action on the Aussie/Dollar after finding support around the 0.7085 handle. Price has completed a bullish head and shoulders pattern but is facing resistance at the 0.725 mark.
My system has not given a trade signal, so for now I am simply monitoring the pair to see how it follows through for the rest of the week. It is worth noting...
I have been shorting and posting about the bearish trend on the DollarSwiss since I first got a trade signal on 07.25. I took my fist short almost a month later on 08.21, which you can see here hit the first target. Another lot hit the second target which you can view here. After hitting the second target I mentioned that getting to my third target would take a...