The hourly DAX chart shows a potential head and shoulders formation to support an uptrend.
If the formation is correct the price could raise up to 10,000 or at least to 9,000 to test the high from the 27th of January.
I have already a position in this trade which I opened because of a Triagle pattern on the 5 minute chart.
Next entry for me would be a...
EURUSD could find support from the trend line. We have seen higher lows and higher highs in the past few days, suggesting there might be some more upside potential to come in the near term.
Counting waves. This consolidation is on bearish mode due to motive downward waves followed by correctional waves (ABCs) as you see on chart.
Happy trading!
Getting prepared for a hopeful bullish cypher pattern to form here. 3 points of resistance against the line leading to our entry point, so hopefully we see a continuation of this short-term trend to form the cypher.
Unfortunately not the best risk/reward.
I'll be looking also to see if the RSI is in an oversold (or nearly oversold) position if the price reaches...
It has broken the up trend on the hourly chart I expect it to reverse as the trend line will act as a resistence.. Furthermore the EMA200 and EMA 50 will act as a resistence also. Not sure if it will continue downward below 1.4211 or will go back to test 1.4300 level again.
Bearish Cypher Pattern on USDJPY Hourly chart.D point has stopped in a resistance point making the reversal stronger.Stop loss should be placed in the next resistance point and target 1 is at 38.2 fib level,target 2 61.8 fib level.
Just take a look at the chart, we are in a good position to go Long on NYSE:GE General electric, if you look out for valid reasons - Below are few :
1) In 4hr chart, we have Double Bottom & RSI Bullish Divergence
2) In Hourly chart, its a Triple Bottom with RSI moving upwards
3) Check the Support area marked in Green, its along previous Resistance formed in 4hr...
Pair is currently sideways after making some highs. If kumo breakout below occurs, allow to break 200SMA for confirmation of trend change. Watch for break to the upside as well in case of trend continuation.
Opportunity for a short term retrace over the next couple of hours. Possible Itchimoku breakout set to occur shortly. Keep stops tight and be prepared to take profits if trend reverses.
Bearish Cypher pattern @ 1.09225
Target 1 1.08933
Target 2 108742
Stops 1.09556 (Based off of a 1.13 fib inversion from the C to X leg)
In addition to that, we have other reasons for entry. Not only does the pattern complete in an area where three major resistance levels coalesce (as dictated by the four hour), the overall leg of the move down has a .618 retrace...
1:4 R:R, Resistance level, broken trend support, trend holding as resistance could be a nice hold.
entry around the 2.3425
TP: 2.33
TP: 2.325
Stop 2.345
Nov 13 2015: BEARISH EURUSD 1H: Long term bearish channel
(Analysis Based on 1 hour chart)
Observations
1. Long term bearish channel
2. Two short term bullish channel
3. Bullish head and shoulder pattern
4. Price at weekly swing low
NOTE: Wait for price action to confirm the importance of these levels.
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Entering @ D leg completion (0.65121) with two targets based of fib and resistance/support.
Stop loss well below previous support.
Limit order is set, lets catch this plane!
![GE: General Electric Buy [Go Long]](https://s3.tradingview.com/8/8kM9onuJ_mid.png "General Electric Buy [Go Long]")
