The resistance level is a good place for opening short trades. If we have a bearish candle near this level, it will be a signal of possible price reversal. We will have to get confirmation from RSI and MACD and only after that place pending orders below the low of the candle. Stop orders should be placed above 2186. Profit target will be the support level 2120.
Expecting a Bearish Gartley completion the 4th of December that is the Italian Referendum Date.. The case points for an Italian Exit from the EU..
The index failed to sustain above 100-DMA level of 6801, which leaves the doors open for a drop to head and shoulder neckline of 6680. A daily close below 6680 would signal a major trend reversal, given the pattern has appeared at record highs.
Comments – The 4-hour chart shows head and shoulder with the neckline support of 6680. Watch out for a daily close below the same as it would signal trend reversal… given the pattern has been formed at record highs.
DAX GER30 backtesting bearish trendline - still SHORT
S&P 500 jumped in early trade but has failed to hold above the rising trend line (drawn from Feb low and June low). Traders should keep an eye on today’s close, which if below the descending trend line (Aug high and Sep high) would signal the recovery from the November 4 low has run out of steam. On the other hand, a close above the rising trend line would...
GER30 DAX short from overbought stochastics and failing RSI below 70 on H4 SL 10800 T1 10500 T2 10400 Please make your own analysis and please share your views, especially if you have a different idea! Cheers, Sinatra FX myspace.com
Presidential elections of the United States of America is over. Congratulations Mr. Donald Trump We have got several interesting and profitable trading opportunities. GER30 is aiming high but current area has been declined several times. There is resent "bull-trap" in this area as well form previous days on 4h chart. Currently I have active SHORT Trade with TP...
S&P 500 has formed a nice topping pattern over the last three months. Take note of the fact the falling top formation and an eventual break below 2120 support last week. The index closed above 2120 yesterday, but one should not read too much into the movie since it was triggered by FBI granting clean chit to Clinton. This is tricky. S&P 500 chart has a topping...
The index is poised to open higher at least by 30 points as indicated by the future. This would mark a positive follow through after the Friday’s inverted bullish hammer at 200-DMA support. However, that by itself is not enough to signal trend reversal. Moreover, the index needs to close above 2120 (ex- strong support, now resistance) to signal bearish...
TP as mentioned in the chart SL Below 6647 Good luck
Support 2083 (200-DMA) 2062.8 (June 17 low) 2047 (38.2% of Feb low – Aug high) Resistance 2103 (23.6% of Feb low – Aug high) 2114.7 (Oct 13 low) 2145 (100-DMA) Comments – Profit taking on shorts appears to have aided the moderate recovery from the 200-DMA support of 2083. Overall, the bear grip remains intact so long as the index remains below crucial...
The above is the weekly comparison chart of the Nikkei (candles) and USD/JPY (bars). We can clearly observe that the benchmark index closely follows the movement in the Yen. Fake Breakout - The index had seen a bullish break above the descending trendline. However, the follow through has been weak. In fact, the current weekly closing is back below the descending...
Price broke Senkou B with confirmation from DMI indicator. We got a signal for opening short trades below the low of the signal candle. Entry level is 4710 with stop order above 4830. We can place take-profit orders near the support level or use trailing stop.
Wednesday’s bearish daily close below 2103 (23.6% of Feb low – Aug high) coupled with the bearish daily RSI at 35 suggests there is still room for a slide to 2082 (200-DMA + monthly pivot support). On the higher side, only a daily close back above 2120 would signal bearish invalidation.
Support 6809.5 (Sep 30 low) 6745 (23.6% of Feb low - Oct high + 100-DMA) 6654.5 (Sep 12 low) Resistance 6900 (200-DMA) 6937.5 (Oct 17 low) 6955.3 (Aug 15 high) Comments - Pair’s bearish close at 6854 coupled with RSI at 40… pointing lower suggests the doors have been opened for a further slide to 6745 (23.6% of Feb low - Oct high). A minor corrective due...
Resistance 2114.7 (Oct 13 low) 2124.4 (Oct 17 low) 2131.5 (current month high) Support 2103-2100 (23.6% of Feb low – Aug high & monthly 10-MA) 2081 (200-DMA) 2047.2 (38.2% of Feb low – Aug high) Comments – Despite the bearish closing yesterday below 2120 levels, the index is finding support at the confluence of monthly 10-MA and 23.6% Fibo around 2100...
Tuesday’s daily close at 2111.7 was below the critical support region around 2120 and also the lowest July 8. That marks a bearish break and adds credence to the breach of rising trend line in October and the falling tops formation seen since August 23. The immediate support is seen around 2103 (23.6% of Feb low – Aug high).