It is obvious - market was in huge channel for the past 8 year since 2008 crisis. Lots of theories suggest that markets evolve into big cycles of 6-8 years. As we add even cycle pattern on this monthly chart, we see the past 2 cycles evenly changed direction after 8 years period. And now we are at the end of last cycle (90 month) since last trend reversal. As it...
In this pair we can identify the possible major Elliott wave impulse pattern unrolling down (blue circles). In the smaller pattern degree you can see middle of the impulse pattern unfolding with in the wave 3 (red ones). Major level of 0.8 is broken down and retested from below. Supportive trend line (connecting monthly close prices) is broken too, but not yet...
Let's talk about timing. I mean, bitcoin is date driven like nothing else. So new year is definitely a game changer. ok =) China plays his fire-ape at February, but the timing looks quit nice. We're still on the positive side for a bright future. I hope our engine will not fail on the way to the moon. Pray there is no need for another 320 test... Push it- push it...
A simple look into the next moves that could be coming for the AUDUSD pair. The holidays are keeping the fundamental aspects away so I dont expect to see much movement until after the New Year Celebrations. Then we could be looking at a downwards move towards .72000 and perhaps even further towards .7100.
Simply stating that we are reaching a potential for some activity on this pair. Once a Candle Closes Above Green Zone I see potential to rise up to the 134.00 area. This could be take PROFIT ZONE. The opposite of that trade is the breakout downwards towards 131.00. This trade is triggered with a closing candle past the red zone. 131 would be the ideal take PROFIT...
This year is rallying to its stop loss and Xmas is going to hit take profit soon :) I wish you all lots of green pips, good take profits and solid rise in your balance next year :)
I entered 6 positions right before the NY session closed. This is officially my last trade of the year, and hopefully it'll be a great start once I am in profit. I've come to like this approach, trade currency baskets considering relative strength and use the Tim Westian methodology to determine SL and TP levels. It's a good idea to watch the NY session on the...