I am not a long term trader however it is often good to know the prevailing market bias so that we don't make huge short term projections against the prevailing market bias. When you take a short position in 2016 it would be a good thing to be conservative with your targets as the EURUSD is going up. Once the 1.1059 break happens I see an area of resistance at...
We have been on a long established uptrend described by the pitchfork delimited by the two last peak and trough. The approaches to the limits of the median are accompanied by an MACD signal crossing. This time seems to be the same and in order to keep on the lower channel, some correction is required. This doesn't invalidate the long term uptrend, but some short...
The Fib Channel tool is a great tool to draw Action/Reaction lines to project future support and resistance lines.
At the moment, Dax is facing resistance from two different sets of lines
Hers's something for you breakout traders out there!
If the breakout of the pitchfork retests and bulls take the trend,
it could keep pushing higher from there!
Have a nice day!
All the best in your forex trading!
CharlieFX
AUDCAD is nearing a highly confluent zone of resistance. A bearish bat and a bearish crab are set to complete in a tight PRZ that may be contained by trendline and pitchfork resistance. A bearish Wolfe wave setup may also be completed in this area. To add to the bearish bias, two unhit daily pivots sit below price. RSI is overbought as well. Stop loss is...
AUDCAD has completed bullish Gartley and bullish shark patterns at significant channel support. Two unhit daily pivots sit above price to add to bullish bias. Targets are placed at .382 and .618 retracements of CD.
Confluence in the PRZ:
Bullish Gartley pattern completion
1.272BC projection (Gartley)
AB=CD (Gartley)
Bullish shark pattern completion
...
P5 is reached...at least it looks like.
The tiny lower close is very suspicious...
At least price broke out of the "creative" downsloping Fork and reached the CL.
From here price either zooms through the CL, or comes down to the L-MLH.
Chance for the walk to the south are 80% - same as going to the CL!
And why NOW?...well, as i said, price reached the CL. So it's...
This Company was mentioned in my options group
and it looked very interesting to me. So i got my
hands on it and found a nice potential trade.
The fast run down seems to have a end.
Frequency catched up bevor, then shifted and now
we find price at the WL (Warning Line), where the
shifted Frequency meets Action/Reaction.
Potential for a long with a nice stopp...
The 2011 pattern looks very similar to the one we have now.
Even the priceaction from the Bars look nearly the same to me.
Facts for Long
- similar pattern as in 2011
- support at the L-MLH is pointing North.
- no real LT low is broken!
- so far a wide distance from the open to the actual (potential) close
Facts for Short
- the frequency shift (red slidings)...
Trade what you see...Facts, nothing more.
In this Chart the facts are, Gold has had havy resistance athe the CL's and the U-MLH, now breaking the most important, Big-Boy CL's again to the South.
Steam is blown in the wind and many probably getting hurt...again...
Longterm i see Gold far below 1100, not just at the CL.
...but this is just my opinion, no facts,...
Could be very volatile day in view of the schedule event. We might spike low or end the day lower. However it is worth looking for intermediate term long entry either today or early next week.
Technical Summary:
1. It seems that since march low the entire rise has been a WXY zigzag with recent high on 24th August been confirmed by RSI momentum high.
2.The...
Idea is based upon Elliott wave theory, supported by median line analysis. Fib extension ratio confluence is used for price projection (target placement). more info on the chart. Good luck
