Price formed a pennant in the 4HR chart and continued its rise, as indicated in my previous published idea. As a continuation of that idea, if the price closes above yesterday's high in the daily chart, a long position can be established. Reasons indicated in the chart along with stop and targets.
Thanks to Technician for pointing out the short setup in this chart (link in related ideas). The price is correcting from the fall and a pennant has formed. Looking at the flagpole height projection meeting the median line, a good entry will be when the price breaks over the top of the pennant with a decent risk/reward ratio.
I am publishing this as an alternate numbering of the waves, which I published yesterday. Looking for some informed comments..
Context: NZDUSD is currently trying to rise after a sharp drop. Is this rise part of a correction or part of an upswing? Analysis: Based on my analysis, NZDUSD completed a five wave upswing on Mar 28, 2014, followed by an Expanded Flat abc correction ending on Apr 29. This was followed by a wave 1 which ended on May 06, which was higher than wave b of the prior...
CADCHF is in a DOWNTREND. Now is in an intermediate up channel, breaking out of an inverse h&S (that another trader kindly posted) and looking strong UP. One:One AB=CD ends at a supply demand zone and 70.7 fib retrace (labelled 'Second hurdle'). IF...it gets there and above, next high would be the zone labeled 'Deep Crab completion.' Let's see....
It has already hit the 79% of prior HIGH and bouncing back a bit. IF it pulls further, two supply demand/support/resistance levels should allow for scalps OR resuming of major trend UP. 79 ceiling would be short term exit.
Low risk counter trade imho. Stops 10-15pips below spike bar low.
As much as I wanted to see my short position work out, it looks like you can't fight the trend. Logarithmic + Pitchfork, nice channel eluding to $5500+ on the next peak. Also shows that we're at the bottom for now. RSI also shows we recently hit a low point, which coincides with the beginning/transition of every other bubble we've seen thus far. EMA / MA...
from technical point of view pfe is in a down heading pitchfork arriving to the median line (which is also multy pivot line) the second time is not a good sign but there might be a temporary support in this area not recommended for long of course but for short with destination around 27 $ based on closing beneath the median line
AUDCHF may have found support just below the median line and may start oscillating around the median line. While it's currently being coerced by two opposing forces (the impulsive bullish one and the corrective bearish one) it seems to be moving up in terms of down slope and staging bullish price action above the horizontal support at 0.812. So it's possible that...
Boring as it seems, NZDUSD looks bullish once again. Probably heading for any the media lines or at least to the prior (or alternate) highs. Failed to retrace even by 38.2%. The 0.85 level proved to be a very strong support so far. Now it might also move up in lockstep with AUDUSD. The NZD is currently very strong, while the USD just the...
The bullish blue fork served, in terms of its warning line, as a support for further upward advancement of this currency pair. There's also the magenta bullish channel containing the price action quite nicely. So, I'm not giving up on this market yet. The sterling has strengthened recently and, esp. vs. the JPY, is quite likely to test the highs to the left. I...
I expect this market to either retrace to a lower sliding paralel and then make a nice rally up, or go up right from where it is now. Those new highs didn't make much progres to the upside, so it looks like it wanted to retrace deeper, before it makes any further advancements. ----------- Disclaimer: There is a very high degree of risk involved in trading forex. I...
This pair seems to be finally done correcting. Has found support at the sliding parallel of a modified Schiff pitchfork. If it holds, we should see a rally up to the 95.75 level, or perhaps even to 96. Otherwise, the correction will continue to reach 94.22 or (less probable) even the lower median line parallel. ----------- Disclaimer: There is a very high degree...
If this fork is going to hold, I expect the price to get at least to 0.8245. I like the support level below, so any SL orders should be placed below 0.814. The aussie has been performing below its recent 'true potential', became overbought (by my measures), so I expect it to strengthen in coming hours. On the other hand, I find the Swiss franc pretty weak, but...
Now it's just a debate: if the current up fork is going to hold or fail, as price has crossed it from its upper parallel to the lower one with ease. This market is in a very-long-term down trend, found resistance above 94 and then even below that level. Now it is about to say, whether it's going to stay within the fork or not. It can either turn into an overshoot...