A Year in review...there is definitely something to be learned from reviewing old charts. The foundations of the year were laid in Q419/Q120 which became giant pivots in the flow. It would be wrong to talk about the new dogmas without ✅ the old ones. So,lets get straight in... 📌 Best of G10 FX... GBPUSD from 1.35-> 1.15 EURUSD from 1.09 -> 1.20 ...
📌 @ridethepig Gold Market Commentary 21.12.2020 Floor and support building We have just played a perfectly timed ABC sequence towards $1,800 with all the wanderlust to the sellers who were so full of hope. But there are sometimes subtle differences between a pullback to gather energy (for the next leg up) and a full blown retracement. There may be all sorts...
📌 @ridethepig G10 FX Market Commentary 18.12.2020 Another early breakfast for Pound sellers, brexit occupies the sentiment throne and optimism has clearly vacated! Pound now has its eye on the breakdown as expected since yesterday and even a wishy washy deal will be a sell in the short-term. Johnson and VDL taking it to the wires will turn out to be the...
📌 @ridethepig G10 FX Market Commentary 18.12.2020 What was the point in BOJ meeting overnight? Finally extensions of the handouts coming from the Japanese base, and remarkably the 103.0x was rescued via lack of conviction from macro players to chase it lower. Buyers now can play the break, undoing their opponents work and imagine the test of 105 as being...
📌 @ridethepig G10 FX Market Commentary 17.12.2020 - EURGBP This line illustrates how we can attempt picking a fight with the winning side. It is a characteristic for confidence to see price getting rejected each time it dips below 0.900x, while when above, buyers have the ability to roam anywhere, they are in full control! Here the weakness is isolated to...
📌 @ridethepig G10 FX Market Commentary 17.12.2020 ==> What we must track here is the buyers playing $1.360x and reaching overdone levels. The exchanging between UK and Europe is coming to an end, meaning the focus can shift towards the complete 'liberation' of the UK from which it was previously 'restricted'. So, in such cases, when a country loses market...
📍 Consider the following chart, which arose after the waterfall alerts triggered : As the main map, sellers now chose the ABC sequence, with profit taking already being done and sharp buyers also deciding to step in with an early attack. Continue looking to play longs to shake the reluctant sellers stops at the considered centre. It is no revolutionary...
@ridethepig Silver Market Commentary 16.12.2020 => It was no struggle for buyers to take out the diagonal resistance. Then, what comes next is a paralysing advance. Should some sellers wish to continue holding once the initial targets are hit then we can see capitulation. This is a typical continuation flow with Fed which can be played here. The bid will...
A flawless call in Nifty (Indian Equities) from the highs before Covid to the lows and back up in the opposing direction. We should all have made a killing on India, the pseudo-classical school always considers technical analysis as inferior, however this is not the case. As a main theme, INR buyers now choose to load for 68-66 which is the new base...
📌 NOK for the Yearly Close Now comes the traditional complex NOK and SEK map complex. I have mentioned a number of times SEK was in a very good position for sellers, now NOK is joining the disco because it is unlikely that dollar can manage to force the defence. A very amusing chart, for those with a background in waves we are playing the breakdown on a 5 wave...
📌 BRL for the Yearly Close This diagram illustrates the LT map for those in BRL and tracking Brazil for good opportunities into 2021. According to my INR maps, again a very similar cycle count which is decisive for profit taking: The BRL now has the attacking position at the highs after completing a multi decade 5 wave cycle from 1.50 towards 6.00. But...
📌 Another classical procedure can be witnessed here, the combination of fundamentals and technicals, of BRL and MXN, and a live example of an instrument finding a floor for the long run. This advance would (and of course I am considering) be worth attacking and having some involvement rather than laying bare the base of Brazil and Mexico. The correct play is to...
📌 The lows in Gold are an elegant threat for another leg higher towards the highs; name wave 5 which is the one that we have been tracking since the previous diagram: I love it when an idea comes together. We arrived at the destination for our retrace and have started to form a base. Sellers are vacating! Moreover, buyers are now keeping their eye on the...
📌 Another round of updates for the Yearly close on the MT and LT maps, sellers may still be in control but buyers are flirting with that breakup. This will occupy the battlefield and unlock a test of 4,500 for 2021. What is wrong with the bull case is exhausting to list; the exchange of capital from public to private assets is developing sooner than I expected....
📌 @ridethepig Gold Market Commentary 16.12.2020 The moves in Gold have been excellent to track this year because of the tendency to put turning points around the Central Banks. This of course seems very appropriate. The 'infamous' loading zone has allowed us to pick the low hanging fruit, now things are going to start getting a bit trickier from a positioning...
📌 Turkish Lira for the Yearly Close The strong points of the rally which we went into more detail was an absolute momentum move; the flow was a force to be reckoned with and undermined all sides of the Turkish banking system, collapsing like a house of cards. After 2019 the helplessness of Turkey's Erdogan was quite something. My dear readers, populists...
📌 CNY for the Yearly Close... In the usual tradition, this topping formation appeared to fit the bill! The correct way to play it was for sellers to proceed; dollar weakness was knocking while CNY was quite tenable. It is now obvious that the above mentioned development has been less time consuming that the initial legs higher: This means the...
📌 KRW for the Yearly Close This brings into an important consideration for review the long-term KRW chart, the plan chosen by sellers has been able to lure in late unaware buyers at the highs because of the simple nature of the impulse employed. By trapping the highs and aiming for the negative break in the yearly close, it is a very bearish sign. Moves...