After NFP news the scenario is clear for this pair.
We have a strong impulse that is making a huge correction i labeled ABC (could be any corrective pattern).
I expect more correction to come, we see also a bat pattern already completed.
Clone technique also is working fine here (see below)
First target : 0.38 fib retracement of AD leg
Second target: 1.3500...
YOU CAN SEE A STRONG BULLISH DIVERGENCE ON RSI FROM 20 YEARS(1997).
WE COULD SEE THE SAME SCENARIO THAN IN 1997 AS CHINA AND PERIPHERAL COUNTRY COULD SUFFER ABOUT THE ASIA STOCK MARKETS IN THE TURMOIL AND A SLOW ECONOMIC PACE.
LONG 1.37 STOP 1.3150 TAKE PROFIT 1.5360
It is expected that the Singapore general election should be held within this year, coincide with the 50th anniversary and the death of the former Prime Minister Lee Kuan Yew recently.
On one hand, in order to get sympathy votes from people and also a weakening economy globally. It won't help the ruling party if the election were to be held in a period of...
LONG TERM POSITION. DOLLAR GAINING STRENGTH ACROSS THE BOARD. DAILY CLOSE ABOVE KEY RESISTANCE AT THE MOST RECENT LOWER HIGH FROM THE DOWNTREND. WE ALSO MADE A HIGHER LOW RECENTLY AND HAD OR LONG TERM MA'S CROSS. LOOKING FOR A SLIGHT RETEST AND ENTRY.
TARGET 1 = 1.3765
TARGET 2 = 1.3910
I usually dont trade this pattern, thanks to IvanLabrie for this idea:
I just wanted to post my technical analysis, i found very interesting things at w1 chart:
Details on chart
I think it is still not late for an entry, the price is making a retracement or consolidation and after that i expect a strong rally.
Best regards
Fellow Traders,
As mentioned in my previous post, linked below, a break above 1.33425 would signal continued strength.
Entry: 1.33425
SL: 1.32585
TP: 1.3745
***Update***
TP changed to 1.3433 as it is the completion of a 1.618 fib extension and also the 20 SMA price level on the daily charts
I suggest risking no more than 1% per trade by adjusting your...
*We booked a profit of 27 Pips. Even though the spread is from from closing we decided to take the profit and move back into cash. Of course if this spread narrows we will be leaving a lot on the table but we are happy with the gain from a low level risk trade.
We will be initiating 1/2 our position in a correlation trade of USD/SGD to USD/JPY. The spread is...
USD/SGD Confluence:
1. 50/60 - 200/250 EMA Crossover in January 2015 indicated a major transition in market sentiment.
2. Measuring the entire symmetrical triangle breakout leg from Summer 2014 to the highs at 1.39 which marked the end of the Quarter 1 of 2015, we can see the .5 - .618 Fibonacci retracement lies at 1.32- 1.30
3. 1.32 was the peak of the...
Long entered last Friday based on pin bar signal on 26 Mar. Pin bar rejected horizontal support zone and up trend line. It has also rejected 61.8% Fib.
Stop loss moved to entry level for breakeven as I don't feel good (emotion over system here) about the price action during the Asian session now. USD has been gaining across the board over other majors like EUR,...
THE BIG PICTURE: For this chart there are a couple fib levels that around which price is trading. The Singapore Dollar is approaching a long term level which was support in 1994 and held for a couple years. That level was finally broken with conviction in 2010 and as the saying goes, the old level which was support is now expected to provide resistance. ...
This setup triggered two days ago but its still not late.
As all USD related pairs we need a deeper correction on this pair.
We have and AB=CD pattern followed by double bearish divergence
The break and close below 1.3500 is our trigger for entry.
Good luck
