Another divergence study, this time on USDZAR. Divergences on the weekly chart calls only for corrections. On the daily, there have been some reversals, some more profitable than others. The triggers for this study were bullish/bearish candle, blue impulse. No other factors taken into consideration. There were 26 triggers, 16 were profitable, 2 signaled for...
The longer term chart is the main reason for taking this trade. On the daily chart price rejected the support zone at 10.8, and the impulse is green. This is enough for me to take a trade. Some profit taking should be done at 11.38, but price usually gets attracted by the all time high, so I expect this to go and at test 11.84. Considering the dollar strength,...
USDZAR(4H) 27/2/2012 uptrend_line. Potential Elliot Wave 5 and ABC correction. 50% retracement. 50-200 sma Squeeze. Triangle failed brake_out. Interesting Symmetric Mirroring Consolidation Square range(9 and 9 days apart). Time may run out. RSI, MACD bearish , rolled Over. Rounding Top potential. potential reversion to 2012 uptrend_line. Target_1 :...
USDZAR is reaching all time high, we are not too far away from historical highs. This make me believe that we are at the end of the road and a strong inversion would take place. USDZAR pays positive swap, make it a nice carry trade opportunity. This is a very long term trade, but if it works, well, it will be pretty massive opportunity!
Three months ago a posted this idea that suggested a low was just around the corner. This turned out to be right. We are now in the process of completing wave X in a complex correction or wave (A) in a flat. This market should trade a bit higher into the 11.10-25 area before dropping. A break above 11.55 (wave C=A*1.618) would invalided this idea. Follow all...
3 month Rounding Bottom formation., brake_out. Retest of break_line possible. Target_1 : 11.06423 Target_2 : 11.18400
Long term view of this pair. Sell on a retracement to 10.6222 targeting 9.72390. Short conviction is that the breakout from the upper channel crossed below its 50% mark. So assuming that the retracement to this 50% level will hold, it should pave way for further downside moves.
A complex and mature 3 waves decline is coming to an end. The market closed todays candle as an inverted hammer. This count is vaild above 9.70. Follow all my demo FX trades at www.myfxbook.com and follow me on twitter for intra-day updates twitter.com Good luck!
UPDATE: I shared this count last night via twitter but was to tired to post an idea here. twitter.com The market has completed 3 waves to the downside, where the first wave was a complex triple correction, the second a zigzag as well as the third. As 10.35, and more importantly 10.20, holds, I will expect new highs well above 11.40. You can follow all my...
Been very constructive with 2012 p/a. local adjustments (data, c/a, cb minutes) and relief rally from oversold, moving into Sell in May and go away events that lasts until fall, it matches up with a lot of other analogs across different asset classes from currencies, equities and commodities.. Plus => sentiment... people get really bearish way too early.. still,...
Gartley is that you? Gartley Pattern might be setting up, wait for reversal candle stick once the 10.30 level is hit
The price maybe heading to an adjustment phase, after the major parabolic rally. Signs of technical exhaustion on price and momentum favors further downside correctional bias, and a potential short to medium term trend reversal.
Short Position: The Gartley pattern just completed, giving us a high probability trading opportunity. This is supported by: * The fact that the gartley pattern completed at the down rending resistance line * Completed at our upper the long term structure
We could have seen the end of several short, medium and long term cycles at current levels. we can also see fib conflunce at these levels. The extended RSI divergence is common before major tops. The weekly shooting star acting as resistace for now (look below)
The Rand has being consolidating for almost 2 months now in a very strict range of 9.90 and 10.20 however the rectangle formation (consolidation) has being broken below 9.90 and now we can expect further downside. Measuring the lowest and highest level of the consolidation pattern gives us a projection towards the 9.50 levels. Adding to my view is the 20 and 50...
It would seem that this pair has completed the upside retracement in abc zigzag with 2/3rd of the last major decline and other fib confluence and accompanied RSI divergence. Small position could really work out even though there is wide spread, long term move would justify and have interest rate differential work to your advantage. Target is to at least retest the...