We have been waiting for this wedge pattern to break for a long time. Now that it has broken to the upside we will wait for a pull back to initiate a long trade with a target of the 1.618% extension at 1.1274
Price has come up to test the short term trend-line which acts as current resistance. If it can break that and close above it we will look for a continuation into our original targets of 39. Maybe we will get a small pullback before going higher.
ON my previous post I mentioned that I went short on the EURUSD on the break of the ascending trend-line. The beauty of this position is the strategy I used. Volatility levels were high in this currency pair which gave opportunity to sell some call options at a 1 standard deviation (around 1.11). Even though the price action went against me by over 100 points,...
Why is Randgold my favorite gold stock? Randgold is unique in the sense that price in this stock moves before the overall gold market, thus giving a strong heads up as to where the gold market is going in general. Look at my previous chart on the Gold Index (GC), you will see price moving up to test its descending trend-line. The key take away between these two...
Spoos having a difficult time getting their legs under them. A rally similar to last August would have shown good conviction, however with the Banking sector showing weakness (leading sector for the Market) the market is in vulnerable waters. Currently price finds itself in a narrow range (between the orange horizontal lines. A break below would see a test of the...
If you are wanting an entry into the USDRUB, the test of this short term descending trend-line is a good opportunity. Stops just above with the target of breaking previous lows for a continuation, creating a very good risk to reward ratio.
Price broke the ascending trend-line which resulted in the break of the wedge formation. Short on break out with first target of 360.
Shorted USDRUB after the trend-line break. Target 75 and then 73.40
Wedge pattern formation on the 1 hour BTCUSD. A break above or below signifies move conviction. Will wait to see which side is broken.
Looking for a break of this ascending trend-line for a continuation lower.
Within my daily analysis of the USDJPY here is a 2 hour chart. Price finds itself in a wedge pattern. A break below the ascending trend-line could see a move down to 117.25. A break above the descending trend-line could see a move up to 119.212
Broke through its longer term trend-line. Looking for a test of $90.
Despite my longer bearish view, short term is also looking bearish. a lower high lower low with a descending trend-line. A move down to 1.272 at 73.47 is my next target. If price breaks the descending trend-line I expect a retest of 82.
Coming into strong resistance at the 50% and 61.8% retracement. A fail from here would see it test the short term ascending trend line. A break of this trend line and I would get short. A break of the longer term descending trend line and I will go long with a target of the 1.272% at 1227.8
Found support at the previous August lows. Expecting a bounce of a similar magnitude which would see it test the descending trend line. Looking to scale into position at the 50% retracement level up to the descending trend line.
The Dollar is in a wedge formation right now. Which ever way it breaks I will be looking to take a trade in that direction. If price manages to close above the descending trend line I will go long with a target of 101.505 the 1.272 extension. If price breaks the ascending trend line, I will be looking for a retest of 97 at previous lows.