Oil fell on some weakness the past two weeks. I'm going to try and keep this analysis simple. For the long side, I will wait and see if the H&S pattern is completed.
A close below the red line at 39.13 (right shoulder) would warrant a H&S failure and more room to the downside.
I am currently flat in /CL.
Bonds recently completed a 9 week right triangle and stayed below with Friday's close. I am personally not in the trade - not every market opinion you have warrants a trade, I have learned.
A measured target for this move would be near the 164.25 area.
Here is a potential long trade in Soybean Oil. If it can break the neck line of 35.45 area and stay above, my target would be the 45.15 zone.
As always, use proper risk management. Using less than 1% like the professionals do in each trade often times can offset larger drawdowns in the future.
I have had a few posts in the recent past, looking for the long side of USDCAD to formulate out of this triangle. As I mentioned in my last post, the larger time frame and pattern will eventually rule over the shorter one. Luckily, I haven't lost too much on the long side of this pair.
I'm going to look into this set up:
Pattern: 20 wk triangle
Here is the current possibility that I am seeing on the EURUSD short scheme. I originally tried to short the Euro in a previous triangle formation, but as we all know, the larger timeframe and larger pattern will trump the lower/smaller structures. I was stopped out for a 25 basis point loss. This possibility would suffer greatly with PA exceeding the right...
I posted an idea on this pair previously with the same shape. The pair has finally started to form closer to a possibility of a stronger Aussie to the Swiss. Friday's and this past week's action seemed to show some strength, as it was pushed down, but recovered. We have been making higher lows over the course of the last few months.
My stoploss will be set using...
A large 28 month inverse head and shoulders seems to be forming on the NZDCAD pair. This would suggest NZD could move swiftly against the CAD. My entry for this position will be a close above the green entry line and will look longer term for this pair to gain in strength.
Here are a few possibilities for AUDUSD. First scenario, the pair goes to test the descending channel boundary (dark black). It may just break right through there. This will be the only upside trade that I will attempt to take if the PA shows so. I will watch the area in the blue circle this week and next.
The second scenario would obviously be a reversal at the...
WTI completed a 3 week descending triangle here and closed very weak. Expect to see some downside for the next few days/weeks. I am not trading this on futures yet because of my capital balance, but the downside target for me is 40.1 out of this triangle.
Here is a possibility for the EURCAD pair. I have been tracking this triangle for some time and it appears to want to head lower. We will see what happens. I'll leave this order out there regardless.
All Brandt mechanisms apply.
Interesting long term look on GBP. I know TV doesn't go back all the way to Soros's trade in the 80's, but if we close below this range here this week, this could prove to be dangerous for the pound. I expect a retest on the daily/weekly charts in the near future and expect some volatility around the 1.3800 area.
Good news for me as well, as I'm moving to the UK...
This pair is starting to form a symmetrical triangle, but its hard to guess a direction (for me) yet. I'm not looking at any macro factors, but it appears that we are starting to round out a bottom here, so the possibility of moving higher is what I'm leaning towards.
I like this pattern because it has a longer duration (prevalent on Weekly as well) than trading...
Here is a possibility with the USDCAD pair. After the Brexit fun and games, the Dollar seemed to be a favorite, so this might help the possibility out. The SL is not set yet, I will use Brandt's Last Day Rule with the previous day's low after a candle clears my entry. Will aggressively manage this if the closing bar doesn't not stay above my entry.
This is my first post, so I thought I'd give this a try. I'm looking to short this pair if we break to the downside of this triangle. Order is set just below support of the first candle.
TP: 1.008 (for now)
I will look to get to break even as soon as I can, following this up with the Brandt style 3DTR.