NZDUSD has been ranging since June so here is a time when the SuperTrend has flipped as we have bounced off the bottom range channel and crossed the 50 SMA.
This isn't catching the bottom style of trading but I sure am looking to get a big chunk of that middle!
Two big things going on... the BULL run has been glorious with no stops and the US didn't raise interest rates this December.
In addition to that I have been waiting on a 200-300 pip pullback as shown in my LONG for LIFE idea. I though it was going to happen on the 21st of November, but it seemed it was a little too soon on some of the Daily indicators I have....
This week could be good or bad due to US elections, but one this is sure there will be some major volatility and momentum.
With stops in place and the existing technical indicators already looking bullish... I am LONG.
-= Gimme those *thumbies* or comment below and let me know what you think. =-
We have many similar candle patterns and indicators as we had before. The one difference I see is the level at which price stochastics are turning up from. Previously we were rising from low levels below 20, but this time we are turning up from the 40-50 range.
Be looking for...
This is a long term Outlook and fundamentals will affect these levels greatly.
Weekly outlook is showing it is ready for a down turn, but with the Texas 2 Step (RSI2) being in the green now means it should get a boost up to red before following the direction of the price stochastics.
Daily is what is showing up direction for this week though and possibly more...
There are several identical BUY signals in the past, however this time we are in a bit of a down trend so I will not expect the price to break past the SuperTrend v1.0 at 1.3254 .
I am wanting to close out in profit just before it hits that level and then see a pull back.
I missed the top Sell signal a couple of weeks ago since my strategy wasn't in place at the time, but I am taking advantage of an 'add' signal which is SHORT and in good line of the downward trend on the daily chart below.
I am 'LONG for LIFE' overall, but we need a pull back to confirm direction and refuel the rocket for extended launch.
My BUY/TP zone is mostly determined by my price stochastic at the bottom of the chart (Stochasticly Delicious).
I am LONG for LIFE on USDJPY, but for now looking for a good base to LONG from. The green rectangle could be a good spot to see a bounce if we fall that far down. This would be the top of the previous months' long trend channel. This would also confirm a new trend channel to the upside.
Gimme those *thumbies* or comment below if you disagree.
There are some good notes in the chart, but the biggest discussion point will be if we maintain sideways action until the US Rates increase or do we fall to the .618 Fib Line? What do you think?
Other than the guessing of price action leading up to the US Rates change I believe this is an accurate outlook...
Looks to be some leveling off of price from the year long down trend. These big trading ranges can nab you 500-700 pips... just wait for it to start to take off and break the Red SuperTrend v1.0 line. Use a small position and just forget about it for a couple of weeks.
This was formed from a breakout of the previous UP trend channel and already bounced off of the weekly S1 pivot line to retest the bottom of the previous trend channel. This forms the top and bottom of the next down trend.
An early TP opportunity would be at the S1 level when it touches again incase of another bounce.