Gold has been taking a beating in the past week. The reasons I am looking to go long on this : - Completed a bullish Bat pattern - Bottom of the equidistance channel (counter trend trade) - RSI (H4 & D1) at the oversold region - Bullish divergence on the D1 RSI (see arrow on chart), also a bullish divergence on the H4 Stops should be below the 1200 levels,...
This post was inspired by Ibrincat, good eye my friend. I see a perfect AB=CD pattern completing at 1.0342 This is at a resistance level created by the April 2014 high. Daily RSI moving up close to the overbought zone Let's look our for a reversal at those levels. Possibly a trade for next week.
Completing the Bat Pattern at 1.4820 H4 RSI has not turned down yet, if it does, it will be showing us a bearish divergence I will be more patient/cautious on this, reason being : - price has just been going up and up with no indication of stopping yet - Oil made a double top at $52 and is now $46.50, giving weakness to the CAD
Inspired to look at the DAX chart by a friend. I have never traded the DAX and this could be my first. Nice resistance levels at 10780/800 since the month of Aug - again resisted at the beginning of the week with a bearish RSI divergence on the H4 - completed a bearish Butterfly pattern at the resistance zone Those who are looking to trade this could wait for a...
USDCHF is at a resistance level (0.9950) - highs in May and July Price seems to be stuck here for the 4th day today Took a small short position. There is a potential bearish Shark pattern completing at 0.9955/57 H4 AB=CD pattern completing at 0.9988, so stops has to go above this levels H4 bearish divergence on the RSI - indicating an exhaustion move
AUDJPY in a strong down trend daily channel I see a strong horizontal resistance at 80.60 and a bearish Bat pattern completion at 80.80 I would like to see how price reacts at the 80.60/80 levels before going short. However, I will be a little more cautious on this trade as the there were good CPI numbers coming out of Australia this morning.
I believe there is a little more upside for the pair to complete a Bearish Bat pattern at 1.0080 levels. Previous resistance levels. RSI should be ripe for plucking at the OB zone as the price moves up to our PRZ.
I see a bullish Gartley pattern completing at around 0.9575, which will also be at the support of the down sloping channel. I would like to try look for an opportunity to go short first towards the completion of the bullish Gartley. A retracement up to the resistance or up to the middle (upper band) of the BBand would present a good opportunity. Note that RSI...
Encouraged by one of my students to look at oil. First time posting on oil Looking purely at the Technicals (without evaluating the fundamentals). OIl just bounced off the bottom of the channel at 45.75 low. If this can't get back above the 46.50 strong support for over the past week, then I would be more bearish biased. Bearish oil prices would be good for my...
The CADCHF like the GBPCHF is also showing a bearish pattern. A bearish Shark pattern has already completed, price break down the support TL and now is at a critical point. I am expecting this to start dropping soon if the price is resisted by the support turned resistance TL.
Price has come back up for a retest of the PRZ. I can also spot a smaller Bat pattern on the M15 to complete around 1.2845 levels. There is a bearish RSI divergence, indicating that this last move up is exhausted.
This M15 trade setup might potentially turn into a very good home run. Pair seems to be resisted at the recent highs 0.7330/45 over the past month Potential Bat pattern to complete at 0.7330
The weekend is close, winding down for the day and preparing for our class tomorrow morning. USDCHF completing an M15 bullish Bat pattern @ 0.9646, indicators looks aligned.
I see a smaller Gartley pattern completing at 0.7640. If this level does not hold, we should see this pair move up to the 0.7707 levels for the completing of the bigger Bat Pattern.
I see 2 bearish patterns completing at the same PRZ @ 133.50/60. Will wait for the pattern completion to analyse the indicators and the price action at those levels.
AUDUSD seems to be in a range on the higher H4 time frame. Looking at the M15 and I see a Bullish Bat completing at around 0.7620. There should probably be a reaction at the PRZ.
My earlier post on USDJPY (related post) was to short all the way to the PRZ of this big Gartley Pattern. I took profits too early as it did a minor bounce. Now the Big Gartley Pattern has completed. The PRZ seems to be supporting the price this moment. Breaking above the resistance TL would be confirmation for a big up move.
There was no confirmation to go long at the Big Gartley pattern (see related ideas below). Looks like the pair might have bottomed out. Will look to the completion of the smaller Bullish Shark OR the retest of the recent lows before going long. @ the 1.2900 levels