Chinedumnweke

Chinedumnweke

The final part of this walkthrough. Will the market constrict to the tip of wedge before a breakout to the downside or is this an accumulation phase warming up for a transition to the advancing stage? Comment below

Chinedumnweke

It so happened that the continuation of the March 2020 uptrend was a short one as it came to another distribution phase shortly after accumulation in late June. We see price push to the upside at the end of accumulation, possibly to gather liquidity by taking out traders who expecting a decline phase, had short positions. After the last upthrust, we will see price...

Chinedumnweke

March 2020 saw the beginning of an uptrend in the market, coming from 0.5500 area. We see a short distribution, a brief decline, a short accumulation before an uptrend which I may consider a continuation of March 2020 uptrend. A continuation makes sense if the brevity of distribution, decline and accumulation is taken into consideration. If the decline phase was...

Chinedumnweke

Its always breathtaking when beauty shows itself. Since the end of the first quarter of 2013, price has been falling. I am mostly interested in the downward spikes (Circled) that happened and what followed after as the key to understanding what can potentially be. I have divided this market events into 2 mirror parts, the only difference being in scale. Macrocosm...

Chinedumnweke

A smaller head and shoulder within the hourly head and shoulder, when complete can be a good place to buy to the root around 0.9440

Chinedumnweke

A sell can be around the corner for this pair. For the most part of this year, we have had this pair move to the upside to create a yearly high at the end of July. Of course, this high coincided with W supply trendline which have pushed price down consistently in the past. A second retest confirmed the area as a legit supply zone and we can expect price to...

Chinedumnweke

Can price finally find support around 0.7160? Though this pair is in a global uptrend, it is important to note that its current behavior and direction has been to the downside since the start of this trading week as is evident in the making of lower highs and lower lows. Needless to say, traders with a bullish bias has been waiting for price to find support at...

Chinedumnweke

Price is at confluence of key support level and 200MA. Preparing for a buy when I see further candlestick confirmations. Cheers! Please, keep an Eye or two on AUDUSD and AUDJPY. As I forecasted yesterday, the pieces are aligning in preparation for a move to the upside

Chinedumnweke

Overall trend is an uptrend. Most recent broken level is resistance now turned support at the 76.05 area, Expecting a retest of that key level. In retesting, it is quite probable that price can come down to slightly break below 76.05 area to find support at 200MA before continuing upwards. This retesting move can trigger a chain reaction to generate fuel for the...

Chinedumnweke

Overall trend is an uptrend. Price is currently at the edge of daily key level between 1.3026 and 1.2976 after a determined push to the upside, which has served as resistance multiple times in the past. I will wait to see what price would do when it comes to retest hourly key level between 1.2976 and 1.2960. 200MA is expected to confluence with hourly key level...

Chinedumnweke

Overall direction is uptrend. On the D1 timeframe, we see a deep pullback after over 6 months of trending upwards, that found support at 200MA. Scaling down to the 2H TF, we see that price recently broke strongly above a key resistance level now turned support around 0.7200 area. Will look for buys after a retest of resistance now turned support and will only...

Chinedumnweke

Overall trend is an uptrend but price has been ranging for over 2 months after failing to rise above above all time high at 1.2000 level. Price has risen back into range after previous break of range support. Will wait for a retest of resistance now turned support before opening a long position to resistance of range. Right now, it is unclear to me what major...

Chinedumnweke

We can expect a big move to the upside when price breaks out and closes above triangle! Price is currently hovering around the 0.95000 level. Price can maintain a tight range inside apex of triangle during this accumulation period, gathering momentum that will serve as fuel for a strong move after a breakout-----(in any direction, mind you!). It is important to...

Chinedumnweke

We have a nice break of trendline here. I will be looking for sells after a retest of broken trendline and a confirmation of a continuation to the downside. Take profit levels will be at areas where price previously bounced off or touched support trendline during its upward journey prior to the break of trendline. A return back into the uptrending channel and a...

Chinedumnweke

So, price is in a downtrend after an extended period of trending upwards. Price is currently trading around the 1.8000 support level. Price has failed to make higher highs this week as is indicated by downward sloping trendline. Since overall trend is to the downside, we can potentially expect a possible break of support and a continuation to the downside....