Price broke both the recent range, a key support & 1.16000. This indicates a test of historic consolidation which will now turn into support at around 1.14812.
Price then can follow the arrow prediction or correct back above 1.16000.
I consider any price action below 1.16000 as an indication that price will head lower to potentially test 1.11000.
Two options here, the first is my preferred which is to wait for price to head up into the red zone and then to sell. The second option is to sell when price breaks out of upward symmetry which is when it trades below 1.30000.
My prediction is a decline into the green zone, where price will the head for 1.30000, as it already tried to break 1.29000, I an inclined to believe a more ambitious test at 1.30000 is on the cards.
Likely entry at 1.27000 targeting 1.30000.
Currently short, price has failed to break above the upper structure zone (red box) and problems in Spain helped it drop Friday PM.
The long term trend is downward so technicals and fundamentals are aligned to the downside. I expect a correction upwards at 112.000 where price would have to break into a new structure to go lower.
Price action above 115.500...
The Dow Jones just won't stop rising and so the bias is a buy.
Opportunities to buy are short right now as ideally you want to come in on a correction structure with the closest one at the 23000 level. After that the Fib levels are some way lower so you'd need quite a decline to get in on a correction. Luckily President Trump is prone to causing world wide fear...
Buy the break a 7596 or sell a failed re-test. The ranges are highlighted. Stock markets make little sense these days so I'm long as the buyers keep on calling the shots.
My Trading Rules - How I identify trades, define my edge and manage the commercials:
First I define my 'edge' which simply means a set of circumstances that indicate one eventuality is...
1. Choice one is to sell at open and target a move down to 0.89000, where price may decline lower or correct higher.
2. Choice two is to wait for a failed break of 0.89000 and go long, in line with the primary D1 trend and in anticipation of a longer term correction to the upside targeting 0.92500
3. The preference is choice 2, however a continuation...
There are two eventualities for the pair, a move into prior support and a retracement higher or a break below prior support a move lower.
This pair is being driven by fundamentals with the Brexit negotiations stalling and self destruct rhetoric becoming more common from the UK government, this is likely to dampen sterlings recovery.
Technically the pair is in a...
In honest this isn't a pair with much clarity as price is drifting between upper and lower consolidation structures. In cases like this it's best to wait for a correction at a major level/structure or a break-out of a major resistance/structure. The green box is where I'd want to go long on a correction and the yellow box is where I'd want to go long on a...
USD/CAD is trading in a short term D1 range from 1.24394 to 1.26000. Trading options are straightforward, sell at the top of range and buy at the bottom of the range at any failed breakouts.
Be wary of breakouts in either direction when trading the range, keep your stops low risk and watch carefully for fundamental factors that may spur a breakout in either...
I'm looking at a short position on USD/JPY for the week ahead between the 114.000 - 114.500 level. Target is 115.000 and Stop is 114.650. If we see a break above 114.650 I remain short up until a break of 115.500 where my bias switching to long up until a failed re-test of 118.650.
My Trading Rules - How I identify trades, define my edge and manage...
The white box displays the 'buy zone' where a long position is supported by 4 confluences, the 50-61.8% fib levels, the 1.17000 psychological level, weekly support at 1.17184 and immediate prior consolidation from 1-2 weeks ago.
This 'buy zone' is invalid if price surpasses 1.19161 as it will have broken out above prior consolidation and is not likely to return...