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Get ready to short this indicie, a double top combined with oversold RSI and Stochastic implies we could see a nice retracement before either a break of new highs or a retracement which is significant.
I've been watching this pair for a while, with a weaker NZD Dollar, AUDNZD has been bullish for some time.
A double top looks to have been formed and presents an excellant retracement entry to approx the next Fib level with stops just above the previous highs made back in March this year. Happy trading!
Oil has been on a Roller-coaster ride in recent months due to uncertainty with production cuts.
A nice channel has formed and a trendline break shown in the chart would indicate a nice long for continuation of this channel.
A clear head and shoulders pattern has emerged and I'm awaiting for a break of the neckline to target the missed monthly pivot below. Stops above the neckline and sell stops below the neckline awaiting for the fall.
The EURCAD since the French pre-general elections has made it rather bullish, however the gap, missed monthly and weekly pivot lie below and with oversold indications on the RSI indicating a retracement is due.
We are at the point where we are hitting the 50% a key retracement area in any leg of a financial instrument. There are multiple points of resistance and...
A nice double top has formed, with targets aiming for the 61.8% fib area. places stops above the highs by a few pips and if it breaks this then a breakout trade is on, otherwise a little retracement is expected.
The Dow Jones Index like many other indices has been powering through aiming higher and higher , however with two significant gaps and a missed weekly pivot, evidence suggest these gaps will be filled at some point in the future. Added to this, is the divergence shown on the RSI which indicates a downwards correction.
NatGas has recently retrace back into the channel it had formed as part of a corrective phase when observing the weekly/monthly timeframes. Recently, it looked as if it would resume however shortfalls in supply to demand have driven price up accordingly. Expect a small retracement soon and the channel to be obeyed as part of a supportive channel in the coming weeks.
My recent post regarding price action and how you can determine changes in the direction was recently shown, showing a doji followed by a pin bar which turned into a bullish candle. Since then price has oscillated and not taken any momentum in direction.
The same is for today where a doji followed by a decent sized bearish candle indicating downward movement. The...
I don't advise you trade any GBP pairs for the next week on the basis of article 50 being triggered and the consequences arising from it in terms of volatility.
However, what I would like to highlight is looking at price action in the red circle. A set of bearish candles had formed followed by a doji and then what a call a pin type par. Also notice the 50% fib...
The trendline break is a nice setup for shorts now, either enter and await for the two missed monthly pivots below or await for a slight retracement before entering short. Stops above the trendline around 1254 and target 1 = 1242.5 target 2 = 1220
It looks like a H&S pattern has emerged and the Dollar is now in a corrective state and could aim for the lower trendline or for the support area of 97.5 a pivot-able area of support. The neckline is broken so await for a close and potentially a retest against the neckline as resistance before entering shorts
Clearly a range is being seen in the indices markets with no defined resolution on direction which has caused this ranging pattern to form. On top of that, a double top has formed and rejected the resistance line so expect shorts to be in play with targets towards the current weekly pivot and potentially beyond. Stops above the high of the double top!
AUDNZD has been bulldozing its way North due to a weak Kiwi Dollar.
That's about to change with a rejection at the fib level and the bearish candle prior to previous candle indicating a movement towards the missed weekly pivot shown in the figure. Stops above the fib with a safe target half way to the pivot.
Copper as seen has been on an aggressive rally and is largely correlated with the AUDUSD. If a break below the Fib along with the already broken trend line then expect a nice retracement to approx half the movement upwards, e.g. the 50% fib area which coincidences with the yearly pivot.
The Dollar recently broke out of a triangle formation and a retracement to test the now support has indicated that we could see a movement higher towards the 76.4% Fib area. There is positive momentum in the RSI and MACD also backing this idea.
Happy trading folks!