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Here Oil has been ranging upwards for sometime on positive OPEC compliance, however the triangle formation indicates ab reak to the downside and has been confirmed by the breakout.
I've drawn in the arrows to indicate that when a breakout occurs, await for a retest to what was previous acting as support and is now acting as resistance. Oil shorts now in play with...
The recent comments from the President of the US has boosted the Dollar and consequently this has forced a triangle breakout with a nice upstream to the 76.4% Fib area. Await for a slight retracement before entering long
Here a long term trendline was formed and if its respected, expect a significant retrace down to the 0.74-0.73 area.
Sell stops below recent candles low with stops above the trendline and target is the missed monthly pivot
The Dow and indexes alike are pushing higher and higher, however whilst this looks set to continue there are multiple signs of the steam running out on the trend.
1.) Multiple divergences on oscillators
2.) Many missed pivots
3.) Oversold conditions on RSI high timeframe
Therefore, I think investors are getting ready to net on shorts in the coming weeks.
The US Dollar is in a correction state due to the pre build up of the new president and looking at the yearly pivot it fits with the 61.8% Fib level so I anticipate that we will see this be hit within the next week or so and then for this to begin acting as support.
Stay patient and wait for this target to be hit (you can of course target the yearly pivot in...
So a colleague of mine pointed this one out to me, you can do exactly the same with the EURUSD.
Notice how in the last 17 years the pattern of the presidential elect has an overall affect on the currency. I'm expecting to see Dollar weakness in the coming months/years
So Trump's in office and the Dollars out look might not par so well under the Republicans (chart to follow).
A nice trend channel has formed and with some divergence seen on RSI/WT I expect a slight correction towards this weeks pivot before resuming further South.
The pound has yet again taken another pounding (pun intended) but is oversold and has shown divergence and is ready for a up correction towards the 50% Fib or 2nd trendline.
Pending Buy orders above the 1st trendline with stops below the recent lows.
The Pound has been on short selling this start of the new year mainly due to uncertainty with Brexit and comments made by the PM.
If price can close below this fib, shorts are preferred with the next fib a target and possibly the 23% area.
Stops above the current fib where price is lingering.
The Dow Index has been on a staging rally since the US Election and is now over brought on a high time frame. I suspect will see what pundits call the breach of the 20,000 mark and maybe a tiny push beyond, but like most things and the start of the new year, I expect many institutes to start to profit take and for a retracement down to the 19,000 area.
I haven't posted for a while as I've been working on some really interesting projects, particularly for traders coming up in the new year.
The DAX is an instrument I like trading and presents itself with unique opportunities on a frequent basis. At this time of year I like to reflect on what the instrument has done so that I can depict the long term movements...
NGAS has just rejected the resistance made by the recent high, meaning a nice retracement is now due. With a couple of missed weekly pivots below, this would make a nice target for the retracement. Stops above the highs!
I might take this trade in a day or so if it continues to head south and close beyond the 200 EMA. A clear rejection of a nicely formed channel has emerged and we can expect some strength in the Yen in the coming days so this might be a nice trade with stops above the upper trendline channel. Target would be around 76 area which seems to be providing a nice support area
I won't be trading during the US election and ceased trading as of last Thursday as I expect some wild volatility that can blow accounts and so I'm protecting my capital.
Here is a potential scenario to what might happen to the US Dollar during the election in the next 2 days. Good luck to those who are trading!
Copper has been obeying the triangle structure for some time and has just shown a rejection of the upper trendline indicating a nice move south. Stops above the trend line and targets for mid way or to the lower part of the triangle