FXAutomate

FXAutomate Updated 

This is currently one of my favorite forex setups. We have a massive head and shoulders which have just broken below it's neckline (closely coinciding with the Weekly 100 SMA). And as an added bonus we are also now trading below the Yearly Pivot. Initial targets seems to be in the vicinity of the Weekly 200 SMA @ 82.204 with the possibility of a test of the YS1 @...

FXAutomate Updated 

As far as technical setups go this is as high a probability setup as you will get. It's a pullback of the larger bearish setup (discussed in my previous idea - linked), while also being a re-test of the latest head and shoulders neckline (coinciding with the Weekly Pivot and 1H 200SMA). The target price is 87 with a stop at 89.2 giving you a Risk to Reward ratio...

FXAutomate

From this monthly chart we can see that Gold is still stuck in consolidation with the false breakout in September last year serving for the necessary liquidity to propel it back t the top of the channel. I like the fact that we saw a re-test of the Yearly Pivot @ 1832 with price quickly rejecting it and making a new high. Interim target will be the top of the...

FXAutomate

The SA Top 40 has seen a strong rebound over the past 6 trading sessions, but we still have a textbook inverted cup and handle at play. Price has only today re-tested the breakout level which also coincides with the Daily 100 SMA which should be acting as resistance here. Without a break above the regression channel @ 70880 we will likely see the downtrend resumed...

FXAutomate

There is quite a lot going on on this Daily chart, so let me point out some aspects. The chart maintains it's bearish nature with the last head and shoulders technically remaining a valid top as long as price fails to break above it's right shoulder (even though the specific pattern reached it's target price in October of last year). Should we see price invalidate...

FXAutomate Updated 

I just want to place the current bullish price action in crypto and more specifically bitcoin into perspective by pointing out the fact that the major trend is still firmly bearish and we are very likely jut seeing a correction to around 21600 to test the Monthly Pivot and convergence of both the Daily 50 and 100 SMA's. In my view the most bullish case could...

FXAutomate

While everyone is focused on the rug pull of the GBPUSD, looking back to March of 2020 we saw a very similar run on EURGBP which presented an excellent opportunity for a mean reversion trade

FXAutomate

USDCAD has tested and rejected the Yearly R2 pivot @ 1.350 and also considering that the DXY closed an important imbalance zone this is a perfect level for a pullback within the context of this bullish trend. The correction target would be the upper diagonal channel line which also corresponds to the missed weekly pivot and 61% Fibonacci retracement level.

FXAutomate

Rejection of the weekly 200 SMA and the massive overarching head and shoulders targeting 10k

FXAutomate

Trend remains firmly bullish with successive higher highs and higher lows and the imbalance zone joining the yearly R2 pivot @ 18.20 as the target area. Best case for the ZAR here is another test of diagonal support @ 16.80 but overall we are heading to the top floor

FXAutomate

When gold broke below the long term support channel @ 1800 in the beginning of July, red flags definitely went up (mind the pun). And following the retest and consequent rejection of this level 2 months later we had clear confirmation of the new bearish trend in force. Considering we have now also dipped below another major level of support in terms of the Weekly...

FXAutomate

Last week saw price tagging the monthly pivot and immediately selling off to form what appears to be another head and shoulders continuation pattern (complementing the currently active much bigger one). At this point the 10k short target is starting to look more and more likely. Concerning interim price action it is possible that we will still see a small bounce...

FXAutomate

Following recent rejection from the yearly S1 pivot and daily 100 SMA, I am starting to expect a high probability of the 4 month consolidation nearing it's resolution. In order for the range to break to the downside we would ideally want to see a close below the imbalance level @ 1.724 as this will trigger the short with a target @ 1.665 (Yearly S2)

FXAutomate

Following the head and shoulders break below the yearly R2 pivot neckline @ 108 we have seen three re-tests, each getting rejecting. The short target remains near the yearly R1 pivot @ 92.90. Stops can be considered just above teh Daily 100 SMA @ 111 as a break above this level could see the head and shoulder invalidated.

FXAutomate

There is no doubt that the NASDAQ along with other major US indices are still firmly in the grasp of the bigger bearish trend. The current correction to the Daily 100 SMA is also not unexpected. My suspicions for the past 2 weeks has been that we will either see a bearish reversal occurring somewhere between the Daily 100 SMA @ 12900 and the yearly R1 pivot @...

FXAutomate

With the DXY currently on major support (see my linked idea), I expect a possible bullish reversal from the Yearly R1 that price is currently testing. There remains the possibility for another move slightly lower to around 0.942 where we will see a test of the Daily 200 SMA. The initial bullish target will be the untested monthly pivot @ 0.962 where we also have...

FXAutomate

The US Dollar index is currently testing major support from the lower boundary of the linear regression channel, which also coincides with the Daily 50 SMA and Weekly S1. This level also closes the monthly imbalance from May. I expect a high probability reversal to at least 106.67 where we have the yet untested monthly pivot. Further upside could see a reach for...

FXAutomate

Bitcoin has seemingly broken out of its consolidation on the 27th of March and now 'appears' to have successfully retested the breakout level @ 44500 with the breakout target between 54500 and 55000. However, in my humble opinion this simply looks too 'obvious'. The overall Daily trend is still bearish and some major levels of support remains untested. My...