For some time my bias was bearish on gold till recent price action started to show a true reversal signs. I have analysed all time price of gold since 2006 till now and these are my assumptions:
- 2006 - 2012 : Gold traded in an ascending channel, which was invalidated by the following symmetrical triangle;
- 2011 - 2013 : Symmetrical triangle was...
The reversal of crude oil happened after breaking the weekly channel couple of weeks ago as anticipated in my previous post (See link), a nice short trade was initiated. Was really one good trade. Oil was ever good to us, providing another setup to go short again.
Wait for a rejection around...
Today Morning price has broken the all-time rising wedge. The chart above shows the rising wedge with its impulsive break, together with the contained patterns bitcoin has been trading in in the last year. Patterns were drawn with their targets and measurements accordingly without a break of common rules.
Trade safe and good luck!
if it is not obvious by now that SPX reached its peak and it is in its right now to go down for some retracement. Taking into account all whats happening at the moment, from covid, stimulus inflation, etc, it's unrealistic whats SPX has reached the last couple of months with its parabolic move. This is unhealthy and not sustainable in the long run. So a proper...
Earlier I mentioned that NZSJPY is about to reverse with an impulsive move down, which is what happened exactly as anticipated. If you had the chance to get into that short trade then you might have gained some profit.
I still believe that the rally to the down is still due and will continue till it reaches the key zone around 76.500.
A breaking under 76.565,...
A month ago I have posted that gold is going to a huge push down targeting 1680 which is exactly what happened. I expect Gold to go for another push down. Gold was trading in a rising wedge which was broken impulsively this morning. Price is retesting the resistance currently, a short opportunity once price is rejected around the key level 1742.
After the impulsive break of the ascending channel on the daily of NZDGPY, price came back to retest the resistence and now almost ready for shorting.
NZDGPY tend to reverse after forming double tops if you have noticed. So I expect price to reach the top before reversing.
Trade safe & Good luck!
Based On the looks of SPX at the moment, and some measurements of previous price action, I could conclude that a probable rising wedge is in the make. Risings / ascending wedges a reversal patterns which happen when price makes higher highs and higher lows with a slope up and have a bearish bias.
PS. . the pattern is still half way, so at the moment we still...
SPX started the retracement on the 22 of March, many head and shoulders patterns were formed on the chart. although I don't trust H&S patterns, but there are multiple confluences confirming the retracement. last confirmation just happened this morning with price being rejected multiple times whenever trying to go higher (and I mean really rejected with long...
Head and shoulders patterns are all over the place on the crude oil chart.
Oil has broken the weekly channel couple of days ago and has been retesting its support the whole today. Price broke the H&S pattern just after the opening tonight. Expect a reversal with targets indicated above.
A breakout of the triangles on both the daily and the 4h to the upside.
A semmetrical triangle on the 4h, and ascending triangle on the daily. its a bit a tricky to draw the lines there, but this is the correct way as shown!
price is making higher highs and higher lows in a supposingly downtrend indicating a possible continuation to the downside.
besides, the double top and bearish divergences may adds confluence to assume it might breaks, if ever!
So, in my previous post, see below, I have shared my bearish view on BTC. I have doubted for a bit my analysis since yesterday. However, I re-assessed the price structure of BTC this morning, after closing my short positions unfortunately :(, because Now im more convinced that we are heading down for a serious retracement.
On the daily, an inverted flag pattern...
Based on price action of bitcoin so far, one can assume that a descending trend had started a week or so ago with the close of a very bearish candle on the weekly timeframe.
Looking at the daily, a wider head and shoulder pattern is probably in the formation.
On the 4h: Possible a falling wedge is in the make, which might bring the price to the 30000 level. If...
Although the main trend is bearish, my expectation that Gold once done with the current falling wedge, will go for an impulsive push to the upside. Might go beyond the descending channel.
ps. This analysis fails if Gold breaches 1690 Support.