Don't be put off by all the charting, let me break it down. Firstly what can we see? The blue line is a weekly trend line dating back years which as you can see, isn't breaking. This is followed up by the daily support in grey. In red, we have a Bullish Flag pattern. Buys on the break of the high of the flag is favoured with clean traffic. Alternatively, we...
Doesn't get much easier. Double top. Look at the daily chart, huge bearish rejection of this level. 4hr showing these twin tops, multiple confirmations. Again, usual scenario of break the neckline and follow the usual corrective move to the 61.8% where we should bounce off again for the third touch. Careful if you take the sells, it's counter trend.
Every day last week, GJ tried and failed to close above 140.200. Price can only go 2 ways. If it can't go up, it will come back down. Should this resistance hold, and we break the trend line we see the 61 retested. I do favour sells just due to the 3rd touch of that very long term year trend line! Close above 140.200 and we buy, alternatively.
Could you find a more volatile pair right now between DXY and Brexit?! I favour longs on this retest of the daily support, especially with the minor bullish trend line to consider and the fact we have a perfectly lined up fib area. As always we prepare for buys and sells, so sells we have below the support and retesting the 61.8% fib and longer term descending...
Again, a weak dollar has seen tech stocks break the key resistance and once again break the All Time Highs!! In theory we should now see 13k.
The Loonie broke the weekly support and we saw a freefall below 1.30. Really cannot see the USDCAD breaking back above 1.30 now with the DXY crumbling and oil prices climbing. The only question is where the pullback ends. I've highlighted a 1hr zone of interest in yellow, where price stagnated creating a potential shelf for price to retest. However, should...
Okay so in this chart, I want to show you how you could have caught the early move last week, and how we catch the next move here. Clearly we have very strong support on the Daily timeframe, with the yellow line illustrated with the white arrows how many rejections there has been. Then, we created a Descending Channel with a stronger pound over...
Descending channel, but stalled at the daily support which also has provided a technical reversal in the form of a Double Bottom so expecting a break of structure, a retest and then a push to 61.8% fib but with Brexit anything can happen so prepared for sells as well!
We could break this weekly support this week. Need a daily close below the red area.
Again, can't see a trade being taken on Nas this week. Just no clear direction. Doesn't want to break lower, but can't break higher.
Really clear Double Top here off the Key daily resistance. Needs to break the 4hr support in the red zone though! Interesting to see if we break or bounce the ascending trend line with the third touch.
Pay attention. Clear Double Top off strong daily resistance. However, we're coming to the short term 61.8% fib. Either we break and complete the Double Top, or we bounce and go for a Triple Top.
Set up from last week still valid and great example on how to add positions to a good trade. Every green area is where you could add positions through technical confirmations. Predicted last week, evidence attached.
Really unclear and no trade options for me really. Still think this will go bullish, Double Bottom and a Falling Wedge. But very choppy. Only consistency is the red support holding.
Not much to report with tech this week after a tight trading week. Pretty much a straightforward buy or sell depending on which way we break!
I'm Bullish. I know, risky right? Take a look at the weekly, at the daily, this big grey area is holding like a champ. Keep an eye on 1.31100 but other than that, we should return to 61.8% given Toronto is back in strict lockdown.
We're pushing into the daily resistance after the dollar's drop off last week. We still need a daily close above this zone to go further bullish and don't forget that key 0.70 level which would be a huge level to breach. We've now finished the short term Eliot Wave and should now see a drop to the 4hr support and 38.2% fib area where we come into a major trend line.