SteveNixon

SteveNixon Updated 

We've had a very deep correction (2) on our initial impulse (1) I'm expecting Wave (3) next. If you look at this pair on a daily chart you'll see this is how it often moves. Technical Analysis is about identifying what has actually happened and predicting what is going to happen next. Trading strategy is about taking your prediction and looking for...

SteveNixon Updated 

In my view the correction of the previous impulse is not deep enough yet. It looks like an ABC (could be a flat but a zig zag is also possible) The blue line is 38.2 fib retracement If it breaks down we must wait for a correction before shorting. Let's see how it develops Not investment advice - ideas for learning and discussion Steve

SteveNixon Updated 

This is developing into a more complicated corrective structure. As you know we never know what the final outcome will be until the correction is complete but we can adjust our understanding of the structure as it develops. What I see at the moment is a potential double zigzag. I've been in this from the start of the impulse. On Friday I thought the...

SteveNixon

I was expecting a C wave down out of the corrective structure. Instead price has broken out north and formed a low degree flag = buy It may go long from here but it may also swing back down forming a more complicated corrective structure. If you want to buy then make sure you get your stop to break even as soon as possible just in case it reverses. NOT...

SteveNixon

Previously this pair looked set up to fall - We said wait for the breakout on a lower degree to confirm the short. That didn't happen so now we look for the next opportunity. This may breakout long or may come back into the channel. Look for the correct structure before opening any positions. 1) Long breakout - wait for correction before entering long 2) Reverse...

SteveNixon Updated 

There are people calling this short - I'm still long Of course it depends on what timescale you are trading but the big move is long and that's what I'm interested in. Analysis - Price has broken the previous down trend 240/Daily We had a long impulse followed by a correction which we are still in. As you know corrections morph as they develop which is why we...

SteveNixon Updated 

We've had the predicted move down and now it looks like we it is preparing to drop again. Watch this closely to see how the correction develops - I think it will be a short lived correction As I said earlier this might be the start of wave C which could be a huge move down. This is not investment advice - just my view of the charts Hope this helps Steve

SteveNixon Updated 

Sorry my last chart on this idea wasn't good so I've drawn this "close up" I'm looking for confirmation that we have a breakout from the Daily Consolidation If the current structure develops as indicated we could be looking at a nice lower level correction of the breakout; in which case we can look for a sell. Still a lot of "ifs" and "buts" to come - that's the...

SteveNixon Updated 

This looks like a possible ABC on the Daily Chart The "B" corrective structure has been broken and we are now in the C wave To trade this you will need to wait for a break out of the 1H correction and then use your trading strategy for entry and stops. After the break out look for a low degree correction similar to the one circled If this is an ABC I expect the...

SteveNixon Updated 

We've had a massive move up in the GBP across the board. We will now get a correction - once the correction is over we'll know where it's going next This chart is simply suggesting that it may go long I'll watch this development and post once I see a trade For now there is no trade either way - I am neutral until we see the structure Do not jump into this! Hope...

SteveNixon Updated 

Price has broken out of the large correction We now have a new correction on a lower timescale It looks like a simple ABC but could become more complicated. At the moment I see no reason for a BUY trade If the price breaks down out of the current correction it is a SELL for me Hope this helps Steve

SteveNixon Updated 

I'm looking for a huge short impulse in this pair on the Weekly/Daily timescale Price is currently "breaking out" of the daily corrective channel. It may go back up for another wave but if it breaks down this could be the start of a very nice trade On the 15 min chart I don't know if what we are looking is a break out and correction or a "bounce" back into the the...

SteveNixon Updated 

This is an update to my previous chart (linked below) This now looks like it could be a carbon copy of the previous break Lets see how it develops but it could turn out to be a nice short trade Remember wait for confirmation that it breakout is not going to reverse back into the trend 1 hour correction? Good luck Steve

SteveNixon

We have a lovely corrective structure forming It could become more complex but I think it will remain simple and break out north. If so it will provide a great opportunity to open a long trade. If you are in it from the start then hold on to your positions for more gains next week. You should be able to move your stops to a small pip profit and still be...

SteveNixon Updated 

Possible Short to Weekly 78.6 retracement Daily Corrective structure broken (Down) Hourly Corrective triangle formed Any break down from here could be a nice short trade to the Weekly Fib Aggressive entry at the current price Smart entry after a break out (see scribles on chart) Just an idea I'll keep you posted on this as it develops Good luck Steve

SteveNixon Updated 

This looks like an expanded flat to me. Of course I could be wrong but I called it yesterday and woke up to find it had perfectly rebounded off my trend line. It's a flat correction that much is obvious and so it looks like it will move north from it's current price. Let's see what happens when it reaches the top of the corrective channel I'll keep you...

SteveNixon

I've been expecting a break out of the down trend and this may be it. DO NOT enter long until we see a price correction similar to the one I've shown on the chart Upward momentum is still strong so we may have to wait a while for the correction. Let's see how it develops between now and Monday and we might have a nice long entry point Hope this helps Steve

SteveNixon

I posted this on the 240 chart but it didn't show enough detail so I'm re posted on 1H This could turn out to be an ABC/DE corrective structure I'm short on this and looking for it to complete the C Wave If it reaches the bottom of the channel we'll have a look at what to do next If you are not in now I would wait to see how it develops Like or follow for...