SteynTrade

SteynTrade

I did not update last week but the previous week was looking for a consolidation or completion of the ABCD pattern (see links below for previous evaluation). The outcome was a consolidation. So now my view is that we will se some further consolidation next week around the yearly PP and previous important structure at just above R14/USD. But the following week...

SteynTrade

Gold is retracing to the 1300 level. Waiting to reach the 1.618 extension of the lower median line to go long. However, I am expecting the retrace to take the entire next week to complete.

SteynTrade

GBPUSD reacted to the trigger line of the Pitchfork during Brexit but never made it all the way back to the median line. We are now seeing a corrective structure. Volumes are increasing going long and no demand short. Looking for the retrace to the bottom of the corrective structure to take a long entry.

SteynTrade

Silver has been in a corrective structure and for some time. Price has reached the 1.618 extension of the lower median line. A no demand candle (low volume / small spread) with increasing volume on the subsequent move is indicating a good probability long entry. Looking for a move to the upper pitchfork median line.

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The NADUSD found resistance at the Pitchfork Median Line and is retracing. Looking for a no demand day at the 50%Pitchfork line and trend line to go long. The 50 day sma is about to cross the 200 day sma which will signal that the market has turned bullish. Look at the previous posts to see how the Wyckoff evaluation of the market accumulation has progressed.

SteynTrade

The retrace that we waited for last week has potentially completed at the monthly pivot, 61% retrace and trend line. Now we are looking for a no demand day to go long targeting the previous high at the 0.78500 level or even long standing structure at 0.80000 level. Following the Wyckoff evaluation previously explained we are now in the mark-up phase.

SteynTrade

The lower trigger line held and we are now moving to the upper trigger line. A corrective structure has been formed by the YearlyPP and resistance at 0.995. Will be looking for completion of the up move at the upper trigger line and resistance at 0.995.

SteynTrade

USDJPY the bottom of the trading range was tested. A buyers entered the market with high volumes overwhelming the sellers. Now the top of the trading range should be tested. The 'TDI is also defining a trading range. So I will be looking long until the 'TDI reaches the top of its range to go short again.

SteynTrade

I am still expecting the USDCAD to correct to the confluence of some significant levels. However, I now think this may take the rest of the year to achieve this. Volumes remain low and will be watching for volume to return at the 50% retrace level of the AB leg of a potential ABCD pattern.

SteynTrade

Last week we waited for the correction to complete but we probably will also have to wait for most of next week. I will be looking for a no demand candle (low volume / small spread) at the Yearly PP and Brexit key level. Once formed I will go long targeting completion at point E towards the latter part of September. However, the move after the 21st of September...

SteynTrade

Buyers entered the market just above R13 to the dollar. This was an area where previous buying also occurred. A high volume low spread candle. Price corrected back to the Yearly PP just above R14/USD. With all the talk of possible US interest rate hikes, downgrade of credit ratings and prosecution of the SA finance minister the market seems to be selling the Rand....

SteynTrade

USDJPY is testing the bottom of the trading range defined by the Wyckoff Redistribution evaluation and median line of the pitchfork of the previous markdown. Will be looking for the market to go long to the upper median line of the smaller pitchfork in the next week.

SteynTrade

The USDCHF broke the trigger line of the smaller pitchfork to complete at the yearly PP but promptly returned to the trigger line. Will watch this week if the trigger line will continue to define the market.

SteynTrade

The NZDUSD is pushing the median line of the pitchfork last week but unable to break it. A break of the median line should result in a strong rally but a break below the lower trend line should se a correction back to the lower median line.

SteynTrade

AUDUSD started retracing last week. This week we will be looking for the retrace to complete to between the 50 and 61% levels at the trend lines. Will be looking for a no demand day to go long.

SteynTrade

The BC leg of the larger ABCD correction is probably going to take some time longer to complete. We saw a correction to the 61.8% level of the up move before we reached the confluence of significant levels around 1.335. This week we could see a continuation of the up move. The 'TDI is showing bullish signs and the down move is not supported by volume.

SteynTrade

We have been following the ABCD patterns the EURUSD has been making for some time (see below). We broke the Brexit key level and trend line formed by the previous down ABCD pattern. The 'TDI is overbought and we can expect some correction back to the previous structure before the final push to point E. Volume is showing increase on the move up and no demand at the...

SteynTrade

With the Municipal elections over there seems to be some change in the air. The market seems to be defined by previous market structure and has reached the 61.8% retrace of the previous impulse. With the time running out for the downgrade to junk status for the Rand and a looming USD interest rate hike we may just see the end of the Rand's good run happening soon....