With a strong NFP and week Canadian employment results price has broken the yearly PP. However, this is occurring on decreasing volumes showing that this is probably a temporary news based move. So with the final push higher we should be looking for volume to return, indicating sellers entering the market, to mark the start of the impulse move down.
With Gold showing some correction after a bullish move and a strong NFP one would have expected the rand to also have a good sized correction in price. However, the rand has strengthened and supported with some volume returning. The municipal elections have gone down with little incident and with some vote shifts shows that largely the democratic system is in...
I have been following GBPNZD using the Panoptic method (@Ichimoku_Trader). Last week we broke the Critical Level (CL) without taking a trade and we are now bearish. Other than the Weekly Panoptic Map there is also a Chico Span (CS) setup. So first we can trade the CS pivot to the buy zone and then take the short to the target zone. For details on CS setup please...
There is consistent dominance of demand over supply. Advances (SOSs) are on widening price spreads and increasing volume. The reactions (LPSs) have smaller spreads and diminished volumes. We are at the top of the trading rand and moving away from it. Based on this I expect the mark-up phase to start soon.
As indicated last week we expected to find support at the resistance lines. There is consistent dominance of demand over supply. Advances (SOSs) have widening price spreads and increasing volume. Reactions (LPSs) on smaller spreads and diminished volumes was again seen. We are at the top of the TR. We should see the mark-up phase should start soon.
We have been moving along the cloud for some time. The price reacted to the yearlyPP and I was wondering if the market had started the big impulse CD leg. However, I think we could see on more leg up this week before the move down. When the Chico Span reaches price we can expect things to start happening. Volumes are still low and we can expect a volume spike...
The USDJPY has made a correction to the ML of the pitchfork setting the trading range during the redistribution phase. If this Wyckoff view of the market holds we could se the market range between these levels well into next year. For now we will be looking for a reaction at the LML of the Pitchfork.
After testing the resistance lower trend line of the corrective wedge. Price has moved back to the Brexit Key Level. Looking for a break and retest of this level before completing the E leg of the larger corrective pattern.
With Gold having a bull run the Rand promptly followed. The Rand broke the yearly PP and is showing some strength. Volume entered the market. There was a brief attempt at a short term correction last week but the Gold strength dominated and pushed the Rand through the yearly PP. In the coming week we can expect a short term pullback/correction in Gold and the...
The market is again testing the Last Point of Support (LPS). These tests are noted by smaller spreads and diminished volumes. There is consistent dominance of demand over supply. Price has moved to the top of the TR. LPSs in this phase are generally excellent places to initiate or add to profitable long positions. We have reached such a point at the yearly PP and...
To confirm our analysis we are looking for a consistent dominance of demand over supply. Volumes are low in general but up moves are supported by higher volumes (21 day average volumes) and pullback even lower volumes. Price spreads are widening with the up move evident in TDI above 50%. The reactions at LPS are on smaller spreads and diminished volumes. Price is...
We continue to move up along the cloud but we have nearly reached the target area. In the next two weeks we should have reached the confluence area and will be looking to trade the bigger impulse CD wave down. This week it will have to break the YearlPP first to be able to finalise the BC leg.
Price has moved to the top of the 55 Day OF and has shown some strong price rejection at this level. Volume remains low but the next move down should show some volume and spread increase which would indicate distribution. The range for the redistribution has now been set. Price did not make it to the Pitchfork ML which shows some weakness.
Price has made a deep retracement and if the Brexit low is broken this ABCD count that has been progressing for some weeks would be over. However, there is little volume support for this move and I expect the pair to go long next week. But let first see if the trend holds.
This is my first Panoptic Weekly Map. @Ichimoku_Trader (www.tradingview.com) started publishing these as weekly planning charts to help traders. He has selflessly helped many traders understand the markets through his Panoptic Method. With his help this is my first weekly map using this method. Look for a retrace to the buy zone before going long on a micro ...
This is to update my previous view on where the Rand will go. The Municipal elections are approaching at the beginning of August which potentially could be the start of a political power shift in the country (or maybe not). However, I think there that investors sill be cautious in buying Rand before the election. With USD strength and resistance at the yearlPP we...
Similar to the NZDUSD pair we are looking for the breakout in Phase E to start of a Wyckoff view of the market. In Phase D if the analysis is correct we should see a consistent dominance of demand over supply. This is evidenced by a pattern of advances (SOSs) on widening price spreads and increasing volume, and reactions (LPSs) on smaller spreads and diminished...
The USDCAD reacted to the Yearly Pivot Point last week but showed some recovery at the end of the week. I am still expecting the pair to move to the confluence of the cloud and the 50 weekly SMA. The Chico Span is still bouncing between the 50SMA and the cloud. The target should be reached in the next two weeks and then we can trade the larger move down of the...