So far all charts are pointing up including the short term momentum 30min-1h chart which will be the first sign for a change in behavior and trend in Gold. So Gold is still OKAY unless -> The 30min chart which is the short term momentum of the market and it shows 1311$ (just 4$ below where we are) as critical level that should not be breached in Gold for it to...
See previous Bitcoin Update: I was looking for support where BTC bounced yesterday on two time-frames the 1H and the 4H slopes. It did workout well. The current momentum on the smaller time frames is definitely UP. In no way I am advocating a Long position in BTC at this point. The reason is there Bitcoin is showing mixed signals - even though all charts are...
See this: I was looking for support in the DXY in the 96.4 area and it did work out well. This rally can continue for awhile based on the longer term charts in the DXY here: The 1H channel is pushing the price towards the 98 area based on where resistance is on the 240 and Daily chart. The current action in no way points to a top. As Long as DXY stays...
Short EUR/USD & Long DXY Entry Points
DXY charts are the main reason to expect a move down in the EUR/USD:
EUR/USD formed a new downtrending channel on the smaller time frames while DXY bounced from its support levels: There is no reason to expect a reversal as the bigger charts have a lot more space to go for this move and this move up in the DXY is still very young and in its inception. Next Move is expected to be quite prolonged without too big of corrections. ...
As long as DXY stays above the thick blue line , the bottom of the upward channel it remains bullish and I need to expect a continuation of the uptrend. Haven't taken any profit from the short in the EURUSD from the 1.1425. I expect sideways slighly down correction followed by another wave up in the DXY and another wave down in the EUR/USD.
EUR/USD Charts 22.3.2019 - All of them point DOWN . The 60min channel is the short term momentum of the market, as long as price remains BELOW THE THICK BLUE LINE, EUR/USD BEARISH .
Those are the charts. The blue slope on the 60min is still a potential one but high confidence of being the ONE. Momentum is to the upside in the DXY on EVERY TIME FRAME.
Disclaimer: I will reserve my right to draw a STEEPER channel to the upside IF the price does demand it later on but I prefer to err on the side of caution with a much less steep angle of the slope. The move started from a very important support so it can be A LOT more powerful and will demand bigger angle to the upside. We will see. Okay , so DXY confirmed...
Not trade-able more useful as additional information regarding what DXY and EUR/USD is doing. Also, going short based on uptrending slopes is not a good idea.
For this to remain true 1.1415 should not be exceeded.
Still all charts are pointing UP(except the 240 which I am now monitoring for the creationg of a downtrend,not yet confirmed) but if the DXY is about to make a big rally , things might change quickly. On the monthly 1200$ is absolute key. If Gold cannot hold it the 3 digit gold print becomes reality.
DXY Forming Higher Lower For A Change of Direction - As soon as it has made the new higher low I will be able to draw the EXACT angle for the next move to the upside on the 60min chart. These are all time-frames Bear in mind DXY has to hold and NEVER close below the thick blue line of uptrending support to remain in the bullish mode.
Bitcoin is in uptrend on all time frames except the bigger charts. It is next to resistance though so pullbacks are possible. HAS TO MAINTAIN THE 3.4-3.5K in order to avoid another big dump.
This is for the EUR/USD Top update to help navigate the trade ; ;
First , a bit of history of the decision making process- I would like to show you my first ever trade idea in TV as the same channel is in play now: This channel was drawn on the Daily Chart but I have moved it to the weekly as I don't need so much granularity,you can see it here. We are now @ the same UPTRENDING resistance line as we were before and this...