Update: stopped out The price managed to break and settle above the 50-days SMA and the descending trend line, to consolidate in a pennant formation, that hints probably price could be heading for a bullish breakout.
Despite the strong uptrend, long term trend remains sideways, meanwhile, multiple weekly bin bars and lastly a bearish shooting star hints a potential bearish setup. This is not a sell signal, but ill be looking for short setups over the lower time intervals for confirmation.Also watch for a break below 1.6250 support that may signal a trend reversal.
Two possible scenarios, I would buy dips toward the moving averages and the channel support, looking for a move to 977.00,1072.00 and 1161.00 high. On a break below the channel and a new moving average bearish crossover i would reverse to the short side to 685.00 and 548.00 support levels.
Update: first target hit, moved stop loss at break-even, Update: Closed first half at first target=$20(200 points), second half at 1240(120 points) Profit(points)=320 Major rejection at the neckline for the double bottom pattern, I am willing to buy weakness. Potential targets at 1248.00 followed by the 50-days SMA and 1265.00.
USDJPY is testing the key support i mentioned in my earlier post within 103.90-103.70 area, ill be watching for either signs of a rebound or a break to initiate a trade.
SP500 continues to push at the ceiling of the main bull channel, but price fails so far to decisively break it, the first test of the channel few weeks ago resulted in a two-week correction, that suggests the slop of excessive supply at this resistance is there. What now? NOTHING, my first attempt to short markets in part three of this sequel of trade ideas...
DOW Industrial is testing long term Broadening pattern resistance. I am keeping my eye on U.S. equities for a shorting opportunity. twitter.com thefxchannel.com
Rejection on Friday resulted in a bullish hammer at trend line and horizontal support area, therefore, we may see another push higher and a test of the 61.8 retracement level for the major long term decline from 124.13-75.55 at 105.55.
A long term persistent divergence on momentum and inflow, while Price remains within a potential rising wedge, which if broken should confirm a move lower. My bias is bearish and targets at 35.00 and 30.00. What is interesting about this setup is the attractive Reward compared to risk at current levels, as invalidation of the setup could be on a break above the...
This is a key support area to watch, 50 Day SMA , 1.4445 horizontal support and broadening formation support. Watch for a break below this area for a deeper downside move. If renewed bullish pressure is seen considering a long is a good idea as well, ill be looking for bullish candles and lower time interval resistance breakout.
Looking for further short term upside as price completes a minor double bottom on the completion of an ABCD Wave formation. Ideal entry was around 1220.00 areas, and Initial target near the 50-days SMA and 1267.00 horizontal resistance
AUDUSD is in a clear sideways consolidation mode, after hitting the major swing low at 0.8845 areas, which formed a short term floor. A breakout of this sideways consolidation may signal a short term trading opportunity. Below 0.8845(daily closing) main downside target would be at the 1.271 extension of 0.8847-0.9757 wave of 0.8600. To the upside, above 0.8965 key...
Overall upside remains in play, main target around 41.80, although there is good chances of a short term pullback as Momentum is showing negative divergence. If a pullback materializes, a good reentry would be near the main broken resistance area around 32.00
Price is retesting a major support area around 85.00. Long term remains constructive so long as above 84.20, main target at recent high at 94.75. Below 84.20 further losses likely
A bearish setup, but would like to see how price opens post holiday.
Bearish action started by a multiple break below the ascending trend line and 52-week Average, which was the first sell signal. The price then extended the downside to break the neckline for a triple top, we are currently in the retesting process, which may be a good re-entry area. The full target of the pattern meets with the main long term rising trend line...
Update: Full Target hit Its not clear on the hourly chart, hope tradingview will provide multiple time-frame analysis at the same chart soon. Anyway, this area is a major long term resistance, and the hourly break below the recent hourly swing low at 1.4705 completes a lower low. twitter.com thefxchannel.com