We found some interesting moves on the NZDCAD pair earlier this week. A clear Head and Shoulders formation that is looking to complete on the Daily chart accompanied by a strong RSI Divergence signal got our attention, and this is the idea on analysis today.
We are at the 0.96100's region facing a really strong resistance that was solidly broken only once, on the...
Looking at the Daily chart of the AUDUSD pair, we noticed the formation of a Cypher pattern to be completed at 0.76409 price level. Take Profits are set to 0.382 and 0.618 of the CD leg and Stop Losses above X-point level.
I will be waiting to see a confirmation of the down move by looking at indicators as well as candle and/or previous structure...
A double top formation has been completed and we have also seen the 0.618 Fib retracement for the 2618 trade play. I believe that this is a good spot to go short with targets and stop losses according to previous structure, please adjust to your trading style.
First target 1.05715
Extended target 1.05255
All comments and feedback are highly appreciated
I have been monitoring the formation of a rising wedge on the EURJPY pair. Formation performance has been estimated at around 260pips and I will be entering a short pending order as soon as I receive confirmation for the break-out.
I can also see the confirmation of a double top formation (or a 2618 play) in the making should the price move further South which...
As described in the original idea, we still believe on the long move of the price due to the formation of the falling wedge.
The bottom support has moved short a few pips but the formation is still valid (to my eye).
Please monitor to avoid a false break move, be wise to wait and confirm the move using other means, timeframe and/or indicators.
The stop losses...
Monitoring the EURGBP pair we have identified an RSI divergence on the Hourly chart.
We anticipate to see a retest of the 0.84260's level after the false break out (see market conditions) followed by a break-out of the rising wedge formation with even bigger profits.
Profits and stop losses are set according to previous structure supports with the latter being...
Based on our previous long-term analysis (please see links below), our general feeling regarding the EURUSD pair is going short.
But, as we mentioned on the original idea, we would expect the price to retrace and retest the previous structure support that was broken a few days back on the 1.05700's region.
We believe that this falling wedge formation may...
While monitoring the GBPCHF pair we have noticed a clear RSI divergence.
We will be looking at smaller timescales for additional confirmation of the move prior to placing any orders. Supports/resistances from previous structure are located at 1.25000 and 1.21500 levels
All feedback and comments are highly appreciated.
Looking over the Weekly chart for the EURUSD pair we can identify an attempted break-out of the rectangular formation, expecting a continuation of the downtrend dating back to May 2014.
The above is also supported from a shooting star on May 2016 (to my eyes at least), clearly indicating a short move, and we have been looking at the price tag going South since...
A falling wedge has been forming on the GBPCAD daily chart that lead us to expect a possible Long break-out with different performance ranges.
We would wait for the confirmation of the break-out (use any tools that suit your style), and trade long with TP in regards to previous structure support levels as well as a safe SL.
All feedback is highly appreciated.
A Gartley pattern can be completed at the 0.75433 level so, we use this as an entry point and place TP at the 38.2% and 61.8% of the AD leg at 0.74537 and 0.73984 respectively. SL around the 0.75900 region or higher. Adjust TP and SL to your liking and/or trade attitude, the above are just suggestions.
This is in line with a previous idea on the formation and...
Breaking down the long-term short of EURJPY as described in the " EURJPY going short " idea (see below) as well as the initial break-out performance, we have come to witness a possible continuation in a similar fashion.
Note that the long-term trendline forming the top wedge (based at 121.977) is still strong for a new-forming, even-bigger wedge, with the...
I can see a possible Cypher formation on the GBPCAD pair.
Bearing in mind the market conditions (oversold) as well as the long term support level at 1.66000 (complying also with the falling wedge formation), I trust the Cypher pattern to be completed, trade short with take profit targets on the 38.2% and 61.8% Fib retracement levels of CD leg.
In this case I...
Looking a few days back, there is a excellent morning star signal that does not quite come through until the news today where the 123.000 level was retested (false break).
Looking at the structures performance there is still a bit left to go with open retracement opportunities (scalping short-term buys).
Price expected to reach the 120.800-120.750 range where...
Looking back at the bigger picture of this break-out, there could be two additional targets for the price to go lower.
Looking closely, the formation of another rising wedge ( ) over the last two weeks with Stochastic indicating an already overbought condition. Resistance should be around the 0.74950 mark although there...
Following Tom Hall's idea, a new Cypher may be forming, D point of completion is 0.8355 (-ish).
Primary targets at 38.2% and extended at 61.8% at 0.84280 and 0.84760 with stop losses at the safer 0.82900
Let's see how it plays out.
Looking onto the Daily charts it is reasonable to identify the funnel (within the triangle). Seems that it has already performed as expected since the price broke the structure (see price range measurements).
By indications on RSI as well as additional structure trendlines and support/resistance levels make me think that price will move South.