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Short term 5 wave completion
Potential support at 11161
However, we could be in larger scale wave 3 downwards which would destroy this idea but you never know until it happens.
Potential BUY around 6811 which would be an A-B-C completion plus this level is the low on 6th May which could provide support.
FTSE is already down quite a lot (roughly 1.56%) so this area could provide a decent long opportunity targeting previous highs or fib retracements up to the highs removing part of your position.
Bat Completion plus entry triggered as price has now broken upwards through the channel.
Targeting previous high around 1.58 and stop below yesterday's low.
Here is a potential entry long that I have been eying up since 22nd of May.
It could be the completion point of a BAT pattern and it lies on the trendline I drew in equal distance away to the existing channel.
Lets see what happens.
We could be in a potential Cypher pattern. If that is the case the price could rise from here up to the 11845 level to complete the move. A short opportunity could then be on the table at 11845
Following on from my previous post in GBP/USD of trying to identify a potential BAT pattern early on in the move (around 1.57) taking a short there would have worked quite well.
Now the price is approaching the completion point around 1.52 where it could reverse and resume the up trend. I have also drawn in a speculative trendline that is equal in width to the ...
Following on from my previous post in Cable of trying to identify a BAT pattern whilst we were around 1.5670 the price is now near completion of this potential BAT pattern. Taking a short down to this level would have been quite successful, even identifying a potential BAT pattern early on before the classic buy at completion.
Now the price may rise from around ...
Just looking at this stock index, you can see it is a one way street at the moment. However, one way streets are often dangerous and taking the opposing way can be rewarding sometimes.
Here is a potential Cypher pattern. At the moment the price appears to be at a double top and I think many traders will chose this spot as a potential place to short. However, ...
Potential short in DAX at 11900-Cyper pattern completion plus the 0.618 fib retracement also lies here.
Target 1 at 11430 at 0.618 retracement and target 2 at the lower trendline drawn in here.
Its quite volatile today, trade at your own risk.
Cable has had a pretty good run since mid April but how much more can GBP rise?
This is a potential BAT pattern in formation with an entry short at 1.5650 targeting the actual BAT completion area where you could see the price reverse. Sentiment is quite positive on this pair at the moment and I would say any traders that entered long around 1.5450 off the ...
Price has come up to tramline which could be an area where the price falls again due to overbought stochastics, potential wave 4 completion and resistance from way back in 2012 around the 280 level.
Price has broken above tramline but as long as it doesn't go above 304 this analysis still stands in my opinion.
Targeting 200 which would fall on the tramline but ...
Price has broken flag after failing to reach lower tramline-a potential indication of strength.
The stock could also be starting wave 3 of Elliot wave theory which are long and strong in character.
Stop loss around 347 and targeting 440 initially which is about equal to the first wave 2 move.
I would say the aerospace industry will remain pretty strong given ...
Despite the recent rally in the FTSE 100, Diageo has lagged the market. However, potential buyers may come in around 1757 as this is:
1-the base of the tram line I have drawn in. Tramlines offer great low risk entries and you can often anticipate where the price will bounce by locating a trend line and then drawing a parallel one through the lowest low like I have ...