GBPUSD has been rising since the 'Rare extreme oversold' condition on the RSI (1d) based on our last buy signal and now it reached the middle of the long term Channel Up. By doing so, it has almost risen by +6.75%, the growth range of the last bullish sequence. At the same time, this is the top of an emerging Channel Down. Trading Plan: 1. Sell on the current...
USDJPY is on the MA200 (1d) on top of the Rising Support Zone. That is the bottom layer of the long term Bullish Megaphone pattern, a very strong rebound range. Trading Plan: 1. Buy on the current market price and as long as the price stays on the Support Zone. Targets: 1. 151.980 (Resistance 1, the previous High). Tips: 1. The RSI (1d) has formed a Double...
Gold is having a Channel Up as the dominant pattern, that only broke upwards during the non-technical candle of December 4th that made the new All Time High. At the moment it's been 6 straight sessions where it has failed to cross over Resistance (1) at 2048.50. Over this level we should expect bullish continuation. Below the MA50 (1d) which has held during both...
USDCAD has hit the 0.236 Fibonacci level of the 15 month Rectangle pattern after a continuous decline since the November 1st High. This level has been a technical buy entry on 5 occassions. Trading Plan: 1. Buy on the current market price. Targets: 1. 1.36350 (0.618 Fibonacci level). Tips: 1. The RSI (1d) has printed a Falling Support, which has been a bottom...
GBPJPY is trading inside a Bullish Megaphone pattern with the price testing now for the 2nd time the MA50 (1d). This test is coming only 3 days after the price hit the bottom of the Megaphone. The previous bottom formations have been very similar to the current pattern. Trading Plan: 1. Buy when the pair closes a (1d) candle above the MA50 (1d). Targets: 1....
WTI Crude Oil continues to trade inside the Channel Down that started after the September 27th High. The MA50 (4h) recently supported the price and provided today's rebound. Based on the prior bullish leg, one last pull back remains in order to test the top of the Channel Down. Trading Plan: 1. Buy on the MA50 (4h). Targets: 1. 75.00 (MA200 (4h) and top of the...
Nasdaq is trading inside a Channel Up. The current Rising Wedge which is dring the price on the current bullish leg resembles that of October 27th - November 7th. Trading Plan: 1. Buy on the current market price. 2. Sell below the MA50 (4h). Targets: 1. 17300 (the 1.382 Fibonacci extension which was the target top of the mid November rise). 2. 15700 (Support...
Dow Jones reached the top of the Channel Up that started in late October and turned sideways. The longer this pattern stays intact, the more every pull back is a buy opportunity. The MA50 (4h) is supporting since November 1st, showing the sheer strength of this bullish trend. Trading Plan: 1. Buy on the current market price. 2. Sell below the MA50...
EURUSD got rejected on Resistance (1) forming a Double Top. With the medium term pattern being a Bullish Megaphone, this rejection technically aims at the bottom of the pattern. Trading Plan: 1. Sell on the current market price. Targets: 1. 1.0650 (Support 2 and bottom of Bullish Megaphone). Tips: 1. The MACD (4h) just formed a Bearish Cross, which is a...
S&P500 is trading inside a 1 year Channel Up with the price reaching today the 0.786 Fibonacci level, following the Fed rate hike. Following the Bearish Megaphone that initiated November's rally, the can see that the last time such pattern started a rally, it peaked on the 0.786 Fibonacci (Dec 01 2022) before pulling back to the 0.236 level. Trading Plan: 1. Sell...
Gold is trading inside a Channel Down since the December 3rd All Time High. The Lower Lows so far have been almost equal, -3.27% and -3.12%. If this pattern holds the next Lower Low can be -0.15% lower, i.e. -2.97%. Trading Plan: 1. Sell as long as the price trades inside the Channel Down. 2. Buy if it breaks above. Targets: 1. 1938 (-3.00%). 2. 2018 (contact...
WTI Crude Oil is rebounding after breaching marginally under the 0.786 Fibonacci. That is the retracement level of the ranged price action long-term in the last 12 months. Symmetrically, it is a strong rebound level as witnessed on the December 9th 2022 low. Trading Plan: 1. Buy on the current market price. Targets: 1. 77.50 (projected contact with the MA50...
Dow Jones held the MA50 (4h) today after the initial NFP decline. This keeps the Channel Up intact on its upper layers, aiming for a new Higher High. Trading Plan: 1. Buy as long as the MA50 (4h) holds. 2. Sell if it breaks. Targets: 1. 37000 (Fibonacci 1.78 extension, like the Nov 15th Higher High). 2. 35700 (bottom of Channel Up). Tips: 1. The RSI (4h)...
TSLA is trading inside a Channel Up pattern under the MA50 (1h). The Higher Low was priced after a -8.20% decline from the top, symmetrical to the first one. Trading Plan: 1. Buy as long as the candles close inside the Channel Up. Targets: 1. 257.50 (Fibonacci 1.236 extension, like the Nov 29th Higher High). Tips: 1. The RSI (1h) is on a technical buy formation...
Gold had a very volatile trade, the kind that isn't fit for tight SL placements, be sure a lot of them got triggered today. The pattern is a Channel Up and the price has so far found support on the MA50 (4h) near its bottom. Trading Plan: 1. Buy as long as the MA200 (4h) holds. 2. Sell if the MA200 (4h) breaks. Targets: 1. 2090 (Resistance 1, same symmetric...
EURUSD crossed and closed today under the MA50 (4h) for the first time since November 1st. That is a medium term sell signal as the former Support now turned into Resistance. On the long term the Bullish Megaphone pattern has a considerable downside gap to fill should key Support levels break. Trading Plan: 1. Sell on the first minor bounce near the MA50...
Nasdaq is testing the MA50 (4h) since yesterday as the Rising Resistance weighs. The middle line (dashed) of the Channel Up is the final level of Support before a short term pull back. The Bearish Divergence on the RSI (4h), which is inside a Channel Down, is in favor of this short term pull back. Trading Plan: 1. Sell if the price crosses under the dashed middle...
The S&P500 has been rising non-stop since the October 27th Low when the Bearish Megaphone bottomed and the long term Channel Up started the new Higher High leg. The rally crossed over the top of the Bearish Megaphone and has already reached the 0.618 Fibonacci retracement level of the Channel Up. The same sequence can bee seen at the end of last year (September -...