Uncharted-FX

Uncharted-FX

USDHKD looks good on both the 4 and 2 hour charts. We have had an uptrend with higher lows and higher highs and then we stopped making new higher highs. This range and even double top here shows us the trend may be exhausting. From here, we need to see a break and close below 7.8360 zone. First target would be 7.8300 zone. Also want to share some information...

Uncharted-FX

First of all, I must say that yes, on the 4 hour chart it looks like a larger head and shoulders pattern and there is room to the downside. This is where this support/flip zone level comes into play and why it is very important. This zone is where we are testing, the 1.2285 zone. It is a very important support/flip zone and on the 2 hour, we have had multiple...

Uncharted-FX

Bitcoin appears to be making a double bottom here which is close to a support/flip zone of the 7600 zone. A double bottom shows us that a trend may be over (in this case a downtrend) as we fail to make new lower lows which confirm the lower high. It tells us the trend may be exhausting. I would await the break and close over the 8300 zone before considering going...

Uncharted-FX

This is a 4 hour EURUSD set up that MAY occur next week. I must say that you should also go down to the 2 hour as it looks a bit better: So it is sort of a speculation lol but something we should definitely watch, and I think has a high possibility of playing out. On the 4 and 2 hour chart, we have had multiple waves down. Lower highs and lower lows. We hit...

Uncharted-FX

Here is a possible set up for next week. On the 4 hour chart, we are seeing the 3 market movements quite clearly. Uptrend, range and downtrend. These are the only ways the markets moves. You can see we recently had a downtrend with multiple waves and we have reached a support/flip zone at the 0.6675 zone. From here the trend began to exhaust as we stopped...

Uncharted-FX

Let us call what USDCAD really is. Seems like it is a dirty looking head and shoulders pattern. All this pattern shows us is a reversal of trend (from higher lows to lower highs and vice versa). It appears as if we have made our first lower high here at 1.3270. However, a lower high is not confirmed until we make a lower low, which means a break of the...

Uncharted-FX

GBPUSD was in an uptrend with multiple waves (higher lows) and we hit a resistance/flip zone at the 1.2530 zone. From here, we failed to make another higher low, and in fact confirmed and made a lower high with the recent lower low. The previous higher low swing has been nullified which now means by definition the uptrend has a high probability of being over....

Uncharted-FX

Continuing on the GBP theme this morning, GBPCHF with a nice set up on the 2 hour chart. We hit a resistance zone of 1.2450 (close to the 1.25 psychological number). Formed a double top here which indicates an exhaustion of a trend, in a double top this means exhaustion in an uptrend as no new higher highs can be made. I had my support at 1.2340 because I used...

Uncharted-FX

GBPJPY hit a big resistance/ flip zone and created a double top here. What this shows is that a higher low (confirmed by a higher high) could not be made so there was an exhaustion of the trend. We then broke below a support zone of 134.00 and the break and close was a strong red candle indicating strength. With this uptrend over, we would expect multiple...

Uncharted-FX

The S&P500 failed to make new highs and rejected previous resistance. You can argue we have a double top here. The trade idea here is to await the break of 2980. Target would be 2940 however pay attention to the flip zone at 2960 zone. This market wants cheap money. It does not care about forward guidance, P/E ratio's. It wants cheap money to keep the party...

Uncharted-FX

We have what appears to be a reversal pattern here with the Russell 2000. You can call it a head and shoulders although not textbook. Again it shows a shift in trend from higher lows to now lower highs. The neckline has been broken, and I am using the 1575.80 area as my lower high swing. Lot of debate on what leads, the mid caps or large caps. In my experience,...

Uncharted-FX

I have been trading the agricultural commodities much more lately. On a long term approach (investing) I am bullish agricultural because I see food supplies diminishing due to weather. Just this Spring and Summer, crop yields did not produce as much as before and according to information on Martin Armstrong's blog, farmers planted crops late in the East due to a...

Uncharted-FX

So this is a technical trade. On my thoughts about cryptos and why digital currency is coming in the next crisis, check my work linked below. Ripple had a nice downtrend with lower highs and lower lows. Remember, the market ONLY moves in 3 ways. We did then begin to range a bit which is another market movement, which leaves one more move which is the uptrend....

Uncharted-FX

EURUSD is showing a bottoming/reversal pattern here. I am paying more attention to the fake out candle, with the LONG wick indicating where the buyers are at. This is precisely why I await for candle CLOSES. You can maybe even argue there is a double bottom here since price failed to break below twice. I want to see how tomorrow's daily candle closes. I am...

Uncharted-FX

NZDUSD is interesting on the 4 hour chart. We have had an uptrend with higher lows and higher highs and then we began to range indicating an exhaustion of the trend. I am waiting for a confirmed lower high here. This means we may see a pullback like we are now before eventually breaking below recent lows here at 0.6370. If we do break and close thereby...

Uncharted-FX

Really like this pattern because it happened at a break of all time new highs. We have had a nice uptrend with higher lows and higher highs. And we can now see that this momentum may now be running out. The swing we are working with is the 9.6050 level. This is the neckline we are using. Once this higher low swing gets taken out, the uptrend by definition is...

Uncharted-FX

If you have not heard, Saudi Aramco refineries apparently got hit by a drone attack and are now in flames. The US has come out and blamed Iran for this attack. This should be bullish oil, I am looking for a break above the 58.75 zone. I am bearish on oil given the fundamentals and the fact that we are likely heading to a recession. However, anything geopolitical...

Uncharted-FX

Like the set up here on CADCHF both on the 4 hour and 2 hour. I am showing the 2 hour chart here. Head and shoulders pattern which shows us a transition from one trend to another, and also confluence where it is happening at a resistance/flip zone. You can see we did break below the neckline, but so far have NOT closed below this zone. Await the close. 0.7440...