Hard to tell where BCOUSD is currently heading.
Heiken candles are small and appears to have no strong conviction by both sides but slowly drifting to the upside
Stoch movement is also slow but seems to be pointing to upwards movement.
Need further confirmation before any trades.
Price is retesting trendline. Still not convinced that price will bounce up from trendline because Stochastic still pointing down, price is stopped by pitchfan and price did not break fibo retracement decisively.
Wait for price to either
1. Test lower boundary of pitchfan
2. Heiken Candle decisively breaking fibo retracement,
where upside will be 0.764...
Is there a Head and shoulders forming?
Prices to retest Fibo retracement will form the right shoulder of pattern. Up turning Stochastic support at least 1-3 days of up movement.
Hard to tell if this up swing is it a buying into correction or caused by those late to the party. But long term trend of gold price has not been broken yet.
Will wait and see
1. Price broke through down trend Pitchfan
2. Failure to reach Support line indicates strong buying power
3. Stochastic pointing upwards
4. Consider entry around purple rectangle. Otherwise possible point to start hedging
1. Strong resistance tested multiple times
2. Price usually falls when Stochastic oversold
3. But trendline shows strong tendency for upwards move. Move cautiously.
Unfortunately price has broken through the Warning Line. It is not clear if price has enough energy to make it to the (Blue) Upper Median Line. (On 4 Hrs TF, price seems to be running out of steam and blocked by 2 (White and Pink) Warning Line)
Referencing the EURUSD chart (which I think has a bullish bias), I'm still putting my money on USDJPY to be falling. I...
Price has tested the 50% retracement as predicted and fallen through to test the (Red) Median Line. Did not reach 1.166 area as forecast.
Looking back, the (Red) Median Line has provided good support since 08-2017 period. Expecting the support to hold and price to claw back up to the 50% retracement (around 1.1877).
S/L at 1.1717 region of the recent...
Previously forecasted that price would fall and test support at 50% retracement which turns out accurate.
Price then rebound to test 0.764 (4hr TF) again and failed to penetrate the resistance.
Good chance to ride the downwave as expecting price to test the (white)trendline and (red)50% retracement zone.
Unable to tell if price will penetrate the 50%...
Price has risen and faces resistance from Warning Line as forecast.
Aggressive trade can sell short upon market open. For a more conservative trade, wait for a confirmation lower close before entering with a sell.
Stop loss can be placed above recent high of 112.717. First possible take profit level at 110.99 followed by about 110.30.
Upside risk: If Warning...
Still believe in a sell bias to USDJPY.
However, market seems to have some bullish strength to push price up to Warning Line. Would exercise some patience to wait for price to show weakness with signs from indications like
-Failure to reach Warning Line
-Candlesticks like hanging man or bearish engulfing candles
Price has fallen from previous forecast and reached the Lower Median Line (Note P0 point was adjusted to low on 03-Jan-2017).
A retest of the Median Line has failed and stopped by 0.764 retracement.
Expecting price to test support at 0.5% and eventually reach 0.764 retracement on daily time frame (refer to part 2).
Upside Risk: Price may retest Upper Median Line again?
