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I Think the chart speaks for itself. Might be a good way to start the week.
We seem to be printing out a very nice wedge pattern and we seem to be at market structure in this case supporting the market for some time. If we close under the support and breakout the resistente we might be getting a bearish week for the GBP/JPY and the opposite if we break up.
Entire reason may vary from trader, ill post mine when the market decides where ...
This might not play out because of the brexit comments which looks like really bearish for the GBP. But its good to be aware of the general structure
Flowing the trend but only looking to buy at a pullback to structure which lines up with a 61.8 retracment
We can take this trade 3 ways :
1- Aim for the longer targets
2- Aim for the 1.27 ext
3- Aim for a retest of previous highs.
We have a ABCD Pattern on the s&p and really over bought on the RSI might be some profit taking and a slight correction to the downside.
Looks like a good trade to close the year ..
Double top with RSI Divergence.
Reasoning on the chart. Happy Hunting
I am really short on the GBP. We can see price has broken the B leg giving added evidence that it might fulfill the 1.27 D Extension. Look For Short Opportunities
GBP/CHF Might be going up in October. We got a double bottom at major support with RSI Divergence.
Look for Longs And Happy Hunting
Its clear to see the descending triangle pattern. i believe we can get one more move in the triangle before we get a possible break out to the downside. I believe you can get a nice 4/1 Trade here.
We see price is contracting and we might get a breakout in the future. but for now there is a shorting opportunity
if we get a trend line break we might get a nice ride down
The logic is quite easy to grasp. Price is clearly in an uptrend following a trend line. We are now on that trend line which coincides previous structure and a 0.38 fib level which seems to have some significance.
We should be aware of long opportunities
Price broke out of the down channel. And looks like will continue its climb up to the highs of the range we are in since brexit ..
I couldent take this trade as i am already exposed in the markets.
Just wanted to show how a kill zone gives you added confidence.
We might get a retracment off the 50% fib level as it coincides with the 200ema
I expect the overall up trend to continue.
Waiting for the ECB press conference but im long from 135.518 TP1 @ 137.448 Aiming for 2/1 RR.
Market may rally up to 138.000 - 139.000 level
As we can see this pair has been in a range since 2013 (green lines limits of monthly),
On the dailly we see more range movement (red borders).
As price is now at a point historically considered low we expect market to go up.
Price is at a place where historically is considered a turning point. added to that we get confluence with the 76.8% Fib level and the 200 EMA that has acted as a major level for this pair in the past.
I see two possible ways this pair could move in this week.
1st - Long if the double bottom holds and we get a trend continuation to the upside. which i belive is the most probable.
2nd - Short if we get a touch of the base of the trend line and fail to break through.
Any comments ?