en1gm9t-c

en1gm9t-c

The yellow circles represent major turning points. After blasting thru the July lows this market has really punished the longs. We finally may have a correction. We still have some shorter term resistances to confirm, but assuming we continue up, we will run into resistance at the previous lows. Very simple longer term view

en1gm9t-c

Over extended. You can wait for a HH or a break and retest just below the .77 handle (yearly open level). Happy Trading !

en1gm9t-c

Please see my old post for context. We have confirmed a structure break and it will be interesting to see if this down move picks up steam or retraces the next week. What I got WRONG:I anticipated more bids around 1.21 and below. What I got RIGHT: Bearish sentiment and confirmed down trend On the news front next week is busy, especially the later half. As I...

en1gm9t-c Updated 

I've divided the weekly outlook into 3 situations. Two ideas are bearish the other is bullish. Just below the 1.23 handle is the area to watch how price reacts on the smaller time frames. I do have a slight USD bullish outlook which I will link. What to confirm the next two weeks is if we have indeed broken market structure from the current uptrend. Its mostly a...

en1gm9t-c

So far 2021 appears more of the same...covid, riots, and money printing. We are actually in the midst of a sizeable demand level from March 2018 and the fact we have an untested low around the 92 handle makes me bullish shorter term. Fed has been very vocal about keeping rates low so I believe this is largely priced in. Politics however can change in an instant...

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en1gm9t-c

I've overlayed the DXY (blue) for comparison as both appear to be at a pullback opportunity followed by continuation. Patient traders may be able to wait till a touch at 1.08. This is a longer term (weekly play).

en1gm9t-c

The 1.3 level has been the "northern star" for the pound since 2016. As expected the pound was unable to break thru this key level given the latest news release. Theres a lot of wiggle room between the 1.3 and the 1.26 area, mostly for bullish plays (see fib retracement). A clear break above the 1.3 and I'll look to play bullish following a pull back

en1gm9t-c Updated 

The white arrow derives from a gap level (.86) which failed to close in May 2017. Since then we've seen price nearly touch twice (yellow arrows @ .862). The second near touch was an unconvincing move up. Price closed below the gap level on Feb 27th and followed with consolidation. I know it looks convoluted, but both fib extensions from the the most recent swing...

en1gm9t-c

Pretty sizable gap away from the base of a triple bottom (yellow rectangle)...how to interpret this?? Someone or something with deep pockets is eyeing the .707 area, perhaps a barrier option slightly below at the .706 demand level? Either way let's map out the possibilities... If this gap closes down, I think it could spell trouble for buyers who bought heavily...

en1gm9t-c

After a nice break above the psychologically significant 1.5 level and trend line resistance, EURCAD is poised to continue its upward momentum. Further, I don't see too much defense on the way up. The 1.518 level is lurking above (yellow ellipse) but we've already witnessed two previous drops from that level, all within 50 pips of each other. In other words, there...

en1gm9t-c Updated 

QCOM is a company I respect dearly, but as traders we must be able to emotionally detach ourselves if necessary. Tomorrow is an earnings announcement for the chip producer and will provide a clearer picture of where the current price level may go. The $50 zone is critical and a brake below $48 dollars can spell trouble for bulls. The $45 zone is the last hope...

en1gm9t-c

A ton upside available on a longer-term USD/JPY play, but is the time ripe for an entry? Personally, I'd wait for a pull back to the lower 111 range or wait for continuation above 111.6 in the form of a buy stop order. Ideally, the pair would pull back to the 110.3 range (support area) and assuming the area holds, can provide a nice high probability setup to the upside.

en1gm9t-c

We seem to be pretty clear above a nice supply zone. Buy and let it ride to 77.050. Conservative investors can attempt a pull back buy @ 76. Set stop loss @ 75.25. You should be receiving a 1.25 - 1.35r

en1gm9t-c

Hello traders! Pay attention to the machinery orders report due to be released an hour from now. If we break above the 124.85 level, look for a move to the upside to the 125.3 level. If we see clear rejection at the 124.85 level look for a move down to the 124.25 level. Any break below 124.25 and we could see further downward pressure. AUDUSD looks virtually the...

en1gm9t-c

I'm sure you've seen the headlines regarding the world's most popular trading pair. To say its doom and gloom is probably an understatement, and why shouldn't it be? The EU commission slashed EU zone growth forecasts and the market reacted with its worst 2-week decline since September. Predictably, the scapegoat for the negative forecast was none other than...

en1gm9t-c

The 110 supply level is approaching quickly and the reaction @ this level can possibly determine the short term course of the pair. A clear break increases the probability of upward movement to the 110.5 level. A break below could see a retest @ 109.5 and as low as the 109.1 level. Sadly, there's little in the way of economic reports short term. Volatility near...

en1gm9t-c

Oil has been on a tear thus far in 2019 and I expect nothing short of a full fledged rally should we break above $58. The weekly and monthly time frames look very bullish, as there's no clear supply levels to overcome. I expect oil to be one of the best performing investments of 2019. With that said, oil is considered extremely volatile and very contingent on...