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Bearish market structure has been broken and has completed the retest of the broken zone. We are in an uptrend on the 1H and price should continue up with momentum to the next zone and 38.2% Fibonacci retracement.
We are seeing the completion of a deep crab harmonic pattern - looking for entry reasons to take longs
The 1H Ascending trend line is now meeting the descending Daily trend line. Looking for a breakout to either side, a retest of the broken trend line, and a continuation off the zone
We have broken structure support which has now turned resistance. Along with that we tapped the 50% Fibonacci retracement and are now following through on the move down.
Looking for a pullback to retest the zone and then take shorts.
We have broken the descending trendline on an area of daily support which has confluence with the daily ascending trendline.
Looking to retest the broken trend to take longs.
Looking for a break of the zone we are currently sitting on top of to take Gold shorts
RSI Divergence at the 0.66000 even handle and 4H S/R zone
Looking for a retest of ~0.98930 to take a short to the 0.9760-0.9750 zone
Looking for a break of the bearish market structure and a retest of the 113 area to go long to ~115
Looking for a retest of the supply zone ~2.04680 to go short to the ~1.969 demand zone
As always, make sure you have confirmations before entering the trade
I have been patiently waiting the entry into this supply zone for weeks - we've finally made it.
Looking for a big push out of this zone and am observing price action for entry reasons. We've been here a few times in the past so I will wait to see where the market finds the orders stacked before entering.
Previously entered the breakout at 1191.00 and have taken profits at 1205.00 / 78.6% Fib.
Looking for entry reasons once again at 1196.00 which is the the 50% Fibonacci retracement and recent support zone.
We will make a double bottom at 1196.36 and from there observe price action for entry.
Target of 78.6% Fibonacci / 1205.00.
Looking for a push into the ~0.995 supply zone which aligns with the 78.6% Fibonacci retracement to go short.
Ultimately looking to take profits at ~0.975 demand zone which is also the 38.2% Fibonacci retracement.
EURUSD failed to break the trend channel it is currently in - which aligned with a previously broken zone of support which is now turned resistance. Entered on the retest of the broken zone.
Looking to take this trade to the next support zone, and bottom of the channel around 1.1448.
1. Break of trend
2. Retest the broken zone
As discussed in my previous US Dollar -0.22% Outlook idea, we would need a catalyst to send us through the major resistance area of ~95.70 the 61.8% Fibonacci retracement .
Yesterday was a quite a news day for the greenback and we got the push needed during the New York session and Fed speeches to send us through the resistance zone we've been trying to breach ...
Coming into NFP this Friday, it's always important to see where the US Dollar is sitting.
As you can see, we have tried for the third time to breach the 61.8% Fibonacci retracement and major supply zone of ~95.70 and have failed.
The US Dollar will need a catalyst to break the zone and we may get that this Friday when Non Farm Payroll and Unemployment reports ...
I was going to post this trading idea last night before the breakout happened, but was concerned there may not be enough content for you all to learn from. I guess the lesson here is, if you have the knowledge and the experience, you start to know things when you see it. Pattern recognition, I suppose. We don't need indicators to understand the market.
Here we ...
The D leg of this Shark pattern is completing in an area of interest for sellers. We had a large sell-off the last time we hit this area, and previously this has been a key support and resistance zone for both sellers and buyers.