We are looking at a potential Double Bottom here on the S&P 500 Daily chart.
If we get a break of the 2818 area (neckline) we may see an initial push to the top side, followed by a pullback to the neckline (reentry or add positions) for a target up to 2915.
We will look to go LONG on a daily close above the neckline with 3 separate targets.
This week and beyond we are watching the EUR/USD on the H4 chart. There is a Symmetrical Triangle that has formed and we are looking for a break of a trend line.
We favor the bearish break more due to political tension between Italy and the EU and Brexit as well.
Upon a break and candle close of the lower trend line and the first Fibonacci support, we will look...
We have a potential Bear Flag in the making on the H4 chart here.
We are looking for a break of the lower trend line of the channel with a sustained move below 1.14000. Confirmation could come via an Engulfing Bear Candle on the Daily chart.
Looking for a SHORT move of 160+ pips if we get that break (based on the measurement of the previous move - i.e. the flag...
Look for a potential pullback on FX:USDJPY . A lot will ride on the US GDP figures out later today. If there is a surprise in the figure and it comes in under expectation, then we will see this set-up take form. Keep an eye on this chart throughout the day to see if we get a break of 113.950 . We will look to go SHORT at 113.940 with a target of 113.550 .
With the current spike down in the EUR across the board, mixed with our longer term view of JPY weakness - this looks like a great set-up. Bouncing off the lower trend line of the bullish channel, off the 200 day SMA with technical and fundamentals pointing towards a retrace.
131.600 - 131.630
FX:AUDUSD is Oversold and bouncing off the 200 Day SMA. As well, looking for a bounce inside the descending Triangle.
We will go LONG inside the triangle, looking for a retrace to the upper triangle trend line. There we will decide if we take a partial close with a break of the upper line or close the entire position. As sustained move below 0.77000 would negate...
There is the potential to go LONG off the lower trend line of the currently BULLISH channel on FX:USDJPY . We would be looking to get into this market around 113.500 on a bounce.
With the recent re-election of Abe in Japan, we figure that the JPY will weaken slightly through the end of the year. With this in mind, and hopefully with things in North Korea...
There are several things we are watching on the 4 hour chart of the FX_IDC:EURCHF .
1) There is a potential Double Top in the making. Look for a break first of the ascending widening triangle lower trend line - then look for the Double Top to complete.
2) There is also a ascending widening triangle. Looking to go SHORT and see if we get a bounce or...
Potential breakout on FX:GBPUSD setting up on the 4 hour chart. Both RSI and MACD are printing towards a potential pop in price upon a break. Also, with a break of the upper trend line price will begin to trade through the 50 day & 100 day SMAs on it's way back toward the 200 day SMA. We are BULLISH and looking to go LONG on a break around 1.32250 .
The FX:USDJPY is looking overbought as it approaches 80 on RSI. As well, MACD histogram is turning negative and it looks like we are about to get a turn of the MACD back towards our Signal for a potential cross. As well, the gap up on the open this week looks like it desires to be filled.
We are SHORT at the top of the bullish channel looking for a retrace...
We have seen a Double Top pattern come into light on the 4 hour chart of FX:EURGBP . We will continue to watch this pattern and look to go SHORT on a break of the neckline at 0.88560 .
- MACD histogram is printing in the negative
- We already have a cross of the MACD (blue line) over our Signal (orange line).
- Price is already trading below...
There are a couple options of how to play FX_IDC:XAUUSD .
1 - We could look for a break of the upper trend line of the descending channel and ride the bull run up to the previous resistance level.
2 - We would wait for a break of MILD SUPPORT inside the channel and ride the bear urn down to the lower trend line of the descending channel.
3 - ...
What we thought was a potential Head and Shoulders Pattern may in fact turn out to be a Double Top instead.
We have a lot of the same targets and analysis at the Head & Shoulders we believed was setting up.
We got a rejection of price at the at 0.98360, this chart will come to the forefront of our mid-term strategies as we will then be looking for a...
We are at the top of the Rectangle Pattern in the FX:EURJPY .
Thought : We could go SHORT looking for a reversal back toward the mid point of the rectangle in the creation of a double top pattern.
Published on 10/18/17
There is a potential Descending Triangle setting up on the 4 hour chart of the FX:USDJPY . As Descending Triangles are continuation patterns where there is a steady level of support at the base of the triangle and also lower highs coming down the upper trend line of the triangle, we will look to go SHORT and ride the trend downward. As this pattern...
Potential Head and Shoulders forming on the USDCAD 4 hour chart. One thought is to catch the right shoulder and ride it down as it descends to the ascending neckline. Take partial profit there and see if there is a break of the neckline OR play a bounce and grab a few more pips before the downtrend resumes. The upward momentum seems to be slowing here at the...