jonathanwright

jonathanwright Updated 

Monthly : Multi year lows broken, hammer pattern to end the month bullish signal Weekly : break & close above MA's rejection of weekly support TL break to upside means trend reversal - look bullish Daily : higher highs & higher lows, trading above MA's counter-TL opportunity for bearish continuation (must break both MA's & counter-TL) 4H : sharp...

jonathanwright Updated 

Monthly - 7 year low taken out to form new 10 year lows, before market can continue bearish to 0.62600 region, price needs to accumulate orders long. Bullish pinbar confirms direction Weekly - First stop for accumulation is 0.74000, market has pulled back slightly providing opportunity to enter long Daily - 21EMA providing decent support, long positions taken...

jonathanwright Updated 

Monthly - In order for price to push lower and take out the level @ 1.0500 area, price must accumulate more orders long Weekly - May already be enough orders collected for a rise to 1.18100 area... if not, stops will be taken out on the short side to pick up more Daily - Bullish accumulation channel getting ready for a big move down.. may still need to pickup...

jonathanwright

CADJPY has been in a nice bearish channel nicely since the beginning of the year, and current consolidation presents not one, but two advanced pattern formations. 1st, bearish gartley (pink) completes at the .786, which also happens to be the nice round number of 87.000 I'm going to wait and see if price can push up towards that are and react to the level...

jonathanwright Updated 

USDJPY is currently in an overall downtrend (based on 4H market structure) , however, the market is teasing me with this perfect bullish Gartley harmonic setup. *** 61.8 - 38.2 - 88.6 *** Price is currently at a lower low, so although it will definitely pull back at some point, it could just put in another lower high and continue bearish. That being said,...

jonathanwright

3rd upper trendline touch previous resistance hourly spinning top/doji perfect ABCD harmonic completion (.618 to 1.27) 1H & M15 overbought stoch rsi entry order @ .76945 SL @ swing high (C-D leg) TP1 @ .618 retrace of C-D (possible three drive) TP2 @ swing low (B-C leg) TP3 @ lower trend line/swing low (AB leg)

jonathanwright

Quick Idea on USDJPY : Resistance becomes support, Bullish flag pattern, Oversold on the Stochastic RSI Stops placed below demand zone, Targets at previous structure (possible ABCD move with selloff at the completion)

jonathanwright Updated 

USDJPY has been in a recent downtrend since the beginning of 2017, however , last Monday price double bottomed and put in higher highs at the end of the week - which points to a possible trend reversal. I highlighted a zone where i'm looking for reversal patterns to indicate a short term BUY, in between the 50% & 78.6% prz (ideally right at the .618). A quick...

jonathanwright

Quick first glance idea, Price had been pretty sideways on USDCHF for the latter part of 2016, and in the last few months it broke above resistance, which led to a rally all the way up to a previous yearly resistance level. It is now coming back down to retest resistance as support , and price is bouncing off the zone. Also, taking a look at the 1H chart,...

jonathanwright Updated 

I don't usually analyze and take trades off 15 minute charts, but this quick trend continuation pattern looked interesting... Price has been making lower lows & lower highs for the last few days on EURUSD, and trading within about a 70 pip descending channel. Currently price has been pulling back off the most recent swing move (and lower channel limit), which has...

jonathanwright

After a huge bull run in the end of 2016, USDJPY actually started to slow down and consolidate, and is now in a 2-week downtrend making lower highs and lower lows in a parallel channel. Watching the 1H chart for the next few days we could see another bounce off the upper limit, and a great short trade to take to the 113.000 area for about 230 pips. On the other...

jonathanwright

It doesn't get much easier than this, USDCAD just broke and retested lower trend line & demand zone with tons of space to the downside. I'll be looking to enter once 1.31000 (psychological level) breaks again, with long term targets toward 1.25000 (approx 600 pips). However I'm being cautious with this though, because price could also just bounce off demand &...

jonathanwright

Update on my "Back to Basics" Idea yesterday.... Although price hovered around the .618 retrace of last months move, there was never a breakout of trend - so there were no clear entry reasons. Price didn't close above the .786 after the first touch either, but again no clear entry signals. We now have price retraced all the way back to the swing high, and...

jonathanwright

My thoughts on AUDJPY were short overall, but taking a look at current price action on the 1H chart also presents a short term buy.... Price today touched the .618 retrace of that bearish move, which is also the third touch of upper trend line. Immediately after the touch, price created a nice bearish engulfing candle, enticing sellers to jump in. But what...

jonathanwright

Basic setup on the 4H AUDUSD Chart, 4 main things causing me to have a bearish bias: 1.) lower highs and lower lows : 3rd trend line touch of overall bearish move 2.) .618 retracement of recent swing : "golden" fib ratio, high quality setup 3.) double top on 1H price action : prz acting as resistance 4.) daily & 4H bearish hidden divergence This trade already...

jonathanwright

I don't usually trade equities, but a fellow trader told me to take a look at the Goldman Sachs chart... Price is currently consolidating near the 10 year high of $250.70, after a huge bullish run in the second half of 2016. For me, what I'd be looking for now is a break & retest of this $10 channel, with targets around $218.00 and $200.00 (good psychological...

jonathanwright

Overall this chart was pretty neutral in 2016, only ranging between about 450 pips in all of last year. However, this triple bottom setup presents an interesting BUY opportunity for the short to intermediate term. Not only does this triple bottom come at a level which price tested and completely rejected about 6 months ago, it is also setting up at the first...

jonathanwright

Price trading within 7 month channel and current supply/demand zone, I'm looking for a rejection (reversal pattern) of lower trend line and bounce off demand within next few days to go long. SL below previous swing low/supply zone (1.30750 area) TP at swing high/double top/demand zone (1.35600 area) This setup gives us a possible 4:1 risk to reward (around 400...