Entry plan is based on the CADJPY weekly and month head and shoulder pattern.
I'm looking to enter around the .618 fib area if we get a nice low, ideally a low-test of some sort. Time will tell....
My goal is for the reward:risk ratio to be at least 5:1 with my target sitting between the quarterly .618 fib level (94.4) and a monthly/quarterly trend line which...
CADJPY is in the midst of forming a huge inverse head and shoulder pattern on the weekly and monthly time frames.
I'm now watching for a key low near the monthly .618 fib and major trend line which ideally would give us our right shoulder.
Ideal target is between $95.00 and $97.00, I'll go over specifics in my entry plan.
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Gold has been moving within this giant bullish wedge for quite some time now and is now attempting to break out.
This could be an amazing opportunity to play a huge rally if price breaks out of this pattern and then pulls back for a retest.
The first major area of resistance awaits near the July '16 high around 1375.
I'm looking to short Natty Gas soon and need to see just a few more things before I'm satisfied.
We formed a high-test on the monthly with May's close and that's awesome confirmation of the large weekly head and shoulder pattern. I'm now watching for a head and shoulder pattern on the daily and a pullback to the fibs for the right shoulder. That is where I'll...
Facebook had been riding along the underside of this key trend line after breaking below it last fall.
We broke back above during April and then came back to retest and reject that area before blasting off into the previous week.
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$CADCHF appears to be bottoming in line with $CADJPY and $CADUSD which offers further confirmation of a huge CAD rally that begins in the near future and likely takes us into 2018-2019. The techs on $CADCHF are obviously not as clear or clean as the other two pairs but they shouldn't be ignored. The market is dropping hints everywhere and it'd be wise to listen....
EURNZD has broken out of its descending wedge this week...
Easiest way to play this is to let price bounce off the 200/250 ema and 12/30/16 (thin green line) to then pullback to the top of the wedge where the 50/60 ema awaits. Fibs should end up being right in that same area.
If this plays out we would also begin the formation of a head and shoulder pattern. ...
Follow up to first NGAS post....
We appear to be stalling at support (aug 16' and nov 16' lows).
High probability we head back up to test the fibs and 200/250 ema to form a right shoulder. Should test Feb 16' low
Price bounced off of the upper boundary within the wedge and appears to be forming a head and shoulder pattern on the daily/weekly.
We should pullback to the lower boundary and support at the 2012 and 2016 major lows before turning around and breaking out to the upside.
One to watch this year!
The $TEVA chart just keeps getting better and better....
Quarterly chart is rejecting last 2 major lows with a pinbar with stoch RSI overbought
Ideally we bounce here to retest the fibs and form a right shoulder before complete capitulation.
If the H&S formation is confirmed $TEVA should head down to levels we haven't seen since the 90's ($10 and below)
We appear to be bottoming at the neckline of a potential H&S. This thing is a monster and can be easily seen on the 6 month and yearly time frames.
You could buy the relief rally that takes us back up or wait for extra confirmation and sell the relief rally with a formation of that shoulder.
Price has been in a relief rally since November which has formed a bear flag right up to the fib retraces. Should break out of this flag to the downside where we'll test the November low at the very least.
We officially elected the key Socrates monthly bullish level at 18625 for November. Now watching for a pullback to this level to jump in and add to my mini position. Major resistance bank awaits at 20764-21252
$GC1! has pretty much proven the 2016 rally was just a reaction high. We'll have confirmation if we close year end below 1307. A close below the 1179 quarterly bearish for year end would raise the probability of new lows DRAMATICALLY.
Would be great value if we could get a pullback to the previously elected monthly bearish level (1242.1) and 50/60 ema. That move...
One of the most obvious trades out there. Pullback to mean would be KILLER value. Will be watching this closely and using Marty Armstrong's Socrates levels for confirmation.
There is certainly a chance we continue down further to that next support trend line before pulling back. In that instance we may see a H&S formation occur with the right shoulder at fib.
Seem to have completed a H&S pattern on the weekly chart. Simple extension predicts support around the Jan. 2016 low.
Gold should continue to drop for awhile and could quite easily help GDX make new lows. One to watch.