Gold is clearly now in a corrective mode , with more likely to follow.
1. Entry at horizontal resistance
2. Target prior horizontal level now support.
3. Stop above monthly pivot point
Risk reward is 3+
A H&S pattern may be in the making for this index.
Momentum is waning with the current impulsive uptrend, and price looks to correct towards the longer time frame MA's.
A short trade can be considered , as charted , considering a stopped out position just above a potential right shoulder.
The targets could be the monthly S1 and S2 pivots, the latter providing...
EURUSD is near channel resistance. Considering a short , with the possibility that point B , the last lower high holds.
Stop above B point.
Target the channel trendline support
The RR is worth the consideration at 4+
Looking for a correction of the current impulsive wave , targeting either the nearest level of support or the 200 period MAV/fib .50 level.
The stop is above the minor swing high.
The risk reward is between 2 and 3.
GBPJPY has clearly rejected price at 126 level and has reentered a long standing downward trending channel.
It is possible that Pound will again rise to test a price level between 140-142 . Which coincides with
a. 50 period MA
b. Monthly R4 Pivot
c. Fib .618 retracement.
This may only take the conclusion of September....... So for the next 2 weeks there is...
Price has bounced off the supporting level of 104 + , over the last 3 weeks.
Looking for more of the same in the coming week as price moves towards the next point in consolidation around 111.50 .
Look for entry long on any lower time frame with price retracement ..
The Pound has been on a long term downtrend against the USD since 2007.
Recent price action has come close to testing multiyear lows = ROCK BOTTOM.
The monthly chart suggests it may complete a Morning Star candlestick pattern , which would signify a potential trend reversal , and a DOUBLE BOTTOM pattern.
If a reversal is in play , then a conservative fib...
It has been 17 weeks since gold has broken the 6 W MAV and now has crossed beneath.
Price action on a weekly basis over the last 3 weeks has been decidedly bearish , and I am considering
a mean reversion towards the 20 W MAV.
I see this as a short term role reversal as the bears take control of price action over the next few weeks.
A short entry is...
The DJI has been in bullish mode from 2009 ( courtesy of QE ) . Price has only tested the 50 period MAV on 2 occasions.
There has been subtle monthly highs recorded 3 times since early 2018 , all against a falling price momentum.
This divergence creates doubt as to how much further the market will rise , before a significant correction takes place.
The EURGBP has been in wedge consolidation from Oct 2016 , having completed 4 waves.
Now looking for the 5th wave to move price down to trendline support.
Entry for short
1. At retest of support turned resistance at .9050.
2. Stop - above the monthly Pivot Point
3. Target - around the monthly S3 at .8630
RR = 3+
The USD is in a structurally sound uptrend , with HH and HL since Feb 2018.
The 50 MAV has only been breached once , and price was rejected off the 200 MAV.
Looking for price to once again move back to the 50 MAV and make another HL.
1. Enter at 50 MAV
2. Stop below prior swing low
3. Target - .272 fib extension
Risk Reward is 3+
This pair has been in long term consolidation within a triangular structure, having completed 3 waves.
It may be possible a 5 wave structure will exist in this consolidation.
The present trade consideration is to be long for the 4th wave .
Enter - around the daily 20 MAV
Stop - beneath the triangle support.
Target - point d on triangle resistance at the...
EURNZD over the last month has seen price reject from the 1.75 level and last week a large bearish candle formed , signaling a short term reversal in progress .
A short entry could be considered
1. Enter around 1.7350
2. Target .782 fib 1.6750
3. Stop above 1.75
RR = 3+
Bitcoin above 9000 , maintains a bias to the upside. This is a trade consideration where risk is capped dramatically against reward.
1. At base of supporting triangle at point e. 9200-9300.
2. Stop - below point a at 8900
3. Target - Origin of consolidation at 14,000
RR = 10 +
The 20 W MAV has been a useful tool to assess the progression of Bitcoin against the USD , and allow a reference for short and long positions.
Since April 2019 , price bias has been to the long side.
The week of 24th June 2019 revealed a strong rejection to the upside and price has since been in consolidation , which seems to be a descending triangle , and is...
USOIL has been in consolidation over recent months , with price cycling around the shorter MAV's.
The bias is neutral as price centers at horizontal support and resistance.
Price needs to show its hand with
1. Clear break of 50 to target 44
2. Clear break of 60 to target 74.
This will likely occur in this month as price approaches the consolidation apex.
Gold has been extremely bullish . I am considering a scenario where price consolidates between 1500- 1550 over then next few weeks , with divergence setup between price and momentum that would be bearish.
A short trade would be
1. Considered to enter at resistance near 1550.
2. Stop above monthly R1
3. Target Monthly S1 at 20 MAV.
RR = 4