Following a prolonged complex correction, GBPUSD has resumed the upward trend based on Elliott five waves principle.
End of wave 1 stood at 1.263 in Mid April. Wave 2 went all the way done to 1.209, and ended in Mid May. Since then cable gained interesting momentum and price action approached wave 1 high. Currently, there might be a correction that can drag price...
Here comes something risky for the current price action - Long GBPUSD.
The pair has been range trading for a while, and there seems to be plenty of selling pressure. However, I think GBPUSD is currently in an upward long-term Elliott. The first impulse was very quick and over around 30 March at 1.246. Since then there was a higher high, but I think the pair is...
USDCAD quotes at 1,2183 by the time of this comment.
I am buying loonie long with limit buy order at 1,2166 (17 pips below market price) expiring today.
Reason for the bet: bearish divergence and expectation of a reaction on Pitchfork.
Undoubtedly AUDJPY and other X-JPY crosses have been bullish in the essence of its meaning. Nonetheless there must be a correction to such bold behavior and maybe we are at the right time.
Look at the bearish divergence on MACD, meanwhile the 2,5 parallel to Andrew's Pitchfork Median Line might pin point wher exactly to open a short position.
I believe usdjpy is building its up elliot. At the moment there are signs for an inflexion from point 3. This means price will go down for point 4. Meanwhile MACD is overbought. The yellow downtrend line may work as a temporary resistance.
I'm short to the level of point 1. Stop-loss slightly above the triangle
Lets keep it simple. Weekly chart is quite bearish (my previous post).
On daily chart cable has just completed its up elliot. 0-4 line has been breached on the downside after a nasty but logical reaction to that line. With this we have a down wave ongoing. The question now is momentum.
No big charting, nothing complicated. A level that has been a support twice...
I believe gbpusd is making its last efforts to keep high.
Weekly charts aren't good for trading purposes, at least for non long-term traders, but it still shows us a good "big pictures" of what's going on, and what to expect.
There is a bearish divergence between macd and price action for the last 4 weeks. The horizontal resistance seems consistant, and the trend...
This seems like a reasonable Elliot sequence. USDJPY has reached it's point 5 which indicates that this down elliot is now over. After point 5 price action rallied to 0-4 line, but retreated. A normal correction for the pattern though.
Now price is sideways but going up probably.
I would buy USDJPY as soon as 0-4 line is broken upwards. Usually 0-4 line breach is...
Trend is you friend, ain't it? Daily chart is brutaly bearish and aussie makes more than 100pips up today. Guess I'll be using this rise to open a short with a 2:1 risk ratio.
On this hourly chart aussie looks like reacting on pitchfork's median line, plus macd bearish divergence.