About meForex, equities and options private trader. Technical analyst mastering the art of harmonic trading. The owner of The Market Zone blog and website.
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Disclaimer: The trade ideas posted are only my opinions of the
Pay close attention to XLF today (FOMC) - Although it is currently testing support there's an option for a false break signal here.
If XLF won't close in green today after Powell's message, this can be a trigger for another short term wave (and potentially even a strong one) in U.S stock markets.
Despite the recent strength that SPX has been showing, TWTR was left behind.
The stock's price is still below resistance and it's in a consolidation mode.
The scenarios, targets and follow up scenarios are shown in the chart
Oil price is climbing back to test the bottom of a broken channel (resistance) and the 200 weeks MA line.
This is the key focus zone for the coming days/weeks.
Failure to break into the channel will lead to another bearish wave.
A close back inside the channel will trigger a false break scenario and potentially ignite a rally in oil prices.
Despite the optimism in the U.S markets, Europe sends warning signals.
The rally in the U.S stock market didn't translate to a rally in Germany yet... and even it the DAX will enjoy a short term boost of optimism, technically things look bad for Germany
Last week AUDJPY spiked 600 pips (low volume - holidays market)
The Bears tried to trigger a weekly H&S pattern by closing below the neckline - They failed.
It looks like we can see a short term pullback in AUDJPY... but pay close attention to that weekly H&S pattern as the year progresses.
The post Christmas Rally has sent SPX back above the monthly uptrend line.
That perhaps improves the odds the January will be a better month for stocks than November and December.
The 200 weeks MA (that was the trigger for the rally) and the monthly line should be in your "monitor carefully" list for the beginning of 2019
Happy New Year!!
USDCAD continues to climb as Oil prices continue to slide.
USDCAD is not testing the top of a trading channel and the price is still within the PRZ of a weekly Gartley pattern.
Will it be enough to stop USDCAD's bullish run?
Interesting setup to monitor towards the new year....
Merry Christmas and a happy new year to you all!
Recent news from England sends the Cable (GBPUSD) back to test the post referendum lows.
GBPUSD is now testing the top of a broken channel - Last time it did that, GBPUSD rallied more than 300 pips.
Would you look to buy GBPUSD based on the structure support and the channel?
Would you focus more on the H&S pattern that GBPUSD has formed during 2018?
SPX bounced from a monthly support line last week.
It is the second time that a monthly line saves the S&P500 from falling apart.
If the Bulls will continue to hold ground... they may try to generate a Year End Rally.
In such scenario, I've marked the important elements you need to watch in the near term future.
The final target zone of this potential rally...
BTCUSD continues to break support levels.
This week it broke below another Triangle Pattern.
Some see 5600-5800 as the last line of defense... if the Bulls want to keep the Bitcoin Dream alive, they should start fighting
Since it broke its weekly uptrend, FB is slowly and steadily sliding down.
The next weekly support zone is near the 200 weeks MA line.
Even if FB will climb higher from where it is at right now... the final destination of the current bearish wave is most like 130-135$