About meForex, equities and options private trader. Technical analyst mastering the art of harmonic trading. The owner of The Market Zone blog and website.
My blog - www.themarketzone.n
Disclaimer: The trade ideas posted are only my opinions of the
Joined 2 years ago
Volatile week ahead for GBP traders.
Speeches from Carney Draghi... and PM May is scheduled and the GBPUSD is test its post Brexit lows.
So far 1.21 is holding as support but, as you can see, the Cable continues to create lower highs as it is being rejected by any support element that was broken (see example - ...
BAC monthly chart analysis shows two things:
1) The post elections rally drove Bank of America above a major weekly structure zone (18$) that now should act as support (green box)
2) Next major structure zone is way up near 25$. Also where the price will meet the 200 months MA line and complete a bearish AB=CD ...
102$ nearest resistance zone.
Next resistance - 103$ (Fast MA line), 103.5$ (previous highs) and 105.5$ (completion of bearish harmonic pattern.
Nearest support - 101$ (50 MA line), 100$ (trend line and structure)
SPX lost momentum over the holiday trading week and it starts 2017 below the Fast daily MA line.
RSI momentum is bearish and 3 bearish Price Action patterns were triggered.
This week is Jobs week.
We may see pullback higher to re-test the MA line (as resistance) or even a double top.
First bearish opportunity ...
Yes... Trump's rally drove the Dow to 20,000!
Here are few technical reasons (or patterns of you wish) that make me think that we may just hit the top:
DIA reached 200$ - Huge psychological level
AB=CD pattern completion (with the Fib confluence zone - 1.618 and 2.61)
DIA is testing previous uptrend ...
Gold continues to fall as the Dollar continues to rally.
The Fed's rate hike sent GLD below 110$ and now this price zone has turned to resistance.
The nearest support zone is 105-106$
1. Bullish Cypher
2. Daily support zone
3. The top of a broken weekly falling wedge pattern
Technically, as long ...
11,000 is a weekly resistance zone that includes:
- Weekly structure
- 61.8 Fib level (from previous peak to February's low)
- Completion of a bearish Gartley pattern
11,000-11,200 should be in focus tomorrow for two reasons - It can create a short term pullback towards 10,700 and in case of a breakout it can ...
EURUSD is in focus this week with the Italian referendum and the monthly ECB meeting.
Here's a brief list of what we see in EURUSD chart:
1. EURUSD is still inside a weekly trading range (1.05-1.114). Last week the bottom of the range held as support.
2. 1.05 is also the completion zone of a monthly bullish AB=CD ...
Gold completed a 61.8 Fib retracement last week and some buyers stepped in.
110-112$ is a support zone that I mentioned in my previous analysis. It can create a short term bullish move especially when DXY is having trouble with the monthly 61.8 Fib level (see linked idea).
110-112$ and 106-107$ is two support ...
This is a chart that I sent to my members today.
It presents two potential trades on IBB:
1. Bullish (short term) setup - 270$ is the key zone as it presents a weekly support zone.
2. Bearish continuation (based on longer term analysis) - Continuation of the the waterfall that started on May 2015.
Waiting to ...
Huge rally today following the U.S data as the market waits for FOMC minutes.
Meanwhile, USDJPY just reached the 61.8 Fib retracement level and a daily structure.
Dollar Index DXY testing previous highs
$EURUSD suffered great losses last week as the Dollar Index (DXY) broke above the 100$ price zone with Yellen's help.
Now the Dollar Index is testing the monthly 61.8 Fibonacci level (102$) and $EURUSD is testing 2015 lows - The bottom of a weekly trading range.
The harmonic pattern hasn't been violated yet and X ...
Looking back since 1995 we see clear price behavior pattern in SPX:
1. Smooth and steady climbing of the Index throughout years.
2. Just before a major reversal we see a price action widening and choppiness increase.
3. Bearish reversal following a close below the Fast MA line.
As you can see, since 2015 we ...
In this week's newsletters (see link in signature) I mentioned that USDCAD will be hitting a strong resistance zone near 1.355-1.36.
For now we see that this resistance zone that includes trend lines (resistance) and an AB=CD pattern did create the expected reversal.
Now all that is left to see whether or not ...
The bullish Gartley scenario triggered today as the EURUSD entered the PRZ.
We have Draghi speaking later today and the focus is on 1.07-1.075 as potential reversal zone.
Potential target zones - 1.085, 1.09 and 1.1
Last week AUDUSD was rejected again from the 0.77-0.78 daily resistance zone which is also the PRZ of a bearish Gartley (pink).
The difference between this time and the previous times it was rejected from this price zone is that now AUDUSD sell off drove it below 2 MA lines and the bottom of a trading channel - ...
The elections result sent DIA back above 182$ and triggered a false break scenario that eventually drove DIA to new record high.
DIA is approaching a weekly resistance zone that starts with the completion zone of a bearish Butterfly pattern.
The other resisting elements are the two trend lines shown at the ...