Wedge patterns can be highly profitable. All you need is to sustain the false breaks and be discipline twitter.com
Short term setup If $EURUSD will close back below 1.1 it could mean even stronger bearish move
Not too long ago I posted a setup on $XLF involving 2 bearish harmonics. Once the trend line was broken, it was no turning back for $XLF and the re-test of the broken trend line proved it by becoming resistance. Now it found support on 200 SMA line. Could bounce from here but longer term remains bearish
So far, as I wrote earlier today, the $DAX couldn't handle the Fast SMA line on the 30 minutes chart. If it will drop lower, it could complete a bullish Bat pattern towards EU summit tomorrow. Remember - 30 minutes bullish pattern in a bearish environment can be violated easily but if you're looking for short term opportunity - This could be an interesting one..
In this week's Weekly Markets Analysis I wrote a special article about catching shift in trend. marketzone.tumblr.com In this $EURAUD example we can clearly see the stages from the initial RSI signal to through the different patterns till the actual confirmation that there's a new trend. Notice how the Butterfly pattern was the top of the trend, creating an...
Up or down? Up to complete pattern or down, respecting the trend line's resistance?
The bullish Weekly Markets Analysis setup reached first target zone Now we will see how this resistance zone will act
$USDCAD is trading inside a Triangle formation shown in the chart with blue dashed lines. It already retraced 61.8% from previous pick, pulled back and rallied back up, now touching the 50%, structure resistance zone and the downtrend line of the Triangle. The support elements we see are the 2 SMA lines (fast and 50) and the 1.23 minor structure zone (of course...
On my Weekly Markets Analysis I mentioned 2060 (206 in $SPY) as a strong weekly support zone. For now its till holds. 2110 next target zone for this bullish setup (2080 was the first)
Bulls should wait and see if there will be another breakout. It should be a stronger one if happens.. The bears.. trend still on (after False Break) My guess is we will see it break higher.. but for now its only a guess (only a breakout will confirm that guess)
Possible bearish setup with stop loss above 1.95 Bottom of Triangle - Target level
The bad news we see coming from the Euro Zone could have bearish impact on $EURUSD that will push it below the 50 SMA line and towards 1.1 and 1.07 which are my next target zones for the bearish C sell setup I published here few weeks ago. Near 1.07, $EURUSD will complete a bullish pattern but is it going to be enough to keep it from reaching 1.0?? The next week...
Bullish Gartley completion near 206$ support zone. Assuming we will have a red opening (at least on futures), $SPY may end up below the 208$ support zone and near 206$ (which is another support zone) and near the 200 SMA line. So far the 200 SMA line was broken only once since 2012(!) so if you are bulls and you are looking for bullish opportunity, 206$ can be a...
Three different successful harmonic patterns traded on $SPY
Since my last analysis, the $DAX broke out of the downtrend line, retraced from the 50 SMA line and today touched previous resistance zone that clearly (for now) acts as support. Judging by CURRENT price action, If the DAX will create higher high after testing support it could mean continuation of the uptrend and the end of the correction move. BTW, if it won't...
An update for yesterday's trading idea
For you harmonic traders out there.. how would you consider the current price action in $GBPNZD? A completion of a Gartley of a potential for Butterfly? Considering the B point of course.. Anyhow, you have to bearish setups here to monitor and trade