yung_alchemist

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About me - 21 - UK - Technical analyst
Joined Birmingham, UK
Markets Allocation
100 % forex
Top Mentioned Symbols
EURJPY 43% | 7 NZDCAD 12% | 2 EURUSD 6% | 1 GBPCAD 6% | 1
yung_alchemist yung_alchemist USDJPY, D, Short ,
USDJPY: USDJPY - Technical Short Scenario
429 3 5
USDJPY, D Short
USDJPY - Technical Short Scenario

This pair has been putting in some bearish technical signals over the past week or two. One of which would be the rejection of the key resistance level 120.580 which has held firm on many occasions. We also have the MA's crossed for the first time since may as well as fib retracements from the 61.8% zone and the 50% zone I will need to see more confirmation from ...

yung_alchemist yung_alchemist EURJPY, 240, Short ,
EURJPY: EJ Short - Break and retest of key weekly support
269 0 3
EURJPY, 240 Short
EJ Short - Break and retest of key weekly support

Break and retest of key weekly support and on the hourly time frame we have saw a break of the counter trend line Potential to initially bag 3% on this trade. This is also a position that is great for the long term

yung_alchemist yung_alchemist GBPCAD, D, Short ,
GBPCAD: GBPCAD - Short Position
181 0 6
GBPCAD, D Short
GBPCAD - Short Position

Although technically this pair is 'bullish' due to the higher highs and higher lows it has been putting in, there could be a great opportunity to catch a short trade all the way down to 1.950's. This area has many confluences and is a superb area of support. If we break this level then we will have confirmation for a bearish trend as it will then have taken out ...

yung_alchemist yung_alchemist XAUUSD, D, Short ,
XAUUSD: GOLD. SHORT. TECHNICAL POV
525 0 4
XAUUSD, D Short
GOLD. SHORT. TECHNICAL POV

I believe we could be looking at another leg down for Gold after making consistent swings for a while now. We have many technical confluences so lets see what happens. - Trendline bounce - Capped by 61.8% Fib level - Stalling at resistance zone - Formed a new Lower High 1040's Downside Target

yung_alchemist yung_alchemist EURJPY, D,
EURJPY: EURJPY - Retrace before possible long entry
165 1 6
EURJPY, D
EURJPY - Retrace before possible long entry

As many pairs are still low on liquidity I will only be looking for a position once.if we come down to retest or break the ascending trend line. As you can see on the chart, there is many confluences for this move.

yung_alchemist yung_alchemist EURJPY, D, Long ,
EURJPY: EURJPY - Possible Long
166 0 3
EURJPY, D Long
EURJPY - Possible Long

After originally holding a short bias on this pair, I took some time away from the charts and come back with a fresh mind. After taking a closer look at the longer term price action and the previous few daily - weekly candles I would see that there was a strong bullish sentiment. Here is a chart that speaks for it self. However I am currently taking no positions ...

yung_alchemist yung_alchemist EURAUD, W, Short ,
EURAUD: EURAUD - LONG TERM SHORT (possible swing)
318 1 11
EURAUD, W Short
EURAUD - LONG TERM SHORT (possible swing)

Weekly Descending channel which has been putting in lower highs. Although we had a fake out we are still currently within the channel, therefore if we can break the counter trend line then I will be looking for us to achieve the lower boundaries which also lines up with many areas of confluence.

yung_alchemist yung_alchemist NZDCAD, D, Short ,
NZDCAD: NZDCAD - Potential Short Soon
160 0 3
NZDCAD, D Short
NZDCAD - Potential Short Soon

After posting this pair recently, as the week had played out I quickly noticed this channel/flag forming. We have a key area of resistance at both 0.87000 and 0.884000. Currently we are range bound being capped by the 0.50% fib level at 0.87000. if we break this level I will look for price action around 0.884000 as we have many confluences for a short here. ...

yung_alchemist yung_alchemist EURJPY, 240, Short ,
EURJPY: EURJPY
187 0 0
EURJPY, 240 Short
EURJPY

As posted earlier in the week we have now had our entry points triggered on this pair.

yung_alchemist yung_alchemist EURUSD, D,
EURUSD: EURUSD - Overall Bias Short - Currently Neutral
191 0 4
EURUSD, D
EURUSD - Overall Bias Short - Currently Neutral

Closed the week under the 1.1000 key weekly resistance level, therefor would favour a short. However due to current market conditions I would like to see some momentum and a clear break out of the channel.

yung_alchemist yung_alchemist EURJPY, D, Short ,
EURJPY: EURJPY - SHORT - Range Lows
242 0 6
EURJPY, D Short
EURJPY - SHORT - Range Lows

Looks like a text book head & shoulder formation has formed. Multiple rejections of a key resistance barrier. Looking for range lows as first target, I will scale down to a lower time frame to look for an entry upon the break of the counter trend-line.

yung_alchemist yung_alchemist GBPUSD, D,
GBPUSD: Cable Scenarios
145 0 3
GBPUSD, D
Cable Scenarios

If we can break this counter trend-line then I will look for a retest before getting short to 1.50000 Alternatively if we break above the range highs I will be looking at price action to warrant a long to 1.61000

yung_alchemist yung_alchemist NZDCAD, D, Short ,
NZDCAD: NZDCAD - SHORT - Multiple Technical Confluences
129 0 3
NZDCAD, D Short
NZDCAD - SHORT - Multiple Technical Confluences

- Bearish Trend - Double top off daily support - Pinbar - 3rd touch on descending TL - Capped by 50% Fib level - Lower low expected

yung_alchemist yung_alchemist USDCAD, D, Short ,
USDCAD: USDCAD - SHORT - B.R.C
178 1 5
USDCAD, D Short
USDCAD - SHORT - B.R.C

From the monthly price action we can see that the 1.2800 level is a major zone of resistance for this pair. After hitting resistance we can clearly see this pair putting in lower low and lower high swings, with the most recent rally off the triple bottom at 1.19's failing to break above 1.26's creating a new lower high. Currently we are also retesting the previous ...

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