Head and shoulders. hello bear market. Get short and dont be afraid to hold. I stated in my other post recently about being careful in this market. Volatility is coming.
HERE IS ANOTHER EXAMPLE OF THE SAME TRADE I'VE BEEN ON ABOUT STAIR CASE: SHORT RETRACE TO 23-38, THEN HEAD TO 76 AND REVERSE TO THE 23-38 ZONE. 1ST: LONG THE BEST ENTRY WILL BE AT 1.0766 SINCE THE PRICE WILL REVISIT THE PHI LEVEL BEFORE RALLY. 2ND: SHORT SELL AT THE TOP OF THE 23-38 AND PHI (FIB) EXPAND TO 1 (100%) MONITOR TRADE FOR CHANGES IN SET UP...
The Euro has made a statement with a clean break and close on the lows. We are seeking pullback triggers to get short. If we move back into the range before a trigger trips then we will avoid. NO TRIGGER/NO TRADE!
Euro hit 50% level, where it bounced from. Short will come if/when we see that level is broken. Then, and only then - sell short to .618 Video with explanations: www.youtube.com
Daily perspective for EURUSD. - ABCD - 4 week range - Descending channel - Bearish overall bias Directional bias dictated on which way we breakout from this range.
Here is a better wave count on the GBPJPY. Pair is currently in a wave iii of 3. No trade setup here, just wanted to share my count. Anyone else have a different count?
This looks really nice to short now, at least in the area highlighted red. My orders for short are placed just below that red area. Then on pattern completion I'm buying up, its about 900 pips away from D leg completion so yeah a long way down.
1)Trend line has held since October, 2) A break has now occurred and a retest of this trend line. 2) A further confluence is moving averages heading downwards Target Area 1- 180.017 Target Area 2 - 175.498 (If 180.017 holds as resistance after target 1 is cleared )
I feel like Oil is due for a bounce due to its sharp decline and 10+ support levels. Playing Oil through options (USO) futures or forex (WTI) is a great risk reward.
Macd rolls over as price approaches mid range support. A drop below this opens up the price to stronger support. A drop below this and we are looking at a mid .60 handle. MACD is one of the most reliable indicators that is extra strong when used in the context of other indicators.
Monitor price action at 1.50500 before decide any position. No news for today trading that may impact on trading, both USD and GBP
The Euro, like Gold, has been on a tear to the downside. We had a weekly signal fire off and we expect the Euro to continue down. However, one of our favorite reversal trades is setting up and we will take the long side for a QUICK TRADE. This will not be a trade we hold long and we will keep stops tight. If we get a bounce we will look for the trigger to...
The Euro has broken hard off the recent rally in the equities. We have broken down the wedge on both the Weekly and Daily charts. Notice how the Euro failed twice to break out above the wedge. We think this is for really and are looking to get short in the trigger zone. REMEMBER: No Trigger, No Trade!
A well defined channel has taken shape here with EU now potentially bouncing off the lower boundary, which has held nicely in the past. Indicators are nice and oversold which could make for a nice impulsive move upward. The 1.145 region could be a key resistance area on the way up, but if it can clear that we could see 1.19 again
WEEKLY CHART - The euro could be perking up soon. She is ripe and ready. She will be at the top of our watch list. There was a recent false break out but that could be a clearing of stops. Since this is a weekly signal we expect the Euro to run for about 6-8 weeks. Keep it on your watch list.
I had a request from a friend to analyze USD/TRY: On daily perspective I saw a nice classical Elliot Wave with double zigzag till point E correction waves. Before starting the analyze I want you to eliminate the harmonic pattern that I draw there; First we start with trends and the potential of opening trade. PA (Price Action) creates trend and trends give us...
WEEKLY CHART - Keep your eye on the Euro. We are getting closer to a break. If the break has legs then it could run for a few weeks.