I am writing a blog post to give more details to the attenders of my last Private Webinar on http://profiting.me, to explain how to identify the main trend and take advantage from it. To make this I just used CHFJPY as example.
This image explain very well the importance to have clear the main trend and what is prevailing in the market.
In this scenario the...
Two visible Bearish AB=CD and Alt Shark patterns have completed at the top area of the channel and thus we think the upward correction is near completion, if not completed already. Break down of the support at 124.211 is a clear signal that the bear are in charge again.
Good luck,
Cyclical Waves Group
Interesting developments in this pair, unlike SGDJPY, seems like the uptrend can resume from here.
Price found support at a strong level from the previous uptrend, and came down forming 7 waves, an ABCXABC correction.
If we see a move off this consolidation, which is strong enough, I'll try to go long asap.
Good luck!
Ivan.
Hello traders, here we have a possible abcd pattern with completion at the 1.27 extension which is also a previous fresh supply level. also there is some fib confluence around that level. Targets and stops as shown in the chart.
cheers
Price to bear flag form completed 50% level test, and the price to break through the edge of flag.But does not exclude the possibility to rise again, so I prepared two selling zone.
1) Sitting at a previous structure/ demand
2) Price formed a falling wedge with the target above at the resistance which also a supply level on smaller timeframes
3)target is a 38.2 percent fib retracement level
4)Sitting ideally between the two trendlines that we are targetting
5) heavily oversold on stoch.
Confluences:
1/ with the recent formed downtrend
2/ Broke TL + retest
3/ Tested the 130.000 weekly resistance
4/ Bounced of the 50% fib.
5/ high test, followed by inside bar set up, followed by another high test
6/ 50 & 60 EMA's bounce
CHFJPY formed an ending diagonal triangle and closed below 50MA, I´m not entering this opportunity as I´m already short GBPJPY, AUDJPY and NZDJPY , so it´s up to you to take this idea
SL @ 131.41 on a daily close and target of 128.2 (roughly risk reward ratio 2:1)
Good luck
Josep Pocalles
On the Daily chart we see that price is trading bearish, because of a sharp move to the downside from red wave II. Pair may go straight down as long as it trades beneath 134.7, break above that level could cause another rally to the highs.
www.ew-forecast.com
On the Daily chart blue wave (b) seems to be over, because of a sharp reversal to the downside. That said we are now expecting more weakness ahead in blue wave (c).
On the Daily chart wave (b) may be in the final stages, as red subwave c is near completion. The price reached the fibo level of 0.618 of previous wave (a). That said pair could now be facing a reversal.
As we come into the NY Session we could see a fill in this pending gartley pattern. In the 4hour chart we see a bear pin bar reversal candle which could indicate the we could see selling pressure.
CHFJPY has been bullish for the last two years as we see on the Weekly chart, but that is likely already over as A-B-C correction is already unfolding. The first wave A has already made 5 waves down, which confirms a new bearish cycle, that said be aware of more weakness after current wave B that is approaching resistance level.
www.ew-forecast.com
As we can see using the Fibonacci tool, the retracement area that I am looking for is between the 382 and the 618. The risk/reward is 1 to 1 and the target is around 123.75 or the previous resistance level on the left.
