Hello Traders,
Here I have utilized the the Wolfe Wave, Geo's Off-Set Rule, and Fib clusters.
Wolfe Wave - Within the Wolfe's 1-2 and 2-3 points you must look out for an ab=cd pattern which we clearly have stated here. Points 3-4 and 4-5 are less likely to have such patterns. In fact, as a WW trader, you want the 4-5 path to be carved out as smoothly as...
Australia is the third biggest gold-digger… we mean, gold producer in the world, sailing out about $5 billion worth of the yellow treasure every year!
Gold has a positive correlation with AUD/USD.
When gold goes up, AUD/USD goes up. When gold goes down, AUD/USD goes down.
Historically, AUD/USD has had a whopping 80% correlation to the price of gold!
Long AudCAD on 4hr/daily break to upside.
daily timeframe is better for this one because it has been consolidating more extremely on smaller timeframes.
Hello Traders,
Here we have a developing Wolfe Wave for AUDNZD. The goal of this post is to find point 4, which can be rather elusive.
Highlighted in grey is a Wolfe Wave that completed. As this Wolfe Wave was forming we created an ab=cd pattern that gave us points 1 and 2 of the developing Wolfe Wave. Point 2-3 formed as the first Wolfe Wave completed at it's...
The AUDUSD FX:AUDUSD daily chart shows several tailed bars which suggest rejection of lower prices.
The daily chart looks to be drifting up into the higher side of the longer term trading range at 0.7380.
Whilst above 0.7000 prices remain bullish and traders could consider buying with targets to 0.7295 and then 0.7385
Reasons for
-As you can see we have Lower highs and lower lows
-This shows us a clear down trend on the daily Timeframe
-We have bounced from our key level at 2.00000 and have found some bullish momentum
-As you can see we also have our trend line underneath Price
-So essentially we are still up trending on the higher timeframes
-The past day put in a long...
THE MAIN AREA WE ARE FOCUSING ON IS THE RED CIRCLE AREA, COULD BE BEFORE COULD BE AFTER
-ABC AND D STRUCTURE POTENTIALLY IN PLAY
-THIS LINES UP PERFECTLY WITH MAJOR MONTHLY SUPPORT
-FIB 0.618 RETRACEMENT
-TARGETS WILL BE FIB LEVELS
LONG TERM - AUSSIE IS CURRENTLY SITTING AT A MAJOR KEY RESISTANCE LEVEL AS HIGHLIGHT ABOVE -
- This suggests bulls are coming in and if further bullish price action is seen on lower TFs I will be buying this market long term.
- Price action is also confined within YEARLY TRENDLINE SUPPORT (black trendline - seen more clearly on YEARLY CHART)
- RSI was last at...
Just had a cypher complete around 0.7274. Watching this very close. It has overextended itself a little higher which can give us a better entry point for a better RR. However if it closes above the X of the cypher it will likely press even higher as this level has been major resistance in the past. If it breaks the resistance level it could drift up to .73 range....
