With the following noted a long scenario appears to be in play: - bullish reversal bar (near resemblance to bullish pin bar/low test bar) - resistance becomes support (at ~2.3260 which stands out as a weekly level dating back to November 2009 ) - retest of 20 ema and close above - trend line support (third touch) - Rejection of 0.618 Fibonacci level and 50%...
Looking at the following to sell EUR/USD: - inside bar - 50 ema rejection - resistance at @1.1100 - Fibonacci cluster: - 0.786 Fibonacci level rejection from previous swing high to swing low and closes below - 50% retracement between first swing high at the top of the trend line and closes below - trend line rejection - Stochastic and RSI convergence entry -...
Using the following to back a short entry on EUR/GBP on the daily chart: - inside bar - resistance at ~0.7120 - mother candle rejects: - 50 ema and closes below - 0.786 Fibonacci level and closes below - Fibonacci cluster - falling trend line for the 4th time closing within the downward trend channel - Stochastic hidden bearish divergence (comparison of...
Although looking a bit choppy, the bigger picture on Gold still shows an uptrend with higher highs and higher lows. Price has touched the floor at ~1180 and rejected the trend line for a third time giving a bullish engulfing and doji bar yesterday, together with rejecting the 0.786 Fibonacci level and closing above it. Stochastic and RSI are in convergence and are...
Technicals: - potential high test bar (rejection pin bar) - retest of resistance at 0.7550 - retest/rejection of 50 and 20 ema - 50% Fibonacci retracement rejection - Convergence on Stochastic and RSI entry - below low stop - above high target - previous swing low or lower
Confluence of factors supporting long trade: - recent uptrend (HHs and HLs); - bullish low test close; - 20 mean bounce/rejection; - support at ~0.7800; - 0.618 Fibonacci level rejection and close above; and - RSI and Stochastic convergence. entry - above today's high stop loss - below today's low target - most recent swing high and above
The AUD/JPY daily chart displays consecutive lower highs and lower lows with a potential short setup to continue the visible falling trend (supported also by downward trendline). The current corrective phase seems to be running out of steam in initiation of a potential impulsive phase, with the production of a bearish reversal price bar: - ricocheting off a...
Price action is trending downwards establishing consecutive lower lows and lower highs. A bearish high test rejecting the 0.7490 level, the 50% retracement and closing under the 38.2% Fibonacci level symbolises a continuation setup short potentially into 0.7190. entry - below high test stop loss - above high test target - support area at ~0.7190
After a break below ~1.8150 and a strong move down price has retraced back to and rejected the ~1.8150 area with the 0.618 Fibonacci level being in spitting distance of it, and the 50 ema as well with a close below. Stochastic and RSI indicate convergence. Entry - below today's bearish bar Stop loss - above today's bearish bar Target - initial profit taking area...
The moving averages on CHF/JPY display shapely geometry holding the recent uptrend. There is healthy convergence on both Stochastic and RSI too. A pull back into and just short of ~115, but bouncing off the 0.382 Fibonacci level, has given what will be a bullish low test close implying a long trend continuation setup. Today's low test has also narrowly missed the...
This trade setup is pretty simple and doesn't require any rocket science. McDonald's, or MCD, is a component of the DOW30. MCD has been in a trading range on the weekly chart for quite some time now. We are currently at the bottom of this range, providing an excellent opportunity to get long. I'm using covered calls in this name to get long the stock at as cheap a...
USO has broken it's uptrend a few weeks back, and since has been heading violently lower with no signs of stopping, at least not yet. Not in my eyes. I had a plethora of converging indications, so I've marked them in the chart A - F, and then explained my trade setup. Good luck. A) RSI has broken above the 35 level, but this is likely because it bounced a bit...
The idea here isn't very difficult to understand. DAL has made a run up from $35.51 on August 8th, where we saw a bounce off the 150EMA, a personal favorite area to get long for me, especially looking at the weekly chart for this. Anyways, from the top down: 1) Bullish RSI Holding 60 Support 2) Established Uptrend - Long Term 3) Bounce off 150 EMA 4) Long $4.46...