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.
It has been a very strong down trend since July 2014, but Uncertainty of FED rate hike and dairy price rose since 18th AUG auction. Traders are taking advantage of strong KIWI and weaker DOLLAR till next RBNZ announcement. Happy Trading; RinaP
This is a great lesson for those who want to get on a good trade. Look at the monthly chart. Not since 2001-2002 have we seen a nice wedge pattern like the current. But more importantly look how far price moved when it broke. We expect the same with this current pattern. You don't have to catch the break...rather drop down to a smaller time frame (Daily or 4...
We are still watching the Euro. It's back in the middle of the range in no mans land. We will continue to keep an eye on this. We have a weekly signal getting ready to fire and with all the junk happening in the Europe this currency will move and we will try to be on it. Keep on your watch list.
We stayed out of the Euro last week to let the FOMC announcement shake the "playa's" out of the market. Even after the hoopla, price is still contained inside the wedge. The daily chart is ugly so we look at the Weekly to give us the story. If we get a weekly close outside of the wedge expect them to eat up the supply from the week of 8/24 and try to run the...
Still waiting. Trading is s waiting game...the better you get at it the more money you can make. Keep the E6 on your watch list.