As the gold failed to extend gain this week, the reversal has taken place. 2 waves of bearish movement have been completed, leaving one last wave to go. Why one last wave, or at least one more wave? It is because every trend within the current range took at least 3 waves before a reversal.
The recent fall from early last week, specifically last Thursday after FOMC, has some similarities with the crazy selloff in late February. One glance at the daily chart should be enough to explain the resemblance. Now that the price has retraced significantly and undergone a period of resistance, it's about time the price will continue to fall or otherwise. One...
NZDUSD topped at 0.6580 after resisted by a major falling trendline in the weekly chart. The price fell after tested the resistance twice, forming a double top, and broke both a rising trendline and the neckline of the double top. As the dollar started to rebound amid increasing risk sentiment, NZDUSD is most likely to sustain a falling trend as commodity-currency...
Just a couple of weeks before, the gold reached a new high at 1765 and started pulling back, forming a counter-trend falling channel. Last week, the price successfully broke above the top of the channel, signalling that price may continue to rise. The MAs have also started to bend upwards and market has been trending upwards smoothly. A small pullback into the...
EUR/USD EUR/USD Is on a structure level on a daily time frame (resistance) While forming a falling wedge patter on 4hr time frame with a bearish :bear: divergence all which is indicating that the price might fall soon :warning:DISCLAIMER :warning: If you place a trade based on this analysis you are at your own risk
How can you risk small but gain high returns? The answer is to enter a trade that allows you to set a tight stop loss without compromising the trade setup and has the potential you make at least 3 times more than the risk. Here's a good example. EURUSD has completed a Bearish Bat while showing signs of sellers already. If you sell now, you just have to set your...
Just awhile ago, EURUSD was testing the top of a symmetrical triangle. There was resistance but not enough sellers to pick up the momentum. Since it continues to climb and break higher, we look to the next probable pattern for a turning point. Here we have a clear bearish bat which technically should cause the market to reverse from 1.0990 onwards. We can now look...
This is a simple and basic trade setup to sell from the top of a ranging pattern. So in this case, the price has climbed from the bottom of a symmetrical triangle to the top again. In that process, 3 bullish waves were formed and the price is likely to pull back before it can climb further into a new trend. Would you sell at the top right now?
GBPUSD has been ranging for almost 2 months after the completion of a motive wave. The market has ranged and completed multiple waves and it seems to have completed an ABC correction. 2 months worth of consolidation is pretty extensive and thus the belief that a trend is coming soon. So here's a fair amount of reasons for traders to buy GBPUSD again, while at the...
Dow Jones fell yesterday upon the completion of a bearish Gartley It stopped falling after one solid bearish wave and turned indecisive As the price moved up and down, a bearish Cypher was already about to be completed. This could give traders a good reason why they should give the bear another chance to perform. The turning point upon the completion of the...
GBPUSD has been ranging since late March 2020. The price revisited the bottom of the range near 1.2300 and seems supported for now. If the price is able to rebound and break above the falling trendline which was created in this downtrend, there's a good chance that the price will climb back upwards. The current range also preceded after a strong bullish trend and...
GBPUSD has been consolidating for more than a month and has formed an ascending triangle in the process. The previous up wave is clearly completed and the first down wave from the top of the ascending triangle has just formed. Wait for a pullback from the preceding down wave and sell near 618 level.
USDJPY has been falling within a falling wedge. Price has begun falling from the top of the falling wedge as seen from the previous down wave. This is also likely to be the final wave before within the falling wedge. Sell as the price pulls back towards the 618 level of the previous down wave.
EURSGD Trading Plan BUY (Change Plan Previous)
EURNZD Trading Plan SELL - Riks Reward 1:3
AUDJPY Trading Plan BUY - Riks Reward 1:3
NZDUSD Trading Plan BUY - Riks Reward 1:3
USDCHF Trading Plan SELL - Riks Reward 1:3++