Bearish pennant formed indicating a continuation of the downtrend. This market is coming up to an area of resistance which should trigger some movement to the downside and make a new low. NFP later this week so hopefully out before that.
We have an active short which should take us down into the liquidity zone creating the double bottom, where we will then look for long term buys as we will have a potential change of trend.
Should the market break the descending channel and stop us out, as it cycles back up to tap the neckline before dropping, we will execute another sell as the trade idea is...
Price broke out of our intermediate high and shot straight to our previous swing high and collected orders.
The market has now retraced into our 61. Fib which also coincides with an ascending trendline giving us more confluence to take another long trade.
Stops below structure and we are targeting the next area of interest.
Please bear in mind we have US retail...
SELL – ANGLO AMERICAN (AAL)
Anglo American PLC is a mining company. The Company has a portfolio of mining operations and undeveloped resources with a focus on diamonds, copper, platinum group metals, and bulk commodities.
Anglo American recently delivered an impressive set of half-year results, yet the share price has fallen significantly in recent...
GBPJPY has hit the monthly bearish target early in the month and so we are expecting to see a nice rally up to the 134.000 level with a potential 500 pips on the table.
We have a nice 4 hour bullish engulfing candle so we are waiting for price to pull back into support before looking at long opportunities going into tomorrow.
Stops will be below the low and as...
Third touch of ascending channel followed by a corrective double top.
Position taken on the break of the structure (I did get to it a little late so I have an additional 5 pip on my stop).
Profit target +6% to the bottom of the channel. Second profit target +19% to the beginning of the channel (ray line)
I took profit at this level from the trade posted previously. Despite being at support on the Daily, the 382 fib reaction on the 4 Hour suggest further movement down and so I’m still bearish. This trade has strongly rejected the zone which lines up with previous resistance as well as the fib levels. As if posting this I now have good confirmation of a downward...
I believed, due to Point 4 not closing above point 1, that this would be a Truncated 5 Elliot Wave.
With that being said, looking to find a double top to push the market down after the 10am candle close. (Could possibly re-enter)
Looking to go short US dollar versus Swiss Franc as the pair tap the descending trendline that has held since April and is highlighted in our trading view chart . The re tap again yesterday coincides with reaching overbought levels on stochastics. Given the market has been challenging recently we have have waited for confirmation of a cross over...
Price has broken a third touch of a daily ascending channel with very corrective price action.
The hourly ascending channel third touch (pattern within a pattern) also aligns with the daily third touch.
I am seeing if the market gives us an entry such as a double top or a hover (bear flag) along the bottom of a channel.
Ideal entry will be 20-25 pips.