Price action and chart pattern trading
> Local falling wedge ending triangle pattern within a global falling flag corrective ABC.
> Trade setup - entry @ falling wedge breakout downtrend line wave ii and iv.
> 1st target 0.786 - 1.0 upper resistance flag - upside +20%
> Stoploss @ the lowest falling wedge position zone - downside -10%
> Risk reward ratio: 2:1...
In today’s marketinsights video recording, I talk about SPX and DXY .
SPX keeps hitting fresh highs despite Fed's message to keep rates on hold until 2020. Trade wars do seem to be influencing flows more than anything else right now? Whatever the case, sharp upside and overbought hints to exhaustion!
The DXY's recent upside though should be watched closely. It's...
In today's #marketinsights video recording I analyse EURUSD and USDJPY!
Euro, dragged lower by the reinstation of the QE programme, was able to reverse post-ECB losses on the back of:
- Limited rate cut compared to markets expectations (only 10 basis points)
- Draghi's call on governments for fiscal stimulus (supporting EA economies?)
- Widening yield...
I like the larger shape here, the way the price action spilled out of the narrow channel and came back to rest up against it.
- Wave 4 left the narrow channel and
- wave 5 (if complete) only made a slight new high above wave 3
- Plus wave 5 appears to be ending in a Diagonal.
These are characteristics of very common Elliott wave structure.
This also...
Look at this picture, euro is in the stage of wave 5. in the present situation, wave 5 is more likely to be ending triangle.It has formed dot 1 and dot 2. Dot 3 is forming now. In consideration of daily transaction intensive area 1.4050-1.4100, I deem dot 3 probably in this area. Link dot 1 and dot 3, we will find dot 5.
I think CPI of EU has fall to the...
