Currently Nikkei is at resistance of a f5 and a level in which was previously retested in line chart. It was also halted at the channel trendline. A successful test at h1 will be meaningful but unfortunately I do not have access to h1 charts for futures. However this can be translated to other JPY crosses and I also see similar distribution patterns on these crosses.
Stay short EurGbp or, if you prefear, long GBP! Since the macro economic data started to improve, the pressure on the exchange rate has became stronger. The beginning of rates normalization will make the UK's currency more expansive versus the Euromoney. At the same time, the chart seems to confirm the bearish view: It is unlikely (given also the macro-analysis)...
If EURUSD 38.2 fibo extension hold we go back
8 weeks down and currently price is doing a wash and rinse of 4 days high, at f5 of recent downmove. I will take a bet that this week should continue the downmove. The trend does not end till it ends.
Going by weeks, it has been more than 10 consecutive weeks of down week. I.e each week, lower highs has been registered. I do not foresee how trend will be turning at this point of time, so I will be playing dumb and looking to short on f6 of the most recent flow. My stop will be placed above previous week high. I am prepared to ride it should it breach previous...
As i said in part 2, the price has cut the slow sma´s at least the red one The price has moved down after the cut. Now we have to wait for a sufficient pullack and then i will look for a long setup. Regards. MacMorris
My bias is for short. There is a confluence of - d1 line chart; day tf suggests a distribution pattern in place. ( red lines) -d1 fib5 - h4 channel top - h1 channel top with macd divergence What I really wish to see is for price to be kept pushing higher till Tues or Wed when price exhaustion can be suggested and short will be possible. Hence my plan is not to...
Looking at Dow Jones, while there has been a strong recovery, i am looking at the fib6 of the recent downmove. 3 confluences for me: fib6 of recent downmove , d1 line chart, which is sort of a neckline for a half head and shoulders EMA also show possible flying buddha to be formed. and lastly which is something new for me, the up volume does not seem to be...
combination of fb5 , multi day flat high , and downwards ed channel. I am assuming this channel not to break and a short from here will be most advantangeous. Hence looking to play the range and tp at btm of channel
Confluence of 38.2 fib retracement of last big swing low with 61.8 fib retracement of the last smaller swing low in an area of resistance (blue dotted line).
This Gartley completion lines up with a major structural shelf on the Daily chart. Try as it may USDJPY has been unable to make a move lower.