This is the more detailed entry for my long position. I shared this set up previously and was waiting for the sell off down to my buy zone.
All analysis is on the chart.
TP 1 is the previous resistance and fib -0.618 extension
TP2 is longer term at 0.66
Another higher low forming on gold.
Got a nice rejection of the fib 0.786 retracement level and the broken bullish TL.
Looking for a lower lower to be made on this timeframe swell as the daily. Hence my target target profit of $1455/$1450
Long term short position on the Dow Jones entered.
Entered at 26750 (26,800 on my broker price feed) which is my previous support now resistance. Lower high, trendline in this zone and Fibonacci Retracement level.
Targeting new lower lows at 25,200
Counter trend pullback in to the broken bearish TL and support zone.
Inverse right shoulder to form at 0.62500 and then go long to new highs at 0.64200
All positions and orders are marked on the chart.
Resistance at 2.0 held strong (daily double top)
Daily TL broken and retested.
4hr timeframe maintaining a lower high and rejecting TL
Looking to short down to new lower lows and then long term support at 1.83500
Look carefully. I'm not saying to that anybody needs to trade 3-day time frames.
The point of this chart is to show that there is an overdue correction - and I don't know when it's gonna happen. Why? Cuz unlike many out here, I have no crystal ball - and I don't own the future.
Elliott waves are not to be interpreted rigidly. Fibonacci does not tell markets...
Bearish trendline holding strong with 3 rejections now. I will look to go short on the 4th touch of the TL around the 1.96420 area where the fib 0.786 retracement level also sits.
Stop loss comfortable above the TL and targeting a new lower low at 1.93200
Potential for nearly 6:1 RR
Multiple timeframe trends aligning on GBPUSD now.
Daily bearish TL broken, 0.618 fib tapped and a higher low made.
1hr trend is bullish.
I have entered on the higher low at 1.23200 with a higher low, 1hr 50ema for support and the bullish 1hr TL
TP1 is at 1.25 (1hr trend fib extension)
TP2 is if there is daily momentum and it is a higher high on the daily timeframe
Lower highs and now a clear lower low made on Gold.
Multiple 4hr support zones and trendline broken. I am now shorting gold in the hope it continues this bearish trend and forms this new lower high and therefore a lower low.
We have the trendline retest and fibonacci 0.618 retracement level at this entry zone. There is also a fib -0.618 extension on the previous...
EJ has now broken a bullish 1hr trendline and made nice lower highs and a lower low.
I am looking to short on this pullback now we have seen multiple 1hr rejections of the 119.500 level.
Aiming for a new lower low at 118.500
Possible short term trade on the CHFJPY
Japanese Index has started to fall so some currencies are gaining in strength against the Yen
Any questions are welcomed and will be answered
Lets see how it plays out
Bearish bias on FTSE100 index.
Previous 4hr support zone broken and retested.
Bullish Trendline broken and now retested.
Fib 0,618 and lower high forming.
4hr 50ema to act as dynamic resistance.
Final TP around the 7100 level
Lots of confluences for a short trade on GBPUSD.
Pattern Trading - Head & shoulders pattern confirmed on the 4hr timeframe (yellow circles)
Bullish Trendline Broken
4hr 50ema broken to downside
Lower low and lower highs now made.
Looking for a pullback in to the bearish TL and a retest of the broken bullish TL.
Price might keep dropping from here so the fib...
I inserted Fib from highest high to lowest low as you can see on chart. You can see price has REACTED off 618 which considering to be powerful number. Price action has reacted off 61.8 17 times in over 8 years period until it has broken through 61.8 which is support and drifted lower and lower. Now, current price action has almost reached 618 which las saw 61.8...
Momentum looks to be slowing on AUDUSD with price trying to roll over at this level.
1hr timeframe made a nice lower high and resistance at 0.68850 has held strong again. Multiple daily wick rejection candles formed last week.
If this bottom TL breaks then new lower lows will be made.