Having a look here into the AUD/NZD, technically I see a major key level @1.05454 where wave 5 will initiate its long as wave 4 comes to a close.
My key level here is located at the high of wave 1, which wave 4 cannot violate if this Elliot Wave analysis is to be validated. If the Key level is broken, I expect my 'Buy Zone' area to react as a strong support...
Here is a counter trend trade set up on the EURAUD fx pair. Shorting on the 3rd rejection of the 0.27 fib extension from the last 4hr wave. I will be looking to take this trade down to the 4hr bullish trendline and if that TL breaks then I will go for the daily fib 0.618 retracement level at around 1.59
Simple trend reversal trade on NZDJPY. Bearish momentum seems to be gone and price has broken up and made new highs now with price breaking the bearish TL.
I am entering long on the 0.618 fib retracement with a target of a new higher high around 72.800 and maybe higher.
Simple trendline break and daily resistance bounce trade. The major 4hr/daily bullish TL is now broken and retested with a lower high on the 4hr timeframe.
Price has also rejected the daily resistance at 1.71900 so if this is now considered a channel price could drop all the way to lower support at 1.63500
the chart remains simple and tidy, however, there are many different tools to indicate and support our directional bias, in this case, GBP/USD has shown extensive pressure towards the downside, however, the price was unable to penetrate the dynamic area of support 1.26000. Based on previous price action this area showed a lot of liquidity hence why became an area...
After last weeks successful short trade on USDCHF I am looking to go again on the next pullback into the bearish trendline.
Price is making nice lower highs and lower lows. I have the Fib 0.618 retracement level and the bearish TL overlap at the 1.00400 zone which should work well.
Targeting new lows on the 4hr and the previous support at 0.99000
Simple short trade set up on CHFJPY
4hr is making lower highs and lower lows. Price is coming up to retest the bearish TL and Fib 0.786 level. We also have the 4hr 50ema here to act as resistance.
Targeting new lower lows.
- Price has broke through and retested the resistance level
- Possible continuation trend
- Long wick formed on the last 5 min candle. Price may retest this zone again.
- Doji formed at resistance level
- Price may enter a state of consolidation or continue on an uptrend
5MIN & hour timeframe show contradicting signs.
Here is a simple short trade set up for GJ based on the current downtrend making lower highs and lower lows on all timeframes.
I am looking for a pullback up to the prior support now resistance at 138.00
This price level coincides with the 1hr fib 0.618 retracement level and the 50ema should be around there too.
I am looking to go long on AUDJPY on the next higher low and bounce off the lower trendline which is now bullish.
I have used the black arrows to show that the last 2 lows were in fact higher lows showing a potential shift in direction. This coincides with some nice deceleration on this FX pair after the recent very bearish run.
Another important confluence to...
Here is my 3rd scale in entry order set for the FTSE 100 index.
- Lower Highs & Lower Lows
- Fib 0.618
- Bearish TL
- 4hr 50EMA as resistance
- 7250 nice psych number
Aiming for 7000.00 level to be hit next.
BTC/USD has had an incredible few weeks but I think there is need for consolidation as the bulls begin to take profit. I can see us forming a double top around ~8800 and it rejecting down to fall through 50 & 100 EMA which will form resistance for a visit back to $6400. Once the price has consolidated, we will need some more positive news to see moves like we've...