Taking Long position as a long term trade:
Impulse Wave 5 of Elliot Wave Pattern started
Fibonnacci Retracement shows pricing bouncing from 0.64243 level
Expecting price to reach pre COVID-19 levels based on strengthening NZ economic climate and ease of lockdown
Inverse Head and Shoulders Bottom Formed on 4HR after Bullish move, signalling continuation if pattern completes.
Right Shoulder formed, I have built up a CTS Score of 5 as follows:
RSI Divergence - 1 CTS
Shoulders both at Major Structure. (3+Tests on DAILY TF) - 2 CTS
Shoulders both at Minor Structure. (3+Tests on 1HR TF) - 1 CTS
ENJin coin is now on 54 place in binance ranks. Before few days was on 53 place.
When 12 May broke bearish trend, who was consist from many pumps and corrections is now on the next correction from overbought market when it reached new ATH in USDT (binance). On BTC chart we see testing resistance line on 1D chart. When this test will be passed, we will see with BTC...
Here we have GBPCHF!
Hitting the killer retracement
Trendline 60min and 240min TF still intact
Zones in play!
I move down tot he 15min or 30min TF to get entry's for smaller SL
You will see 2 positions thats because their is 2 trendlines
1. 60mins with zone in the fib killer zone!
2. 240min with trendline and just hitting the upside of the...
The reason me and my students entered a buy for USD/JPY is due to the pair respecting its trend line, hit the 0.618 mark on the Fibonacci Retracement. My students would know why we entered this trade as it matched all our criteria for our strategy
The reason we put out stop loss where it is is due to it being a few pips below resistance and it also being...
Noticed price wanted to channel down so saw an opportunity for a little scalpy scalp! Price rejected the .618, maybe once this little support zone is broken we may see it melt even further than my take profit!
Still looking like an uptrend on the daily.
However the lower time frames are looking bearish.
Do we have a possible H&S forming?
The top of the potential right shoulder lines up with the 0.382 FIB indicating further bearish movement
If we get a break and retest of the right shoulder (also the 0 FIB) we could see a new downtrend and opportunities for shorts
Following the break of the previous ascending TL, we saw some short term bearish moves,
but failure to close below the 200MA
We have since had higher highs and lows created, forming a new uptrend.
Looking for a pullback and retest of trendline, 0.618 FIB and 50MA before going long
GBPUSD - Short Position, R:R 1:5. I am taking a short trade on GBPUSD after price has shown rejection on lower timeframes (15M & 1H) and is respecting the descending trend line. My target is the next key level at 1.21700 which gives me a great R:R of 1:5. When applying the Fibonacci Retracement tool, price is also showing rejection at the 61.8% level which gives...
-Very good buy setup on the bounce of the ascending trend line.
-Looking for price to potentially hit TP levels of: 0.65018, 0.65688 and 0.66209.
-A confluence which suggests that price has a higher probability to move to the upside is that the supply zone is in line with 23.6% fib level. This means that price could react around the 23.6% zone well which gives me...
Today I have a brief analysis on GBPCAD.
Friday we seen a release of CoT Data by CFTC.
What opportunities have arisen?
As you can see by my chart, I'm expecting a buying opportunity, backed up by bullish CoT outlook on GBP and bearish on CAD.
An increase of 9.5K roughly net positions for GBP and a decrease in CAD's net positions.