Forecasting price action for the month of October from the 4 hour chart.
It is to give traders a direction. Price Action is trading sideways at the moment.
I'll be updating the forecast on Twitter.
We'll see how it goes? Trade well :)
A number of Technicals stacking up here including fundamental bias looking bearish for Oil Mid-term.
We could be forming the second lower high of a downtrend set to commence, including this we are at the 61.8 FIB Retracement mark. Orange zone marks Daily timeframe.
Bearish Elliot Wave (EW) currently in progress, with EW4 potentially forming a Bearish Divergence which may tag the 200 Moving Average before it's descent.
Potential supply zone ALSO at 124.679. According the EW analysis the potential EW4 forming could find supply (resistance) at the end of EW1.
Alerts set at 124.679
Let's watch and wait
Daily Timeframe we can see price has fallen out of this ascending trendline after 3 touches and has now made a lower low. 50EMA acting as resistance today and we are also at a structure level which is more than likely to serve as resistance
4H Timeframe- we can see price confirmed this lower low and is now retracing, we have a retracement to the 50 OR 61.8 fib...
Price is in an overall downtrend, forming lower highs and lower lows and a third touch of this descending TL, usually when we have an impulsive move like we have, we tend to see a retracement into the 38.2 region or the 50 fib region, here we have a retracement to the 50% Fibonacci level and with what looks like is going to be a doji candlestick candlestick, wait...
Price is in an overall downtrend, forming lower highs and lower lows and a third touch of this descending TL, usually when we have an impulsive move like we have, we tend to see a retracement into the 38.2 region or the 50 fib region, here we have a retracement to the 50% Fibonacci level and with what looks like is going to be a bearish engulfing candlestick, wait...
The holding company for Primark which is known as "Associated British Foods" chart currently shows a classic bear flag formation, with a perfect straight top which is acting as a strong resistance, and an upwards trending bottom support line which mainly seems to be driven by traders looking for small profits within this trading range. There is no real drive to...
The EUR has been bearish for a Week now and it has now crossed the support on a 4 hours chart and heading towards the next support line 1.17131. I would go Short in this trade.
This is not a recommendation and only an Idea Please do your research before placing the trades.
Shorts look good from here. Even though we have broken through the descending TL we are still bearish, no 4Hour higher high has been made. The trendlines are subjective therefore they are just an additional confluence to take into account, yes it would be a negative about the trade however we cannot argue with price action. Rejection of the 78.6 fib level, 50EMA...