I will be looking to see how price reacts to 96.60-96.46, if it holds as a support it will create an inverted Head & Shoulders. I will then be looking to go Long on USD/XXX and Short on XXX/USD pairs.
NOTE: DXY UP = USD UP. DXY DOWN = USD DOWN
I am looking for a long trade at current prices.
The 2-period RSI is overbought
Price recently broke out above, and is now retesting dynamic support on the 50EMA
A bullish inside bar has formed
Conservative targets at 108.4 - 108.5 range
NB: The daily and weekly candles suggest the longer term trend is bearish
I'm currently in a Short on Gold from 1422.600, reason being is because I'm expecting a pullback to 1366, before a continuation upwards to 1450-1470. I will be going Long once we get the pullback into 1366.
Looking at the Weekly Time Frame there does seem to be a Double Bottom occurring at 51.40, which is why my long term bias will remain Long unless we have a Weekly close below 51.40, Potential upside targets are huge (500+ pips) as the double bottom is on the Weekly.
4HR time frame we are in a range (Short reversals occurring at around 55.00 & Long reversals...
A double top formation seems to be forming, so I will be looking for reversal patterns to form around the 61.8-78.6 region before going Short or even a break of the 2hr CTL. The previous setup was invalidated as there was no reversal pattern. Keep an eye out on the DXY.
We are at the top end of the Monthly Range, so I will be looking for a reversal at the 1.63500 Key Resistance level. I did post this analysis on the 22nd of May, However, we have finally approached this level today.
I will be looking for shorts if a reversal pattern does occur at 1.6350 and the Daily CTL (Counter-Trend Line). However, if we do break above 1.6350 I will be looking for a pull back into 1.6350 before going long.
I thought I would try out the video feature on Trading View. Excuse the background noise. As the video hasn't been scripted and it's difficult to explain how I frame the markets without spending over an hour going through it in detail, I did my best to convey my outlook on the EURUSD.
1. Larger shorts are still in play and have not yet failed.
Whilst I enjoy analysing the ES, I only day-trade the ES and never hold overnight positions. For situations where I swing trade, I prefer to use the SPY. Not enough time to go into why as I am just about to head out to run some errands. However, the analysis and framework of price is the same.
In future posts, I intend to show you at least one simple way I look...