I am liking the look of shorting Dow at this intraday day double top right now. Nice bearish 1hr closure and some seller momentum coming in prior to tomorrows NFP.
I will make this trade risk free as it makes its way to the bullish 1hr trendline and 50EMA.
If that breaks then I have longer term profit targets at 25,000 and 23,000 (very long term). I will manage...
The GBPNZD chart has had 3 tests of bouncing off the 50 EMA on the 15M timeframe, confirmed by hourly timeframe. Go short on 4th bounce, Current NZD strength will drive the pair down to take a profit at 48 pips below (based on 1:2 R:R). Set stop loss of at least 24 pips - previous price action suggests a moderate buffer is necessary.
Pair has broken out of a key support and resistance area and is now showing signs of a re-test with the potential for a downside move. I am expecting a move all the way down to the 4 hourly ascending trendline. Price is now at a key weekly level so a u-turn could be more than likely.
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My wave analysis suggest that a fall of about 600 points is coming soon..
There may be one more up move before it starts falling.
Do not miss the move down.
Only possibility is that it might crawl down rather than go sharp down.
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Nifty has come a long way from lows of March /April but I my opinion it is just a correction before next leg down .
As one can see clear direction of idolise legs on longer timeframe .Fundamentally as well nifty has gone too far to last but that’s how bear market rally works and is more mix of short covering and fear of missing out .short term chart candles...
Long wait for this trade ) however it may multiply your account by 100 in a year or 2.
So keeping bullish momentum on GBPUSD, we will look for more long positions.
It's not trade call, however this is how market behaves keeping historical data in mind.
Hope you are having great day.
As DXY weakens and the long awaited structure is broken, divergence is visible, and overall downtrend has ended.
Look for buys and keep buying with great RtoR.
It is an idea, not a trading call for anyone.