With DAX index breaking the swing low at 11610, this is a good setup for a short trade. I a pullback to 11700 before the index begins its downtrend to around 11300 zone...
Looking at the weekly chart for DAX index, it is looking really bearish at the moment and could be heading to 9903. The index can temporarily rally to 12233 where much bears are waiting to send it downward again. This time around, there will be no escape route until it kisses between 10282 and 10685. Bulls at this zone likely to make the index rally short term...
Past 4 trading days of the Nigerian Stock Exchange have been visited with ferocious bulls also with decent volume. Looking at the chart of the top 30 companies of the exchange, one cannot but think the bottom is likely around the corner. What I intend to see to call a "bottom" for the market is for price to re-test the low and possibly to be rejected before making...
As 99.00 contains the upside, all roads eventually lead to a 96.50 test, trading tactically around this view, this hypothesis would be invalidated with a multi close above 99.00
Buyers made a break for it early last week following a period of consolidation
Looking across the major charts, the move up is more to do with EUR weakness rather than dollar strength
Expect a continuation to the upside with the EURUSD and possibly USDCHF charts as the best ways to buy dollar
Should price break the August Swing High then look to target the Monthly R1 Pivot
Expecting price to retest previous structure before a possible 50 - 100 pip decline.
If price breaks support, I will be expecting a retest before going short.
My bias is Short so i will only get in if price meets my requirements (DISCIPLINE) !!!!!!!
Dear Friends
Here is what I think for the coming week, Have a great trading week.
EUR
EURUSD
Last week, I mentioned there would be a great Shorting opportunity for this pair and finally it collapsed. For the coming week I do not see any support on any TF except on the Daily Chart. I would not go Short immediately at Open as we should see this support on Daily...
200 years of data shows that the US markets move in cycles of 8, 12 and 15 years. 12 year cycles being High to High and 8 &15 L to H. Its particularly ominous that all three should point to a market top arriving in 2019, with the low perhaps smack bang in the middle of the US election. Good luck Mr Trump in explaining that away next year.
Greenback reached 98 mark and is starting to show signs of resistance on 4hr TF. On one hand could break through and work its way back up to 98.93 which we saw two weeks ago- move could be supported with positive CPI data that's scheduled to be issues later today. On the other hand growing recession fears, as signaled by the US 2-year-10-year Treasury yield curve...
Stock Indices use a portfolio of representative companies (usually spanning major industries) to reflect the status of the whole stock market. There are basically three kinds: global, regional and national. Global indices include companies regardless of where they are traded. Regional indices include companies from a certain region and national indices include companies from a specific nation. Stock Indices are used to get an indication of the market's overall direction. Some analysts use them as a barometer of the underlying economy.
Indices can be comprised of tens to hundreds of stocks and each index calculates the weighted average differently. Some weigh the stocks equally (equal weighting), others take company size into account (capitalization weighting) and others use a hybrid method (modified capitalization weighting). Stock Indices are tradable entities themselves. A currency index is a measure of the value of a specific currency relative to other select currencies. Indices like the US Dollar Index or the Euro Currency Index are used to gauge the strength of those respective currencies.
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