WitchDoctor

WitchDoctor

A look at the AUDCHF weekly chart shows a potential long-term support in the making. Of course this is based on the contingency of the 78.6% fib level holding firm.

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Using Simple Support and Resistance and specifically the Look Left Principle, USDJPY established a low which held enough for a push back toward the highs. A great reward to risk scenario holds this to be a solid buy suggestion.

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AUDNZD weekly chart displaying a potential right shoulder.

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An interesting example of simple symmetry playing out in USDCAD. The important thing to notice is the proximity to the Big Figure 1.1000, which could be thought of as minor equilibrium. The market may chop around this level for a duration of time until the resistance is met where my 'd' point is. This is taking into consideration the duration of time that...

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USDJPY pulled back to an interesting fib level based on the move over the past couple days. This setups for a nice reward to risk trade assuming stops are place below the 61.8% level and targets are aimed toward the recent highs.

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USDJPY showing a reverse head and shoulders pattern after reaching a major fibonacci level of support. Since the low established where the head is, a higher low has formed what could be thought as a right shoulder. Watch for further upside as the yen pairs start to respect this higher low.

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AUDNZD approaching a projected right shoulder, which if held, sets up for at least a move back toward the projected neckline. Consider the low established around 1.0730 within a short period of time to be a significant indication that this pair could work its way higher. If the right shoulder fails then this will set up for a move back toward the lows...

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Coming into resistance and showing a sign of weakness is the GBPJPY at the moment. Hitting a previous low that has brought back the sellers, the anticipation is to look for a push back toward the lows. Any micro rally back up to the high at 168.42 will give a good opportunity for a short position with a small stop. The more amount of time that passes with...

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GBPUSD coming into important support at least for the short term. Allow for the completion of the retracement around the 23% level before testing the long side. Then place entries to buy as close to the 1.6227 level with a stop just beneath the level expecting a push back toward 1.6667 as long as there is not a strong pierce down through the closest fib...

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EURUSD still showing potential support below in the forms of a trend line and prior highs from 6.18.2013 as well as subsequent lows which were established after breaking above 1.34 in mid 2013. Consider this an alert that the euro is considered undervalued when compared to where it was at the beginning of the year. Now to see if the trend continues and a retest...

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Finding support will be important for a push back toward the highs. The reward to risk appears fine if you can hold the trade until they retest the highs. Consider the upside bias and allow for the market to base out and reverse before entering for those taking caution. For the aggressive trader, the current entry allows for a tight stop just beneath the...

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After trading in a long term basing pattern since 2009, it appears as if CPLP may be pushing through long term overhead. Consider the up channel as a guide for the coming future as long as the bulls can maintain control. Breaking below the current long term up channel could signal a sign of weakness, but that may not develop until the highs around $11 to $12 are...

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There is selling over the past month at a very important long term trend line. This has the ability to push price back toward the lows. At the first target which is the up trend line around $10 will allow the bulls to test the long side of the market. Risk can be limited by placing stops below the October 2013 lows. The emphasis here is the increase in volume...

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Although price is trading in an up channel, the upper end of the channel is showing some profit taking. This immediate order flow is providing the downward force which looks to target the $6 range, if at least to test the lower boundaries of the channel. Notice the time that the previous retracement in 2011 smacked this stock for a 61% sell off before...

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A base has been forming since 2011, but the buyers currently have the upper hand after successfully breaking the long-term down trend ling. The bulls can maintain momentum by constraining prices within the small upward channel developing on the longer time frame. Consider a pullback to up trend line as an opportunity to buy with limited risk. Near term...

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This chart shows the micro time frame failing at a major level. The sellers stepped in around 1.08, so until price can move through that level convincingly, the short side will be more favorable. This pair aims to be much lower if the pattern of lower highs and lower lows continues

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This scenario plays on the potential reverse head and shoulders formation. If the 169 level fails then 168.50 has a reasonable risk to reward for a long provided that the right shoulder if formed. For the immediate aggressive trade, stay short as long as the neckline is NOT violated with an initial target around the right shoulder at 168.50 The long position can...

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This pair is showing a short sided sell off that could push dramatically lower.