ellevationtrading

ellevationtrading Updated 

The recent bout of USD weakness has sent the Euro parabolic against the greenback. Today we saw the thirds touch at 1.1910-1.1920 area and it feels like the market may be starting to tire at these heady levels. I am looking at a short trade here around 1.1840 with a view to covering on a pullback into the 1.1600 area on a mean reversion trade. Stops above...

ellevationtrading Updated 

Taking a speculative long here intra-day on E-mini dow futures. The market has respected the shown uptrend on the 15 minute time frame. Small long here with a very tight stop of 30 ticks. good luck!

ellevationtrading

Quick scalp in GBP/USD here targeting 1.2530 having respected the uptrend on the 15-minute chart there is a chance to take a quick 30 tick scalp. Stops should be run tight through 1.2487 Good luck one and all Elliott www.patreon.com

ellevationtrading

The E-mini Dow futures have tagged the 200-Day moving Average in overnight trading. Risk-on sentiment is everywhere as Chinese Blue-chip stocks close the session up 5.5%, having, having posted 7% gains last week. Investors are fully focussed on the positives as economic data improves (hard not to from where we came from) and second wave risks are discounted. We...

ellevationtrading

Treasury secretary Mnuchin just tweeted that they had reached a deal with 5 major airlines to provide much needed financial support. Translation=the Treasury just bailed out the Airlines. Boeing stock has been beaten to a pulp during the life cycle of the Covid-19 pandemic. The market is set to open back above the 100-day Movibng average and this should be...

ellevationtrading Updated 

GBP has continued it's decline against the dollar recently. Sterling has come under continued pressure as the economic data out of UK is disappointing even the most negative of consensus estimates. We are currently trading at 1.2265, just shy of the 1.2250 support level. (and have been for most of the morning). Although the market has attempted to build a...

ellevationtrading

The dow futures, having been down over 900 points overnight have retraced to the 100 day Moving average and short term trend line. This is a good opportunity to re-establish shorts with a tight stop. The market, has benefited from typical buying omn the open and should pull back during the course of the session as weakening fundamentals are digested. Viral...

ellevationtrading Updated 

Selling into the bounce from 100 day MA on the dow. The market has retraced 300 off the lows. I expect to see a continuation of risk off into the close of todays session. Sell her with a stop 100 higher oco buy on the close. happy hunting

ellevationtrading Updated 

The market has bounced circa 300 points from the main session lows. This represents another opportunity to establish short positions. With the end of a torrid week in sight, I would expect to see long liquidation into todays close. The threat of a continuation of Covid-19 re-mergance as we have seen in Florida should be enough to make longs cash out ahead of the...

ellevationtrading Updated 

Ok, Gold looks good. but then again it has done the last 3 times we attempted to clear out $1,750. What surprised me was how gold held so well during last weeks crazy Equity melt up post the Non Farm Payroll beat by a whopping 10.5m jobs. If ever there was a time that gold would have succumbed to heavy liquidation, that was it. We are now once again back at the...

ellevationtrading Updated 

Yesterday we saw a continuation in the heavy bout of liquidation post Fed chairman Powell's presser. the market stalled bang on the 100 Day moving average and established a new 3 point uptrend. A sizeable (relatively) bounce overnight, cause by dip buyers (don't worry the fed has your back guys) has given us a healthy 600+ point bounce to establish new...

ellevationtrading

WTI Crude is breaking down here. WTI has recently stretched higher to fill the previous gap on the chart (well $0.50 shy) at $41.00 that was in place from the sudden decrease in Oil prices by the Saudis that sparked the Saudi/Russian Price war. The worm has now turned. No doubt the outoook from the Fed last night that the US won't return to growth until 2022...

ellevationtrading

GBP/USD having been very stretched to the upside, looks likely to now reverse lower. The market, as I type, is testing the double top support around 1.2650 which capped Aprils rally. Of note, the 200 Day Moving average was the catalyst for those market tops. We have now broken the 200 Day MA on an intra-day basis and the test will be to see if we close below...

ellevationtrading

BTC is making all the right noises, having once again tagged the Psychological 10k marker. Since the 'Sell Everything' massacre Mid-March we have attempted (and failed) to clear out resistance between 10,000 and 10,450. What is encouraging to me is that after each failure the market retracements are becoming shallower. Attempt 1) 07/5 traded10,100...

ellevationtrading Updated 

AAPl has trended in a broad uptrend for the last 3 years from $89 to $232. The lower end of this channel has proved a great area of support and I now see this being tested once again. Its been a tough time for Tech of late and the shine has certainly come out of the FAANGs with many queswtioning if we are moving from a growth investing into a value investing...

ellevationtrading Updated 

After breaking though long term tech support, the DJIA has rebounded sharply on what has largely been a short-covering squeeze and some potsitive trade war rhetoric. For me the damage was already done and this appears to be nothing more than a corrective bounce in a now down-tending market. I would be looking at an over-extension to the 61.8% fibo retracement...

ellevationtrading Updated 

As crude extends it's longest losing streak in...umm forever, there is an opportunity for a super speccy long trade here. WTI was trading above $76.00 just one short month ago on perceived supply worries. We have now gone a full 180 degrees as this weeks production data now pus the emphasis firmly on talk of oversupply. We have now tested 50% retracement from...

ellevationtrading Updated 

Yen testing trendline support which has proved solid at the last 2 tests with the market bouncing considerable higher once held. Again we now re-visit this area, providing a cheap entry to establish a long position. Long @ 112.20 Stop @ 111.60 take profit 114.50 Again, the theme of all my trades is to look for outsized returns vs risk.