tradetheday

tradetheday

Hello Fellow Trader! Bitcoin sliced through a weekly trend line in September and is now consolidating into a daily flag pattern. Bitcoin has now found resistance at the 61.8% Fibonacci from August high to September low range. It is extremely important to look for bearish candle stick patterns for confirmation and once entered, it would be wise to move the stop...

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Hello Fellow Trader! DAX bearish flag looking to continue the down trend for at least the short term. SPX also starting to roll as global indices start to sell off. Key Points: - Daily – Below 50 EMA - Daily – Targeting Trend line or 200 EMA - Below 50 EMA - Below 200 EMA - Flag pattern for break out - SPX futures bearish Key Levels: Support – 12680,...

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Hello Fellow Trader! Daily consolidation onto 61.8% Fibonacci is signaling a possible base for EUR/GBP to commence its secondary bullish impulse. EUR/GBP failure to hold the 50 EMA on the 1-hour time frame may force a bearish push down to key round number 0.9000. At this level it is crucial to look for bullish candle reversals. Key Points: - Daily – support...

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Hello Fellow Trader! Quite a few signals lining up. Today I have introduced Bollinger bands to the equation due to multiple signals suggesting the reversal for GBP/CAD Daily Bollinger, 1-hour Bollinger, 78.6% Fibonacci and double bottom all coincide for a possible bounce. Would like to see a strong bullish engulfing, hammer, piercing, two bar reversal or dragon...

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Hello Fellow Trader! Price pierced through resistance ($2.87) with volume and cleared the range where it’s now coiling above under the 200 EMA. ABP.ASX has not touched the 200 EMA since the pre Covid drop. ABP.ASX – Abacus Property Group is a diversified property group specialising in Australia’s core commercial sector including office, retail, and industrial...

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Hello Fellow Trader! Oil coiling into bearish flat below 200 and 50 EMA for potential downside continuation. Oil - The pattern confirmation requires a solid candle close below the flag for entry with a stop loss trigger above the flag. A secondary option (optimal entry) provides greater reward to risk ratio at the 200 EMA following a rejection candle for entry...

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Hello Fellow Trader! GBP/JPY bearish formation during Asian session signaling possible test of trend line. GBP high impact news in within the next 2 hours on Claimant Count Charge and ILO unemployment (3 month) which is a leading indicator for the UK economy. Consensus is showing slight increase which would support the GBP/JPY drop. Key Points: - Price holding...

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Hello Fellow Trader! Multiple signals suggesting possible short-term upside for EUR/CAD but with moving average caution. Due to the moving averages fanning out, we would like to see price reclaim the 21 EMA for confidence to hit at least target 1. EUR/CAD RSI divergence and Fibonacci cluster is suggesting we may see this event occur towards the end of the Asian...

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Hello Fellow Trader! GBP/JPY up 3.5% from September lows with average volume declining at higher highs. The trend channel higher band also clustering with 50% Fibonacci level and an overthrow in price may even se 61.8%. When approaching the zone, it is crucial to wait for a key bearish candle reversal signal with supporting volume to execute GBP/JPY to target...

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Hello Fellow Trader! Buyers absorb gold in the September sell down to 1,850 supported with a spike in volume but failing to drop further. A slight pull back in gold this week to 50 EMA with low volume would be a good signal to look for bullish reversals on the 4 hour or 1- hour time frame. Key Points: - 21 EMA crosses below 50 EMA then reclaims and crosses...

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Hello Fellow Trader! Nickel index quite strong last week increasing by 6% and potentially heading to test August highs. WSA has been supported at the 61.8% Fibonacci retracement closed above a multi-month trend line with volume. Western Areas Limited is an Australian based nickel sulphide explorer and producer with its core 100% ownership asset in Forrestania...

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Hello Fellow Trader! WEB.ASX sitting inside the channel awaiting any type of Covid related vaccine news for possible expansion. Key levels broken at $4.00 with volume support now testing resistance at $4.20. A breakout could suggest $5.00 target at a minimum within the trend channel. WEB.ASX bottomed out in April but failed to break the low soon after. With...

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Hello Fellow Trader! NAS100 - Possible 5-3-5 zigzag pattern forming for at least one more leg up to C. This has been labelled as an ABC because it’s the bare minimum for an impulse 12345 also being wave 3. NAS100 - We must get the 3rd wave or C wave regardless of labelling which should be 5 sub waves. Please see picture below for reference. Elliott wave...

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Hello Fellow Trader! USD/JPY at September open price for possible further expansion. A retest of 50 EMA provides a superior reward to risk ratio but could possibly test the daily trend line where we would need to see bullish signals for USD/JPY strength. Japanese current account data in four hours’ time high is deemed high impact on the economic calendar....

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Hello Fellow Trader! GBP/AUD price holding 50 EMA on 1-hour time frame and shaping up for a nice reward to risk ratio trade. GBP/AUD currently retrace and holding the Fibonacci 61.8% level. Confirmation of bullish candle reversal for entry. Key Points: - 1 Hour – Above 50 EMA - 1 Hour – Above 200 EMA - 15 Minute – below 50 EMA - 15 Minute – below 200...

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Hello Fellow Trader! Wedge patterns are generally a sign of trend continuation when broken to the downside during a downtrend. Bitcoin is currently forming the E wave completion. Bitcoin on the daily chart is consolidating below a trend break also providing further falls through target 1 in this trade idea. Key Points: - Price holding below the 200...

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Hello Fellow Trader! AUD/CAD forming a 3-wave zigzag pattern which is generally labelled ABC with 5-3-5 sub waves. See picture below for an example. The flag has now been broken and can enter short if it retests or once 50 EMA crosses below 200 EMA. AUD/CAD should then find the last of the wave towards the daily 200 EMA. Key Points: - Price holding below the...

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Hello Fellow Trader! NZD/USD forming within the trend channel for further upside into 0.66880 and as high as 0.67350. A breakout of the yellow trend line is desirable for entry confirming bullish momentum, but don’t be afraid to add a position at the 50 EMA retest. Investors await for news on Donald Trumps health to make definitive decisions on where to park...