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Potential Long Position for EUR/GBP_Trade Plan 2017.06.28 Legend for price level, trend line, and rectangle: Dark Gray > Weekly Level Blue > Daily Level Red > H4 / H1 Level Green > M15 / M5 Level Yellow > M1 Level D1 and H4 are both showing the overall trend is still up with price is holding above MA200 and major D1 support area 0.87353 - 0.87874. For the last 1-2 weeks, price is moving and forming Rising Price Channel with currently in H1 price is moving down slightly below this channel lower line. Trade Plan 1: If price pull back to the confluences of support area 0.87607 - 0.87763 (H1 nearest support area, D1 support, Price Channel Lower Line) and rejected back up, can consider to long the market to follow the major uptrend. With Stop Loss 29 pips and Target Profit 58 pips, the potential trade offers 2.00 Reward-To-Risk Ratio. As an alternative, if price is still moving up with good momentum, Target Profit can be expanded to 85 pips offering 2.93 Reward-To-Risk Ratio. Keep in alert if price continue moving back down below D1 support area 0.87353 - 0.87874 massively, this Trade Setup will be invalidated.
Long
by arieg1985
Short USDJPY, Daily Chart, Channel break, potential range.This idea follows on from a previous trade I have with this pair. The idea is linked below. It was shorting on the basis of a channel formation, however the channel formation appears to be broken so a new analysis is being undertaken. I am looking to short this pair. A small range looks likely to occur this week. I've highlighted this range area I am expecting in the blue box. Therefore I have highlighted the area I plan on placing short positions in the green box. My basis for this is the breakthrough of the upper channel resistance, the lack of major news this week and Fibonacci support and resistance, pivot levels and previous price highs and lows. After the news events of last week, I think the market is trying to find it's placing and with a lack of major news events I therefore expect these levels to play a larger role this week, hence the range. Congruent with my previous posting regarding this pair, there may be opportunities to re-enter this short position, though exits will have to be re-evaluated. I will update this analysis when I get clearer confirmations.
Short
by Quadricolor
Short USDJPY, Daily chart, Bearish channel re-entry, resistance.This idea is also related to a 4 hourly chart I have linked below, showing bearish candlestick price action currently active, respecting the major resistance / previous price low / pivot area. Recently President Trump announced his budget, but this was not enough to push the USD above the major inflection point. In fact the pair appears to be taking major resistance below it and the previous bearish channel it has re-entered. Both fundamentals and technicals appear to be giving bearish signals. If the pair re-enters this bearish channel there might be some major falls to come. I have the entry as 111.968 with 400 ticks Stop loss at 112.368 and take profit of 6000 ticks at 105.968. This yields a risk reward ratio of 15:1. If the price moves 400 or 800 ticks, I would move the stop loss to the entry price. This all depends on the price action or other movements. If the price moves strongly upwards, then the USD might resume major strength, therefore my Stop is quite small.
Short
by Quadricolor
Short USDJPY, 4 Hr chart, Major resistance / Selling activity.On the 4 hourly chart we see resistance with the long tails / Dojis in the candle price action. They appear to be respecting the Major resistance line which has previously been a major Pivot or Swing line. A lot of selling activity and short positioning may be occurring here. This might be reinforced with the poor US Economic fundamentals, poorly received Trump budget, price action re-entering into the bearish channel and resistance at a previous Major Pivot / Swing point.
Short
by Quadricolor
| CADJPY Weekly Analysis | As we can see on CAD/JPY Chart there's probably a channel on play so there a probability on breaking those channel but the overall trend is up and the price already bounce from 38,2% so watch out and happy trading But there's a catch on fundamental DailyFx News Both CAD and JPY have a bearish news Canadian Dollar: Poor Jobs Data + Weak Oil = Further Slippage BoJ Optimistic but Inflation Still Subdued: Taper Not Yet a Topic of Concern Like and follow for more
by fathi323172
USDJPY Channel & Fibonacci respect and RSI oversold. Cover shortThe USDJPY is in a bearish trend since the beginning of 2017 as suggested by the trend channel. The price has recently respected a long term 61% retracement at the same time as respecting the bottom lower channel of this trend at point A. The RSI is also oversold. These indications suggest cutting long term short positions, but not necessarily going long as the long term trend is still bearish. There might be some volatile swings around a sideways move or a swing upwards towards the upper channel line, over the next few weeks. With the global social economic looking volatile, as well as variable economic data, my guess is volatile sideways swings. Therefore I am neutral (staying out, cutting short positions, not taking long positions), until the upper channel is neared, then I will turn bearish, looking for opportunities to go short.
by Quadricolor
Potential Short term reversal of EURUSD at Fibonacci retracementI was interested in a recent analysis presented by AlexandreFXKG as I am trading this pair actively. This morning I spotted a nice continuation in the price as we expected. However, I am worried about the French Presidential election coming up this Sunday (first round only). I am wondering if there may be some large price moves due to thin markets ahead of this event. At the same time I noticed some buzz around the 61% Fibs voiced at a large UK bank. Tracing these fibs to the chart the price appears to be taking some resistance to this 61% retracement. It could be an early warning that some larger institutions are preparing to book profits or similar at these levels. This is something I am weighing into my own trades. Overall I am actually medium term bullish for the Euro, but very short term (until Monday) I am neutral to bearish. Personally I might sit this one out now until Monday to review, probably going long. I also expect the price action to remain within the channels, so if the price lowers within the channel, support indicates where I plan to place a future trade.
by Quadricolor
Great Way to draw Fibonacci levels using Gann,TZ, and TES Fibonacci levels can become powerful ways to find almost EXACT support and resistance levels and also time your trades. I have used them to predict turning points in markets on short time periods but they also are predictive in larger time frames. How to Align Fibonacci Levels: A very good and objective way to draw your Fibonacci levels is to use Gann Boxes, Transient Zones and the Temporal Extreme Spitter. All of these indicators are in the Public Library. First start with the Temporal Extreme Splitter (TES) by Richard Santos. The extreme splitter will give you exact high and low places to place your gann boxes. The Gann Boxes provide fibonacci in two dimensions- price and time. You can align the box ends with the TES. However, I have found one of the best ways is to align the Gann boxes is to set the 50% level on a long/strong TES line. Next when you align the extremes up with either the center or one or both of the ends of TES lines; then you are ready to start aligning the Fib levels for time. There is no exact science for doing this but a good way to do it is to try to match the highs and lows using Transient Zones. Transient Zones themselves give highs and lows and are also great places to align the boxes. However, since TZ's can occur more often than the TES lines (if you use default settings), its good to align them with the Fibonacci time levels of the Gann box. When watching your entry and exit points, it is also useful to include the concept of Divergence into them for even higher probability trades. One of the best ways to see divergence is to use a stochastics oscillator. The 14,3,1 default setting is fine. There are also some other ones in the Public Library. I am really into fibonacci, so I will sometimes use a stochastic 55 or 21. To see divergence, look at the highs and lows on the price chart and compare them to the highs and lows of the stochastic oscillator. If you do this correctly, you can sometimes see where the market is slowing down and turning. The key word here is slowing down . Divergence can be used as a confirmatory signal or a way to get out of a trade when it starts to go the other direction. Good Luck in Your Trading - Spread Eagle 71
AMEX:SPY
by SpreadEagle71
2
GLD Overbought, but Could Become More SoGLD has become overbought as shown by the Hurst Bands. Price could possibly exceed the overbought Hurst Band (pink colored band). The Starc - (minus) Band has crossed over the middle (light bluw) line of the Hurst Bands. This is typical when price action begins to become extreme. It does not mean that the extreme price action cannot or will not continue for a while longer. I'm thinking it probably will. Price is approaching the top of the Keltner Channels (blue bands) which indicates strong price momentum to the upside. Of note is the dark blue plot of the U.S. Dollar Index (DXY) price. As the dollar price has moved down from $86.74, the GLD price has recovered. As the dollar is at extreme overbought levels (not plotted on this chart) I expect it will continue to move lower giving GLD room to move up a little more. At the bottom is plotted the Hurst Oscillator. It is the same information plotted by the Hurst Bands in a little easier to read form. Overall, expect GLD to continue to move higher.
AMEX:GLD
by TerryKinder
1