Trade Ideas Position: GBPAUD BatGBPAUD has a complete bearish bat setup, and it is a counter-trend trade. This setup has a great Reward: Risk and market are near point X, the only concern is that GBPAUD is usually volatile and having it exceed point X before heading towards profit direction is a common scene.
Hang Seng HSI
Hang Seng Index may be bearish in coming 6 monthsWhen checking the Hang Seng Index HSI monthly chart, you can see the HSI has finished the wave 1 to 5 and starts to go from wave A - C. HSI is now testing the strong resistance at aound 29,000 to 29,100. If this resistance cannot be breakthrough, it is likely that HSI will start to go in wave C. According to the Fib, the first target will be 22843 which is 0.5 level of Fib extension. If the bearish force won't stop at this point, it may test the 0.68 level, that means 20331.
Wait for an accumulated 30% drop and BUY at 20286.9 for HSIThe recent drop for HSI started on 20 Jan 2020 at 29174.9.
It would be a good level and good narrative to buy after seeing it dropped for 30% or -8,888 from the last top.
Buy at 20286.9, accumulate below 23631.5.
We would expect the market to stabilize and have a rally before US Election 2020.
China BottomLooks like China finally realized they're headed for a recession if the rest of the world goes into one. Hang Seng still has a way to go until it hits bottom, and at the rate this is going, probably next week.
Maintaining bearishness until end of next week, even though I expect an up day on Friday as shorts cover before the weekend.
Note that MFI is not oversold yet on the daily or my usual 4 hr chart. I had to post the daily chart just to find teh next support.
Trade Ideas Analysis: USDJPY Check-BackIf a break below and close below of the current candle happens, I will engage a short trade.
Trading at C is not what I advocate traders to do. The reason is that it is not a pattern until it completes and reverses at point D.
In this case, it is possible because it has a Bearish Gartley Pattern that was ahead of it and a check-back to the HSI Arrow and a relatively acceptable reward: risk.
Trade Ideas Position: GBPUSD CrabA bullish deep crab pattern setup and went into consolidation after the HOP level.
Would you see this as a fail deep crab?
The deep crab pattern is still valid, watch closely.
The HSI arrow shows a potential entry for a check back, no doubt the candle has a lower price, but it didn't break and close below the candle that has HSI candle.
Trade Ideas Analysis: EURJPY MA double top pattern with an RSI divergence has shown up. I'm waiting for a checkback to engage for the shorting opportunity.
Some may ask, "Hey Rayn. You just got stop out on this, will you still enter?" My answer to that will be, "Hell YES! Only on the trading strategy that I've tested and currency pairs, I'm familiar with."
Fear cannot block my way up! HSI CALL!
HSI only breaks the previous bottom a little bit while the US market drops 15% and alot more around the globe!
another round of 4 trillion money printing from China and another round of rate dropping coming soon from the Fed will eventually return the whole.
Here, from the chart, Weekly!
assume
BOLD GREEN C = 1.618A and
BOLD BLUE 5 = (1 to 3) x 1.618
light blue is wave 12345 where 5 is in bold blue which is the points from 1-3 times 1.618
both target are around HSI 32800 which is about 7000 points above current level.
There'll be a time study idea indicating a top on OCT(probably 29th like the old date) this year.
The HSI Inverted Weekly Chart - BearishWhile everyone is trying catch a bottom, the HSI Inverted Weekly Chart gives a bearish view on the Hang Seng Index.
The candles from the last three weeks are bearish:
1) A Reversal Red Candle
2) A Gap with Solid Long Red Candle
3) Green Candle with Long Wick
In the coming two weeks it may hit and test the weekly support line at around 25180.
Let's see how the market reacts to the support level.
If selling is strong, it may break below 24000.
The last stand for Hang SengAs the coronavirus outbreak plaques the global markets, Chinese equities have posted an optimistic V-shaped recovery but we've yet to see similar bullish sentiments from the H-shares. With the market testing the critical 26000 support again over the past week, the price actions looks like buyers are struggling to defend the 26000 level. Times are critical as a break below the 26000 support would see a breach of the key trendline support and complete the head and shoulders pattern. I am keeping my eyes peeled.
Trade Ideas Position: GBPUSD GartleyA trend trading setup presents itself, and it has six signs of a potential bearish move.
1. The market is back to the sell zone.
2. Bearish Gartley setup within the sell zone(supply zone)
3. AB=CD pattern setup within the sell zone
4. Arrow showing selling opportunity and market check-back to the arrow
5. Candle consolidate on the top of the band
6. Crab Pattern Target Profit Reversal Zone
I've already engaged the trade and use the stretch technique on this trade.
Hong Kong Stock Index (Dead Cat Bounce)View On Hong Kong Stock Index (3 March 2020)
We are in the rebound mode and it will likely take some time.
HSI is in the grind support region and it can climb up slowly. 26,800 shall be reachable, soon.
But I see the whole thing as a dead-cat bounce phenomenon.
Whatever method you use if you do not follow the proper rule of risk management, it will have detrimental effects on your account.
Feel Free to "Follow", press "LIKE" "Comment".
Legal Risk Disclosure:
Trading foreign exchange or CFD on margin carries a high level of risk, and may not be suitable for all investors.
The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite.
The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose.
You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor.
DISCLAIMER:
Any opinions, news, research, analyses, prices or other information discussed in this presentation or linked to from this presentation are provided as general market commentary and do not constitute investment advice.
Sonicr Mastery Team does not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
Hang Seng testing supportI fell like all of the bulls are celebrating a bit early because the market finished at the top for the day, futures are determined by global trading and I haven;t seen anything from the Asians or Euros that indicate that they are done selling.
Hang Seng testing support and DAX broke through....
This is why I'm suspecting a double bottom with a lower bottom like Feb 2018. Also the reason why I'm mostly cash over the weekend.