USDCAD 4H SHORT / 61.8 / Trendline We're still waiting to break our wedge on the daily. We're hoping this initial position will bring us to the break to provide us with a tremendous risk to reward.
618 Fibonacci Retracement
Probable Demand ZoneEURUSD has been going through an extended complex pullback pattern on higher TFs. It seems another bear leg to 1.1175, the FIB 61.80% retracement level, is becoming a probable scenario. Selling short to 1.1175-1.1250, covering and flipping long is the potential setup. As always, managing risk is the most important part. Fractional risk of 1.5-3% approach is the default approach. The size of a trade decreases as the risked price range increases. In another words, trading higher TFs requires a longer wait and a smaller size. Extremely boring.
X 0.618 retracement and bullish butterfly long .X is my best name of trading, having much good time with it these years.
While I've been flat on it for quite a while that this is surprisingly the same trade as what I posted 3 months ago.
Actually nothing really changed for the past 3 months, but it's finally about to break the B point,
which means this trade is about to be on your mark yo!
29.50 is the spot to start looking for reversal sign
Let's see how it goes!
Eur/chfEchf coming off .618. The truth is, I have no idea how the pattern will play out, but consider the measurements of that 3 wave I expect further corrective structure to develop upward. I circled that pattern to the left just to show you one possible way it can do it. Maybe we are just looking at a running flat and it continues up, to break the high. I just don't see it making such a sharp move down from the major high and then only doing a stunted 3 wave to 50% for a wave 2. That's just not Eur/Chf's personality...
AUDUSD - Back To Higher Portion of RangeAUDUSD has been trading within an 8-week range between 0.75 and 0.73.
The price has rebounded off from a bottom of a symmetrical triangle and price has returned to 0.74.
Thus within this particular range, any price within 0.75 - 0.74 will give an opportunity to sell.
Wait for the price to retrace a little higher into the supply zone, nearer to the top of the symmetrical triangle and just above AD0.618 of the Gartley formation.
USDJPY - Retracement After Bull on BOJUSDJPY gained over 130 pips after BOJ signaled to continue easing.
The bullish wave has completed a significant wave of retracement after reaching 112.
It is highly probable that USDJPY will continue another wave of appreciation fundamentally where the Fed continues its effort to raise rate and BOJ continued to ease monetary policy.
The technical rebound and supported by a H4 rising trendline also proved that the price has more bullish potential.
Breakout or False Breakout? On the HTF we see BTC/USD create significant support zones at the $6,100.00 level. Price respected this support line several times as the lower highs using the $6,100 as a base creates a triangle pattern.
We have already experienced a breakout which got us to the $8,400 levels with a retest and bounced back, using that former resistance trendline as support. However, this bullish activity could simply be a false breakout as we noticed a 5% drop placing BTC under the 0.61 fib zone and minor resistance level of $7,800. We must keep our eye on the close of the daily candle above that zone if we are to expect bullish momentum. Otherwise, we can expect the price to once again test that $6,000 zone again.
Using fibonacci extensions and previously structure as reference points we can create several take profit zones if the candle does close above the triangle pattern once more. The targets are as follows: $9,200 (0.78), $10,100 (1.281), $17,150 (2.68).
FB Earning gap to 0.618?FB just got CRUSHED after the market closed yesterday on it earning report.
Interesting enough, the price it's falling to the 0.618 retracement of the previous rally.
That will be very important to see how it react to the 0.618 spot.
Still so many people without the access to pre or after market trading, will be super active when it opens today.
So not really want to be a brave to catch the falling knife without further confirmations.
While it also not too crazy to try to wait for good intraday reversal signs to take this 0.618 long.
Let's see how it goes!
AUDUSD - Falling within Falling Channel (Top of 1-Month Range)Since the price has broken below a weekly rising trendline, AUDUSD has embarked on a bearish trend.
The pair has been trading within a range below 0.75 for more than a month.
As seen, the price was resisted near the top of the range and is falling from the top of a falling channel.
If the price were to retrace to 0.74, that will be a very good price to sell again.
And also, Aussie has been the weakest one so far since the beginning of this trading week.
EURUSD - ABCD within Falling ChannelIf the price is able to complete the CD leg and reach the Sell Zone during the euro session, this could be a decent setup to go for a short.
However, do be aware of the after-effect from Trump's comment about the dollar being too strong, which might cause the dollar to weaken further.
Trend Continuation Pullback Long EntryUSOIL went for a deeper correction and reached 61.80% retracement of its setup bull leg. Bears look very convinced at this point and going lower here could initiate a swing break that would put a lot of pressure on the longterm bull trend. Judging from previous behaviour, market inertia should take hold here and demand should be flowing in anytime. Higher TFs are expected to transition into a trading range and bears might capitulate soon after driving this pair higher. Buying 61.8% retracement with stops below the low of setup leg seems reasonable. However, strict risk & trade management is a necessity as the trade setup is a lower probability better R:R setup that should be approached with caution.
AUDUSD Double AB=CD for ShortA retracement channel formed by AB=CD formation was broken below previously,
and yet another AB=CD retracement channel, with a reversal candlestick formation, is completed at FR61.8%.
On the other hand, the price is also closer to the higher band of the sideways movement since the beginning of July.
USDCAD Long on Strong Dollar and Weak OilThe dollar is strengthening while the oil price is weakening, and naturally, we will want to buy USDCAD.
Since the rate hike took place in Canada, the loonie has wiped off all gains and the dollar strengthened against the loonie.
Retracement has taken place yesterday and will continue so throughout European session today.
By NY session, we will probably see the price completes its retracement at FR61.8% which overlaps with a major rising trendline.
EURUSD Pullback Long SetupEURUSD has almost reached 61.8% retracement of its setup bullish leg. Demand is expected to enter around this area. Limit buy orders at 1.1630, the 61.8% retracement area, and stops around previous low of 1.1528 is the trade setup. The context to the left of the chart is quite bearish, making this a lower probability reversal trade with a decent reward for risk. 2R-3R targets are achievable if buyers prevail here. This trade setup should be approached with caution and strict trade & risk management.
EURUSD Completes 2 Waves Retracement at 6181. Price has completed 2 waves of retracement at Fibo retracement 61.8%.
2. MACD has crossed downward, signaling the loss of buying strength.
Simple technical analysis for a reasonable intraday trade.
GBPUSD 0.618 Fibonacci And Major Resistance Great opportunity.
- Major Resistance
- 0.168% Resistance
- Wave 4 Turns Before Hitting Area Of Wave 1
Stop Above Resistance
Take Profit Near New Low
TSLA Stock - Buy OppertunityIf TSLA Stock is retracing 0.618% you will have a great long oppertunity because wave 4 is likely to end near the end of wave 1.
#IOST could be a good buy here#IOST peaked at around 800 sats a few weeks ago upon a rumor of a Bithumb listing that never came. It has been declining ever since. However, it might have found support at the .62 fib. If it can consolidate there nicely and break the downtrend line then it can make a nice run. Wait for breakout to buy, targets are fibs.
$NCASH #NCASHBTC ready for a bounce from the 61.8% fibs again?Hello Lads and Ladies,
As requested we are looking into NCASHBTC today. Since its initial push from March 8th it has respected the fibs lines very hard. My procedure was here first to make support/resistance lines which you see at the raw chart and then overlay the fibs retracement. After adjusting a little we see almost every single one fits just right.
Right now we see the chart sitting right above the 61.8% fibs line and the last time NCASHBTC has had quite a big push. This is very likely to happen again and it even seems to be forming a cup and handle formation.
ANYHOW, it has reached the 61.8% line on a smaller scale already two times in the last days and has been bouncing up and down between the 61.8% and 50%. As it just tested the 50% line and has been rejected, it will be testing the 61.8% again. From this point it will either retrace even more possibly even to 100% fibs or it will have its bounce and confirm the cup and handle formation. From where it would retrace again and then continue its push even possibly to new highs. At this point its dependent on the movement of the whole market and the news.
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Cheers, Tomas
