AUD/JPY price action, 5 key levels to watchOANDA:AUDJPY
As you can notice recently, price action appears often disconnected with fundamentals. As for example the sharp retracement after the RBA no rate increase announcement or the last retracement in progress despite all news about US-China difficulties to reach a deal.
In other terms, we may say that the Forex market is definitely no longer WYSIWYG (What You See Is What You Get).
For that reason, I am considering very cautiously the current AUD JPY retracement keeping in mind that we will get likely a further impulse in extension to the first one.
% key levels to watch in that 240 minutes chart
Bearish Trend Line
USDCHF possible Short opportunityIn the last 2 months the USDCHF has created a Bearish Trendline. The price is now getting close to this Trendline and that sugfgests us that the price might be bouncing down again as it did in the past. Combined with RSI in Overbought condition and the MACD that is starting to form a cross, this makes a great Short opportunity.
AUDUSDAUDUSD - Downtrend Continuation move anticipated from the retracement.
Great opportunity to short the market.
Weekly time frame provides sufficient confluence of the downtrend and retracement raly down opportunity.
4H time frame on the other hand provides entry reason because consecutive bearish candles.
Decent risk/reward ratio with potential with second target.
AUDCAD Sell IdeaD1 - Price reached the downtrend line. If we didn’t get a valid breakout here, we may then expect the price to respect this trend line and move lower again.
H1 - Price broke above the critical zone, potential bearish divergence.
If this turns out to be a false break, we may then start looking for sells with bearish evidences. If this turns out to be a valid breakout and if the price holds above this critical zone then this setup will be invalidated.
Small Bullish Pattern Signals for BTCSticking with the same chart this week as I posted last week.
Price broke through the black bearish trend line and retraced back to the line, which so far has held as support. With the price staying above the trend line, the bulls maintain control of the near-term trend.
Momentum is easing back, but market sentiment remains as a "buy on dips" near the trend line scenario, or ~$6400.
Protective stop should be placed on a new low under $5800. If support holds the upside objective has a nice look to it!
Thoughts?
NZDCAD Sell IdeaD1 - Price is nearing the downtrend line. If we didn't get a valid breakout here we may then expect the price to respect this trend line and move lower again.
H4 - Price reached the critical zone and move lower, bearish divergence.
We may now expect one more push higher with the price reaching the critical zone again, we may then start looking for sells with bearish evidences.
Welcome Back Little Bull Currently Bitcoin is trying to attempt to make a pullback up to 6800 area. This is where everyone should have been bullish in the first place. But because millions of orders flooded the daily 50 area. We could heading thru the $6k area. Be careful bulls. I am still short from 7250. I would take a temporary buy according to the 4hr chart up to 6700-6800.
Pay your taxes.A court case with Coinbase arose after the IRS found that for in each year from 2013 to 2015, only about 800 taxpayers claimed bitcoin gains. During that time, the cryptocurrency rose to $430 from about $13. With 2017 being the year of mainstream awareness of crypto and over half-trillion USD marketcap, governments want their share of gains. Worse, if you traded at the peak and held large cash profits for 2017, any holding of crypto have depreciated since then.
We have a very steady descending channel, and we are right at its top edge. I speculate that there is an opportunity for bears to push the price down up to April, forcing taxpayers to liquidate higher percentages of their crypto holdings; meaning future gains to 11-12k may be a bull trap. I speculate most investors are hoping for this recent recovery to keep its upward momentum to allow taxes to be paid with a smaller percentage of coins. But instead, a reversal occurs and panic onsets while bears walk in and scoop up cheap coins having cashed out large sums on the side for such an occasion.
Will there be blood?
EURCHF Sell IdeaH4 - Price is nearing the downtrend line, we also have hidden bearish divergence already forming.
H1 - We have two potential zones for reversal and continuation lower.
Invalidation: If we get a valid breakout above the H4 downtrend line, then this setup will be invalidated (false breaks can be neglected).
ETHUSD: never knew ETH Played Soccer Hi All,
It's all in the chart,
Even though we are in bear market, ETHUSD still look strong.
I'm still bearish on ETHUSD for the time being, due to BTCUSD downtrend.
Swing traders: Statistics and probability are on our side.
Don't worry about being right all the time.
You just have to be right 50% of the time to Double your initial capital.
Up Trend: Impulse. Down Trend: Correction.
All wave Patterns are impulse or correction.
Sideway: Except for moving horizontally.
Retracement: Price hit Support, Reversal Period,
Stop Loss: 60/40 Split.
Resistance: Price Falls below Previous Support Level .
Only trade when you see repeated price pattern.
Limit to roughly 15-20 trades per month 2/1.
Impulse & Correction: 50/50 Win or lost: lose $50 - Make $100
Hope this chart was helpful to you all. If you all have questions feel free to ask or comment in the comment section below.
Be sure to Follow me for future charts, like this post if it was helpful, and thank you all.
Happy trading People...
Bitcoin trendline 2017 retest Bitcoin is seeking a retest of the 2017 trendline (purple top line) through an rising wedge (bearish).
Therefore, I will short on the retest of this line or even more, which I think is more likely, in breaking the bottom line of the wedge, in red. The targets of the shorts are the purple and yellow lines just below.
We can exceptionally try to retest from the bearish trend line (next green line above). In this case, we will be attentive to the possibility of the 2017 trendline to hold.
Stops short as soon as it invalidates the trendlines.
Let's follow.
XRP - BROKEN THROUGH THE $0.47 TO THE DOWNSIDEXRPUSD is doing exactly as predicted 3 weeks ago - following the downward trendline, hitting $0.47175 at the exact point on my chart and on its way down towards $0.36 and even lower.
Currently XRP is following BTC to an extent but if it decouples from Bitcoin as many claim it will, then we might be seeing it plummet quicker.
I will get very LONG when it gets down to the mid $0.20s as I see this as the true bottom before the BIG climb.
Anything can happen so trade safely and be careful of the bounces as they always seem to end up lower than where they were before the bounce.
GOOD LUCK!