Short This is a great opportunity to short gold, any indication of multiple confluence is always good and in this case we have many. For example, price will hit the 0.618 fib retracement zone and at the same time re-hit the trend-line it broke and hit the 20ema.
This is just an opinion of mine, in the past i've found that finding multiple confluence aids one when making a decision to make a trade.
Confluences
4 REASONS TO SELL GBPUSD!!!I am shorting GBPUSD in the 1.28-1.29 zone because of 4 technical reasons.
1. It broke out of the Brexit channel in October and now is close to testing the previous support of the channel (the red line and green arrows)
2. This zone is also an 618 retracement of the impulse move marked as "1 to 2"
3. The RSI/7 will most likely be overbought once it hits this level (now at 78)
4. And last but not least the it marks the "C" point of a potential Cypher giving it Fibonacci confluence with the 618 rtr.
I am not looking for an aggressive sell in the zone but I will watch the price action for a short opportunity.
AUDUSD - Look to enter shortThis pair was put on our watchlist over the weekend and an entry oppurtunity is available. Double top has been formed at the 1.618 fib extensiion of previous ABC boundary, completing the ABCD corrective structure. The double top is also trading around the key level of 0.7500 which is paired with the 38.2 retracement level of the larger ABC boundary
SPX500 CouplePatterns PRZMarket reached all time highs this summer but with very low volume. In the higher time frame (Daily) we can see that the price is currently consolidating, it did breakout to the upside but couldn't hold its gains, and its now trading back in the range. It creates a lot of opportunities for harmonic pattern traders.
Today there was a valid bat formation that I didn't got involved (Blue pattern), but doing my evening analysis saw that there are two other potential patterns if we continue to retrace a bit lower.
Bat formation (Purple pattern) and a Gartley (Yellow pattern). What i do like of these confluences is that it provides with a PRZ that could give us a high probability trade.
Gotta wait and see.
Keep it simple, and focus on the process
Twitter: @JeanC680
Jean
Long trade based on confluence of factorsWe are in this position because of the break above a previous structure and retracement back into a resistance come support zone. The pinbar candle signalled the entry, We have a 2360 fib level from a previous swing and we are trading in the short term trend direction. Probability suggests we will lose this trade but the risk reward makes it worthwhile.
Swing idea in OILFollowing the downtrend from june i see this 46 level as a critical support/resistance zone before we can see a trend reversal or a continuation to the downside. If we can break to the upside the most likely level that we're going to test its the 50 area.
The bat pattern isn't violated yet, until we break our X point so i took that as a confirmation of a posible reversal or at least retracement in this move. I love to see the S/R level comming at a confluence of fibs (.618 and 1.618 ext).
Notice that we also are creating lower highs in the RSI at overbought condition.
Keep it simple, and focus on the process
Twitter: @JeanC680
Jean
GBP/AUD Potentially a start of a fresh downtrend!Multiple confluences such as; Higher low not being projected, Lower high being projected, the weekly timeframe bearish candle has engulfed the last bullish and almost the previous one before that, weekly price action has bounced and retested off the 618% FIB possibly stating that the previous uptrend has reached its exaustion point.
EURUSD: Ratios Confluences!Last week we started including a new strategy trading on the breakout. We took a total of 4 breakout trades. 2 of them were winners, 1 loser, and the other 1 exited at breakeven. Overall the breakout strategy has been profitable for us last week. However, as this strategy is still in its early development stage, we are still seeing many room for improvement on this strategy.
--Updates--
As we are nearing the end of April, we are finalising our registration for two of our programmes, JUMP! and the 4 Pillars Forex Mentorship Programme. This is going to be a special session as we will be revising the pricing in a month's time. If you are interested to find out how you can start investing stocks or trading the currency market, and if you have trouble understanding personal finances and financial markets in general, we are running a sharing workshop tomorrow (26th April).
For more analysis of the week, refer to this week blog post here: www.fxpresearch.com
Forum discussion: www.forexfactory.com
Kar Yong
Chief Currency Strategist
www.alphaplay.com.sg
www.fxpresearch.com
EURAUD Multiple ConfluencesThis is why i like this chart.
Since the begining of the year the EUR has moved a LOT in some pairs, so far so good nothing last forever, and price need to breath. I'm looking to capitalize in the correction of this very bullish move.
Following the trendline from December 10th we can see that the price did respected it very well, now we are in a place where we have multiple confluences.
An AB=CD move completing just a little above that trendline. A newly formed deep crab that completes close to that same area, and then when we draw fib extension from our AB leg of the AB=CD it also have a minor fib (1.414) just in the same spot.
I want to join in the 1.618 completition point of the deep crab, and placing my stops just above the 3.618 that would invalidate that pattern.
Target profits the (X) point of the deep crab.
Good luck traders, my first trade of the year.
AUDUSD Short: Shark + Wolfe + S/R + Trend ContinuationAUDUSD is nearing the PRZ of a bearish shark in a S/R zone that is confluent with the a bearish Wolfe Wave setup. 200 EMA and SMA may add resistance in this area. To add to bearish bias, this pair has been in a strong downtrend and this would give us an opportunity to ride it down to the .886 fib if price should reach the PRZ. Entry is placed at the shark pattern completion point with a SL above 1.272XA/Moving averages and targets at .618CD, C point, and the .886 fib retracement level.
Bearish Confluence:
Bearish shark pattern completion
2.272AB=CD
1.618BC Projection
Bearish Wolfe Wave setup
S/R Zone
200SMA Resistance
200EMA Resistance
Trend Continuation
AUDUSD: Using Sentimental Analysis + Technical AnalysisVideo: www.youtube.com
The fundamental data releases for this month has been overall slightly bullish for AUD. Labour market and housing market have seen improvement.
However as we look into the sentimental analysis as for last week in relation to price movement of AUDUSD, we do see that there has been an increase in short positions as price move higher.
This gives us an indication that the overall market bias is still to the downside. And we can potentially sell into the rallies.
EURUSD Short: 2 Very High Confluency PRZ'sEURUSD is approaching an area of highly confluent short opportunities. I have broken the zones into 2 separate PRZ's to make the boundaries more distinct. I have a short entry at the top of the first PRZ with a SL outside PRZ2. Target placed just above the ab terminus which would coincide with .618cd. Reasoning for each PRZ is broken out below.
PRZ1 Confluence:
Missed Weekly Pivot
Bearish Crab Completion
Bearish Butterfly Completion
1.5ab=cd
1.618ab=cd
1.786ab=cd
Missed Daily Pivot
0.5XA Retracement
0.5AB Retracement
Bearish Knoxville Divergence Printed
PRZ2 Confluence:
Bearish Crab Completion 1
Bearish Crab Completion 2
0.618AB Retracement
If entry is triggered and target is achieved, I will be looking for bullish opportunities around the deep crab completion level near 1.06