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Sells development on USDJPYThe downside movement continues and yesterday we saw 130.60. Tomorrow and Monday are rest days for most of the markets and no movements are expected. Before such days, it is advisable to reduce the number of open positions and the risk of them. Therefore, we are looking at closing some of the profit on USDJPY today and looking for new entries early next week after a correction. This will be a good opportunity for all those who have not yet joined this movement.
Short
by ForexTrendline
2
Selling USDJPY Yesterday we commented that we are not looking for an entry on the EURUSD and are looking at other instruments with clearer movement. One of these instruments is USDJPY. The 133.10-133.20 sell zone was determined by a Fibonacci retracement. A 180-pips decline followed, which we expect to continue. All stops can now be placed above 133.20 or at entry levels if made on the bounce. The target for this move is 128.65 and is again one of the main instruments we will be trading today.
Short
by ForexTrendline
2
AUDJPY Same Sell, Choose The Best Pair So similarly, AUDJPY has the similar sell price action like CADJPY. Its important to understand currency correlation, and why we need to choose the best 1 or 2 pairs of the same currency to enter. IF JPY is going to get stronger, then likely all the JPY will move. But if we are wrong on our analysis, all the JPY could reverse. So its in our best interest to reduce our risk in trading, choose and focus on the best potential setup in the market. Ideally, we need to wait for the bearish continuation correction on the lower time frame to confirm another move down.
Short
by jojofang0901
11
Silver Higher Time Frame Outlook Hello everyone: Most of the time I only focus on technical side of things, but this time I will go over both the fundamental and technical of Silver for the long term. Silver was only trading around 8-9$ around the 2008 market crashed, and peaked at 50$ in 2011. IT had slowly but surely dropped down to the lows again around 13$ in end of 2015. Understand that the price of silver can not go lower as there are many cost associated with silver. Whether is production, labor, inflations..etc. Price is not sustainable at low cost. Which leads to people understand the likelihood of price rising again. On the other hand, purely from a technical perspective, we are see a period of consolidation phrase from 2015 - 2019. If Covid didn't happen, price wouldn't test the lows of 2013 again. Regardless of the short term push down, we see price had the massive bullish push to the upside, clearly break all previous highs. This can be the start of the HTF bullish run. Latest price action shows us a big potential consolidation in the making. Can be the next continuation correction to push the price up. My approach would be wait for this HTF correction to complete tp give me more confluence that we are likely to resume the bullish move to the upside, and wait for LTF continuation correction for the buys. Thank you
OANDA:XAGUSDLong
by jojofang0901
30
GBPCAD Short Term Bearish Possibilities Hello everyone: Similar like GBPUSD, we can see GBPCAD here is looking like there is one more short term move to the downside. After the initial move up to the previous highs, price failed to continue higher, and formed a double tops, rising wedge reversal. At the of the week, some bearish price action has begun on the lower time frame. Be interesting to see if price can form bearish continuation price action, that can confirm one more short term move down within the larger, higher time frame correction. thank you
Short
by jojofang0901
7
XAUUSD We expect XAUUSD to correct towards 1840 in the coming week(s) Expecting short-term USD strength, correction on XAU and other cross currencies is likely. Currently, we are in a triangular pattern of congestion in a smaller and smaller area. The market seems to be acquiring liquidity for the next move, which we expect to be to the downside, as volume on the recent highs was higher than usual if it would be an upside continuation therefore we expect MMs to push the market down for further liquidity grab. Don't hesitate to reach out let's discuss! If you have any questions please don't be shy!
OANDA:XAUUSD
by FastFx_Ltd
S&P 500 Update: Monitoring Key Developments in Early AprilThe S&P 500 Index (SPX) futures have recently deviated from prior expectations, exhibiting a lot of overlapping and corrective price action. This irregularity has led to uncertainty about the market's near-term direction. As we approach the end of the week, let's take a closer look at the anticipated trends and key levels to watch. Today's upward movement may entice many bullish traders, but a cool-off period seems more likely in the short term. I expect tomorrow's price action to decline, allowing the market to take a breather. Should the S&P 500 continue to rise, however, it could signal a significant bullish shift. As the week comes to a close, the index may experience a downward move, possibly reaching as low as 4000 or cutting short around 4010. A key trendline on the chart should offer some support during this period. Next week, my focus shifts to the April 6th target. The apex of the converging upper and lower trendlines forms a wedge, which I believe will be broken in an upward direction. This coincidental alignment with my April 6th target demands attention. Once the market moves above the wedge, I anticipate a considerable decline either on April 6th or in the following days. While I won't disclose my downside target yet, I predict a potential spike in the CBOE Volatility Index (VIX) if the S&P 500 declines after April 6th. You should closely monitor the VIX and the ProShares Ultra VIX Short-Term Futures ETF (UVXY), which could exceed $6 within the next 3-4 weeks if my projections are accurate. I urge traders to exercise caution, avoid overleveraging, and remain adaptive to market changes. It's crucial to remember that the market controls your actions, not the other way around. Stay alert and prepared to adjust your strategy as necessary, and always trade carefully.
CME_MINI:ES1!
by bitdoctor
2
SPX Futures: Navigating the Current Market PhaseI'd like to examine the recent performance of the S&P 500 Index (SPX) futures and provide a simplified analysis. I initially targeted the 3990 level for SPX futures, but the market fell slightly short of this target. It's still possible (and likely) that we could see a move down to this level (or 3970-3980) in the near future. The current market movement appears to be corrective, and since March 13, we've been in a predominantly corrective phase. As long as SPX futures high of around 4075 holds, we can expect a downward move towards 3750. Identifying invalidation levels (points at which a specific analysis or trading strategy is no longer valid) is crucial for long-term success in this consolidating market. Trading options has been challenging for inexperienced traders, as theta decay (the decrease in an option's value as time passes) is working against them. My current expectation is for a move to the 3970-3980 range short-term, followed by a return to around 4050 in a few trading sessions. Take the market one day at a time, but keep in mind that reaching the 4050 level presents an excellent opportunity to establish a short position with a clear invalidation level and manageable risk. The risk-reward ratio is favorable here, as a drop to 3750 would represent a move of over 200 points. Keep in mind that this shift might not happen quickly, and for now, trading futures contracts may be a more suitable approach. Make sure you understand how futures trading works before diving in head first. Always monitor market developments closely and be prepared to adjust your strategy based on new information. It's essential to balance risk and reward while considering the current market phase and your own trading experience.
CME_MINI:ES1!Short
by bitdoctor
NZDCHF Same Bearish Outlook, Short Term Sell Setup Similar like NZDUSD, we can also expect a bearish development on NZDCHF. As usual, after an impulse phase, price formed a continuation correction to correct the impulse. From the correction, there is a confirm impulse push down the price. This is good confirmation of bearish trend. Now price has form another smaller correction, watch for price to break out and look for lower time frame entries to sell to previous lows.
Short
by jojofang0901
2
SPX Futures: Understanding Impulse Waves and Market CorrectionIn this brief idea, I will discuss the recent performance of the S&P 500 Index (SPX) futures and provide some educational insights for new traders. Over the course of Friday and the weekend, SPX futures experienced a considerable incline, followed by a slight correction. From the low at the Europe open, it appears that a 5-wave impulse has completed, and based on the subsequent rejection, we may be looking at a downward move. Before I go deeper, let's take a moment to explain impulse waves. In Elliott Wave Theory, impulse waves are the building blocks of market trends. They consist of five waves, with waves 1, 3, and 5 moving in the direction of the trend, while waves 2 and 4 are corrective waves that move against the trend. Returning to my update, I have a downside target for SPX futures at around 3985, but if the decline occurs more quickly, we could see a drop as low as 3970. This would correspond to a touch of 3950 on the cash SPX index. If my interpretation is accurate, SPX futures should be completing a wave A, which would imply another upward move before descending towards our target. It's still too early to confirm this scenario, but we should see resolution within the next couple of days. If we reach the downside targets of 3970-3975, I expect a subsequent move back up to roughly 4020-4050. It's important for new traders to understand that market conditions can be unpredictable, and having a solid risk management strategy is crucial for long-term success. Identifying impulse waves and other patterns can provide valuable insights into market direction, but always remember to consider other factors and technical indicators when making trading decisions. Full disclosure: I covered my short position this morning and am currently waiting for the market to resolve itself before taking any further action. As a trader, it's essential to avoid unnecessary risk and be patient when the market presents unclear signals. Keep a close eye on market movements and be prepared to adapt your strategy as needed. And most importantly, always conduct your own research and consult with a professional financial advisor before making any investment decisions.
CME_MINI:ES1!
by bitdoctor