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EU analysis coming into London openWe have built lots of orders above the current area on the daily downtrend. However I will still be looking for this trend to continue. We have 2 great target areas for selling above, ranges within ranges. This fits with the narrative to fill the imbalance lower before the bullish move to the upside can take off. I am favouring the short currently as this fits with most timeframes, however we do have 1 area of interest for the potential long trade. The second area down lower could be reached today however I am expecting this could be a few days away. Happy Trading Envision
by EnvisionEJ
GBPCHF - LONG TRADE ON DAILYThis chart shows another shorting opportunity for the Swiss Franc, with respect to the British Pound. It is a longer trade than the previous one as the timeframe is daily. There are also two different targets and strategies that can be applied, depending on how much time you can wait for the realization of the scenario. We see a very nice confluence of indicators and lines at the same level. When this happens, the overall idea gets strenghtened. Indeed, at 1.22 we have the convergence of three signals. Firstly, it is the upper part of the ascending triangle and the point of control of the last downward leg. It is also the last level of the retracement area. It means that a price above it would mean that the bounce up from the minimum of 1.11 is most likely no longer to be considered as a retrace, but rather as a true impulsive up wave. 1.22 coincides with the Point of Control, the level at which most of the trades volumes were concentrated in the last period, and at which the battle between longs and shorts will be fought. Whoever wins, will pave the way and indicate the direction of the following move. This level has been tested many times and every time is gets weaker. In case of a breakout, the movement can be violent, therefore we would prefer to enter immediately and not wait for an eventual retest, that can be used to increase the position subsequently. Targets and Risk Rewards metrics can be found on the chart. What do you think of this idea? Let us know in the comments!
Long
by FTMO
USDJPY - SIGNALS OF A CONTINUATION OF THE TRENDHello Traders, USDJPY seems to continue its downtrend. At the moment the price is below the psychological level of 104 and, most importantly, below the POC (point of control) which shows where the "battle" between buyers and sellers has been played with respect to the last movement. Battle that was A very important signal is also given by the fact that none of the last candles closed within the retracement area, despite being temporarily in it. The 9th December's candle is also a pretty bearish candle, with a big shadow above its body. The RSI has also plenty of room to fall and it already reached its highs for this particular period in time. Target 1 (identified with the 1.27 Fibonacci extension) - 103.09 Target 2 - 102.41 Stop Loss - above the poc2 and the first level of the retracement area Risk Reward ratio 2.11 The downward scenario is strengthened if we consider the previous downward legs, with its related POC perfectly rejecting the price every single time. In this case, the targets are on the charts, but the Stop Loss should be put above the descending trendline (and the related poc2) Risk Reward ratio 3
Short
by FTMO
1
CRUDE OIL - EXPLOIT THE SITUATIONInterestingly, Oil is ranging in the channel 34$-43$ that corresponds to the downside gap in the price experienced in March. Since when those levels were reached back, the price is moving inside the range. We believe that until no relevant news or until the situation will stay at this uncertainty stage globally about the pandemic, there is no way we are seeing the price to take a direction outside the Channel. If not, as of now, the price is more likely to go down than up, as OIL is a real asset used for transportation mainly. Therefore, let's exploit this range. Shorting from the upper half of the channel will give a hedge-advantage to the position even in the case the price breaks down and outside the channel again. What do you think?
NYMEX:CL1!Short
by FTMO
1
CHFEURHello Traders, CHFEUR is showing a similar pattern. The wedge is much more extended in this case, and the pair has to make a move to break it in one way or another. The violent bearish reaction the pair experienced after touching the dynamic resistance tells us that the priority is downward. However, the trendline has not been broken. An aggressive entry can be as the price breaks down the dynamic trendlne. A more conservative one is to wait for a retest, as 0.924 experienced many false breakouts in the past months. The most straightforward target would be 0.92, for a trade that has approximately a 2x-3.5x Risk Reward ratio according to the chart.
by FTMO
1
EURCZKHello Traders, one of the few currency pairs not ranging within a channel at the moment is EURCZK. We are currently below a dynamic trendline holding since February, in a steep bearish movement for EUR since the upper resistance was hit at the end of October. The retest already took place, and we think the two targets for the following days/weeks are 26.00 (a more conservative one), corresponding to the lower part of the Fibonacci retracement, and the more aggressive one at 25.56 , respectively.
Short
by FTMO
GOLD - WEEKLY UPDATE 1 NOVHello traders, gold is experiencing the same situation as the SPX index in the related idea in the link below. As we can see, the correlation between Gold and US Equities has been high during the last month, showing a coefficient above 60%. This relation is even higher on a weekly timeframe, where the coefficient. Despite the graphical patterns being different, the conclusions are similar. Gold is below the 100MA and seems to be about to break out a bearish triangle pattern. Should this happen, the first target would be 1829, coinciding with the lower part of the Fibonacci retracement, and the second one would be 1788. A positive breakout of the triangle instead would lead to the 1928 to be tested and a continuation of the uptrend after a retest. However, this is a less likely scenario at the moment, and would be anticipated by a close above the 100MA in case. Wating for a daily close outside the triangle, the trading range to exploit is 1860-1900.
COMEX:GC1!
by FTMO
1
SP500 WEEKLY UPDATEDear traders, the SPX recently broke the ascending trendline and, after retesting it, fell below the 100 moving average that acted as a support twice after the March fall, exactly on the top of the Fibonacci retracement area (yellow box). This is not a random level, as the market precisely set itself on a crucial level waiting for the next week results, before taking a direction. However, the period ranging from Nov to Dec is statistically a moment. The upcoming US election and its related uncertainty make us propend for a flat-bearish scenario, at least until the mid of the next week. The possibility is that the price will fluctuate inside the area 3230-3300 (red box) with traders benefiting from the ranging price. The first of the two levels that will be broken, will indicate the direction of the following move.
CME_MINI:ES1!
by FTMO
CADCHF SHORT OPPORTUNITY- 12% RETURN POTENTIAL.CADCHF- We can see price has broken out of this ascending TL which it was respecting and now made a lower low (potential change of directions) however before entering we need to wait for the 1H close to confirm a lower high has been made. We have a good number of confluences forming here which are, price has retraced up to the 38.2 fib level and 50EMA which is acting as support. It also looks like we are going to see a bearish wick form. To correlate with this pair we have also seen a bearish outlook on OIL today meaning CAD weakness is likely to follow. Potential 12:1 RR here.
Short
by TheBearTrader1
EURUSD - what to expect next week (24-28 Aug)After a month of sideways price action, it is amost time for EURUSD to pick a direction. Indeed, as we can see, the price will face a compression soon as the ascending trendline and the channel midline are about to meet. This attention area is indicated by the orange triangle. The direction of the breakout will most likely indicate which side of the channel be broken also. This compression will lead the breakout to reach the respective target box.
by FTMO
1
PARADIGM - 160% PROFIT TO CONTINUEPay close attention to PARADIGM (PAR). 3 Potential Moves 1. We bounce off the .382 Fib level and return to test the 2.80 mark which we saw on 11/05/20 -Being the end of the trading week I suspect the latter. 2. We break the .382 Fib level and Uptrend and head for the 'Golden Pocket' -Bounce off strong support at 2.00 mark -MACD is starting to squeeze but if we find momentum next week we could start to spread again. -PAR loves the .5 Fibonacci Retracement level. (Short term fact) -We hit the deeper uptrend and continue back up towards the 2.80 mark to test a strong EQ Resistance Level. Very Possible -It regains buyer momentum in the 'Golden Pocket' between the .5-.618 Fib Level. Very Possible -Positive news released early next week bring strong buying sentiment back into the market and create an Higher Low ready for the next leg up. 3. We BREAK both uptrend trendlines creating NEW Bearish Market Structure and head for the next Major Support @ 1.48 Another company im keeping a close eye on. PARADIGM BIOPHARMACEUTICALS LTD is a late stage drug development company with their aim to treat musculoskeletal disorders in humans with degenerative disease driven by injury, viral infection, aging or genetic predisposition. They have a cash balance sheet of $108 Million (06/04/20), FDA Approval, IP Protection & Patents, Agreements that stand for 20 years regarding manufacturing, Fully funded until 2022. EYES ON!!! These Ideas are NOT 'Financial Advice'!. Scenarios are based off a mixture of TA and Fundamentals current at the time. All IMO GLTAH. Happy Hunting!!!
ASX:PAR
by Trader_Johnni
3