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USD/CAD Bearish Divergence Set UpA bit late in posting, but since my entry short hasn't triggered, I though I'd write a quick post. So price met resistance at the 1.3350 area and closed underneath as a high test bar. A short entry signal is pronounced with the accompaniment of oscillator divergence on the Stochastic and RSI indicator. As it is Friday, there is a lull in the markets as usually is, price may still fail to trigger an entry short and they way the price bar appears now price action may close as an inside bar for which a short entry can be revised. entry - below low of high test bar or low of inside bar stop loss - above high of high test bar target - previous low/lower
by amanpaulbhogal
Short again on AUD/USDAnother short set up on AUDUSD since downward momentum on the previous set up (idea linked) failed is on offer. The present set up comes after a deeper pull back, organic in a sense, into the 50 ema which also lines up with a previous level of support (~0.7250), now acting as resistance, and the 0.618 FIbonacci level. Price closed as a high test bar. Oscillator convergence is visible. entry - below low of high test bar stop loss - above high of high test bar target - at or below previous low
Short
by amanpaulbhogal
A sell-off may continue on the S&P500, Nasdaq 100 and UK100On the S&P 500 and NASDAQ100 indices, closing as a high test bar in the resistance zone, and a bearish engulfing bar on the FTSE100 (UK100) stock index, a sell setup is in order suggesting potential bearish continuation on these three (CFD) indices, following the recent sell off on major indices. 1. S&P 500 The rejection/resistance zone on the S&P 500 comprises the following: - retest of the 50 ema; - retest of ~2011; and - 50% retracement, and close below. Oscillator convergence, as shown on the chart, is seen as an additional argument to enter a potential continuation of seller based momentum in this index. entry - below high test bar stop loss - above high bar target - previous low or lower 2. NAS100 Since the major global indices demonstrate price behaviour correlation, an almost exact set up as on the S&P 500 is also forming on the NAS100. entry - below high test bar stop loss - above high test bar target - previous low or lower 3. UK100 The FTSE100 is in a very clear down trending environment. Three key reasons of a potential continued price decline are: - close as a bearish engulfing bar; - a strong bout of resistance at ~6250; and - rejection of the 20 ema. entry - below low of bearish enguling bar stop loss - above high of bearish engulfing bar target - at previous low or lower
FX:SPX500Short
by amanpaulbhogal
3
Bearish divergence on USD/CADUsing bearish divergence to build a case for reversal trading on USD/CAD with the following favouring a potential short scenario: - resistance (3rd touch) at ~1.2800 - bearish high test close below resistance - price reaches and closes below 1.272 Fibonacci extension level - Stochastic and RSI bearish divergence entry - below low of high test stop loss - above high of high test (placement is discretionary) target - 20 or 50 ema, or previous horizontal level Caution for conservative traders: Fed Chair Janet Yellen testifies at 10:00 EST
Short
by amanpaulbhogal
Selling CableSeeing today's high test bar close rejecting a past level acting as both support and resistance within close proximity of a Fibonacci cluster (38.2% and 50%) drawn from two previous swing/cycle highs and rejecting the falling trend line for a third time highlights this end of day set up as a potential selling opportunity. Recent lower highs and lower lows signal a continuation of this new forming down trend after price failed to rally higher in the bull run up to May.
Short
by amanpaulbhogal
5
Shorting Silver (XAG/USD)Price action has maintained a falling direction with passably uniform cycles below the 10 ema and trend line resistance offering entries below conspicuous high test bars. The moving averages are in their correct order and fanning out pleasingly. Tonight's set up is also an entry below the high test bar that has rejected resistance at ~17.60 and bounced off the 10 ema potentially keeping the downward trend continuation intact. For the trader who consults oscillators, this may not be an ideal short set up given the geography of the indicators. entry - below high test bar stop loss - above high test bar target - initially previous low at 16.61, and then beyond if low broken
FX:XAGUSDShort
by amanpaulbhogal
Selling Brent CrudeCrude oil has shown a promising downtrend respecting key levels where it's seen to be giving beautiful entries on its visibly apparent journey south. Currently, a high test close rejecting 99.60 after a pullback presents another such entry with a target area aimed at 88.50. 99.60 is within close proximity to the 38.2% Fibonacci retracement level. Today's high test close is well below both these levels and is seemingly prepared to continue trending short. A potential hick up to this short trade is bullish divergence on both the Stochastic and RSI. Other than that, price action seems to dictate a healthy trend continuation move with a hulking potential ninefold reward:risk profile. entry - below today's high test close stop - above today's high test close target - ~88.50
FX:UKOILShort
by amanpaulbhogal