Positiontrade
USDCAD - Bearish Higher Time Frame Swing MaterialisingVery simple
-We saw the historical 30+ year ascending trendline hold up as resistance after a fakeout spike higher, red 786% & 618% bearish fib levels are prominent & also holding
-Price is now breaking a medium term ascending TL & has retested successfully
-Recent Weekly candle close saw a confirmation of bearish pressure
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thus I expect a test of green 618% bullish fib level (1.1225) -
*Invalidation* of short bias is a break back above the broken ascending TL turned resistance or 1.3470 handle
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Action Plan = Sell all valid 4HR swing highs unless we break above the aforementioned invalidation zone and join in the short term trend reversal
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KISS - Keep it simple, stupid
XLE - Energy Sector About to Poop Itself or No?The energy sector has been performing badly over recent months, but not as bad as basic materials sector. Specifically leading the problem in the energy sector are oil & gas drilling, oil & gas exploration and production, oil & gas refining and marketing, oil-related service and equipment, renewable energy equipment & services, and uranium industries. These industries are making new lows over the past month and over the past quarter.
It is quite early, but this should be on the radar for a potential shorting opportunity. If truly the beginning of a downward move, a further break of the support level around $72 would be a confirmation, and this should be expected within the next 2-4 months (pretty much from October - December, or even January) . Also, the idea of the downtrend could potentially be a recovery for a possible uptrend if the resistance levels around $76 and $78 are tested and broken.
The financial sector was also showing some milder weakness but more time is needed to tell how the sector is behaving. Watch the energy sector; what do you guys think?
Bulls on goldFollowing the ascending triangle pattern on FOREXCOM:XAUUSD Price to make way to resistance around the 1350 area.
AT&T monthly corrective structure! pretty basic. Should be a great long term buy sometime after breaking A wave low!!
GBPUSDAs we saw trumps victory caused huge volatility yesterday , however we are still looking for a target zone of around the 1.23000 area possibly even lower. Im still very bullish on this pair as Im expecting a huge rebound to the upside once we are in the 1.23000 zone. but for now small short position. 100 pips or so.
LSK: Longterm accumulationAccumulate a position around the 0.0004 mark or lower where it shows strong support - this should be a longer trade so target might hit end of the year or later be prepared for it.
Comeback?SQM is claimed to be the efficient chemical mining leader in its group. Lithium demand and prices, as well as output along with the stock is expected to increase. SQM financial is weak relative to prior performance, but current levels are holding up and is expected to improve. Lithium competition: ALB, FMC, ASH, POL, TLH, LIT, GXY, LAC, ORE, CLQ, and WLC
