GBPJPY Sell/ShortGBPJPY
SELL/SHORT
Entry: 181.972
Stop Loss: 183.208 (75 PIPS)
Target:
TP: 176.511
SWING TRADE
Risk: 2-5% of Capital
Signalprovider
Gold- New low and reversal after?As I said yesterday, Gold is approaching a very strong support level, and considering the 1k pips drop in only a few days, a correction is probable.
Yesterday's price action was very volatile, also suggesting the bottom is near.
Although XauUsd could correct up without making a new low, considering the trend is strongly down, from money management and R:R perspective, only a buy in 1805-1810 would make sense.
That being said, I'm looking to buy dips for a new test of yesterday's high.
Nas100- New drop to 13500?In mid-September, I wrote that Nas100 could drop to 14500 support.
Indeed, this target was hit on 28 September and a correction followed from this support level.
Yesterday, all this up correction was negated by a strong red candle and a local high could be in place.
My bearish outlook for indices is unchanged and, in the Nasdaq case, I expect a new leg down to the 13500 zone.
Rallies should be sold in search of good risk:reward.
GbpJpy- Keep a close eye at 183.50 zoneAfter the high for the past 5 years close to 187, as it was normal, GbpJpy started to correct.
Recently, the pair reached the 181 zone and here we have a small double-bottom, with its neckline broken yesterday.
This suggests a continuation to the upside and a rise around the 183.50 zone.
However, considering that this level acted both as support and resistance in the past 2 months and also is confluent with the falling trend line from the top, traders could look for opportunities to sell, in anticipation of a new leg down.
The target could be set in recent's low zone and negation comes with a daily close above 184.50
AudJpy- Where to sell for 1:3 R:R?Yesterday, like all the Jpy pairs, AudJpy was also affected by the verbal intervention from BoJ.
The pair dropped quickly 200 pips, but more importantly, it broke under important confluence support at 95.
This level is offering now a good resistance point and, with the pair in recovery at this moment, rallies should be sold.
In conclusion, prices close to 95 are good opportunities for bears and, considering a target at 92 next important support, a good 1:3 R:R could be achieved
UsdCad- Constructive price action after 1.34 testRecently, UsdCad dropped under 1.35 support just to test the next important support from 1.34.
Since that low on 20 September, the pair started to rise again and now is trading back at the old support now resistance and important 1.35 figure.
The rise is painting an ascending triangle on our chart and this usually means up continuation.
A break above resistance would bring confirmation and the pair could rise back to test the 1.3650 zone.
A drop under 1.3450 would put the pair in a range trading mood.
XAUUSD Trade ideas 4/10/23 winning streak!good evening gold gang! .. sometimes i amaze myself lol .. the analysis for this week has been scary to say the least .. absolute accuracy!
The range were in currently is very messy .. look at all those wicks. We are consolidating for the news tomorrow as we have some heavy folders incoming! .. lets goooo
price below the algo 1818 is also a lttle messy but theres a huuuuge support down there for price to retest. If you miss the sells to there, you will certainly need to hit the reversals
no buys for me until the 1827 algo is closed above on the 4h
So just wait gang! .. patience pays as always
im working on an indicator! i cant wait to show you it .. it works great with the strategy
follow along and dont miss the updates .. hit the like too please!
catch you in london
tommyXAU
GOLD BUY LIMIT There is trend line liquidity. Trend has broken up and retested. Waiting for price to reach order block where there is imbalance too before buying (1822.8). Target is where there is big imbalance on 1 hour timeframe (1850). Will be making trade risk free at 1:1 rr.
EurJpy- Close to a support breakIn my weekend analysis about Jpy crosses I said that we should keep a close eye on these pairs because, although UsdJpy is still in a strong up trend, cross pair may have topped.
In EurJpy's case, yesterday the pair had a spike up, this spike was very short-lived lived and EurJpy reversed strongly and closed the day with a huge bearish engulfing.
At this moment the pair is trading exactly in support zone and looks like pressing for a break.
In such an instance, considering we had a month of range and distribution, we could see down acceleration, and the medium target could be 151.50.
Interim support is at 154 and this level could also represent target for shorter-term traders.
Navigating Gold's Strong Bearish Move: Is a Correction up next?As explained in my Sunday video, Gold is extremely bearish and the price could fall to 1805-1810 support.
Indeed, XAU/USD started the month and the week on a bearish note and is currently trading 300 pips lower compared to Friday's closing price.
Looking at the posted chart we can see that this is already the 7Th red day (not closed yet) and after the break under 1915 support, the price dropped almost without correction. Just an intraday spike on Friday.
All in all, we are in a very strong bear move
However, considering the magnitude of the drop and the proximity of an important support, a correction could follow.
Aggressive traders could look to buy in the support zone.
Keep in mind though that everyone is expecting a correction and a spike under 1800 to clear stops is not out of the question.
On the much safer side, sell rallies should be the strategy.
AudUsd- Remains bearishSince mid-August, AudUsd is trading in a range.
Last week the pair tried to break under support and failed. The pair reversed and tested 0.65 zone resistance once more, a level at which bears sold the pair aggressively, leaving a long-tailed Pin Bar on our chart.
At the time of writing the pair is dropping once more and this time is very probable to have a genuine break of support if the pair touches this level again.
In this case, down continuation to the 0.62 zone is the most probable scenario.
As long as AudUsd is trading under 0.65 I'm bearish
EurChf could rise furtherSince the beginning of 2023, EurChf has been on a downward trend.
However, at the end of July, the pair found support just above 0.05, and after a month of consolidation and 4 touches of this support level, EurChf reversed to the upside and is trading now at 0.9680, exactly under an important confluence resistance.
Looking at the chart we can see that for a week now the pair has been pressing in this resistance and we could have an up break soon.
In such an instance, EurChf could rise further and the 0.9830-0.9850 zone.
Gold- 500 pips target hit! Now what?As you know, I was bearish Gold since Tuesday and argued that, if XauUsd breaks under 1915 zone support, we could assist a 500 pips drop.
The "major target for bears" was hit yesterday and now we may wonder what's next.
Technically, the structure is strongly bearish, however, considering the magnitude of the recent drop, a correction to the upside is probable. Also, the fact that is Friday adds to this possibility, considering a lot of take profits.
In conclusion, 1855 technical support could offer good buying opportunities for a rise and test of recently broken support at 1885.
Also, the congestion from 1875 could offer resistance.
Best of luck and happy trading!
Mihai Iacob
CadChf- A bottom could be in placeSince the double top back in May 2022, the CadChf pair has traded in a clear and nice downtrend.
However, although the pair is still under the falling trend line, the pair hasn't made a significant new low after the May one, and for a month now it has been stuck around 0.65.
A reversal could be next for this pair and, considering a target at the recent 0.68 high, a nice 1:3 risk: reward could be achieved.
Keep in mind is a very slow pair!
EurUsd- Bottom could be in place. At least for now.A few days ago I drew attention that, although the trend for EurUsd is strongly bearish, sellers should be careful at the proximity of a major support around 1.05.
The pair reversed yesterday exactly from this zone and is trading now towards 1.06.
In my opinion, a bottom could be in place, at least for now and traders should look to buy dips against this 1.05 level.
The target could be set around 1.07 resistance.
ETH could rise and test resistanceEthereum found strong support in the 1550 zone.
At this moment the price is trying to reach a high above yesterday's one and in this case, a continuation to the upside is probable.
The short-term target for this move is 1750 resistance.
A drop under 1550 would negate this bullish scenario
Bearish Outlook: EurCad's Potential 500 Pip Drop AheadSince the beginning of 2023, EurCad's price has been trading above 1.4250, a level that became a very important line in the sand, with a test in January, February, and back in June,
Recently, the price came back to this level and after only one day of consolidation, yesterday broke under.
This is a very important break for the pair and opens the door for further losses.
As we can see from the chart, yet another important break happened at the beginning of the month- The ascending trend line support- and also the price action from the past 12 months resembles an H&S.
All in all, I expect a drop of around 500 pips in the coming months and a positional trader could take advantage of such a trade.
Range-bound EUR/JPY: Is Distribution in Play?A few days back I discussed UsdJpy, saying that even though there is a high divergence between FED's and BoJ's policy, at the same point the pair could reverse hard.
In EurJpy's case, however, things are not exactly the same and technically, we even have strong signs of topping.
Looking at the h4 posted chart we could see that for a month and a half now the pair is in a range and in fact, it looks like pressing down so it could be in fact, distribution.
That being said, as long as 158.50 is intact, I looking to sell rallies in anticipation of a break under support.
As for the target, 153 is a pretty reasonable one if we have a genuine break
Gold's Descent: Breaking Support and Looking AheadYesterday was not a bad day for Gold bears, with the price dropping around 150 pips, but more importantly, breaking under important confluence support around 1915.
As explained in yesterday's post, this was the line in the sand and Gold under this level would bring bearish confirmation.
Going further, I expect XauUsd to continue its descent and I'm looking for a drop to the first technical level at 1885.
However, in the long run, 1855 is my target.
That being said, sell rallies is the strategy for me with an ideal entry between 1910-1915.
Keep in mind that gold is currently in a weakened state, and the broken support may not be retested. Therefore, signs of weakness above 1900 could also present good entry opportunities.
Best of luck and happy trading!
Mihai Iacob
AudUsd- Navigating its Downtrend: Where's the Bottom?Aud is very weak and the recent drop is not only on the back of USD strength...
After the new failed attempt to stay above 0.68 important figure back in July, the pair started to drop hard and in this descent cleared some very important levels that should have provided support: 0.66 and 0.65
For more than a month now the pair is trading in a 150 pips range, but the break down looks imminent at this moment.
Looking at the posted chart we see how strong the 0.65 ceiling is and for AUD to reverse back up would take a lot of fundamental reasons that simply are not there.
In conclusion, any rallies above 0.64 should be sold and swing traders could target 0.6250.
SPX to continue down?As I explained last week, there is a high chance for SP500 to drop to important 4250-4275 zone support.
On Friday the index dropped under the short-term trend line and, after consolidation on Monday and Tuesday, yesterday we had a strong drop.
The overall picture is pretty bearish at this point and another 150 points drop becomes very probable.
In conclusion, as long as the index stays under 4500, traders could look to sell rallies in search of a good risk: reward.
Bears in control: The ongoing battle for GoldIn yesterday's post, I wrote that XauUsd is in no man's land as long as the price stays between 1915 and 1930, and, although at the time of writing this is still the case, the recent price action gives us some hints for the future move.
As we can see from the chart, after the low at 1885, XauUsd reversed strongly and a rise to 1950 followed. However, after the correction to 1900, the price couldn't manage to reach a new high and dropped again to the important 1915 zone. The new attempt from bulls was rejected twice in 1930 on Friday (BTW, this made me quit my long trade yesterday) and yesterday twice more.
All this suggests bears took total control and this will be the case as long as the price stays under 1930.
Technically, the 1910-1915 zone is confluence support, and for down acceleration, a break of this zone is needed.
In such an instance I expect a drop under 1900 to 1885 for the first leg down, but, in the medium term, a new drop under 1900 could lead to a test of major support at the 1850 zone.
Best of luck and happy trading!
Mihai Iacob
EurUsd- Bears should start being carefulEurUsd has been dropping pretty much contained in a channel for more than two months now and, as expected and stated in a few past posts, is approaching the 1.05 crucial zone.
Although, in the long term, my bias remains bearish for the pair, at this moment, in my opinion, bears should start being careful and a reversal is looming.
Looking at the posted chart we can see that 1.05-1.0550 acted as support at the beginning of the year and again in March, and for a break under a strong catalyst is needed.
With all fundamentals already priced in, I don't see a drop under this zone, and the pair could start trading in a range.
That being said, in my opinion, short trades from this level are not worth the risk, and is better for traders to wait for reversal signs and trade an up correction towards 1.08.
Best of luck and happy trading!
Mihai Iacob
