Daily Wisdom 54 - Everything is emotionSo long as your feelings dictate your trading, you will feel as chaotic as the markets.
Technicals
REA - Bullish Ascending Triangle - High ProbabilityREA Technicals = high probability - I'm looking to enter on the ascending triangle breakout. REA Fundamentals = lower probability - major cv19 head winds are incoming, but, I'm thinking the market takes an educated punt that any further real estate weakness will be meet with larger incentives/stimulus. This will likely lead to a bullish REA share price.
It's a buy on EURCAD!Given the last three candles, among other reasons, I think it's likely that the price will break out and start a powerfully ascending trend which will result in the completion of cup and handle pattern here.
My suggestion: wait until the breakout and THEN buy.
(on hourly time frame there are signs that it has already started it but wait for more confirmations)
SWKS loosing steam Skyworks is nearing a new high and running out of steam. Heres what the indicators say.
Sell/Buy indicators: SWKS has been marked a buy since 9/25. 4 trading days while our longest buy signal in the past 4 months has lasted 20 days. This is our only indicator not yet supporting a sell but can we spot it first? Lets check out the other indicators.
Moving Average: SWKS is slowly moving closer and closer to its moving average and if history repeats itself, once it falls below the MA we should see a sharp sell off.
Volume: The volume indicator shows we are starting to loose bullish volume.
Relative Strength Indicator: Shows that SWKS is over bought, we should expect some heavy selling because of this.
Indicators are just collections of information that can help us analyze trends to make predictions about the future. SWKS price movement is not guaranteed. Even if it does receive a sell signal. Please trade at your own risk.
EURUSD: Fakeout or Breakout?Daily Time Frame: Price had broken below 1.17500 key psychological support with strong bearish pressure. If bears are back in this market, we can anticipate price coming down further. Look for pullbacks to 1.17000-1.17500 for potential selling opportunities. Due to the uncertainty of market fluidity, risk management is highly recommended.
EURGBP: Testing Support!4hr Time Frame: Reading price we can see that EURGBP is testing at .91000 psychological support in confluence with a double bottom formation. If price manages to hold above and show signs of bullish rejection, we can then look for potential long opportunities. However, if price breaks support look to reevaluate price action. Due to the uncertainty of market fluidity, risk management is highly recommended.
XAUUSD Can we See 1960?90 Minute Time Frame: Price is testing support in confluence with wick rejection head and shoulders and a potential flag with a double bottom. (screen shot will be provided in gallery) if price manages to hold above, we can look to buy to 1960.00 and potentially 1970.00. However, if price manages to break support look to reevaluate price action. Due to the uncertainty of market fluidity risk management is key.
AUDJPY: End of the Trend?4hr Time Frame: Reading price we can see that we are breaking back below our 76.500 monthly zone. If buyers are looking to hold momentum, we are going to need to see a break and retest above 76.500 for potential long opportunities to 77.400 and potentially 78.250. AUDJPY has created a huge impulse to the upside and has pulled back to create a double bottom formation. However, if price breaks back to 75.750, we must reevaluate price action. Due to the uncertainty of market fluidity, risk management is highly recommended.
GBPUSD H4 - Short Trade SetupGBPUSD H4 - Breaking the corrective consolidation from last week (the flag consolidation range). Possibly could see market correction up towards the previous S/R zone. Again big moves expected later off the back of the vote this evening.
EURGBP: No Bears Insight!4hr Time Frame: Reading price we can see we have been bullish. Reading the candles, we can see the price has cleared above resistance is creating new support with long wicks pointing to the downside.
1hr Time Frame: Scaling down we can see price creating a double bottom with bullish pinbar rejection candles at 4hr support. If price manages to hold above, we can see new potential swing highs. Look to buy this up to .93000 key psychological resistance. However, if price violates 4hr support look to reevaluate price action. Due to the uncertainty of market fluidity, risk management is highly recommended
GBPJPY H4 - Short Trade SetupGBPJPY H4 - Same as cable, short setup, initial short setup anyway almost complete. Continued theme for the GBP dumping off the back of any minor excuse for a short lived pullback, huge selling pressure seen, cable dipped as low as 1.275.
Best Ways to Trade the Rally in StocksStonks only go up, and have hit the target set from our Fibonacci Extensions. The Elliott wave suggests they could retrace very soon, and this would be a healthy retracement. We did see somewhat of a sell off yesterday. If we are right, the S&P should retrace to 3547. If we are wrong, it will pick up steam and rally around current levels at 3564. The Kovach OBV is very strong, so anticipate the rally to continue. Watch for a dip in the Kovach Chande for a good entry point, which it appears to be doing right now...
Bitcoin LongBitcoin may be ready for a long position. It took quite a hit, but is finding support. Both Kovach Indicators are solidly bearish, registering the smack down but the Chande, being an oscillator, is starting to curve up suggesting some support and perhaps a retracement. There is a green triangle on the Kovach Reversals Indicator which supports this.
Top Ways to Trade the Volatility in GoldGold has been holding our range between 1905 and 1977 for a while now. The large price fluctuations have tested the extremes of this range, but have not broken them. You could have made serious $$$ clipping these levels. Currently, gold has caught some steam and is currently testing 1964. Be wary of this!! The Kovach OBV is not registering much momentum at all from this recent move! It is relatively flat, though looks to be tapering up ever so slightly. The Kovach Chande has risen, but looks to be finding an extremum and may recede soon, since it is an oscillator. What this means is that this rally in gold may be short lived. There are some significant technical levels above at 1964, 1973, and 1977. It is highly likely gold will face resistance at one of these. We are still bullish long term of gold, but this short term price action may give us some nice entry points for longer term holds, as well as short term scalps.
NZDUSD - Short TradeHey Traders!
I would like to share a NZDUSD possible short trade here.
As we can see price is approaching at supply zone and we will be looking for a sign of weakness in this zone. If a sign of weakness appears we will execute a short trade here. The best entry point for this trade will be 50% fibo level but a price rejection is must before we take a final decision and it can happen below 50% fibo as well.
Just look for a sign of weakness on H1 chart and enjoy your trade.
SL - 40 pips above your entry price if your entry price is different from what i have mentioned on the chart.
Have fun!
EURGBP: Anticipate .91500!Daily Time Frame: Reading price we can see that we broke the range (between .88750-.90500) and has tapped previous daily swings at .88500 key psychological support and immediately rejected back above .88750 quarterly psych.
If price manages to pullback and test .88750 support look for longs to .90500 and .91500. However, if price does not break .90500 look to reevaluate price action. Due to the uncertainty of market fluidity risk management is highly recommended.
BIG SELL OPPORTUNITY ON AUD/JPY! DO NOT MISS OUT! Our very own AUD/JPY seems to be on a massive Daily Resistance which makes price lose momentum every time it gets near it.
FX:AUDJPY
The most important thing to look for is the 4H chart to make a lower low to confirm our downtrend, finding entries on the lower TF's, like the 30M which is forming a nice market range.
Be on the lookout for it!
Trading Plan Corporation!
AUDJPY D1 - Short SetupAUDJPY D1 - Video Analysis coming through on this one in a second, but could be something we look to swing next week.
Gold H4 - Short SetupGold H4 - Mixed signals from gold at the moment, currently consolidating after a nice selloff on our H4 support region (H&S we marked y'day). We have had a couple of attempts to push higher, but seems we have formed a consolidation range (effectively our flag). Waiting to see if we crack below this 1928 region to set new lows and break support, from here on the retest of 1928 we could look to jump in short.
GBPJPY H4 - Long Trade SetupGBPJPY H4 - UK PMI data was positive, along with retail sales data before the session had even kicked off. Looking to see if we find support around 138.850, we could then look to trade back up to resistance.
