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Weekly Technical Chart- GBPUSDThe British pound initially fell during the week but found enough support at the 1.2850 level to turn around and form a hammer. I believe that this market is going to continue to go higher, and a break above the 1.3050 level is that signal. At that point, I believe the market can go looking towards retest again 1.2850 /1.2800 and then we can see rally towards 1.31/1.32, The British pound has shown a significant resurgence during the week, and I think it looks good overall. However, if we were to break down below the 1.2850 level, that would be a negative sign.
Short
by Forextuitions
EUR/JPY - Shot - WeeklyHello TradingView Community, I would like to share with you a trade that looks like it could have a very good return. As we can see the pair has been in decline since April of last year. We see that it has already closed below the 23.6% Fibo retrenchment level, but it has also broken a support level @115.463. This level was created during the consolidation period from the end of June until the beginning of November of 2016 before it broke out to the 38.2% Fibo level. I have already entered the trade and look to stay short until the pair reaches another hard support level @112.584. Now if it breaks this level as well, you could look to short it even longer, possibly until it hits the 0 Fibo level @ 109.545, however I would expect a little pullback in the short term before that happens. Also, not shown on this chart is the pair has broken through the bottom of the Ichimoku Cloud which has not happened since October of 2015. That break resulted in the pair moving from 133.636 to as low as 109.307.. That is MASSIVE. For anyone using a standard lot size of 1, you could have made 5 digests+ in the span of 8 months. Good Luck to all of you!
Short
by SyndicatedTrader
USD/CZK shows potential downtrend.Good morning ladies and gentlemen and whoever doesn't fit into two genders anymore. Currently USD/CZK is showing potential downtrend. I've identified this by checking the W and D chart. W chart shows a sideways momentum whereas the D chart shows a distinctive downtrend. I have also seen a double top form which could be beneficial for the analysis. If price breaks 1st support line, then I will enter a trade on the 2nd support line. S/L: 25.08413 Entry (sell): 24.89251 T/P: 23.66749 Hope people find this beneficial and please give me some feedback or anything that will benefit the analysis. Anyways, take care and trade safely and risk free (Y) :)
Short
by chiefcapitalfx
LLY Eli Lilly: Where can we buy?This stock has been in a correction for about a year now and it looks like it is not done yet. Looking to the price history on the left we can see that we could soon hit strong support starting from $60.00 which is basically the top of a $48-60 price channel. So I would be looking to buy anywhere below $60 if we re-enter that channel (yellow box). I don't expect price to just move through this channel, just like we cannot just break through a herd of cows crossing the street while driving. In addition, if we copy the move from the swing highs to swing lows from 2015-2016 we can see that an equal move would end right around $60 as well, providing a further reason for entry.
NYSE:LLYLong
by PHL
AUD/USD Long Term PerspectiveFX:AUDUSD The bulls are starting to wake up! BUT they still need more momentum to change the overall trend of this pair. On the daily chart, price broke above the 200 Simple Moving Average and bounced of it after the retest by printing higher lows. Currently it is trading inside this triangle and the market is eagerly waiting for a breakout to either side. If price breaks to the upside, the bulls will take the price to retest the the 2015 Highs(0.8200's) which is a very important pivot point. On the other hand, if the bears win the battle, they will gradually take the price lower to retry and break through the 0.7000 psychological pivot point. Check out my blog for more long-term trading analyses: legendarytrades.wordpress.com
by legendarytrades
Let's Take Friday's Market Drop Into Perspective...Yes. The Dow dropped about 400 points and the S&P 500 dropped about 55 points on Friday. As bad as it sounds and feels, let's take Fridays market drop into perspective. Since 2012, the SPY was about 125... Since July 2016, the SPY has been above 212. If you really think about this, the market action that took place on Friday was a drop in the proverbial bucket. The SPY went down about 5 points on Friday.... 212 ish - See the horizontal gray line For quite a while, the 212 level in the SPY was resistance. In July, the SPY got above the 212 level. Remember that resistance often becomes support. So that means "there is a chance" the SPY is just coming back to 212 to bounce and continue higher :) Yes. I have been called an optimist in the past... 2016 Uptrend Line - See the upward sloping green line The beginning of this line is back in February of 2016 when the SPY was about 180 ish. No one knew this line would exist back in February. It wasn't until the end of June that we got the second bottom, around 198 ish, that allowed anyone to see this line take shape. Let me make a quick point here. Please notice that the February bottom occurred very close to the "181.0 ish" line that was drawn on this chart because it was a level that was resistance and became support. The late June bottom also occurred very close to the "198.50 ish" line that was also a level that was resistance and became support. With all that said, it is possible the SPY will come back to this green uptrend line before it is ready to turn back higher. If that is what will happen, you can expect to see 209 ish on the SPY. That would be another drop of about the same magnitude as we saw on Friday. It may not happen in one day again but the SPY could get down there. If you are with me in my line of thinking, please notice there is a resistance line that became support in that area. It is labeled "208 ish" on the chart. Below the Horizontal 212 ish line & Below the 2016 Uptrend Line Let's just say the SPY gets below these two areas and just keeps dropping. You can continue to look at past levels of resistance that became support. Those levels may give you an idea where the market could turn around. Don't panic. Take each day as it comes. Learn to gauge the market's future potential on the market's past. Horizontal or sloping is your choice. There are many opportunities being created for long only investors. The drop that is creating long opportunities is in itself an opportunity for those willing to short.
AMEX:SPY
by TheTrendLineInvestor
Weekly Chart Showing Strength, $ECAEncana Corp has recently broken a resistance line and a year long downtrend line this year. After being up the past few months, it is continuing to look bullish. It has just had a two month consolidation period and is ready for the next leg up. The price has moved above the 20MA (which it respected during the downtrend) and the 50MA. Additionally, the Directional Movement Index is also showing a possible strong uptrend with it nearing a pass above 25, and the Relative Strength Index is about to move above 70. Next resistance is around 13.30 to 13.50 which is 10% above the current price.
ELong
by juniortrader
Contrast Weekly vs Daily Timeframe OBV and RSI indicate a possible bounce to the upside. Keep eye on intraday for continuation downward or break to the upside. If you wanna play both sides a straddle or strangle option strategy two or three months out might be ideal. For a one sided trade check OTM (out-the-money) contracts and the Vol in the options contracts relative to the strike price before purchase - 220 and 125 or 200 and 140 strike price might be ideal. Also don't wait to long to purchases options contract, because as directional price movement becomes more apparent and as Implied Volatility creeps up the more expensive the options become.
NASDAQ:BIDU
by TraderMD