AU200AUD trade ideas
Aussies heading into troubled zoneThere are no promises, guarantees or predictions in this.
The Aussies have been flattening out at a top - it appears - at this time. There are only two directions for price - nothing new in that.
What happens in situations like these is:
1 - either price collapses.
2 - it rockets north.
You can imagine what bulls and bears would say to each of the above. Their inherent biases controls their minds. Biases predetermine - quite unconsciously - what logic will arrive at. Hence people get into 'predictions', then punch the air when price confirms their bias.
Both the nature of confirmation bias and prevalence-induced concept change should be studied by all traders. Some say ' What's psychology got to do with this? ' I'm sorry for some.
How does one control how wrong a bias may be? It's called a stoploss!
Disclaimers : This is not advice or encouragement to trade securities. No predictions and no guarantees supplied or implied. Heavy losses can be expected. Any previous advantageous performance shown in other scenarios, is not indicative of future performance. If you make decisions based on opinion expressed here or on my profile and you lose your money, kindly sue yourself.
ASX:XJO still in the uptrend This chart should be self explanatory but as a chartist i cant do without a comment.
XJO is still in the uptrend on the weekly chart. Last week and early this week it has come to retest the uptrend line which acted as support in conjunction with the 0.5fib and pushed the price up again.
Weekly psar is still showing uptrend and lsma still in uptrend on a weekly TF.
One concern so far is the 200WMA aligned with the historic resistance around 5969$. And daily psar is not positive yet.
I will keep you posted if anything changes as I always keep an eye on these markets.
Keep smashing the likes and stay tuned to my “Stock of the week” new episode this Sunday.
Stay safe and nice weekend.
XJO aka ASX still in the uptrendThis chart should be self explanatory but as a chartist i cant do without a comment.
XJO is still in the uptrend on the weekly chart. Last week and early this week it has come to retest the uptrend line which acted as support in conjunction with the 0.5fib and pushed the price up again.
Weekly psar is still showing uptrend and lsma still in uptrend on a weekly TF.
One concern so far is the 200WMA aligned with the historic resistance around 5969$. And daily psar is not positive yet.
I will keep you posted if anything changes as I always keep an eye on these markets.
Keep smashing the likes and stay tuned to my “Stock of the week” new episode this Sunday.
Stay safe and nice weekend.
Ignore this, pretty lines6750 +- 50 Aug 1st calls
Noticed eerily strong hits with a 40 year fib from jan 1980.
Fib comparison between 1980-2020 and Feb 2020 crash.
Macro vertical trends, cant be bothered doing horizontal analysis right now (they're a pain), so can't get a definite date.
6771 by early august.
19/06/2020Today market moved as expected, we have recently changed environment by making lower lows compared to recent moves. A W formation was created on the 4 hourly between the 12th and the 16th. I really want to see the market close on either the 0.382 FIB or preferably the 0.5 FIB which would provide strong confluence and support at this level. I will watch closely around the 0.382 to see if there is a shift in market sentiment and the rally will continue to make higher lows and higher highs. The wick from the first half of today I expect to get filled in the next day or two. 3855 would be ideal for me to feel safe to hold long term from here. DYOR, all IMO.
6497 - A possibility if the 0.382 FIB is the only once reached.
AU200AUD 2nd Elliot Wave Symmetrical Triangle PatternMy first target has been hit and its looking like another symmetrical triangle pattern may be forming. Price remains bullish over the 20dma and 50dma. This is a good place for consolidation under the 200dma to store enough energy to break through. There is a gap that isn't shown on this chart in the general target zone to be filled as well.
XJO - Updated EW count XJO is in 5th wave of down cycle. It has completed WXY corrective up cycle from major bottom in 2 hr time frame. The drop from last swing high in 30 min time frame is impulse and within its 5th wave. In futures of XJO it dropped in A impulse wave down, which is not still confirmed in XJO Index. Wait for little more price action, which decides the next correction. In futures it made new low and getting divergence in indicator too. Will see how it moves in Index now.