Elliot_Myers

Elliot_Myers

ECB meeting caused a breakout for the otherwise sideways trending Dollar Swiss. The downside is now open with an opportunity to enter short via a 4HR candle entry on a pull back to the 31.80% fib level (0.98893) or a re-test of the short term trend line. My entry criteria is an exhausted re-test or the stated fib level or trend line. Two target zones are...

Elliot_Myers

A buy set up is now in motion. Once price pulls back towards 1.11 and selling becomes exhausted price is then likely to begin rising towards the previous highs around 1.14. I am seeking a buy entry on a 4HR candle around the 1.11 once price action presents a signal candle.

Elliot_Myers

Strong bearish break of the 50% fib level signals a potential move down to re-test 110.972.

Elliot_Myers

Short on a break of the short term trend line, this line isn't as well established at the outer trend lines which are based on weekly price action and therefore is has a greater probability of being breached. If it holds a long trend to the next outer trend line is advised.

Elliot_Myers

Trading a break of the 76.4% fib or 50% fib level is likely yo yield a favourable trade. So what is going to cause a break above or below these levels? BOJ chief Kuroda is speaking in the early hours of Monday morning while the Chinese Trade Balance is out sometime on Tuesday. The Kuroda speech is likely to have more sway in moving price action however if it...

Elliot_Myers

Price action heads towards 1.44 for a test or the daily trend line and resistance at 1.44. Looking ahead we have BOE governor Mark Carney speaking on Tuesday and UK Manufacturing data out Wednesday and both can be seen as catalysts events to drive price above 1.44 or back down. Look out for each news event as equally appealing trading opportunities are likely to...

Elliot_Myers

Price action has broken the downward daily trend line which now becomes support. Price is bullish above the trend line and break of 38.2% Feb level and is likely to consolidate around 1.1 while markets wait for the ECB interest rate and monetary policy statement due Thursday. A break to the up or downside is possible however my preference is towards a break down...

Elliot_Myers

The pair has broken the previous daily trend line and is now likely to continue fall as the week progresses. I am now short with a target price of 1.07500 - beyond this further declines open the 1.05500 range where a rebound is almost certain.

Elliot_Myers

The Geo-political situation has improved for oil as of late and a recovery from the lows of $28 has been gathering pace in the last few days. Eyes now turn to the $35 handle however Fridays candle signals a bearish reversal, most likely to the $31 handle before price will either break lower or bounce back.

Elliot_Myers

The pair now sits trades in a sideways range and a triangle structure has formed around price action. We now await a break of the triangle or clear indication of a break to determine our next trade. I suspect a break to the downside is the more likely outcome given the massive pressure on sterling due to the Brexit opposition now featuring prominent members of...

Elliot_Myers

The pair now waits for a break out of the channel. Price action above 1.11000 suggests the upside is in view. Patience will be key here as the pair decides which direction it favours next, waiting on a strong signal candle on a 4HR view is advised upon entering on a break of the channel.

Elliot_Myers

The daily candle formed a strong bearish engulfing candle which confirms the sell set up posted yesterday. An expected 50% fib retracement is likely to occur which means you can get in on this trade even if you missed yesterdays entry. You could guard this trade by moving your stop loss to break-even as I am if you caught yesterdays entry. Stay with this trade...

Elliot_Myers

The pair has rejected a break of the daily trend line and is expected to begin a decent down to the 0.65500 level with further downside to 0.65000 open. If the pair does form a candle with the body of the candle below the trend line it should confirm a move to the downside. Trade carefully and good luck!

Elliot_Myers

After 6 days of losses the pair sent a strong signal that selling pressure was dying out with a 3rd rejection of the 1.10661 level on Friday. The wait for a bullish entry now begins - While the Friday daily candle is a strong bull signal, it is likely trading will be choppy on Monday (due to weekend events) and a wiser approach to entry is always to wait for the...

Elliot_Myers

Following from the analysis yesterday the break of the daily triangle took place today. Now attention turns to further gains to the downside as the pair approaches a wider daily trend line. Suggested action is to trade after the retracement takes place which will likely be during the European session.

Elliot_Myers Updated 

Upside exhausted at 1.45000 and beyond. Price has been range bound for the past week and momentum is shifting to the downside for a break out of the daily triangle.

Elliot_Myers

Potential for price action to head back to 1.13500 for a retest of this area where we saw buying momentum fail to break through. On the other side price action may re-test this area and head back down to the 1.11500 area where it is likely to range before advancing up or down.