Emekadavid

Emekadavid

I think the power move by the bulls is exhausted at the 107.04 resistance. Buyers cannot sustain their enthusiasm beyond that zone. If you are long, be looking out for signals that you should take profits. This should not be taken as financial advice but based on my interpretation of the market.

Emekadavid

A market chart has two axes, the x-axis and they-axis. Where the x-axis registers the date, the y-axis registers the price. The y-axis has two methods for plotting it: an arithmetic scale or logarithmic scale. Whichever you chose will have implications for your trading. Arithmetic scale: On an arithmetic scaled chart, the spacing between price levels is equal....

Emekadavid

Price has formed a three bar reversal just at the touch of the 115.62 resistance. I believe it will break that resistance. Look at the volatility of the bars. Long when market opens and use proper position sizing and risk management. Price will go northwards and find resistance at the touch of the trendline or better yet, at the 117.07 level.

Emekadavid

Using swing points i.e swing highs and swing lows, to identify trends is one of the most basic techniques of technical analysis. This is also the building block for identifying price patterns and part of having high probability setups. Swing points are the maximum or minimum points on a trend or range. A swing high identifies the rising price extreme while a...

Emekadavid

I think gold is going to make another try for the 1680.94 support. It has touched it four times already: 20th april, 21st april, 1st may, and 6th may. I wrote an idea about the break of the support on the 6th of May just before it touched it but the bulls came up with some resistance to the move of the sellers and price just bounced from the support. Price is...

Emekadavid

Price has tried to break through the 106.62 resistance at the close of trading this week for USDJPY but I think that move is exhausted. On the daily, price is tracing out a downtrend and I believe that is how it will be for the coming week. Just hopeful. On the 4 hour chart shown above, price has confirmed a trend reversal, but the downtrend preceding it took...

Emekadavid

A day before NFP, on Thursday, the aussie continued to strengthen against the dollar. On the daily, it showed upside volatility and broke through the 0.6459 resistance. A bullish engulfing bar was noticed which indicated that prices would rise further. With the US unemployment rate now at 14.7% and negative GDP growth of 31.22% expected for the second quarter,...

Emekadavid

Intraday data is based on time frames from the 4 hours and below. For these time frames, the short-term trend in the daily charts will be seen as the long-term trend in the intraday time frames. For those who are keen to trade intraday time frames, they need to know that patterns on these time frames or charts have three principal differences from their...

Emekadavid

It is interesting to study trends and how they interact because the price level of any security is influenced simultaneously by different trends. Hence, why we need to note some application of trend classifications as it applies to trend interactions. 1. When we see any specific price pattern, our first question should be: Which type of trend is being...

Emekadavid Updated 

A large bearish engulfing has appeared at the touch of a downwards trendline on the usdjpy pair. This is an opportunity to short the pair. Follow trading plan for bearish engulfings i.e enter some belows below the low by placing pending order and sl at some pips above the high. TP according to how you want it. Good opportunity. This is the second time I am...

Emekadavid

With the huge pin bar that just appeared and the fact that the 0.8689 support has been tested severally in recent times, I believe it's time to break that support. It might be time to go short here for some pips.

Emekadavid

In an earlier note, we defined a trend as a period in which price moves in an irregular but persistent direction. It could also be a time measurement of the direction in price levels. The three common classifications of trends are: primary, intermediate and short-term trends. Primary trends: This trend revolves around the business cycle which lasts for 3.6...

Emekadavid

There is now a symmetric triangle on CADJPY. Price could go long if it reverses at the 75.46 support after retesting the trendline. Otherwise, it will continue in its southward direction. That test of trendline is important to price movement, along with the support.

Emekadavid

A descending triangle on eurusd gives hints that prices will fall further, but it will take some time. Put this on your radar for short positions. I expect the projection to be towards next week.

Emekadavid Updated 

A two bar reversal pattern has formed at a trendline support that was formerly resistance. Very significant pattern that has huge momentum behind it. A definite long opportunity.

Emekadavid Updated 

A three bar reversal pattern has appeared on the USDJPY. Time to short. Place pending order on the low of the third bar as shown, and SL some pips above the middle bar's high. TP is the next support but due to space could not be shown on chart. Happy trading.

Emekadavid

I think Gold will break the 1680.94 support level? Look at the strength of the bear bars. Look at their volatility. I think the support is no match for the bears, despite what the news says about it becoming a bullish market. I looked at the daily chart and for now the bears have momentum on their side though it has not closed. I just believe this. What do you think?

Emekadavid

Because human psychology is more or less constant, that means the principles of technical analysis can be applied to any time frame be it 5 minutes to daily or monthly time frames. The only difference between time frames is that the battle between buyers and sellers is much larger and pronounced on the higher time frames than on the intraday time frames....