JigneshDavda

JigneshDavda

A lot of traders are looking to short the GBPUSD as of late. Several charts have been posted of a wedge breakout/ channel breakout etc. This chart provides the perspective from a bullish side. 1. The Channel on 1H has not broken to the downside 2. We've taken out Support/Resistance at 1.4230 Although this may not be the strongest setup for long...

JigneshDavda

EURAUD has a H&S Pattern on the 4H Chart This is a high conviction pattern as the AUDUSD has a inverted H&S already in play as well. Measured move Targets come in at 1.4622. Low risk Entry here at a retest of the Neckline early to start the week

JigneshDavda

USDCAD has been a difficult pair to trade as it has been displaying wild swings both ways all week. The weekly chart shows a massive bearish engulfing chart, so will continue to look for setups to short on the 15m & 1H. The chart shows the pair has just finished correcting the leg from 1.4147 highs. The correction began at 1.3947 lows and unfolded as a zigzag...

JigneshDavda

The DXY - US Dollar Index has broken a channel that has been holding the upside for several weeks. This is a clear signal of Dollar Weakness to come. From a fundamental perspective, this week the FED did not seem all too dovish in it's statement, but at the same time it was lacking the main component for broad based USD Strength - A clear signal for March. ...

JigneshDavda

USDJPY is clearly bearish. Approaching major daily support at 116.08 there is a chance to get on the short side as the down channel and 61.8% fib hold price action down with a 1H Bearish Engulfing Candle. USDJPY has been under pressure after a spike up during NFP. The spike high will be used as a stop loss level. Correlations with the pair and equity markets...

JigneshDavda Updated 

Similar to a few other ideas I've just published. This setup is based on fundamentals, specifically the Fed's rate hike, and a potential relief rally. Gold has sold off since Oct 15 without as much as a 23.6% retracement. Earlier today, the metal was unable to break to new lows and is showing a bounce accompanied by strong momentum. Buying dips towards 1050...

JigneshDavda Updated 

Simple sell setup in EURAUD The larger trend in the pair is to the upside, looks to be in a bear flag at the moment correcting the last leg. Support at 1.50 is a likely turning point for the pair and is set as take profit. Stop loss at spike high and above the down channel.

JigneshDavda

GBPCAD Continues to correct against it's uptrend So far, no indication that the correction has completed & The wave count calls for another leg lower to break 2.0575 for a new low, against 2.0863 highs. Price has already reached the 50% Fib level - The Candlesticks on the shorter time cycles are showing signs of reversal, however the upside momentum to start the...

JigneshDavda

Potential Inverted H&S - Need to see a Neckline break at 87.40 for confirmation This pattern ties into fundamentals, there is a price differential between CAD & Commodities calling for an overshoot of CAD bearishness. Unless Commodities sell off sharp, CAD is likely to retrace some of it's losses.

JigneshDavda Updated 

Now that the FED has finished with it's over hyped 25 basis point rate hike that got more attention then anything has probably in the last century, the USD Bulls have very little motivation to be buying Dollars. EURUSD has already establish an uptrend courtesy of Mr. Draghi. Support at 1.08 is holding nicely going into the end of the week. Risk parameters favor...

JigneshDavda

Wave Count Calls for another leg up. All the charts I've posted over the past week are fundamentally driven.. I'm bearish the Dollar on the expectation of year end profit taking and post rate hike liquidation. Pair is trading within an up channel, currently pulling back in wave b of wave (c). 38.2% Fib is showing a bullish engulfing candle signalling reversal potential

JigneshDavda

The initial reaction from the fed's interest rate hike announcement was a quick spike down and then a rally. However, from a fundamental perspective, the rate hike is bearish for the equity markets. This trade setup is more to do with fundamentals, but also, the 4H Trend is down as we trade within the channel. The spike up attempt today will act as resistance...

JigneshDavda Updated 

Head and Shoulders, looks like the neckline has already broken, 1H Close will confirm.

JigneshDavda

CADJPY appears to be correcting in what looks like a possible bearish flag pattern on the larger TF's. However we have not seen any signs of reversal as of yet, the pair has not made a lower low, The current wave count in the pair is calling for one more high towards the 95 area - as long as the previous wave (X) is not breached at 90.53, making this a low risk...

JigneshDavda Updated 

Today can be a volatile day for USDCAD with an OPEC Announcement and Labor & Trade data from Canada. My Wave counts on USDCAD that were previously published indicate that USDCAD is in a short term bearish cycle, doing a minor correction from 1.3435 highs. We are still trading in the up channel, however recent attempts at breaking highs were stopped at 1.3406. ...

JigneshDavda

Oil is on the verge of breaking a channel that dates back to the initial bullish move from late August It's still very early on the in the 4H Candle, but a break here can expose lows at 37.73 and potentially trigger further selling pressure to even take out that support. A close of the 4H can provide a clear signal for Oil here.

JigneshDavda Updated 

Potential Inverted H&S in NZDJPY - Neckline falls at 81.05/81.15 Wait for a break to enter - targets fall at highs 82.64 Same H&S appears in NZDUSD - Check Link to Related Ideas for published chart

JigneshDavda Updated 

Potential Inverted H&S in NZDUSD - Neckline falls at 0.6596 Wait for a break to enter - targets fall at highs 0.6762 Same H&S appears in NZDJPY - Check Link to Related Ideas for published chart