SpeakTrading

SpeakTrading

The SP500 index seems to have topped @ 4476. Technical analysis points to a sharper correction this time around: - prices broke-out the long term bullish trendline - short-term SMAs form an intersection above traded price - short volumes are accelerating, as the daily range expands - the new top formation saw the lowest traded volumes, signaling an ...

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I know many of you jumped on the Crypto wagon, but interesting things still happen in our traditional markets. For example, OANDA:EURUSD just made a perfect Head & Shoulders pattern (on a daily level), the kind that you can definitely find in the trading books. If this pattern is to hold then the price should drop around 400 ticks (which is the height of the...

SpeakTrading Updated 

Hi guys, I believe this 4H pattern may have been developed. I stand by it as long as the market manages to break 1.2360 today (mid-bollinger on Daily and 13MA on Weekly) - this would validate a retest of the lows from October. Also take into consideration the continued strength of the FX:USDOLLAR and the fact that GBPUSD was not able to bounce back up from the...

SpeakTrading Updated 

As I've mentioned in an earlier post (linked below) USDCAD was in a Rising Wedge formation. It has broken it to the downside, and retested it only to bounce down again (as shown in the graph). Price action has been choppy, with strong support around 1.3380 area. Once this level is cleared, I expect a move towards the 1.3250 level in the next couple of days. Safe...

SpeakTrading Updated 

Good opportunity to short for a 38% to 50% correction: 1.3260 to 1.3220 Reasons for the trade: 1. Rising Wedge formation at top - a break below the support line would trigger a short position 2. Rejection area above 1.3400 - market could not close above it. 3. Dollar weakness could last a couple more days after Friday's decline. Safe trading! Iulian

SpeakTrading

Even though Friday we've finally seen some weakness in the Dollar, the pound still looks weak, trading below it's short-term daily MAs (5,8,13). Current key support area: 1.2100 - 1.2150 A break below would probably take the price to 1.1800 , where the market might finally bottom. Scenario plausible while the market stays below the short-term MAs and below...

SpeakTrading Updated 

Pay close attention to today's US open! We might see the market move up, and a retracement underway. Important points to watch: 1888 - short-term trendline (4H) + 8 Daily SMA (which I mentioned in the previous post as a the downtrend's resistance line). Also yesterday's late price action could be a good trigger for a move up today (see related post) If the...

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Weekly: the down-trend is still rock solid. We are within the support area of 1840-1850. Some price volatility is to be expected here. Daily: the market covered a lot of territory yesterday (around 80 points), but ended with a big shadow in our support area, similar to previous attempts at testing these levels. Also worth mentioning that big volumes were...

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Yesterday's pre- US open buying on thin volumes was the perfect meal for the hungry Grizzlies. Come the open, markets turned down and never looked back. So no serious correction underway anytime soon (as I previously tried to anticipate after yesterday's pre-open moves). Now that the 1850 area has been broken I expect an acceleration of the down move towards ...

SpeakTrading

Market might retrace to the 1865 level in the early European session. Support area: - yesterday's low -50% retracement on todays down move -possible short-term divergence building on RSI Watch out for this level as it could turn out to be a good shorting point for the rest of the day.

SpeakTrading

Just my view in case market takes a breather. The Asian and European session saw some sustained buying across the markets. Nevertheless volumes on SP are very thin. So it all comes down to the US market open, when real volumes come into the market. Possible scenario : if the US session open with a short bias, but somehow finds support in the 1890 area, followed...