WicktatorFX

WicktatorFX Updated 

In the market we see patterns and price action repeat itself over and over again. This is the very framework of technical analysis - where we forecast future price action based on historical price patterns. In one of our previous posts, we looked at a very similar price behaviour from EURUSD where we had the same sequence of price action play out almost...

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USDCAD and USOIL are inversely correlated - meaning when USDCAD goes up, OIL goes down (and vice versa). In the chart we have USOIL at the top and USDCAD inverted at the bottom. It appears that USDCAD is ahead of Oil by around a month or so. When USDCAD started it bearish wave, USOIL was starting its bullish wave (after a month). We recently saw a third touch of...

WicktatorFX Updated 

In the first half of 2021, we saw a major impulse from Ethereum. We then started to create a bigger ABC correction, indicating that we are on the right track for another massive impulse. Although we are seeing major weakness at the moment, we should still remember that we have a very strong structure level at the 1700 - which was tested 3 times! We may see a...

WicktatorFX Updated 

It's been some time since we looked at Bitcoin. Since then we've made all time highs and come back down. In our analysis from June 21st, we were looking for price to hold the 30K level and bounce from there for another move higher. See below for that idea: In our last analysis, we were looking for a continuation of the Impulse from the 30k level. See...

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Tesla has been facing some supply chain issues late 2021 which caused the Tesla stock to drop - or for optimists, correct. We are now approaching a strong level where Tesla needs to hold in order to keep with the bullish momentum it has seen recently. If we do break the 900 level, it could mean one of 2 things: 1. We see a bigger, deeper and ugly correction...

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AUDNZD recently broke out of a descending ABC correction (the bigger ABC pattern seen in the chart). We are now bullish but for a full reversal, we often see a double bottom/top before we see a trend reversal. We could be at the the start of the move that takes us down to the double bottom region. On lower timeframe, we are in an ascending correction (marked in...

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In June 2021, DXY started its bull run and has been making very clear price action. We have 2 different price action we can see in this chart. Impulse Wave - Where price moves heavily in one direction Corrective Wave - Where price has been creating a 3 wave corrective move for another move higher All this is encompassed in the wider 5 wave impulse (motive) wave....

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On the higher timeframe, USDCHF is within a running flat correction and we are in the C wave. In the C wave, we've seen both A and B waves and now waiting for the C wave to take us back down to the double bottom. We have 2 fib levels which we are watching: 0.5 and 0.618 fibonacci. Waiting for a rejection during the FED & FOMC for confirmation before shorting...

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In our last Nasdaq analysis, we had a higher timeframe overview and we indicated that we wanted to move down once more to get to our perfect buy area. We had a complex correction for the bigger wave C. We can see that we are in a 3 wave correction with wave B having a sub 3 wave correction which recently completed. Looking to take NASDAQ down to around the...

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In our last CADJPY analysis, we were got an entry at the very top of the ascending correction and CADJPY dropped a massive 500pips with barely any drawdown. See chart below: Price was still within the ascending correction which is why we made a deep pullback. We are now looking for any shorting opportunities to take CADJPY down for the next few years. Trade...

WicktatorFX Updated 

The last time we looked at GBPJPY, we identified that the ascending correction in 2021 was very similar to the one in 2017. Since then, we broke out of the ascending correction and making our way lower. Similarly to 2017, we are seeing a pullback straight after the break of ascending correction. The overall higher timeframe is showing us an expanded flat...

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In our previous DXY analysis, we were looking for Dollar weakness (see linked charts below). Price went on to create corrective price action towards the major ascending trendline, indicating that we are setting ourselves up for the next big move up. The ascending trendline has been respected several times and we could be testing that once again before we move...

WicktatorFX Updated 

Nasdaq has been showing us the perfect impulses and corrections (ABC corrections) where the correction complete nicely on the major ascending trendline and fib level. We are seeing some bullish price action now but thats okay. No point chasing a trade. Naturally, we'd want price to come back to the trendline and hit one of our fib levels before we see another...

WicktatorFX Updated 

A key part of technical analysis is to identify the different phases and patterns in the market. So, what can we see? - We can see that we're within a major ascending parallel channel and price has been respecting it. When price approaches either extremes of the channel, it rejects aggressively. - There are 2 key phases at play here. The blue phase is the...

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In our last USDJPY analysis, we were waiting to SHORT from the very top where the ascending channel and parallel channel converged. We had a really nice bearish reversal there. On the higher timeframe, we are at the start of the move and got a lot of room to move down. See below: We are currently seeing a nice bear flag retracement. Anticipating a 61.8...

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DXY has been in a steady uptrend with multiple bounces off the ascending trendline. There were plenty of opportunities to use DXY to make incredible gains on USD pairs. We may have yet another opportunity to use DXY to get that extra confluence when trading USD pairs. We recently broke the ascending trendline and in a bearish pennant. It is likely that we will...

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In our last higher timeframe overview of USDCAD, we were looking for a bounce from the 1.20 level as we were anticipating the next big impulse. See below: If you got in at the bottom, you would be up by 500pips right now! Impulses (motive waves) have 5 phases. We may have seen the first wave and currently in the second wave, which could be an ABC correction....

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NZDUSD is currently within a channel and we approaching the channel support now. Will be looking for a bounce off the channel to confirm a bullish reversal. Please note that there are 2 ways you can trade this: risk and safe entries, depending on your risk appetite. Trade Idea: - Watch for bounce off the channel support - put stops below the channel - Target the...