justatrader

justatrader

Price broke out from the falling wedge pattern on divergence (on lower TF chart). Yesterday's candlestick formed a doji and we can expect a dip to 0.7705, a preferred level to take long positions First target comes in at 0.807 Leave the second target to 0.89 (Long term, at least 2 months) and move to 0.78 when first target is reached. Advantages: Initial risk...

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From the previous analysis, the wedge pattern has become completely invalidate. Replacing the wedge with the price channel gives a better perspective now. 1. Price is currently above the support/resistance level at 11250 as the leg up came on a modest higher low in RSi divergence. 2. While it is tempting to go long targeting 11650, waiting for another dip (for...

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Tesco failed to dip to 196 support and missed the entry by 6 points, reversing at 202. Divergence to RSI continues to build up as price and the oscillator makes a higher low. There is a descending wedge pattern formed with yesterday's price action breaking out. Buying on retest or any dips as long as 202.8 is not hit makes for a safe long position with stops now...

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Following up from the previous analysis, price rally in the Cable saw resistance at 1.55 region capping the gains. The right shoulder looks to have formed, but i'd be looking at this H&S pattern with a bit of doubt. In this aspect, shorts near 1.545 should book partial profits at 1.536 region as things could get a bit tricky here. 1. If 1.536 zone supports the...

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Notes on chart detailing the various moves based on chart patterns. Expecting a rally to 1.545 - 1.55 and then a decline to 1.51 - 1.50 and eventually to 1.495 and 1.465 (if the H&S is validated and price breaks below 1.50 support (a strong level). *This is an H4 compressed chart, so the timeframe for this tp play out will be days/weeks

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Levels plotted on chart. Buy from 195/196 levels, targeting 243 and 294

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11650 is the level to watch. A close above 11650 and establishing support here will be bullish for the DAX. If 11650 turns to resistance, DAX could drop to 10850 level (and on break could target 10035) On weekly charts, last week's candlestick was a bearish engulfing so expecting some declines in the short term.

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Price finally made it to 123 level. And now its time to look for shorts. Bearish candlesticks on Weekly/Daily timeframe near 123 will probably be the first clue. This could be a long term play, probably a couple of months to target the break out level at 106.428 RSI is also showing a hidden bearish divergence!!!

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Price action on daily charts shows a bullish engulfing. On the h4 time frame, price just spiked out of the falling price channel. Buying on the dips near 11518 - 11500 targeting 11954 - 12000 on an inverted head and shoulders pattern with stops just below 11416.

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Price did not retrace as expected yesterday. We could see a dip (close) to 11256, following which price should break out to the upside to 11600. Divergence formed to the RSI as well so a test to 11600 is on the cards. How price plays out from 11600 is anyone's guess. If it acts as resistance, we could see a decline back to 11256 and maybe a break lower. If 11600...

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Price drops to retest a very old trend line. But price action doesn't look very convincing of an upward move. Support/Resistance at 96.87 - 96.17 is key. Break above could see bulls back in action. Retest to establish resistance could see a possible break of trend line. Also a bear flag looks to be forming right now. If validated, could see a decline to 92.

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Looks like DAX is set to head lower after H4 charts show a head and shoulders followed by a break out of the neckline forming a bear flag. 11485 retest looks ideal to sell from, targeting 10900

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Daily formed a Dark Cloud cover. Short to 1.448, the break out of the wedge.

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Falling wedge with divergence forming. Buy on retest to 0.9137 targeting 0.9197 and 0.926

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After price hit resistance yesterday, there was a bearish engulfing on daily charts. H1 charts (to the right) shows a bear flag formation. The bear flag's target sits in at 1.0264, the previous break out level. So a retest is evident from where new buy opportunities can be spotted.

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Targeting 1148 and 1103. Hidden bearish divergence adds additional confirmation Minor trend line is broken as well Would be more confident when price tests 1174.05 for resistance Note: Price is trading within a falling wedge (although not complete yet), so keep an eye out on that. 1148 will be a level a watch (refer to notes on chart)

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Notes on chart with detailed explanation. In summary, a retest to 1.498 - 1.495 cannot be ruled out. That is the support level to watch in the coming days. If it holds, expect a rally back to 1.555 as the minimum price objective.

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Following up to previous analysis, the Dollar Index moved up after the rejection near the median line. Price has retraced to 98.5, but now comes the question of whether this resistance will break. Failure to break above 98.5 could see a brief dip to 98 before breaking higher. Alternately, if price closes above 98.5, then a test of support is need to validate a...