ACT breakout but resistance aheadACT has been on a great bull run since breaking out from a pullback/consolidation (and the 2000 high) in early 2012 - as can be seen on the weekly chart.
Unfortunately, the trend hasn't been as smooth on the daily chart throughout 2014 - with multiple breached of the 50ma (which should act as support). Since December 2014, however, we have seen the trend just start to smooth out again. Once price managed to break above the $250 half figure, and the subsequent retest with a double bottom, the 50ma has shown itself as beginning to act as support again.
If price can cleanly break thought $300 this could well offer a long-term buy opportunity. But if price struggles at this level we may want to wait for a comfortable retest and continuation before trading this stock.
200sma
#GBPUSD 4H Hour Short@TradeYodha
TradeYodha.com
GBPUSD 4H Hour Short
1. Price action running in consolidation
2. ABCD pattern completes around 1.27 extension of AB (harmonic move)
3. Butterfly Pattern completes in the same area
4. 200 SMA is close to the area of possible short
5. RSI is reaching overbought but wait for confirmation and overbought scenario
Plan your battle well in advance and win.
(Just my ideas, do you own analysis)
Possible AUDCAD 15m Short Opportunity (Fib, Structure, SMA)@TradeYodha
TradeYodha.com
(Just my ideas, do you own analysis)
Possible AUDCAD 15m Short Opportunity
(slightly risky)
1. RSI Divergence
2. Double Top
3. RSI Oversold
4. 200 SMA lagging
5. Reaching a resistance area
GBPUSD trendline resistanceAfter the recent decline on #GBPUSD to the weekly 200 moving average, price is now facing the daily trendline resistance. A failure here may take price back down to the recent lows while a breakout may provide reason for further strength.
Although current pricing is indicating weakness as price is below the trendline, near term price has been in a range so as is our preference, we will wait for a breakout with our trend to confirm a trade.
GBP/CAD at Range Low & 200 SMAThe GBP/CAD has been stuck in a 400 pip range for most of 2014.
This morning, the pair reached its 200 Day Simple Moving Average (Daily Chart) which also happens to be the range low for the pair as well.
On ranging pairs, one of my favorite strategies is to buy at support on bullish divergence with the CCI oscillator. When inspecting this pair closely on a 3 hr chart time frame, we have 2 instances of bullish divergence in that the price has created a lower low while the oscillator is creating a higher low.
This combination suggests price is running into support on slowing momentum which is what I want to see on a range pair.
USDJPY Resting At A Confluence Of SupportUSDJPY has bounced of the 200 Day Simple Moving Average and is currently resting on an area of support populated by several previous lows. Buying at current levels with a stop below the lows offers a good risk/reward opportunity for long positions.
