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Algolevels

#SPX - 22 MarchSPX was much sideways yesterday after the rally on FOMC the day earlier. SPX opened and moved up to first resistance before pulling back, but did not touch the bottom level. Some weakness towards the end of day as it is unable to go higher. Still SPX closed green. I said I will scalp for the pullback. It was not easy as there were "strange" rotations between strength of DJIA and NDX, though eventually there was a pullback. What's for today? I would say, not easy to say, so trade using the levels. Highs is definitely not in yet; just whether we will get a pullback before further up. And even if one gets a pullback do you trade this pullback. Price is at the PZ now; sure it can go up from here; and if it breaks, 5243 double level support is there which is another bounceable level. I would go for a move down to 5225 before the bounce though. This would be based on SPX breaking 5253 and NDX breaking 371 for the move lower.
OANDA:SPX500USD
by FadeMeIfYouCan
#EURUSD - 21 MarchEURUSD's plan worked out perfectly yesterday as per the path given. I gave a long from 1.0837 level and it hit the level perfectly before rallying 100 points beyond my target. What is it for today? Price action is bullish, bias is to the upside, but in what manner will it move? IMO, I see a pullback before further upside, thus I would wait for one (and possibly missing the trade). I see a pullback to PZ before further up. How deep into the PZ I have no idea but IMO, 1.0881 will be ideal, while even 1.0865 dip is still bullish to me for the move higher.
by FadeMeIfYouCan
#EURUSD - 20 MarchYesterday, EURUSD made a huge down then up move. Levels worked perfectly fine though path wise was slightly off. I was looking for either price to open and go higher or it hit the PZ then came down to new lows. EURUSD did initially base off previous day's low, touched the PZ bottom perfectly and started its sell down of 40 pips hitting the level below before recovering strongly. It closed red but with a long lower wick, which IMO is indication of price bottoming. I will thus again go with this thesis. Could see a dip below but am looking for it to be bought up for a move higher. Overall, as long as 1.0841 holds, look for a long to 1.0901 double levels.
by FadeMeIfYouCan
4
#EURUSD - 19 MarchEURUSD made a good up move then sell down. I was looking for the up, and it did go to the level given, though my target was the one above. Still there is money to be made. And we got a good perfect rejection off the double resistance level and it flushed lower. Price action looks bearish and point to further downside. I shall not fade that, though personally I am not that bearish, thus I would likely step aside. Ideally, if I were a seller I would like a pullback to go short into, and that pullback would be at the PZ. If I am a buyer, I will look for a failed test of yesterday's low (yellow line) and a bullish reversal candle for a long, to target the PZ then yesterday's high. If somehow EURUSD does tank for a trend day, 1.0817 will be the level to watch to take profits off shorts and look for long for a bounce. Do note I changed the color of the lines - cyan is intraday levels, purple is weekly levels and orange monthly levels to indicate strength of the levels.
by FadeMeIfYouCan
#EURUSD - 18 MarchI was looking for a possible bearish continuation on Friday, but it was much a ranging move on Friday. Market did move higher to re-test the PZ (though the bottom) and market found a rejection at the bottom and closed near the mid point of the range. We have a green daily candle for Friday. Is market consolidating before further down or is the near term low made and market is going to move higher? IMO, EURUSD is looking to bottom and thus IMO EURUSD will move higher from here, find resistance above before possibly coming down. Price is at the PZ. A break above PZ would see further move to 1.0901 and 1.0907, both of which are higher timeframe resistance. IMO could see a test of 1.0909 and pullback, and if price can be accepted above 1.0901, EURUSD will move higher
by FadeMeIfYouCan
#GBPUSD - 15 MarchGBPUSD worked out good, was wrong on the level to go short but the short from higher gave a better opportunity and we got a good trend day all the way to move down to close near the lows. Based on the bearish price action, looking for further downside for today. Price has drifted down, though a pullback to the PZ will, IMO, a good opportunity for short. 1.2677 is the price target I have, though the strong levels in between could act as strong supports and cause a bounce.
by FadeMeIfYouCan
#EURUSD - 13 MarAlgo levels worked perfectly yesterday as both the lows and highs for the day for EURUSD were perfectly given by the levels. Lots of opportunities on both longs and shorts. EURUSD closed with a doji candle which is some sort of indecision. TBH yesterday's CPI data is hotter than expected but not a lot; thus market did not really care. But IMO, price action for EURUSD looks toppish now, thus we could get another move down. A break of PZ would be to target the 1.0905 double support level. If sellers can bring EURUSD below 1.0905, could see further selling to below supports.
by FadeMeIfYouCan
#GBPUSD - 01 FebGBPUSD is basically stuck in the 180 points range for over a month. I was looking for a possible breakout yesterday but no, price is still in a range. Again I have no strong views on GBPUSD except to possibly take it level by level. Yesterday's move formed yet another doji but a bearish one. It is reasonable to expect GBPUSD to go down further today given that Fed is not going to cut rates early, but IMO better to stay prudent and take it level by level. Trend is down; a possible retest and failure of 1.2700/710 is a possible short to target 1.2648 and 1.2606. But I will not be surprised if 1.2648 holds again for a move back up, as the ranging continues.
by FadeMeIfYouCan
#EURUSD - 01 FebThe path I gave was rubbish at best, but the levels worked perfectly. I was looking for a more bullish case and it would be a test of 1.0865 before a short down to test below support and rally higher. But we dip initially, didn't touch the buy level but made a higher low and rallied to touch the level at 1.0886 perfectly below a drop down the buy level. Is it a buy from here? 1.0800 is a strong level and price is basing at this level, with bullish divergence. Looking for a long here, with stops below 1.0796 to target 1.086 and possibly 1.0886.
by FadeMeIfYouCan
#GBPUSD - 31012024Yesterday I was looking for a possible up move after a re-test of the strong level but price went below the level at 1.2686, tested from below and failed and sold down on data to the next strong level at 1.2642 before rebounding strongly back to the highs. Price is much in range, waiting for FOMC today. Price is stuck at the 78 Fib and is coming down. Price action wise, we could see a retest of the low before any further upside is possible. I have no strong view of it for today. Probably better to wait till after FOMC to trade and follow the trend. If I were to give an idea, it would be a retest of 1.2642, hold for a move higher.
by FadeMeIfYouCan
#EURUSDI gave a few possible scenarios for EURUSD yesterday; and of course one of them worked out, not exactly but similarly. I gave a long on a retest of 1.0800 but the lowest it went was 1.0810 before going to 1.0858; but the path was correct. I also gave a possible short off 1.0860. I said it might be rejected by 1.0860, but base at PZ before going higher. We hit 1.0858 and it went back to PZ and base there. Daily price action yesterday is bullish but trend is still down. I would say the bulls won yesterday but it is FOMC today and anything can happen so if in doubt, stay out. Given that I am more bullish bias, I would only like to see a possible spike and rejection off the 1.0864 level above (this dip is not necessary), dip to retest 1.0800 and hold for a rally up. Overall it does look toppish here, thus the down move first is likely.
by FadeMeIfYouCan
#EURUSD - 30012024I was looking for a move lower yesterday for EURUSD from 1.08600 to target 1.0800. Price just opened and based at BZ, sold down to 1.0800 perfectly and rallied 40 pips up. Market seemed to be trying to find a bottom. Price action IMO is neutral but trend is still down. I am looking for price to possibly move to 1.08600 (IMO likely) and watch the response there. A rejection would be a short to 1.0770, while if price holds there 1.0920 is next. If i were to find a long entry, it would be likely on a re-test of 1.0808, find support for a long to 1.08600. If not, just wait for 1.0860 to trade and look for a possible short. Another possible move higher, would be for 1.0860 to trade, pullback and base at PZ before breaking higher.
by FadeMeIfYouCan
#EURUSD - 29012024On Friday I was looking for a pullback then further downside but instead EURUSD came down first to the first support below, hitting it perfectly for a 60 pips rally to the top of the BZ before a pullback down of 40pips. Levels wise it worked perfectly to play it level by level, Weekly price action is bearish; with a candle similar to that of the previous week. So IMO can see further downside until price shows otherwise. Daily candle is neutral to slight bullish. 1.0866 is a strong level; possible retest of the level and I would like to see a rejection for a short to target 1.0800 strong level, with a possible reaction.
by FadeMeIfYouCan
#GBPUSD - 25012024GBPUSD as per plan was a long for yesterday and it just opened at the key level, based and rallied for 90 pips; but it missed the key level before coming down on a double top. Daily candle is green with a long wick above; while price opened above the BZ (trend is up). Overall, we see price on daily is in a range, and price is at the top of the range. Will we break higher? Similar to EURUSD, I had no strong views on the path of movement today. I can only say, watch for price to react again at the strong level 1.2678/88; holding there would be a move to 1.2772 and possibly 1.2860 which is my mid term target. If price goes up from here (1.2706) to 1.2772, I want to see a possible triple top and rejection off the strong level for a short down to 1.2688.
by FadeMeIfYouCan
#EURUSD - 25012024I was bullish EURUSD yesterday and it served well. EURUSD opened at 1.0850 or so and it just go up. I said 1.0880 is a level where we can get a pullback and indeed, there is a 20pips pullback, price held at PZ then rallied another 60 pips up. However price did not hit my price target before it pulled back. Daily price action is bullish but price closed just at the BZ, unable to close above. I have no strong views for today but 1.0902 is the strong level to watch. I would like to see price re-test 1.0902 for a rejection and possible short to 1.0844 and then we watch the reaction there, if market can find support and make a higher low for a move to my target 1.0962, else a break lower to 1.0804. If price just goes down from now at 1.0872 to the level at 1.0844, the same trade applies.
by FadeMeIfYouCan
#GBPUSD - 24012024I also did not give a complete plan for GBPUSD yesterday but I was looking for a higher low to go long for a move higher. That was much wrong as GBPUSD sold down to new lows, before we see a recovery during the US session just above the strong level 1.26880 (which was my buy level). Daily candle is a large range with long wicks in either direction. Price action can be said to be bearish and trend is down, so similar to EURUSD it should be a short but I see a sign of strength with the close above the level. Overall, I will look for price to base above 1.27 for the long to target 1.2780. 1.2720 could be a resistance and thus could see a pullback ( also a level you want to use to go short from) but overall, I am looking for the move higher.
Long
by FadeMeIfYouCan
#EURUSD - 24012024I gave several scenarios yesterday so of course one of time has to be right; one scenario I gave was a move higher first, to hit the strong level before a short from 1.0906 to 1.08664 and that worked perfectly well. I also said to go long at strong level at 1.0840. The lowest it hit was 1.0820 before the move up, now 1.0856. The other scenario I gave was a long from 1.0864 if market just come down from open; that was not valid. Anyway EURUSD sold off yesterday but recovered towards the end of day. Price action is bearish and trend is down. Following my system it would be a short but I would rather not trade that today. I would either want to wait another day for a possible reversal candle to form to go long tomorrow or my hunch is calling for a potential bottom in yesterday, thus yes, am looking for upside today. A re-test and acceptance at 1.0834 is a long to target 1.0958. A possible pullback could be at 1.0880 (IMO yes a price to go short from) but overall I am looking for upside today.
Long
by FadeMeIfYouCan
#EURUSD - 23012024Yesterday; I called for a move down from strong level then up. We got the down to the buy level and we got a bounce but eventually it closed near the lows with price unable to break the BZ. If I were to short, I would like to see a re-test of 1.0904 strong level for a rejection to target 1.0862. If market just move down from here, I am looking for a possible down move to 1.0862 to form a higher low for a move higher. Next strong support is 1.0842 for the long to 1.0902 then 1.0962.
by FadeMeIfYouCan