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Algolevels

#EURUSD - 29122023Yesterday, I gave two levels to go long EURUSD from. 1.1130 breakout, or on a pullback, 1.1074. 1.1130 was a strong resistance zone and indeed, price attempted a breakout but came down. 1.1074 buy would have worked for 30 pips but it did move lower. Bearish price action, but trend is still up (EURUSD sold nicely to the BZ). What's for today? Lots of resistance above. IMO EURUSD should re-test 1.1098 strong level and decision to be made then on the next direction; 1) whether the down move yesterday is indeed a change in trend, that is, we should see a rejection and a move lower, or 2) yesterday's move is just a pullback before further upside, that is we see 1.1098 break for a move to 1.1130 and further to 1.1170 and 1.120 by next week.
by FadeMeIfYouCan
#SPX - 28122023Yesterday, PZ worked perfectly to cap any selling as market went higher. 4796 continued to be a strong resistance, giving yet another sell down of 20 points to clear the lows before the rocket higher. 4804 resistance is next. Price action is bullish, trend is up. 4784 IMO would be a gift to go long to target 4824. For 4784 to trade, we would need a rejection off 4804 and a pullback from here IMO. No doubt I agree that market is in need of a pullback from the days of relentless up move (though if we see daily chart, the up move is much orderly and not overextended) so while I am cautious on the long side but path of least resistance is still up until shown otherwise.
OANDA:SPX500USD
by FadeMeIfYouCan
#GBPUSD - 28122023GBPUSD's plan given yesterday () worked perfectly as market gave the dip (fake down which probably got the bears excited) to the confluence of BZ and PZ before the 100 pips rally to close at the highs. I said 1.2770 will be a magnet and indeed it hit and went beyond For today, same view - looking for a move higher as price action is bullish, trend is up. 1.2770 will be a low risk level to look for longs to target 1.2836 and 1.2872. 1.2872 is strong resistance; expect a pullback when it hits.
by FadeMeIfYouCan
#EURUSD - 21122023Yesterday (), I said I am bullish EURUSD for a move higher. I gave two levels to go long from, 1.0950 and 1.0934 for a move higher. 1.0950 long gave a 20pips to top of PZ but it sold back down. 1.0934 also hit perfectly for yet another move for 40pips and it came back down again. It is not an upright on whether you will make money on this trade, depending on your trade management. But overall, price is bounced off the BZ and moved 20 pips up. The down move also looked to be a bull flag. Thus I am of the opinion that if the BZ hold, look for a move higher (again it is a bearish price action with trend still up). A possible dip again to the BZ at 1.0934 but look for a move to 1.0976 and 1.100.
by FadeMeIfYouCan
#EURUSD - 19122023Yesterday was a small range day as there are no major news. I was looking for a move higher for EURUSD and indeed, market slowly grinded up from open, but just a small range and price closed within the BZ. Overall, the levels still hold. Today, we have BOJ conference and it could well be the event that might decide the next move for the market. But currently price action is IMO neutral to bullish and trend is up, so looking for further upside. A possible dip to the BZ 1.0880-90 (to clear yesterday's low) but overall looking for a move higher to target above levels, 1.0978 possible today, and 1.1022, 1.1098 mid term.
by FadeMeIfYouCan
#GBPUSD - 18122023Similar to EURUSD, GBPUSD also sold down to BZ on Friday. I gave 2 levels to look for longs on Friday; the first was from the PZ which was no entry (as there was no bullish confirmation candle) while off the BZ, market found support, but drifted down lower. It is a valid entry and the trade is still valid. Overall price action on weekly is bullish, indicating probable further upside this week. Daily price action is bearish but it sold to the BZ which offer a low risk entry to go long from. Thus for today, looking at BZ to hold for a move higher, targeting 1.2756 before a possible pullback, and possibly even breaking higher to 1.2814 by tomorrow.
by FadeMeIfYouCan
#EURUSD - 18122023After the bullish move on Thursday, EURUSD sold back down on Friday. I gave 2 levels to go long from, one on a minor pullback (at the PZ) and another on a deeper one (at the BZ). Price sold off against the PZ so it would not be an entry but at the BZ, price initially found support before going down further. So that would be a loss (if trade was taken). Weekly wise, we have a very bullish price action, thus expect further upside. Daily price action is bearish but price sold back down to the BZ. Could play both directions today, and it is expected to look for further downside given Friday's sell, but given that price is now at our BZ, it offers a low risk entry to go long from. There were many instances where price sold down to the BZ, forming a bearish price action, only to rebound totally the next day. Overall, I will look for longs as long as the BZ holds (above 1.0870). Market could still make a fake dip to 1.0880 (strong support) before going up IMO. And I am looking for a possible move to 1.0944 before any selling/pullback to occur, with a possibility to test 1.0970.
by FadeMeIfYouCan
#EURUSD - 15122023The call to be bullish was given on Tuesday and it turned out to be one of the best call. Most probably got killed shorting it thinking it will be a lower high but instead EURUSD went higher. Yesterday I was bullish but the buy limit did not hit as EURUSD (and so was GBPUSD) was strong and just went higher. Price is overextended but price action is bullish and trend is up. I will say just look to go long as long as trend is up. Two levels to look at: 1.0964, if strength continues, a small dip before a move higher to target 1.1094 (should act as magnet). I would welcome a bigger dip with 1.0916 as confluence of levels for a good long IMO for a move to 1.1094.
by FadeMeIfYouCan
#GBPUSD - 13122023The two levels for both long and short worked well for almost 150pips in total (). Overall, GBPUSD is weaker compared to EURUSD but GBPUSD still ended green with long wicks. I would say that price action is neutral to bullish but trend is still down. Dip is still possible with 1.2530 to look for longs to target a move higher to 1.2616, 1.2666 (likely only tomorrow). Overall, EURUSD is probably a stronger candidate to look for longs though this might change with GDP data later.
by FadeMeIfYouCan
#GBPUSD - 12122023GBPUSD made a nice rejection off the sell level given (), coming down 50pips before recovering back to the mid way. Price action has turned somewhat bullish but price has yet closed above the BZ thus trend is still down. Playing both directions is probable though TBH I would say the move for FX is not as clear as that for indices. I have indicated two possible levels to go long from (see what I wrote for EURUSD); from 1.2530 (for the European session) to target 1.2618, or, if price dips to 1.2504 on US CPI, to look for a fake breakdown to go long to target 1.2588. TBH I am somewhat more bullish biased, but I were to look for a pullback, it would be from 1.2618.
by FadeMeIfYouCan