#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.
Algolevels
#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.
#EURUSD - 28122023Yesterday's levels () worked like magic as PZ held the lows and market rallied yet another 100 pips. Price action is bullish, trend is up; I said that for days, follow the trend. If you decide to fight the trend, what to do?
Same view for today; price action is bullish, trend is up. Price closed above two strong levels, possibly a small dip but PZ should hold for further upside from 1.1098 or 1.1028 for a move to 1.1180.
#SPX - 27122023Yesterday, I said 4796 is a magnetic resistance, expecting price to hit it, expect rejection from it (). Indeed, market rallied 30 points to touch it before pulling back half (to 4782).
I would continue to say buy on dip till proven otherwise. On shallow pullback, 4778 will launch a move to 4818 (next strong resistance), on break of 4796. On a deeper pullback, 4766 before a move higher, with 4836 next.
#EURUSD - 22122023Yesterday's level worked like a charm (). Market gave a 70pips rally as per the path I gave. And price is rejected now after hitting the target. Most people are bearish EURUSD looking for a lower high but I said we see a higher high and we got it.
Overall, IMO price action is bullish and trend is up, though much choppy up down up down up action. A dip to 1.0962/72 will be a good level to look for longs to target 1.1038 and 1.1064.
#GBPUSD - 21122023GBP was very weak as it sold down a lot to below Tuesday's low. Price action is bearish with price below the BZ. GBPUSD is weak and thus would not be my candidate for longs today (EURUSD should be a better long).
Overall, it would be a short for price below BZ, but IMO 1.2678 and 1.2710 would be better price to look for shorts for the move lower.
#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.
#GBPUSD - 20122023Similar to what I wrote for EURUSD (), many people were killed shorting EURUSD and GBPUSD looking for a lower high, but I said the sell last Friday to the BZ is a low risk entry to look for longs and we got a huge rally yesterday.
Overall, looking for further upside, possibly on a dip to 1.2700 but looking for next move to 1.2832.
#EURUSD - 20122023EURUSD, while most are shorting it because of Friday's sell, I said that the short to BZ is a low risk entry to look for upside and indeed, yesterday we have a no pullback trend day as EURUSD went up 50 pips (). And I believe many are still looking for that lower high but I will go for a move higher.
We could see a pullback, but 1.0952 and 1.0934 will offer low risk entry to go long to target 1.1034 and 1.1022 respectively. 1.1098 remains my near term target.
#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.
#GBPUSD - 19122023GBPUSD was weaker as it was rejected by PZ and came back down to BZ. Bearish price action but trend is still up. Can play both sides.
Given that trend is still up, I would like to play for a possible bottom, but only on a long on a dip lower from 1.2586 to target 1.2736 before any rejection. EURUSD is stronger thus it will be a better candidate for outright long.
#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.
#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.
#GBPUSD - 15122023GBPUSD showed amazing strength yesterday as it rallied almost 200pips. It was so strong that it did not even give so much a pullback before the move higher on news.
Similar to what I provide for EURUSD, looking for a move higher, from 1.2724 for a move to 1.2872, 1.2906, or from 1.2682, which is a strong confluence of levels for a move to 1.2814.
#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.
#EURUSD - 14122023Yesterday, EURUSD is much stronger compared to GBPUSD and our levels caught the bottom as EURUSD rallied over 100pips up to hit our target ().
Very bullish price action and trend turned up so looking for further upside today, probably on a dip, with 1.0836 as a confluence of level to go long from, targeting 1.0924 and 1.0964. 1.0806 is the next level to look for the bounce.
#EURUSD - 13122023EURUSD was such strong yesterday IMO. It just based at PZ before the up move to resistance but also sold down on CPI before recovering.
Price action is bullish IMO while for now, price is nested within the BZ which is neutral. Price is now at 1.0790 which is where the PZ and a strong support is. Looking for price to base here for the move higher, or in the event of a dip, to 1.0776 before the up move.
#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.
#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.
#EURUSD - 12122023EURUSD is in a small range yesterday and the buy and sell levels given did not hit. After market sold down on Friday, we had a higher low yesterday. Lows are in?
Trend is still down but price action is neutral to possibly bullish (yesterday candle could be a potential reversal candle). Unlike indices which is straightforward bullish, TBH it is not so clear for EURUSD.
Given the divergence between price action and trend, could play both directions. I would like to look for longs at 1.0752 for a potential higher low to target 1.0800. However it is likely this target will only be hit during US session on US CPI data.
Thus if price moves up first, have to trail stops to protect profits before US CPI. An alternative long would be at 1.0724, near Friday's low. Possible volatile move on US CPI, thus market could come down to test this level before making a reversal and closing higher.
And the potential short level would be from 1.0800 for a rejection from BZ. A close above the BZ would set the ground for further upside in the coming days.