Breakoutzone
CADCHF, Sell setup developing?Today we have CAD Interest Rate Decision, We might put in an EO for a sell if it fits our rules.
“The policy statement should read similar to October as the outlook for growth and inflation remains consistent to that outlined in the October MPR while uncertainty remains unresolved. We look for an overall tone of cautious optimism.”
“The Bank may make dovish reference to the move higher in long-term interest rates, though the tone should be more of an observation than a concern. There is risk for a more downbeat assessment of labour market conditions, given the weak composition of gains skewed toward part time, which has likely contributed to slower wage growth.”
“Given the prevailing level of uncertainty, odds of policy easing at future meetings remain elevated, and we continue to price up to a 40% chance through mid-2017.”
GBPUSD : Symmetrical Triangle, Next Breakout Setup !Its simple guys, we have symmetrical triangle pattern in GBPUSD and I have overlayed with Elliott wave count ( if you aren't comfortable with waves skip that part, no issues ). Even then we are in Bearish tone, so I expect the triangle to break to downside. Moreover in GBPUSD we have hourly resistance zone around 1.2380's , so even if upside break happens it may turn false.
Happy Trading !
Potential Upside in Brent Crude Oil (Cont'd)Continuation from previous post, and adopting @pipizer feedback in the comments:
1. The past few days has saw a drop in the price mainly due to reports on OPEC output in October reached an all-time high. This lead to a further decrease which finally complete the Cypher Pattern.
2. A reversal candle (hammer) was formed the following day (14 Nov) with a long tail signalling bulls overcoming the bears at EOD. Mainly driven by renewed hopes of OPEC output deal.
3. Breakout of previous day hammer lead an opportunity to long and my entry was around the area stated, with a Stop Loss placed around the support region indicated.
4. I have identified 3 potential resistance zone and they fall nicely into the fib retracement 0.236, 0.382 and 0.618 area.
5. The first resistance zone break will cause more conservative traders to go on a long due to a 2nd breakout and short position traders will start covering their shorts which becomes the driving force to push further up.
6. Still, upcoming OPEC deal will be the crucial driving force for it to either trumps or fall. It will still be volatile during this period.
7. My exit strategy will be on a trailing stop in this case.
Potential Upside in Brent Crude OilMy first trading idea, here to learn from the experts, please give feedback on this idea.
Several Signals I have identified:
1. Cypher Pattern has confirmed potential reversal zone
2. A support level at 45.48 area is forming
3. Still in an long term upward trend
4. Catalyst moving it up would rely on upcoming OPEC deal on production cut
What to do now?
Wait for a reversal candle to affirm confirmation of entry. Trade on breakout of resistance 47 area.
POT to taking a hit for 420Nice cup and handle with bull div and flat ichi cloud price magnet
entry from 1950-2050 good imo, should hit target within days. I also feel target at 4100 area is safe as 4200 was good support
should be headed for target within days
EURGBP : Ripe for Breakout, but Now or Later ?!Eurgbp is consolidating from last week and I expect the breakout to be wild one. I don't rule out the possibility of false breakout, bcos people will get excited, price moves up & euphoria settles down comes back hits our stops and market moves to other direction. In triangles always wisely place your stops ( figure out a better way to manage risk n reward ) , so that even after the false breakout you can enter other direction, which covers the pips lost in false breakout & gives you some profitable pips.
Happy TradinG !
USDCAD Short Update - 158+ Pips So Far :) The alert on short for USDCAD from early this week is doing very well!
It's now entered the green triangle zone for the breakout where I expected it to journey towards.
If you are just entering now, make sure to get a prime good entry and if you are in it, have a stop loss in profit!
USDCHF: W,2016-10-10 Short@0.9660 T1@0.9547 T2@0.9450 SL@0.9700Based on the technical analysis, a negative breakout is on its way, at least tested somewhere around October 10-13. The high volatility of Gold makes me doubt a little, and also making such forecast ahead of a NFP report is tentative for the newbie I am. However, recently the market reacts less to the real numbers than to data the exceeds expectations. I don't believe NFP figures for September will surprise anyone... at least positively. Also, based on currency correlations, CHF is a safe haven when EUR or GBP get shaky!
Cypher Pattern forming alongside a double topFolks...
If the price breaks and closes above the price range, then we have an uptrend.
Probable factor is that it will stay below the green line and takes it as a resistance and continue with the cypher pattern.
If the price holds the same signature as portrayed, then we have a winning trade., good luck,
Regards,
Hearty