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Brexit

Can this Elliott Wave Setup Send USDJPY Go Downhill?The Daily chart of USDJPY reveals not only the recovery from 104.450, but also the preceding decline from 112.416. As visible, it is a five-wave leading diagonal pattern, labeled (i)-(ii)-(iii)-(iv)-(v) in wave 1. The five sub-waves of wave (i) can be recognized, as well. Ending diagonals form in the position of the first wave (A Or 1) of the larger sequence, which means that the overall bias is bearish. According to the Elliott Wave theory, a three-wave correction follows every impulse. This means the recovery to 109.296 by 30th October is hardly the start of a new uptrend. Instead, it is most likely a simple (a)-(b)-(c) zigzag correction within the larger downtrend from 112.416. Note how the 61.8% Fibonacci level discouraged the bulls in wave (c), and the entire recovery formed a wedge pattern. Those are confluence that the entire 5-3 wave cycle is complete. If this count is correct, we can expect the trend to resume in the direction of the impulsive sequence. Targets below wave 1 low (104.477) make sense for USDJPY in the weeks ahead. Thanks for reading!
Short
by Veejahbee
IS GOLD READY FOR ANOTHER MOVE UP? (1600 ??)HELLO EVERYONE, Coming to Analysis of GOLD, here are a few points to be considered : --Price has rejected the demand zone formed at 23.6,27 level(indicates a strong uptrend after it broke out of the weekly sideways structure . --Currently I am looking for a nice move to the upside as the price may follow to our next supply zone at 1600-1610, expecting a ABC move on Daily --The Targets have been defined over Critical Demand/Supply zone to ensure accuracy over the targets. COMMENTS ARE WELCOME >. . To get in touch or our services, please DM .
FX:XAUUSD
by AnuragJaiswal
A little swing on GBPCAD?Here we have another setup on the Gbp pair as they all seem to have some room to the downside. As we said for the Cable, the uncertainty on the Brexit should push the pound lower. In this setup we have some nice confluences. First of all it seems to have formed a double top, we have some nice rejection of the 1.70600 area, a good pinbar and finally a big engulfing candle to close the week and break the bullish trendline. Now what we'd like to see is a retest on the resistence (maybe in the 1H timeframe around the 61.8% Fibo retracement), and then a push lower to the bottom of the range (1.67400). First Tp if we enter this trade (always after candlestick confirmation) it's around 1.69000 as we meet our first support.
Short
by GoodGameFx
1
Uncertainty on Brexit can push Cable lower?As the UK is strugling to find a deal for the Brexit, the Pound seems to have found a consolidation zone and maybe push lower waiting to have some news. Here I bring two setups about the Cable, probably one of the most interesting pair these weeks. After a small correction move to the downside the Cable have break the trendline and in the middle of last week we saw a good push to the upside thanks to the USD economy strugling. Now it seems to have found a good resistent, perfectly allining with the 78.6% Fibo retracement and in smaller time frame have formed a double top. What I'm looking at is a retest early next week in the zone and then taking a short after some candlesticks confirmations all the way back down to the 1.28000 area of support. If we can't reach that level we can think about catching the short after the break and retest on the support were we are now. Let's see if Farage, Boris and company can push this pair lower!
Short
by GoodGameFx
Sterling may retain BREXIT based 700 pips gains,Range 1.32-1.27UK elections pending royal assent, to be held on 12 December few days before Christmas and first time in December since 1923. Sterling went sharply higher to celebrate BR-EXIT in national fervor. But now in stalemate after parliament rejected current EU-UK deal. Boris Johnson did well in his short leadership tenure to get the deal and his own party leaders confidence. ON CHARTS 1.2750-1.2800 level is a resistance turned support area. GBPUSD may retain this level in next couple of months. But it really needs confirmation and economic strength to surpass 1.3200 level. A new trading range between 1.3200 - 1.2750 is expected.. BR-EXIT drama has prolonged for more than 2.5 years and still expected to continue for few months. News or statement based gains and losses are usually found of temporary nature, BUT current BR-EXIT based gain may be retained by GBPUSD because in recent past to most investors and analysts GBP looked underrated against the US Dollar. Since Br-exit Referendum in June 2016, we are watching developments on this pair carefully but haven't dared to take a single trade risk in last 2.5 years. Which seems prudent to US. Why we should put our capital on risk where a single-line news/statement OR tweet may derail the setup with out taking care of real fundamental/economic grounds. FOREX majors provide numerous opportunities in a month to take advantage of, SO NO NEED TO TRADE A BUBBLE , WHICH MAY BURST ANY TIME....
by VanguardFXTradeDesk
Possible EUR/CAD short Position!!SMP TRADING SELF DEVELOPMENT/METHODOLOGY/PSYCHOLOGY SMP Strategy Chart time frame - H4 Timeframe - 2-3 Days A – Activating Event Market will meet resistance in zone @ current levels - ... . In order to enter into this trade, the pair MUST be in line with my Entry Procedure.... B – Beliefs Market will move towards the first Target 1 level @ 1.447 C - Fundamentals that may affect the pair EUR Zone consumer Price Index on the 31st Oct @ 20:00 AEST D - Trade Management Entered @ ..... Stop Loss @ ..... Trailing Stop Loss@..... Target 1 @ 1.447 Target 2 @ .... Risk/Reward @ 2.5.1 Happy trading :) Follow your Trading plan, Remain disciplined and Keep learning !! Please Follow, Like,Comment & Follow :) This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
Short
by SMPTrader
2
Fed’s decision: sell dollar, buy gold & CADBefore moving on to the main event this month, and perhaps the next one too, we will talk about yesterday’s events. As usual, the most interesting news is coming from the UK. Johnson could find support for his idea of an early election. So in December, the British are expected to have the third parliamentary election over four years. According to some experts, they can become a kind of referendum on Brexit. If residents give preference to parties opposed Brexit, then Brexit might be cancelled. Our position on the pound has not changed. On the contrary, we believe even more strongly that the pound will rise. Yesterday its strengthening only confirms our idea. But everything goes to the point that its growth will be delayed by at least a month and a half. Wednesday can be called the main day of the week because today the Bank of Canada and the Fed will announce their decisions on the monetary policy parameters. The results are appearing to be clear, but the foreign exchange market might be wide open with its reaction. So, the Fed with a probability of 95% + will lower the interest rate by 0.25%. Formally, this is a powerful bearish signal for the dollar, as lowering the rate today will be the third in 2019. And this is considered as a trend. The last time the Fed launched a full-fledged rate reduction cycle, the dollar lost about 15% of its value in the foreign exchange market. That is why we will sell the dollar today, despite its stubborn reluctance to decline. As for the Bank of Canada, the rate is likely to remain unchanged. Against the background of a potential Fed’s decision to cut the interest rate, in our opinion, this will be an excellent occasion for a further USDCAD reduction. Therefore, today we will sell it (if the Bank of Canada leaves the rate unchanged, and the Fed lowers the rate). based on technical analysis, of course, it is worth waiting for a breakdown of 1.30 and enter the position below 1,30 right after stop losses execution. Gold looks quite good for purchases in anticipation of the Fed rate cut. Current prices are attractive in their own right, and a decrease in the Fed rate will only add arguments in favour of gold purchases (recall, one of the key problems of gold is the inability of the asset to generate stable income, unlike the dollar in the form of deposit income or purchases of treasury bonds).
TVC:DXYShort
by Trade24Fx
GBPCHF DAILY CHART OUTLOOKOANDA:GBPCHF Currently analysis showing a bullish pennant / bullish triangle pattern. Still very hesitant to get in on any GBP for the following reasons: - Price is too high to start entering - Major move has already taken place - High volatility due to Brexit To be a bull in this situation: - Wait for confirmation of the triangle break as the price is very close to the apex - Monitor Brexit developments and parliamentary votes. To be a bear in this situation: - Wait for confirmation of triangle break and scalp entry back down to the previous support level. - Monitor fundaments for any negative Brexit news / Econ data Both trades have solid target levels.
by Youza