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Channeltrend

Crude 2019 Channel PlayEver since the beginning of 2019, Crude Oil has been trading in a very consistent upward channel. At the moment, we are currently at the upper bounds of the channel, and crude is due for a drop to the bottom of the channel. Looking at this channel, as well as historical zones of support and resistance a good entry would be in the range of 60.50-60.80 with a price target of 57-58, depending on how fast/slow it moves. Based on previous price action in this channel, I expect the move to take anywhere from 5 to 14 days to play out fully. Longer term, at the time of writing this, crude fundamentals seem strong, and I expect it to remain this way. For this reason, I don't foresee the channel to break to the downside, but it is a small possibility. More likely that bulls continue the upward trend after this slight pullback.
NYMEX:CL1!Short
by HBtrader22
BTCUSD H1/D1 charts (3/8/2019)Good morning, traders. Price continues to press upward in spite of the overhead supply. Because this is happening within sideways movement there isn't much to say today other than the weekend is upon us and we usually see a strong move during that time, so traders should be keeping that in mind regardless of the direction of their trade. The H1 chart shows an Adam and Eve double bottom pattern that forms the local TR. Price is printing a slightly ascending channel as it consolidates toward the $3900/$3940 resistance level. RSI continues to print a descending broadening wedge and MACD completed a bullish crossover earlier this morning and is pulling away from the signal line. The targets remain the same with the expectation of a move up to $4134, at least, based on the height of the double bottom pattern and local TR. Traders should be keeping an eye on volume and price action as price pushes through $3950 and $4000 to get a better idea of how price will react as it nears the target. As mentioned previously, the target has the potential to print a cup, followed by a handle, which would then have price targeting $4700+. D1 chart shows two previous days of doji candles printing slightly higher followed by today's candle which is much more significantly bullish at this time. However, there is still more than 1/3 of the day left in the candle and we need to see the expected follow through. MACD is about to cross bullishly. Be sure to refer to my previous analysis for other possible targets. Yesterday's D3 candle completed strongly bullish and engulfing the previous D3 candle while closing above the 21 EMA and pivot. The weekly candle is looking good at this time as well. Price continues to hold above the 50% level of the December move up, which is bullish. As we discussed a month ago, weekly price is finding itself consolidating between the 200 MA on the bottom and 200 EMA on the top. A close above $4100 would put price above that 200 EMA resistance level. A close below $3885, however, would put price below the 200 MA support level. Every day, we have a choice to act positively or negatively, so if you get a chance, do something decent for someone today which could be as simple as sharing a nice word with them. You just might change their day, or even their life. Remember, you can always click on the "share" button in the lower right hand of the screen, under the chart, and then click on "Make it mine" from the popup menu in order to get a live version of the chart that you can explore on your own.
BITSTAMP:BTCUSDEducation
by Chris_Inks
SPX500 Short Idea. It's about time it humbles itself.So there's a few good reasons this is a good short. 1. Using the Rsi you can see it's being pinched against the 70 levels very tightly now. It should break through that trend line holding as support. 2. Price has reached a Resistance level set by the 3 peaks that occurred in October-December 3. Pretty good Inverted Hammer that occured on 2/25/19 4. Spx500 has had a very strong rally since the new year and it's about time it humbles itself. You can take profits at the daily 200 EMA and take profit 2 would be set at the downward trendline.
OANDA:SPX500USDShort
by CrisBarr96
EURCAD BREAK RETEST CONTINUATION POTENTIAL TRADE TO 1.51500Evening from the UK. Let's talk Trend lines. Hopefully you all use trend lines within your analysis but on this occasion we have a descending trendily break. As you can see we have had a good 3/4 swing highs where price action has touched the top trendily found resistance and continued the bearish leg. This Bear leg could now become exhausted which may lead to a trend reversal to the upside with a trend line break. Now theres 2 things to consider when we get a TL break. 1 False breakouts, where we have a break and price close back within the channel. 2.Break Retest of the Trend line and continuation to the direction the price has broke towards. Now at this moment in time is crucial as it looks like we have had a breakout of 40pips and a retest. If we have price going into the asia session/wednesday remain above the trend line and moving averages as a resistance with the help of some bullish/reversal candles we have a bull trade on our hands. You can also also have a Fibonacci extension from the recent swing low to swing high and yo will notice where price is retesting a 38% fib retracement level is also being respected. Currently all great signs for bullish momentum. If price begins to close within the channel. I will have to rethink this entry. It has been a very bearish year so far for this pair, can the Bulls take control?
Long
by Travis_duncz
GBPJPY Outlook#GBPJPY On the weekly, price formed a strong channel and it’s being respected on all lower time frames. Price has pushed downward after reacting to a rejection of a daily zone which also line up to the recent down trend. Drawing a trend line downward from the recent Higher lows we could see a push upside for a retest of the trend line again. Which is another +65 higher, I’m looking for the rejection to the downside from the trend line and a 1H s/r level. A channel within a channel on (the weekly channel and the 1H channel) My entry would follow a retest of the area 142.385-142.559 after seen wick rejection (Short-term) (BUY) TP1:142.656 TP2: 142.795 TP3: 143.018 The rejection of the downward trend which lines up with the TP3 143.018 for the buy setup. I’d look to enter here at the ceiling of the 1H channel. (Longer term) (SELL) TP1:142.546 TP2: 142.327 TP3: 142.136 TP4: 141.736 TP5:141.329 Afterward this would just be a hold until the channel floor. Major news for GBP pairs this week Tue Feb 19 4:30am GBP Average Earnings Index 3m/y 3.5% 3.4% GBP Unemployment Rate
by Cory4rex
NZDUSD - HEAR COME THE BEARS| DAILY SHORT OPPORTUNITY TO 0.68350Happy weekend traders! whilst the markets are closed my eye has been scoping the opportunity for a short opportunity on NZDUSD. What you can see her is a Daily TF where we have a countertrend upwards trading channel (white trendily) in comparison to a over weekly timeframe descending channel (pink line). On Friday's closure with the high of High Non farm payroll figures for the USD the pair reacted well with a sharp rejection of a key level at 0.69500. We now have a tweezer top formation at the top of an uptrend reacting off my upper channel trend line. Fridays closure can also be seen as a shooting star leading for more bearish downside movement. the next key dynamic areas of resistance for this pair is my monthly key level followed by a Exponential moving average. I can see 0.68350 being met before a retest of the monthly support as a resistance ceiling. Happy Trading1
Short
by Travis_duncz
Short USD/THB: Downtrend to ContinueUSD/THB is in a down-down trend, as evidenced by the 3-6-20 MACD signal line and 12-26-9 MACD signal line. It is also trading within a relatively wide channel (two parallel green lines). I have included the 7-day Moving Average as well, because since the middle of December, the MA has served as a reliable resistance level that the pair has yet to meaningfully break through in the new year. As some background, the pair began a long up trend in April, peaking in July at 33.525. Since then, has been a gradual down trend, with some potential reversals, but not enough to break the down trend. On the way up, the pair found support around 31.858 (horizontal green line), and that is the next major support line that the pair is moving towards. I think that the slight bounce that the pair has had over the last two sessions are within reason of the down-down trend, and I expect it to continue downwards. Trade: Sell USD/THB @ 32.023 Stop Loss @ 32.106 (previous day's high) - if it breaks above here, then the channel trend is also broken, implying a potential reversal in the down-down trend Take Profit @ 31.858 (level of significant support back in May and June) I've also included some previous resistances that the pair hit since it began its down trend in July. Notably, the blue horizontal line is the level of resistance back in early September that the pair failed to break through. You will see that more recently, this level of resistance was tested again in early December, and when that failed to break through, the pair continued downwards. The red horizontal line is another resistance level that was tested at the end of September. The pair initially failed to break through, but regained momentum in October to begin a short bounce upwards. However, at the end of the year, the pair began testing that resistance level again, this time as a support, and when it failed to find support, it broke through downwards, rather dramatically. This leads us to where we are today, in a down-down trend, and within a downwards channel.
Short
by BinaryPairing
USD/CAD New Up Trend Channel: Needs to Break Above 1.36440Hi everyone! The pair continues to move higher above the initial channel which was formed in October (yellow lines). As mentioned previously, that channel is broken now, with the pair ripping significantly higher. This has actually formed a new channel (green upwards sloping lines), that began at the start of December and has continued since. There was a bit of a pause as the pair reached the 1.3600 mark last week, but the trend continued upwards. A new resistance has formed around 1.36440 which I would look to see it break above that level for the trend to maintain its upwards projectory. Should it break above 1.36440, I would initiate a buy. This trend is still trading strongly upwards, and the 9-day moving average (yellow line) serves as a support in addition to the channel lines I have drawn. Set the stop-loss at the 9-day moving average because that to me would signal a potential trend change.
Long
by BinaryPairing
Aussie trading bearish channelAussie has been trading in a bearish channel for a while, but it seems like the end is near. it is near a strong resistance which has been tested previously 3 times, but in the end all got rejected. On the side note the price is currently around a major psychological level 0.70 It is also heading towards a major supply zone which might push price back up. For now I would trade a long position and aim for approx 100 pips, from where I would short it towards the 0.6900 area. TP to be determined later.
by dutchtrader
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