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Confluence

AUDUSD 2618 / Bearish Bat We have had a 2618 happen which was my initial reason for entry. this also tied with a possible completion of a abcd pattern at previous highs which gives us the 1.618 fib extension at a monthly key level. When I was looking at the Daily time frame we have had our impulse leg down, 50% fib and also a strong 618 retracement from the recent push upwards. All of this again gives further confluence with the 886 level right at the previous daily highs and Key level
Long
by Wonour
EURUSD Eyes Confluence of Resistance at 1.0800The EURUSD is about to close out another banner week. It would be the third in a row since the single currency found a bid at 1.0520. And thanks to a more dovish than expected Fed, the pair is trading at its highest level since February 6th. But despite recent strength, the Euro has yet to make any real headway. The pair continues to trade in a range that has directed price action since December of last year, which brings us to the main (technical) event for next week. The confluence of resistance in the 1.0800 region looks formidable. The trend line from the December 8th high comes in near 1.0790. And just above that is the 1.0825 handle, a level that dates all the way back to 1999. The 1.0825 level is also the 38.2% Fibonacci retracement when measuring from the 2016 high at 1.1615 to the current 2017 low at 1.0340. For these reasons, I’m not interested in buying the Euro while below 1.0825 on a daily closing basis. There is far too much resistance just above current prices to consider a long position. For now, the jury is still out on whether the EURUSD has carved out a four-month inverse head and shoulders pattern. For that to become a probability rather than a possibility, I’ll need to see a daily close above the 1.0800/25 area. Otherwise, any bearish price action from this area next week could set the stage for a short setup. Key support from current levels comes in at 1.0712 followed by 1.0635.
by Daily-Price-Action
A Second Look At DNN: The Bullish Case (with short contingency)Hello, traders! A busy chart,but hopefully not too confusing. Yesterday, i posted a more or less bearish case against DNN. After taking a second look, i see bullish rsi and stoch. I see a fine example of an elliot wave 8 pattern with the final corrective wave c ending at the 1.618 of wave a. Also, you'll notice the fib retracement and extension together look like an excellent area for confluence and support. After a few days of consolidation, DNN could move upwards and make for nice cup and handle. Then again, only time will tell! do your homework!! Best, Matt
AMEX:DNNLong
by matt.sulli42
1
GBP/JPY - MAJOR CONFLUENCE for a Short PositionAs shown by my recent trade setup (Linked to this idea), price broke out of a wedge and is now retesting the lower trendline. There is a key area of resistance that price has not broken yet (shown by the blue box), key fib retracement levels can also be found in the same zone, the lower trendline also falls within this resistance zone and finally there is a double top. With all of these falling in the same zone, it provides a very strong opportunity for a short. Stop loss can be placed above the blue resistance zone but room should be allowed for price to move around this area. The first take profit area is a key area of support - furthermore, the profit target is at the same zone as the double top targets. The second profit target is at 1.2764 area (where the next support level can be found)
Short
by LeeThompson97