Consolidation-breakout
EUR/USD - Brexit week. EUR/USD moving sidewards with no apparent bias in the last week. Volatility is expected this week due to the EU Ref.
If EUR/USD breaks 1.13 look for upside of 1.135-1.40; on the converse, if the pair still consolidates sidewards look for fluctuation between 1.12 and 1.13 for the forthcoming week.
EURAUD - 30M - Bat pattern CD trade in uptrendafter the recent big upmove for EURAUD i expected a correction to come in to at least retest the white box. so i looked for short signals. i just went short based on the breakout from the dashed consolidation. i waited a bit to get a better price and now hope for downside.
risk reward is pretty nice, so doesnt need to work all that often. if we come down into the white box nicely i will look for a bat pattern buy and also look for other long signals if the bat doesnt work
Dow Jones Industrial Avg Held in Neutral Consolidated Position BREAKOUTS & RUN
As we look over market history in the U.S. and other equity markets, we see long standing fits and starts.
Ranges in these starts are extremely bullish, seeing breakouts of more than 2000% over 25 year periods. After breakouts markets always and eventually consolidate before they turn there next break.
Post 1930's Great Depression U.S. market grew by 2405% before consolidating in the late 1950's for 23 years into the early 1980's.
Top end resistance area is 1,000, which was tested many times over in the 60 all the way through 70's and eventually breaking out in 1983.
The 80's brought us the computer age, which lead us down the path of internet and micronization along with digitalization into 21st century. Markets priced in our new found improvements resulting in a 2104% market movement 1983-2000.
CONSOLIDATION
Our current equity status is consolidation.
From previous market history, we can see these periods can last a quarter century or slightly longer.
I'm expecting at least another 5 to 15 years of consolidation with a pinnacle trough, which we've already seen (2007-09), to reach 65%. Our top end resistance area is 17,500, which was met already in early 2015 and will most likely be tested once or twice more.
Predicted Breakout won't occur until 2020 or much later, 2030. Given the magnitude of the deep consolidated trough (2007-09), I would assume sooner rather than later.
EURCAD - 2H - Bat Pattern retesting trendlineBat pattern coming into strong trendline support. We also have a nice trendline inside the CD leg to work with as a confirmation for this bat. Look for a break above the trendlien (on a lower timeframe) as first confirmation. a small consolidation/correction and a breakout above this (like shown on the chart) should then be final confirmation to go long
GOLD 1H In A Flag Pattern. Buy At Breakout And Then SellGold is in a flag pattern as seen on chart. Buy at breakout and then we will look to sell after it reaches the 1270-1280 zone.1280zone.
CADCHF - 4H - Bat pattern completion tradeCADCHF is shaping up for the Bat completion sell at a very big trendline. till that happens we might have one more buy chance to play the CD completion. if we can complete the flag here i will be looking for a breakout to the upside for a 3:1 trade.
EURAUD - 4H - Nother SharkAs alot of EUR pairs. EURAUD is also seeing a sharkish formation. but in this case we might see a trade earlier, since the consolidation is already startin to form. if we can at least retest the recent (consolidation) swing highs, i will place my orders below consolidation to sell to the shark completion point. should be a small easy trade with a decent risk reward.
if we complete this pattern the way i want it, i will also looking to go down the timeframes to look for further shorts. but lets wait and see first
if it spikes up from here, then i wont trade.
USD CAD LONGConsolidation Break Out......consolidation formation structure, double bottom....
Trade Entry sorted......
Let Price do its magic.
#USDCAD - SELL IT! BEARISH MARKET WITH UPTREND CONSOLIDATION!Watch the notes. We'll get another big short falldown. Best of trading and if there are any questions I'd like to answer them!
Looking Back, Looking ForwardWith this momentous breakout of the 2 year downtrend in Bitcoin's price, it can be difficult to imagine the possibilities going forward. I find repeating pattern's in Bitcoin's price history offer some direction. The patterns highlighted with the purple arrows are the price consolidation areas in yellow that have with a notable regularity formed near the 0.236 fibline, based off the previous ATH & 1st major correction. Based on this I predict a multi week long consolidation around the $800-$1000 region, market by the yellow triangle, before moving up & above the lower trendline in light blue.
Consolidation breakout on USD/JPYAs pressure builds up in the consolidation channel outlined on the chart the likely breakout direction is upwards.
EL shooting star reversal candleEL has been cropping up on my lists quite a lot recently - overall it is an upwardly trending stock and has been since 2009/2010. However, the trend is not at all easy to trade - even for a longer-term trend trader.
There have been many periods of extended consolidation - the duration (rather than the depth ) has been the main sticking point. In the last few months (since breaking above the 2014 high) the trend has become at little more linear - but not enough to feel confident for a straightforward trade.
Yesterday price gapped up on higher volume (and the earnings announcement) but the shooting star candle was extremely bearish. This suggests a reversal (at least in the near-term).
While I anticipate EL continuing to trend up it is not a stock which is simple to trade. I will bypass this one at this stage.
EURGBP: Consolidation PhaseThis pair has been consolidating since late last week between 0.7225 and 0.7165. Breakout traders can lookout for a potential breakout trade.
I would love to hear your opinion, feel free to comment, agree or disagree.
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Joining the EUR/GBP downtrendEUR/GBP is seen to be trending below the 50 ema in an aggressive fashion. A potential entry to join the downtrend on the 1 hour chart lies between the levels ~0.7000 and ~0.7080 which nearly coincide with the declining 50 and 20 emas respectively.
A formation of a high test bar/reversal pin bar/shooting star will be a sign of a short set up at either 20 ema and 0.7080 (Scenario 1) , or 50 ema and 0.7100 (Scenario 2) . Other signals include consolidation and breakout after multiple tests below resistance or in the resistance zone , or double top formation within this area (Scenario 3) .
JWN Breakout of consolidationJWN is in a solid uptrend with the MA's lining up parallel since quite a while. Since breaking out of its last consolidation, it rallied up about 13%, before consolidation again for just short of 3 months. It broke out on a very bullish day with huge volume and has retested the prior resistance. It's now forming what seems to be a bull flag, with a nice volume contraction. Both the measured move from the flag and from the consolidation channel would point to a move towards 86 or a little less. That would yield a profit of about 5 %, a stop just under the flag or slightly below the resistance turned support would give a 2:1 risk reward trade.
Happy trading!
NOW get short nowThe enterprise software company's Q2 earnings met analyst estimates, and ServiceNow raised its revenue forecast.
But ServiceNow stock was down.
Technically we had wide wedge that gave good buying opportunities with reversal candles (check my long ideas in the links below). But fow now, stock resolved its indecision pattern to downside on increasing volume. Combine it with overall market that entered into correction and that is how you get high-winning trade. I like how it holds near lows of its recent move down, while market bounced off a bit from lows - relative weakness. Plus well defined stop above $56.25, as 8 EMA is in control with target at $48.70, then $46.00 make yhis trade attractive from Risk/Reward point of view.
Gold acceleration on tension in Iraq and Fed decisionGold seems to be a haven asset for investors in terms of tensed siituations all around the world. Iraq is a key oil market player and there also is a difficult situation. Rebel activity in the North of the country has forced the U.S. to send to Iraq 300 military advisers. From the point of view of technical analysis there was a lot of tips and trading signals. After the 2 months support consolidation of $1280 break up, Gold fell down and found its low of $1240. We had lots of levels to push off ($1240, $1250, $1260, $1270), and also the break ups of resistance. There also were some trading opportunities when the yellow metal reached its potential resistance rate of $1280-$1285 and then it fell to $1258. Buyers have restored a support rate of $1264 and also a 8/21 EMA. Struck $1272 and resistance in control of the movement of the moving averages reached the previous high penetration which attracted a lot of buyers. The price fastened and set a high of $1321 in an inflamed move. I’ll use Fibonacci levels to measure the buyers’ strength. The higher they hold up the price, the more chancese for an upward movement resumption there would be. The first potential support is around 38% 1306.59, and $1302 after that.
Check my previous ideas on Gold in the link below
