$514 targetResistance became support at $206
and ETH is still bullish.
It has every chance to get to $514, but
in this market, fortune only favours the brave,
and sometimes they get wiped out.
Currencytrading
STRATIS on alert for a long opportunity Looking for Stratis to bounce here providing us with a long trigger. We have potential support both on the base of the Ichimoku cloud and a trendline
Note there is no signal yet, so therefore no entry yet but stay Alert.
Another very low risk High Reward POTENTIAL setup.
Be patient - wait for SIGNAL.
Hope this helps.
Sean Vengan
Professional Cryptocurrency Trader and Trading Educator
Big pips either directionAs we go into the end of the month and ultimately into August, the infamous low volume month, I will be looking for two things on this pair. GBPJPY will likely get choppy but not like the rest, it can move so much more than other "normal" pairs.
Pretty simple set up here:
1. Sell break of 144.90 targeting 144.00
2. Wait for a push higher and look for a break of 148.00 or rejection off that level.
If 144.90 area breaks sooner than later, that should be an easy 100 pips, otherwise it turns into a bigger waiting game.
USD/JPY continues the downtrendThe US dollar showed more weakness yesterday as it fell down towards our projected 1.27 Fibonacci extension (~112) from it's previous leg down (113.6 - 112.26) and managed to bounce back up from there towards the 0.38 Fibonacci retracement level, waiting for more downside as it couldn't break it.
AUDCHFThis is kind of a tricky trade. I am waiting to see if AUDCHF breaks the top trend line if not what i expect will happen is it will fall to the bottom trend line and break it.
Breakout from rectangle patternAfter Draghi's comments, could EUR/GBP be breaking out of its rectangle pattern?
Swing tradeThe asset will have hit the 100 MA so in the short-term will most likely fall, or it could actually break 100 MA, which will make it a definite buy, but till then it will mostly fall then reach support and then rise to hit trendline- swing trade.
Rising wedge- it's almost go time!Look for quick profits here, we have a rising wedge on the hourly chart, this isn't likely to be a HUGE move but I think it'll be worth our time. Not to mention I like NZD weakness set ups on a few other pairs, namely NZDJPY and GBPNZD.
Pretty simple, we have two weekly pivots that haven't been touched below with a monthly pivot anticipated around .7020 area.
Look for a move of 60-80 pips here once the rising wedge breaks and price starts to print below the pattern.
When this break, I'll put stops above the highs, target the 1st weekly (soon to come monthly as well) pivot and let a small portion run to the second pivot if price is cooperating.
A quick 100 pips (HIGH PROBABILITY SET UP!)This may look like just a simple channel/trend line break out, which it is (think "no country for old men").
What makes this a great high probability set ups is the line up of multiple missed weekly pivot points.
Two ways to trade this:
1. short trend line break, have 70-80 pip stops above recent highs and target weekly pivot at 1.7520.
2. OR you can trade it the same way with an adjustment to the stop, only staying in the trend if it can stay below the trend line (limits draw down but is more aggressive stop)
Either way it's a great set up and should be good for 100 pips.
US DOLLAR CURRENCY INDEX FORECASTUS DOLLAR CURRENCY INDEX FORECAST Opened short. Possible reverse high risk short. Or waiting for LONG when brake Purple line.
Huge possibility either direction This pair is at a crossroads, there's been Euro weakness as well as Aud weakness which makes this tricky but the set up is too good to pass over.
Above 1.4180 this gets slightly bullish but the real confirmation is above the larger trend line (falling wedge on daily chart). There's hundreds of pips if those highs don't hold.
Below trend lines and in the circles labeled 1, 2 and 3 are great sell off points. The targets get larger each time, I'll be short and I'll take profit each time a level breaks and it reaches a new trend line/support zone.
Here it is, good luck trading it either way, I think there's plenty of potential up or down.
This might be the only long term game in town- 300-500I posted two charts because I wanted to show how the the bigger picture is playing out and how to managed the more near term trades/entries.
As you can see on the chart below, the weekly chart has a 5 year old trend line that has broken, the market closed and opened above that trend line and has pulled back to retest.
The chart above shows a more near term picture of that trend line retest on the 4h chart and areas to start buying into.
We like scaling into this trade around current market price and buying into more dips if that happens.
Upside targets at this point are 1.1300 and 1.1400.
More updates to come...
Compression of volatility leads to hypervolatilityOver the next 48 hours, we may see large moves in FX.
At present we have a compression of volatility (see currency strength chart).
This suggests that volatility will increase over the next day or so.
The trade here is:
Trade in the direction of price action and hold the trade.
A trend following strategy will work better than a mean reversion approach.
HEAD AND SHOULDERS MAY FORMThe movement made so far, I called 3 days ago which was the strong bearish movement retracing of the .618 resistance. I believe it will bounce of 0.5 fib support to form a head and shoulders pattern eventually creating a bullish movement till daily resistance. I am now waiting to go long.
