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Dlifestyletrader

Will Dow Jones Extend Fall?The recent fall from early last week, specifically last Thursday after FOMC, has some similarities with the crazy selloff in late February. One glance at the daily chart should be enough to explain the resemblance. Now that the price has retraced significantly and undergone a period of resistance, it's about time the price will continue to fall or otherwise. One thing to take note is that the COVID cases in the US has started to rise again and yesterday's figure just broke 13th June high. This could potentially increase market fear and cause another wave of a selloff in the stock market. So, everything seems to lineup pretty well, most importantly the risk-reward ratio is pretty good too.
FX:US30Short
by AlgoVenture
1
Dollar Enters Bear MarketSince mid-2018, the dollar has been climbing slowly but steadily, forming a rising channel that lasted over 2 years. The structure started to deform as volatility picked up violently, causing the price to break below the channel, then above the channel in the next moment. Well, if you take away the first two breakouts of the bottom and the top of the channel, the dollar forms a very steady rising channel. And what's happening now is that the bottom of the channel was broken again last week. A major difference from the previous breakout was that the price came down from a key supply zone just above 102 which means the market is driven by a huge selloff of the dollar. Additionally, the MACD is crossing below -0.53 for the first time in over 2 years. The MACD is a useful indicator to indicate a bull or a bear market in the higher timeframe. Fundamentally, the Fed is unlikely to start raising rates any time soon as the US economy just started to unlock. Therefore, we have enough indications that the dollar has entered a bear market and the first level to watch out for will be the previous low at 95, to see if there's any strong indication of a rebound. Once the price falls through, the next target will be 93.5 where the price face with a rising trendline in the monthly chart.
TVC:DXYShort
by AlgoVenture
Weekly Forecast: GBPUSD Broke Bearish StructureGBPUSD has broken the bearish structure formed after a head and shoulders pattern this week, and has begun a new uptrend. Price has currently broken above previous neckline of head and shoulder pattern and stayed bullish. This week, we can look to continue buying GBPUSD if price retraces and retest support. Next strong levels of resistance can be seen at top of head and shoulders pattern, which coincides with an inside bar candle from previous bullish breakout.
Long
by AlgoVenture
Weekly Forecast: GBPUSD Approaching Key SupportAfter forming a Head and Shoulder pattern, GBPUSD managed to break below its neckline. This week, GBPUSD failed to find support at supply/demand zone formed at previous inside bar candle. Price came back up for a retest and continued dipping. As price is soon approaching a key support zone at 1.2000 again, we are expecting strong support at this level. Should price be able to fall to 1.2000, we can look to buy GBPUSD again at a good price level if support holds.
Long
by AlgoVenture
Weekly Forecast: Will USDCAD finally break out?USDCAD has been in a major consolidation range ever since price shot up due to WTI crashing. Demand zone at 1.387 - 1.3921 has shown to be a strong support zone and price has not been able to break below. This week, price climbed back up to the top of the range and got resisted again. As USDCAD has been forming lower highs, we are expecting price to fall and test the support once again. Should USDCAD finally break below the strong demand zone, more downside could be seen, and we could sell USDCAD once price retests the demand zone.
Short
by AlgoVenture
Weekly Forecast: EURUSD Visiting the BottomEURUSD climbed steadily last week but faced strong resistance as it reached the top of the major range. At the same time, a bearish bat was formed which attracted strong selling and now the price is revisiting the bottom again. As the current bearish trend has just begun, or probably halfway, the price is most likely to fall further. Therefore, we can first wait for a selling opportunity again should the price retraces upward to somewhere closer to the supply zone around 1.0950. Whereas if the price continues to fall and reach the bottom, it is most likely going to range first before it starts to rebound and form another bullish trend.
Short
by AlgoVenture
Low Risk High Return at EURUSDHow can you risk small but gain high returns? The answer is to enter a trade that allows you to set a tight stop loss without compromising the trade setup and has the potential you make at least 3 times more than the risk. Here's a good example. EURUSD has completed a Bearish Bat while showing signs of sellers already. If you sell now, you just have to set your stop loss above point X of the bearish bat and your risk will be about 40 pips On the other hand, your potential profits are 70, 100 and 160 pips based on the important support levels. The first target will give you 1.75X return and the last one will give you 4X return. So as you can see, this is very logical and reasonable. We can't control how the market move but we choose what kind of trades to make.
Short
by AlgoVenture
4
Has Dow Jones Turned Bearish Again?The recovery of the Dow Jones and other stock market started in mid-late March 2020. The recovery was due to the injection of money by government and central banks, NOT due to economic recovery. In fact, the pandemic was not getting any better while the stock market kept climbing. Now that it's getting really exhausting, the rising structure has started to fall apart and the entire trend started to bend downwards. As of current, the price has recently pulled back from a bearish wave and could continue with the 2nd wave of pullback. Wait for another pullback towards 24000 to sell again.
FX:US30Short
by AlgoVenture
2
ABC Correction Completed for GBPUSDGBPUSD has been ranging for almost 2 months after the completion of a motive wave. The market has ranged and completed multiple waves and it seems to have completed an ABC correction. 2 months worth of consolidation is pretty extensive and thus the belief that a trend is coming soon. So here's a fair amount of reasons for traders to buy GBPUSD again, while at the same time, the market is moving towards tho 200MA for a retest in the weekly timeframe.
Long
by AlgoVenture
Let's Try Selling Dow Jones AgainDow Jones fell yesterday upon the completion of a bearish Gartley It stopped falling after one solid bearish wave and turned indecisive As the price moved up and down, a bearish Cypher was already about to be completed. This could give traders a good reason why they should give the bear another chance to perform. The turning point upon the completion of the bearish Cypher will also be boosted by a falling trendline that's connected by the 2 previous high.
FX:US30Short
by AlgoVenture
3