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AUDUSD formed a bullish Shark | Upto 18% expectedPriceline of Australian Dollar / US Dollar forex trading pair has formed a bullish Shark pattern and entered in potential reversal zone to hit the sell targets soon insha Allah. RSI is oversold. This PRZ area can be used as stop loss, in case of complete candle stick closes below this area. Stochastic is oversold. Price action is hitting the support of bollinger bands. MACD is turned weak bearish from strong bearish. Volume profile of complete pattern is showing less interest of traders at this area. but Stochastic did not give bull cross sofar therefore I would suggest for secure entry in trade we can wait for stochastic bull cross then buy. I have used Fibonacci sequence to set the targets: Buy between: 0.69750 to 0.66533 Sell between: 0.72446 to 0.78699 Regards, Atif Akbar (moon333)
Long
by moon333
USDHKD formed a bearish BAT pattern | A good short opportunityPriceline of US Dollar / Hong Kong Dollar forex pair has formed a bearish BAT pattern and entered in potential reversal zone. MACD turned weak bullish from strong bullish. Stochastic has given bear cross. I have used Fibonacci sequence to set the targets. The long position can be taken between 0.382 to 0.786 Fibonacci projection of A to D leg coz we have a strong support of 200 SMA withing that zone however soon i will post a buy back plan soon insha Allah. Sell between: 7.83560 to 7.84230 Enjoy your profits and regards, Atif Akbar (moon333)
Short
by moon333
USDMXN forming bullish CRAB | A good long opportunity aheadPriceline of US Dollar / Mexican Peso Forex pair is forming a bullish CRAB pattern and soon it will be entered in potential reversal zone insha Allah. Volume profile of complete pattern is showing less interest of traders here RSI is oversold But MACD is strong bearish and Stochastic is oversold but did not give any bull cross sofar, so I would suggest when the price action will be entered in PRZ area then wait for MACD to turn weak bearish or for stochastic bull cross then buy. I have used Fibonacci sequence to set the targets: Buy between: 19.47392 to 19.25942 Sell between: 19.64064 to 20.04382 Regards, Atif Akbar (moon333)
Long
by moon333
TRADING CORRELATION PT 1- EURUSD: SELL EUR$ ON DXY MOVES HIGHER This 2-part article will look at the practical application of correlations in trading and show how to use correlation inferences to exploit the statistical advantages they offer. On the 4h time frame, the highest day-tradable timeframe imo we see EUR$ has an exclusively negative and almost 1for1 correlation with the dollar index (or dollar "market"), however, despite popular belief EU actually has a mixed and weak correlation with GU (as we see the EU v GU correlation move from positive to negative several times). This relationship is backed up by EU price action currently trading at +2sd of the mean, whilst GU performs the stark opposite at -2sd of the mean. We can use this information in 2 ways to trade the 4h time frame - please bear in mind this is the 4h timeframe only, corrs differ using different time-frames. 1. We know that EU and GU dont hold any confident correlation thus we SHOULDNT make trades based for EU based on GU - despite many people often trading EU based on GU moves. 2. Instead, we know 4h EU is highly correlated with the $ Market, thus we CAN make trades based on $ Index moves - so personally, i will wait for the $index to move/break higher, at which point i will then SHORT EU, since they have a 90%+ negative correlation relationship which is rising atm. - This imo gives us a perfect entry signal, once $ Index moves up we can then short the overweight EU which is trading at highly volatile levels above its average. I also like short EU fundamentally for: FOMC hawkish or hike on the 16th - must push eur$ lower BREXIT 23rd june - UK Referendum imo has NOT yet been priced at all in downside euro's yet (especially compared to GU, this is the main driver for the increase in negative corrs between the two pairs currently) ECB poor econ management - Eurozone is STILL suffering with below 0% inflation and 10%+ unemployment, i think this trend will continue throughout the year and ECB will have to do more printing/ issue more EURO supply side, thus moving EU down - especially if the FOMC hikes and the Monetary policy diverges more. I will shortly release a follow up article, looking at a higher time-frame to illustrate the different tradable inferences we can make.
Short
by QuantumLogicTrading
2