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ETHUSD/1DAfter a breakout from the bullish triangle while price is above of MA 50 days, I will expect that price going to raise approximately of the base of the triangle. NOW Price made a good candle above of both consolidation area and strong support line and it is a good news that price will be able to kiss its strong resistance. For neutral It seems that price will reach to these targets respectively base on Fibonacci Extension that highlighted on the price zone : 1.2232 on 1.618 2.3397 on 2.618 3.4585 on 3.618 For short position we can take orders on the trend lines, consolidation area after any pull back or maybe on the Fibonacci numbers if possible.
BITSTAMP:ETHUSD
by SadeQ_Qiassi
Is the Market Due for a Correction?The SPY has been trading in an upward parallel channel since November - briefly dipping below during the selloff last week before sharply recovering. I believe the market is due for a more extended correction for several reasons: - The MACD and RSI are both displaying negative divergences, which is a bearish signal. - Furthermore, the On-Balance Volume (OBV) is trending down. This indicates that smart money (aka institutional money) is flowing out of the market, possibly because they are anticipating a market-wide correction. - The SPY could continue trading to the top of its channel, which coincides with the upper Bollinger band and the 0.618 Fibonacci trend extension. Each of these indicators can act as resistance as the price approaches from below. I will likely take some profit and/or hedge agaisnt downside risk with UVXY calls before the end of the week. Good luck trading.
AMEX:SPY
by otis_bagshots
5
NZDUSD Short OpportunityHello traders ! Today we are going to analyse NZDUSD pair. As you can see in a chart,our overall bias are BEARISH but what can you see on 4H timeframe ? We can see nice "Rising Wedge" pattern and also the Elliot Wave Theory. Price has already made its 5th wave and now we should expect ABC correction. I expect this correction reach our support level which is still not retested. This level also nicely fits with a 0.618 fibonacci level (also called the "golden ratio") and with 200 SMA. We can also see a divergence on RSI (10) which also indicates sell possibility. After this I expect long move to our -0.272 fibonacci extension level but I will analyse this move later. Thank y’all for reading this and good luck !
Short
by JanKoristka
Gold Heading to $1738?My Personal Intuition: It looks like gold has run out of steam to head to the next fibonacci extension level at 2.618, and is now hovering at 1.618. I believe if the covid-19 situation continues to improve, and markets become less risk-averse, we could be heading back down to the long term support level at 1.000, which is $1738. Regarding the Fibonacci Extension Tool: The level the price stops at will vary depending on the strength of the trend. Most often we see the price pause or reverse at 0.618 (weaker trend), 1.000 (solid trend), or 1.618 (strong trend). Once the reversal occurs we can then draw another Fibonacci extension, but we will keep the old one(s) on the chart as well, since down the road there are additional levels which can still be used such as the 2.000, 2.382, 2.618 and 3.000. Using Traders Logic: If we go by trading-logic, then we should trade with the trend, and go long on gold at this level. Shorting an up-trend is probabilistically a very bad idea.If gold heads up from 1.618, then we'd look at the higher levels of 2.000, 2.382, 2.618 and 3.000, which would indicate an extremely strong trend for gold. Risk Warning: P.S, this is the first time I'm applying Fibonacci Levels to XAUUSD, so take my analysis with a grain of salt. I discovered after reviewing my past trades that the following TA strategies are reliable, so I will endeavour to use them more for future analysis. What Works: 1) Wedges, Triangles (break-up/down, violently) 2) Channels (break-up/down, violently) 3) Fibonacci Levels (pivot points, support/resistance) What Doesn't Work: 1) Repeating Patterns / Fractals (you’re just seeing clouds) 2) Elliot Wave (gosh this is so hard) 3) Moon & 3 Cats (challenging to tell which scale-order the fractal exists)
FOREXCOM:XAUUSD
by TsangYouJun
USDCAD Inverse Head and Shoulders Top (SHORT)DAILY/4HR Inverse Head and Shoulders Top formed. (Head and shoulders top after a bearish move, signalling continuation.) Right shoulder formed, and crossed neckline, meaning we missed the breakout entry, however, since I have a strong enough CTS score I am looking for a pullback final chance entry. CTS Scored as follows - Neckline Break - 1 Point Left shoulder at Minor Structure (3+ Tests on LTF 1HR) - 1 Point Left shoulder at Major Structure (3+Tests on HTF 1D) - 2 Points Fibonacci Levels present, (Price finding resistance and support at .786 retracement of left shoulder) - 1 Point I am looking for a pullback into the 1.35350 zone at the neckline and for price to print either a LLLC, High test candle or Doji on the 1HR timeframe to signal me to enter at next bar market. Targets at 1.618 extension of head to neckline, also lining up with Equal measured moves and structure looking left. Stops at an ATR above the right shoulder.
Short
by ROI_Ky