AAPL : still targeting 240Still targeting 240 level to watch for chance to take a long position. An extended flat A B C has C going beyond the ending point of A. Again, will watch price action in that zone for a position for Wave (C) up!
Fib-retracement
XAUUSD: Gold Short with good pip potential and high rewardsGold is well known for its volatility as has been seen over the past few weeks, where we've seen it rocket up to the 1680 range due to investors rushing in with the threat of Coronavirus. However, they have since had a reality check and as a result gold has reached a channel. This channel is easy money whilst it holds.
As shown on the graph we have been seeing lower highers and lower lows on the hourly, creating a descending, closing channel. It has twice rebounded off the pivot point which is the reason for taking partial profits but overall has a great potential to reach 1600 and below in the event it breaks to the downside, and if not plenty of profit will be banked regardless.
Keep in mind Donald Trump is speaking later today and that can create unpredictable volatility so suitable risk should be used.
Continuation of bullish trend Price action was directly on the 0.382 fib retracement line. Broke the descending pattern and is on track towards another rally.
AUD USD DOWN TREND WAVESPOSSIBLE DOWNTREND CONTINUATION AFTER SHORT UP WAVE (50% FIB) TO THEN CONTINUE DOWN TREND.
Why you should always wait for the break of trendHi Guys this is a quick lesson from today's live chart USDZAR. Most people are looking to short the Dollar today so in today's trading Room I looked at this particular chart and advised that you only open a trade once price has pushed lower and given a short trade set up. You'll see from the chart that it was tempting to open a short on a fib retracement and you'll also see the reason why it was a bad idea.
I'll update this lesson as price develops
Steve Nixon
Trainer & Mentor @logicfxtrading.com
NZD USD Breaking out of trend line. Time to buy!
1) Price has retraced to the 38.2% fib level.
2) Price broke the down trend-line.
3) Price is above my 100 MA filter.
Wait for confirmation before entering market.
S&P HIT 50% FIB TO DOWNSIDES&P 500 has hit a huge fibonacci level to go down lower. Coincidentally the other 3 major US indexes have hit a high to low 50 as well. The Nasdaq, Dow Jones, and Russel have also hit this level. There is a good chance this continues to the downside. In order for the markets to be bullish again the indexes would need to break above the 61.8 (red line) with strong momentum. TO SEE THE OTHER FIB SETUPS ON THE INDEXES GO TO @DANTHETRADEMAN ON TWITTER. ALL FOUR INDEXES ARE DRAWN WITH THE FIB. twitter.com
Fib LevelsHey traders,
I am working on trading a lot right now as I have some extra free time. Work is slow, so trying to sharpen my skills. I am wondering about Fib Levels. I know the fib retracement tool above is really only for 'retracements' and there is no real way to predict these levels until the move is completed (ie no way to verify them on the way down). But if you look at this chart, there are some level bounces (arrows) and some level tests (ellipses) that seem to be at the same level on the way down as they are on the way back up. My question is how these levels relate to each other while the move is manifesting itself. I tried to replicate it with Fib expansion, and that does not seem to work. I also can't make much sense of the percentages at each zone on the way down.
Do you think there is a way to find the next level before the move completes? Or do these levels just validate the fib tool a little bit more when looking at retracements after a move has completed?
Let me know what you think. Any supporting text is appreciated!
Fib Levels - DiscussionHey traders,
I am working on trading a lot right now as I have some extra free time. Work is slow, so trying to sharpen my skills. I am wondering about Fib Levels. I know the fib retracement tool above is really only for 'retracements' and there is no real way to predict these levels until the move is completed (ie no way to verify them on the way down). But if you look at this chart, there are some level bounces (arrows) and some level tests (ellipses) that seem to be at the same level on the way down as they are on the way back up. My question is how these levels relate to each other while the move is manifesting itself. I tried to replicate it with Fib expansion, and that does not seem to work. I also can't make much sense of the percentages at each zone on the way down.
Do you think there is a way to find the next level before the move completes? Or do these levels just validate the fib tool a little bit more when looking at retracements after a move has completed?
Let me know what you think. Any supporting text is appreciated!
looking to bounce?Is #ZIL looking to bounce before reaching the 0.618 fib retracement? looks like its forming a falling wedge? is it? we will see if its in the pattern or the fib? either way will be fine right?
Three possible routes for bitcoin in the coming week(s)Hi All! My last prediction ended up being pretty close - I had said we would see sub 8k in 24 hours while we were at 9300. After 24 hours, we had made it to 8,200, and we pierced below 8k another couple hours later.
As we can see, the downtrend channel is acting as strong resistance. The fib levels have been acting as small bounces on the way down - But even after briefly piercing the top of the channel the price was inevitably sucked back down into it. I think we will continue to see similar price action until we break into another bull market. I won't speculate as to whether a new bull market will sustain through to all-time highs - We can only read that as it develops.
However, I do believe that we have a few possible scenarios, as depicted above. I think it highly unlikely that we will be piercing the top of the channel with the current run. It looks like it is developing a bear flag and the volume isn't impressive. As such, I haven't even charted that as a possibility. This is how I see it:
Scenario 1 - (Red) After the top of the channel rejects price action, we head down to the next fib retracement ~ $7,250 - We reject the bounce here and keep going down to test 6k again. I think this has a 25% chance of happening. This includes the scenario where it has a small bounce back up to ~ $8,200 before heading back down with the next red arrow.
Scenario 2 - (Green) After the top of the channel rejects price action, we head down to the next fib retracement ~ $7,250 - We bounce here, head back up to ~ $8,200 and then succeed in piercing the top of the channel. This would be a bullish development. There would likely be a bit of hesitation at $8,200 that isn't depicted above, but if we breakout above, things will be looking good for a few weeks. I don't think this is likely - I give it 20%
Scenario 3 (Yellow)- After the top of the channel rejects price action, we head down to the next fib retracement ~ $7,250 - We bounce here, head back up to ~ $8,200 but are then rejected. We head back down but find support once again at $7,250, creating a double bottom. After bouncing between this support and the top of the channel, it finally pierces the top of the channel, then breaks the neckline of the double-bottom, sending us up. I find this the most likely scenario. As bearish as the market appears, too many people are expecting a retest of $6k. When there are expectations around bitcoin, it disobeys! I think people will start buying back in thinking they'll miss the boat, and we will be bullish once again. I give this one a 35% chance of occurring. This includes the scenario where it falls into a descending wedge as it is squeezed to where this fib level and the top of the channel meet before finally lifting off.
To summarize, I'm mostly bearish in the very short term but less so than most others are calling.
But what about the other 20%, you ask? Well, that's the chance that the market behaves totally irrationally and doesn't generally follow any of these scenarios. Good luck out there, and have fun. Please like so I can chat on the posts of others! I'm still 30 reputation shy..
**Don't listen to strangers on the Internet. If you lose money because you trusted my opinion, you made a bad judgment call. I'm not accountable for your actions :)**
HK - Trend Analysis + Fib Retracement (SHORT)Wait for a confident break below the EMA and supporting trend line + support level.
Keep an eye on the order books! Use numerous indicators in conjunction with one another along with a look at the volume. If we see a drastic shift in the buy vs. sell volume, it could be another sign of reversal!
I LOVE THIS - BITCOINEvery time the BTC Retraces, it falls above +0.768; +0.5; +0618 FIB Respectively.
Can we spect a fall to +0.5 fib minimun?
Just playing a little.
Greets!
first cypher attempt on dialy. how does it look?this is my first attempt at analysis, some feedback would be great.
EURUSD LONG The pair isnt giving us much to play with on the lower TF's but anticipating a flag break up north. A break of support would invalidate this idea.
GBPAUD LONG??PROS
- Low test candle formation.
- Rejection of both horizontal support and a downward sloping trendline.
- Price sat between 0.5 & 0.618 Fib retracement.
- Bullish MACD Divergence
- Oversold on Stoch RSI
CONS
- Trading against the trend.
- Trading towards key EMA's.
Thoughts on this position?
Fibs Trade Compliment IdeaNot so much a trade strategy by itself, but perhaps a useful tool to compliment a trade system or to be used as a trade entry filter.
USDCAD - Bearish 2618Very clear H1 bearish double top formed, perfect setup for a 2618 trade to the downside.
The only trade management that the 2618 requires is when price reaches TP1, we close half the position for profit and move our stop loss to breakeven. Otherwise we have our entries and exits in place and just let it run.
Entry - 1.33210
Stop - 1.33831
TP1 - 1.32510
TP2 - 1.32150
Luke
USDJPY - Long to 123.97Plain and simple 2618 setup.
Stops below 123.
Target 1 at 123.750, take half off and lock in Breakeven.
Target 2 at 123.970.
MAJOR AUDUSD UPCOMING SUPPORTAUDUSD HAS BEEN FORMING A MONTH-LONG WEDGE, AS WELL AS A DOWNWARD PITCHFORK. AUDUSD IS ABOUT TO INTERACT WITH THE BOTTOM SUPPORT OF THE WEDGE, BOTTOM SUPPORT OF THE PITCHFORK, AS WELL AS HITTING A FIB LINE. IF BOUNCES, LONG, IF BREAKS ALL THREE SUPPORTS, MAJOR WEAKNESS SIGN.
CREDIT TO: ICETRADING FOR THE ORIGINAL PITCHFORK CONCEPT.
Yen Strength 7/16/14The Yen has been building in strength through the summer. Here price has entered in to a small range(within a larger downtrend), with price being rejected at the .618 fib retracement and the resistance line, which created a confluence of resistance. Recent candle wicks show rejection at the 101.800 level, so I suspect this retracement may becoming to an end.
entry point should be approx. 101.800 area with a stop set in the 102.000 area. This stop placement was chosen since it has been a place of support and resistance in the past, and congestion seems to form there. Take profit would be fluid, evaluate PA and ride the trend down. (monitor the news as BOJ is known to intervene as their currency strengthens)
