DXY - Weekly - Multi-Timeframe Analysis Series 1Continuing with another episode of Multi-Timeframe Analysis Series 1, I'd like to break down the DXY.
The DXY being weighted as follows:
EUR - 57.6%
JPY - 13.6 %
GBP - 11.9%
CAD - 9.1%
SEK - 4.2%
CHF - 3.6%
As you may imagine, there's a lot more interest in using the DXY for a correlation / confluence tool when trading the EURUSD. The EURO equates to over half of the overall weight of the index, meaning there's a majority interest in the EUR vs USD.
We can use this to our advantage, alongside the USDOLLAR INDEX, to add positive or negative trade factors when considering positions across USD pairs and commodities.
Comments
Looking at the Weekly timeframe gives us a different picture to that on the Monthly. We a low-test candle printing into the 20/50 EMA wave, this indicates a possible continuation to the near-term levels of 97.40 region. If we did see this push to the upside, it's change the formation on the current Monthly candle (and potentially the overall outlook shared within the Monthly breakdown). Thinking in terms of the longer time horizon, if we see a break of 97.80 I think it's possible to reach the realms of 100.
Key Note
The Weekly and Monthly are conflicting, which can often be a sign of the overall bias changing from beneath the surface. The smaller timeframes turn quicker, and when they align, this can change the direction gradually on the higher timeframes.
Lowtest
AUDCAD - Monthly - Multi-Timeframe Analysis Series 1Introduction
I'm starting a new multi-timeframe analysis series and using TradingView to document it.
Objective
The main objective of this multi-timeframe analysis series is to bring together the knowledge I have gained over the 4+ years of trading, and encourage me to consciously use that knowledge rather than working out of habit and 'instinct' which is so easy to do.
I also hope that anyone who chooses to read these series will gain some useful knowledge.
Please feel free to share your opinions with me in the comments, but please remember that my opinion may differ from yours. If I've learned anything, it's that 2 opinions or biases can co-exist and both play out to be successful.
I hope you enjoy
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Comments
I've identified the Monthly timeframe to be trading nicely within a range between 0.9200 - 1.0250. This means any moving averages cannot be considered for 'trend bias' on this timeframe, only to be considered as obstacles for things such as entries and exits (profit taking) during the move between the range.
After a bullish low test reversal candle at the bottom of the range, price rallied up to the Monthly 50 EMA where it acted as dynamic resistance, and has since retraced down to the 61.8% fib retracement (which coincides with the high of the signal candle). At this level we've got a Monthly Inside Bar, which is a sign of indecision.
Key Note
Think in terms of crowd psychology when it comes to things such as the Monthly 50 EMA in this example. Traders will be taking profit there as well as short seller placing orders.
GBPCAD Long Double Bottom & Weekly DecelerationHi guys,
hope you had a nice weekend. At the start of the trading week GBPCAD presents itself with a long opportunity. Price has found a bottom at the weekly Fibonacci level and has closed as a lowtest on friday.
We have bearish MACD Divergence and a potential H&S Pattern, however with 5 confluence factors and prime deceleration I will take a position.
The stop is protected below recent price action, the target is below the next resistance zone in anticipation of a potential weekly lower high.
Happy trading
TEVA H&S formation - price preparing to turnThe $TEVA chart just keeps getting better and better....
Quarterly chart is rejecting last 2 major lows with a pinbar with stoch RSI overbought
Ideally we bounce here to retest the fibs and form a right shoulder before complete capitulation.
If the H&S formation is confirmed $TEVA should head down to levels we haven't seen since the 90's ($10 and below)
CAD/CHF Long reversal Hello traders, price decelerated nicely into the 0.7270 support level, meeting also the bottom trendline of the current bear channel. 50 EMA very far from current price so I see only 0.7350 level as possible resistance.
Keeping in mind tomorrow's NFP, I will be ready to catch an upward acceleration.
As always wish you good luck!
EUR/CHF - Clean Lowtest Candle on Key supportand Trend LineGreat little naked price action set up on EUR/CHF
- Perfect low test candle
- Previous low test candle on 4hr chart and already reacting
- Testing key support of 1.0900
- Testing Long term bullish trendline from April 2015
- 60% Fibonacci retracement
- Looking like a daily close above daily open will happen
- With trend
Clean targets at 1.10000 and then at 1.1102 for 3:1 RR
KIWI may resume bullish behaviourNZD/USD has retested 0.6500 today closing as a low test bar and just shy of trend line support. Price has also reached the 0.786 Fibonacci level closing above it. Stochastic and RSI show hidden bullish divergence.
entry - above high of low test bar
stop loss - below low of low test bar
target - at previous resistance at ~0.6880
Long EUR/AUDIn a recent and new upward trend a shallow retracement into a support area consisting of a horizontal price zone and the 8 ema. This area falls around the 38.2% Fibonacci retracement region which price has rejected giving a low test bar/bullish pin bar suggesting a long position.
entry - above high of low test bar
stop loss - below low of low test bar
target - at the next resistance level/127.2% Fibonacci extension
Long opportunity on NASDAQ100Criteria meeting long set up:
- low test bar close
- support at ~4450
- trend line support (third test)
- rejection of 200 ema
- ascending triangle pattern
entry - above high of low test bar
stop loss - below low of low test bar
target - at next resistance level or higher