Markets
GBP/AUD short 200 PIPS PREDICTIONPRICE action is stalling in this resistance area . if we see further rejections when markets open then we can take a nice short position for 200 pips+ if price does not make more rejection then we will not enter.
dont be hesitant and enter the trade without seing further price action especially in the lower time frames.
suggestion: wait for a 15m trendline break , look for lower swing highs. wait for london session and see where and how the technicals align together.
if price keeps pushing further up without rejections then do not enter just be patient.
Market Update...USD edges higher in quiet trade as markets consider US stimulus, Brexit, virus.
CAD modestly softer versus the USD, but intraday technicals are supportive.
EUR holds relatively firm above 1.22, German Consumer Confidence sours.
GBP softer as EU rejects UK offer on fish, Brexit talks grind on.
JPY little changed, CHF out-performs on soft risk mood.
AUD slides despite better-than-forecast 7% rise in Nov Retail Sales.
The Euro is attempting to consolidate on the 1.2200 handle vs the Greenback after yesterday’s swoon below the round number and through technical support, with decent option expiry interest adding more layers of support given 2.3 bn at the strike and a further 1.1 bn at 1.2150. Meanwhile, the Loonie is still keeping an eye on crude prices before more Canadian data, albeit rather stale today and tomorrow compared to Xmas Eve (October average earnings, monthly GDP and November building permits respectively). Elsewhere, the Pound has regained a bit more composure following its extremely volatile start to the week, with Cable back near 1.3400 and Eur/Gbp pivoting 0.9100 after UK PM Johnson’s fishing concession and talks between himself and French President Macron aimed at unblocking the cargo route between Britain and France. However, reports that the latest offer on fisheries will be rejected by the EU has sparked another bout of selling in Sterling, in contrast to the Franc that is sitting tight just under 0.8850 and 1.0800 vs the Euro, in similar vein to the Yen keeping its head above 103.50, but likely to meet resistance at 103.00 in the form of 1.2 bn expiries.
GBPJPY H4 - Long Trade SetupGBPJPY H4 - Amended the resistance price here and pushed it up a little to accommodate for the recent attempts upside (which we are now classing as resistance). A break above 140.600 and retest of 400 could set us up for a break and retest for upside continuations.
Bitcoin: Sell for $17,700Last week's hanging man candle is further evidence of bull fatigue.
Sell at current prices of $19,100 for target of $17,700 with stops above $19,500
Bitcoin eyes support of bull market trendlineBulls fail to sustain and capitalize on the bounce from sub-$18K seen on Wed and The
RSI dips below 50 for first since October.
All this validates the downside break of narrowing price range seen earlier this month.
In my opinion, we are going down to the two-month bull market trendline, positioned near 17K right now. IF that is breached, a drop to $15K may be in the offing,
#2 Trading weekMarkets opened higher with S&P futures moving towards the last high...
What could this mean? Well, technically speaking we could see a possible double top at the 3660 mark. And also, at the 4H chart a batman bearish structure!
Will this happen? Probably not because since March the markets have been moving on strong fundamentals and though multiples seem to have led to overvalued price shares the markets seems to enjoy the printing FEDs money machine and honestly as long as there is liquidity the market will keep on going higher... until it bursts eventually, And it will, trust me!
This is not sustainable because we are not currently having economic growth! Liquidity traps.
Well... this said we are not planning to add positions to our portfolio but we will keep an eye on BABA and WORK. They seem to bee at great prices, or at least getting there!
Follow us at our blog: 3psmarkets.blogspot.com
Weekly Review: Brexit Deal on Sight (Read for Fundamentals)Before Christmas, there is a series of events to bear in mind.
1. Brexit Outcome
Boris no longer has Trump support – weaker position
2. Black Friday, Cyber Monday, ECB Meeting
Nothing is strong enough to turn things to the worst.
A Brexit deal is expected to be reached this week which will strengthen the Pound Sterling.
MARKET COMMON SENSE, Know When to ExitAlways have exit rules in your system to know when to grab profits and run.
Read chart info!!
EURAUD H1 - Long SetupEURAUD H1 - This pair tried to bounce off support yesterday, but quickly round resistance at around 1:1.3, following protocol this would have been risk free. Still flirting between that 60 pip range, markets are fairly flat at the moment, looking for something to spice up today. Not masses on the economic calendar, but hopefully we can find something that moves markets. Underlying risk, EU/UK trade, Elections, CV19, US/China trade etc.
GBPCHF H4 - Long SetupGBPCHF H4 - Same reasoning for EG shorts, fundamentals spiking GBP and market volume comes into play and EUR/LON markets react to weekend headlines. Still best practice to let the dust settle after such an opening. Personally like to let London morning do it's thing before looking to scout any trades out around NA/LON overlap time.
EUGBP H4 - Short SetupEURGBP H4 - We saw this bounce from support to resistance over the course of last week, market gapped down and then retest that 0.91 handle nicely. We covered this in the weekly watchlist video posted yesterday, strong GBP gains as we kicked off EUR and LON open!
Weekly Review: Awaiting The Elections (Read for Fundamentals) Close to the elections (3rd November)
1. American Election - Tension
2. Stimulus Package – Only positive impact
3. GDPs – 3rd Quarter (slightly better than give some confidence)
4. 3rd Quarter Companies’ earnings – so far, they´ve been good (mostly in tech)
The logic thing would be for investors to keep taking profits ahead of elections and increased volatility.
- What I expect will be small lateral moves, more inclined downside if anything, best option is to wait on the sidelines to see what happens in the elections.
SP500 Gartley Pattern? Will we get a Gartley pattern in the SP500? Remains to be seen. We most likely had a 1/2 cycle low and not a Gartley, but stay awake.
EURGBP H4 - Long Trade SetupEURGBP H4 - Finally seen a break and retest of this 0.91 handle, looking to see if price holds above as support. A pair which is going to be heavily influenced again by risk events/brexit/trade talks.
USDJPY H4 - Long SetupUSDJPY H1 - Eventually broke that resistance price of 105.420 yesterday, looking to see a market correction to test that price as support again, another really good RR setup. All of the above range from 1:5 to 1:7
SPY Cup and Handle here's some monday afternoon bull chow for yall. lets see how this one plays out
cup and handle forming on SPY
Weekly Review: Clueless Territory (Read for Fundamentals)Will have a week similar to the last one, irregular.
We had a decent run in the last couple weeks, and now the market is starting to feel a bit clueless, why?
- American elections are approaching
- Disappointing news about vaccines development
- Bad Brexit negotiations
- Worse control of the virus than expected
However, the underlying sentiment of the market is bullish.
- 2021 & 2022 will be years of +20% earnings growth and this will guide the markets
This week:
- Technology earnings results (which will be decent and sustain the markets)
- Stimulus package talks will advance
Markets will move laterally keeping an eye on both earnings and stimulus package while waiting for the outcome of the elections, if anything they will end slightly up this week.
EURJPY H4 - Long Trade SetupEURJPY H4 - Looking for this pair to find support at current price on that 124.500 half number. Monthly key level, previous S/R and trendline test. Few confluences there, just need to hold off and see if we find support first with some maybe H1 reversal signs.
Weekly Review: Regaining Momentum (Read for Fundamentals)Current situation in the markets is being better than I expected.
- It may lose some momentum with the time.
Markets are starting to price in a stimulus agreement in the US.
- Which, honestly, is still far away to happen
Relationship virus – markets is starting to stabilise
In the short term, what really matters now is the stimulus agreement followed by the US elections.
From Tuesday, we´ll get some macro news. American macro is outpacing the rest of countries, Europe is not doing too badly and the UK is lagging behind.
I believe this week will not be as bullish as the last one and with the US elections, approaching the markets will start to flatten and be more cautious.
EURNZD: Price Action & Potential Bullish Continuation
Very important higher high higher close on daily on EURNZD.
after a consolidation within a wide trading range, the price formed a higher low,
and then it managed to break through a strong resistance cluster.
now the broken resistance area serves as support.
I will be looking for a reversal pattern on a lower timeframe to buy the market from it.
next goal will be 1.81
(remember that the safest entries are always on lower t.f / be patient and wait for a signal there to get low-risk opportunity)
AUDUSD H4 - Short SetupAUDUSD H4 - Lots of resistance just above current price, 0.72 is quite a bit psychological number, monthly key level, and resistance just a little above. Could be a second test of fibs/resistance before dropping again.
