AUDUSD Resistance Tested Successfully 0.76050Major resistance held (R1) Short anywhere here to trade in the range, and place Sell Stop below the Range for breakout to the Monthly PP and S1 and beyond!
Monthly Pivots
Dax goes down finallyDax gives oversold and seems to correct its bullish move for now.
Possible take profit in the move could be first missed monthly pivot.
USDCAD Longterm Shortwaiting for confirmation of break of the current monthly trendline support, after that a good move to the downside to price 1.28256, that support will be tested for a further break to create the new lower low in the monthly perspective.
Cable Monthly H&S - Wait for BounceThere is a clear head and shoulders pattern complete on the monthly chart for cable. Instead of shorting the pair immediately, I'd rather sell it from the 1.6 area to create a higher R/R and minimize risk. If we see a monthly pinbar for August I will be buying the pair up to this level on the 1-4 hour TF. There's an overage of pessimism surrounding the GBP at the moment and any buying pressure may trigger a swift and powerful bullish impulse. The missed pivots above price may pull the pair toward the sell limit level and add to the bullish bias after month end.
NZDCAD Short: Wolfe Wave + Expanding Triangle at 50% RetraceAfter the RBNZ announcement cancelled the last NZDCAD short, a new opportunity has presented itself. A bearish WW has formed with the touch of the 2-4 parallel confluent with the 50% retracement level. We also have a potential E point of an expanding triangle complete which may mark a larger reversal from these levels. On the daily chart, the pair is contained within a bearish expanding triangle and this could present an opportunity to ride it down toward point E on the larger TF. The unhit pivot for June 2016 presents a nice target at which to take profit.
Bearish Confluence:
Bearish Wolfe Wave complete
Expanding triangle
50% retracement level
Descending expanding triangle on daily TF
Unhit June, 2016 pivot below price
Bearish RSI Divergence
RSI Overbought
Again, be mindful of news events. It is a good idea to wait until the Poloz speech at 11:15EST for entry as this may present significant CAD volatility. Happy trading to all!
GBPAUD Long: Breakout to New Monthly PivotGBPAUD has broken a bearish trendline and could possibly reach its new monthly pivot for February, 2016. This is a simple mean reversion trade based on structural S/R and a trendline breakout. Support may be found at the 200SMA and 200EMA lines in addition to S/R from structural lows. The short-term bullish trendline may also add support should price reach those levels. Entry is placed at the retest of the bearish trendline with SL below structural lows and target at the new monthly pivot.
EURCAD Short: Bearish 5-0 Accompanied by BatEURCAD has been trending upward for a couple of months and has recently shown signs of weakness and a potential reversal. The 5-0 pattern is a great way to enter on the reversal. The entry is placed at 0.5BC which is confluent with the completion of a bearish bat pattern. SL is placed above structure highs and .618BC. Targets are placed at BC terminus, 1.272BC, unhit January 2016 pivot and the unhit pivot cluster from early December.
USDCAD Short: Bearish Gartley in S/R ZoneUSDCAD is nearing the completion of a bearish Gartley pattern. The PRZ falls inside of a significant S/R zone, adding to the probability of a reversal at those levels. With a potential upcoming rebound in oil this could provide a nice entry for a larger bearish move toward the missed pivots sitting below price (see related ideas). This would of course depend on price action at the target if TP is achieved. Entry is placed at .786XA with SL above X and target at .618CD.
Confluence in the PRZ:
.786XA (Gartley completion)
1.272BC Projection
AB=CD
S/R Zone
Many missed pivots below price
Potential long setup in USOIL
Long GBPJPY: Bat + Crab Complete at Weekly Trendline SupportGBPJPY has entered the PRZ of two bullish patterns on the daily chart. The PRZ aligns with both horizontal and trendline support which may add to the potential for reversal at this level. Multiple unhit monthly and weekly pivots sit above price and may help pull price toward target. To add to bullish bias, MACD has produced bullish divergence and RSI is oversold. Entry is placed at crab completion with SL below horizontal support and targets at the unhit January, 2015 pivot and the 50% retracement of the bullish bat CD leg.
Bullish Confluence:
Bullish Bat
Bullish Crab
Weekly horizontal support
Weekly TL support
Multiple missed pivots above price
Bullish MACD divergence
RSI Oversold
AUDCAD Short: Gartley, 2 Crabs, Wolfe Wave, Pivot, S/RAUDCAD has completed a series of bearish patterns at an important .382 retracement level. Two bearish crabs are confluent with a bearish Gartley pattern and a bearish Wolfe Wave 2-4 parallel. To add to the bearish bias, the unhit pivot for the month of December is precisely confluent with 50% retracement of the green crab CD leg. SL is placed above WW entry with target at the December pivot/.5CD.
Confluence in the PRZ:
Bearish Gartley pattern completion
Bearish crab pattern completion (2X)
.382 Fib S/R level
Bearish Wolfe wave setup
Unhit December, 2015 pivot below price
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Short CADJPY: Gartley + Wolfe + TL + PivotCADJPY has completed a bearish Gartley pattern and has thus far respected its resistance in the potential reversal zone. The Gartley PRZ falls in the sell zone of a bearish Wolfe wave which produces a confluent target with the harmonic pattern. To add to bearish bias, an unhit monthly pivot sits below price. SL is set above Gartley 'X' point with targets at .382CD, .618CD, and the unhit pivot for the month of November.
Confluence in the PRZ:
Bearish Gartley pattern completion
AB=CD (Gartley)
1.5BC projection (Gartley)
Bearish Wolfe wave setup complete
Trendline resistance confluent with Gartley PRZ
Unhit monthly pivot below price
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EURGBP Cypher, Wolfe Wave Complete at Support - Ending Diagonal?EURGBP has produced a bullish cypher pattern in addition to a number of other bullish signals. The PRZ of the cypher lies at a major support trendline (see chart below). A bullish Wolfe wave setup has been completed in the same area. Bullish RSI divergence is present and is also oversold at the PRZ. To add to the bullish bias, an unhit cluster of pivots sits above price. I've counted a 5 wave bearish impulse with a possible ending diagonal that could be followed by sharp bullish price action. Target is set at the unhit monthly pivot. SL is placed below trendline support.
Confluence in the PRZ:
Bullish cypher pattern completion
Bullish Wolfe wave pattern completion
Major trendline support
Unhit pivots above price
Possible ending diagonal
RSI oversold
Bullish RSI divergence
D1 Trendline Support:
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Long EURUSD: 1H Bat Complete in 4H Gartley PRZEURUSD has completed a bullish bat pattern inside of the PRZ of a larger TF bullish Garltey. Moving into the bat PRZ, RSI and MACD have printed bullish divergence. To add to the bullish bias, an unhit pivot cluster sits above price and coincides with .382 retracement of the Gartley CD leg. Targets are placed at .382 and .618 retracements of CD. SL is placed below Gartley point X and outside of the PRZ of a potential bullish crab pattern.
Confluence in the PRZ:
Bullish Gartley pattern completion
1.272BC (Gartley)
AB=CD pattern completion (Gartley)
Bullish bat pattern completion
2BC (bat)
1.618AB=CD (bat)
Unhit weekly pivot above price
Unhit monthly pivot above price
Bullish RSI divergence
Bullish MACD divergence
NZDCAD LONG - POTENTIAL REVERSAL ZONEAlthough NZDCAD has not completed a technically valid Gartley pattern since the C point has exceeded its .886 conventional limit, the pair has still found support in the .786XA area. In addition to this key retracement level, there is confluence in this area between 1.272AB=CD and the 1.272 projection of BC. To add to the bullish bias, a missed monthly pivot sits about 1,000 pips above the PRZ. I like to enter at the bottom of the PRZ with a target near the missed monthly pivot for April, 2015.
EURCHF Short: Ending Diagonal & Wolfe Wave Reversal to PivotsEURCHF has completed a possible ending diagonal and has made a reversal in a confluent PRZ. Wolfe Wave theory defines the sweet zone, or the area of a probable reversal, as the area between 1-3 and the 2-4 parallel extension from point 3. Similarly, EW theory suggests that wave 5 will often overshoot in an ending diagonal which may be followed by a swift and powerful reversal. This area also coincides with 1.272AB=BC, the 2.5 projection of wave 2, and 707AB. To add to bearish bias, there is also a missed weekly pivot, missed daily pivot, unhit weekly pivot, and an unhit monthly pivot below current levels, all of which could drag down price. Profit is typically taken at the 1-4 target line or at any of the unhit pivots.
If price should extend past the September, 2015 pivot I will start looking for long opportunities in the bullish shark PRZ.
GBPCAD Short: Bearish 5-0 Pattern CompleteGBPCAD has satisfied the conditions of a bearish 5-0 pattern at the 50% retracement of the CD leg. Missed monthly pivots for June and July of 2015 will likely help drag the pair down to the target area. There is tight zone of confluency around 1.978 shared by .786 XO, 1.272BC projection, and .786BC=DE, which makes for a nice area to take profit. The next level to look for on the downside would be the missed pivot for July.
Short GBPUSD: Bearish Crab + Pivot Cluster + Wolfe + S/R GBPUSD has formed a potential bearish crab which contains a PRZ that coincides precisely with an unhit pivot cluster and a potential Wolfe Wave target. As profits are taken at the pivots, price may have a tendency to reverse quickly and drastically. SL is placed above a significant support and resistance area. Profit is taken at the PRZ of a potential bullish butterfly pattern confluent with a Wolfe Wave buy zone. If trade is triggered and target is hit, I will look for PA reversal signs at the bullish butterfly/Wolfe wave PRZ.
Confluence in the PRZ:
1. Bearish crab pattern completion
2. 3.14BC projection
3. 2.5AB=CD completion
4. Unhit monthly pivot for October, 2015
5 Unhit weekly pivot
6. Significant S/R area
7. Potential WW target
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Buy OPK: Bullish Bat Complete at Psychological SupportOPK has completed a bullish bat pattern at an excellent support level. Price is showing clear signs of respecting the tight and confluent PRZ and may begin to reverse toward the upside in the next couple of days. The company has strong fundamentals with Phillip Frost's outstanding track record in biopharmaceutical innovation as its backbone.
PRZ Confluence:
1. Bullish Bat Completion
2. 3.14BC Projection
3. 1.886AB=CD
4. 10 dollar psychological support level
T1 is set at .382XA and the unhit monthly pivot for September, 2015.
T2 is set at .618XA, confluent with a missed pivot cluster.
AUDCAD T2 Achieved: Now Short at Bearish Deep CrabAUDCAD has achieved T2 of the bullish crab idea that I recently published (see below) and has now completed a bearish deep crab pattern. The PA has respected the 1.618 projection of xa and it is time to look for a short entry.
Confluence in the PRZ:
1. Bearish Deep Crab Completion
2. Weekly Pivot
3. September, 2015 Pivot
4. .618CD (Bullish Crab Target)
5. 1.5ab=cd; upper limit
6. 1.41ab=cd; lower limit
Target set at confluence between .618cd and the new weekly pivot.
Bullish Crab Idea:
AUDJPY Short: Gartley Complete, Target at Weekly PivotAUDJPY has completed a precise bearish Gartley pattern after a .618 retracement of the xa leg followed by another .618 retracement of ab. Although the pattern is technically complete, Gartley patterns will often test all of the levels in their potential reversal zones which typically consist of the area between .786xa and ab=cd. A conservative entry is at the top of the PRZ, should price reach that level. This allows for a stop above structural S/R while maintaining a substantial risk-to-reward ratio. The new weekly pivot provides a nice target as it is confluent with .618cd.
EURGBP SHORT - BEARISH BAT COMPLETEEURGBP has completed a bearish bat near significant trendline resistance. An unhit monthly pivot may drag the pair further past its X origin and toward the territory of 3 potential long opportunities.
Long SHAK on Strong Divergence and TL Break at S/R ZoneAn hourly close above the 7-week-long bearish trendline provides a great opportunity to go long SHAK, which has made a strong bullish move at its daily support zone. With low float, high volume, and an appearance on Friday's Top Gainers for many popular signal services, there is a high probability of more bullish movement in the upcoming weeks.
Enter on any short-term pullbacks. Minor resistance area below the unhit monthly pivot for July provides a nice target. SL should be placed below daily support area.
