Nasdaq has reached its Profit target as wellHi Everybody, Along with the Dow (see other post) the Nsadaq has also reached its profit target form the recent MTPredictor TS3 long trade. Just posting this as an update....
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GDXJ Potential Short SetupThe Junior Gold Minors GDXJ finished a wave 3 down on the daily chart. It has now completed an abc correction into wave 4. The MTPredictor indicators generated a TS2 automatic sell signal at 27.14 with a stop at 29.77. The initial target is 21.99 which is the minimum wave 5 target. If price does not hit 27.14 (the entry) and instead moves above 29.77 first, then the trade is invalidated.
If the Swiss referendum fails, we may see further declines in these stocks.
Bitcoin Trade UpdateThis is an update to my previous Bitcoin post "Bitcoin $370?". Bitcoin has now hit the 369.51 target.
One to WatchGDXJ is coming off an important low on the weekly chart. MTPredictor found this abc correction and generated a long TS3 Trade setup. The initial resistance/target can be the DP off of the b swing at 44 with the final target at 46.59. Obviously, today's FED meeting can be a game changer so be aware. I decided to sell puts here instead of take the trade outright. It will be interesting to see how this one plays out.
AUDJPY Getting Close To a SellThe AUDJPY has rallied off the DP buy signal and has reached its upside DP target. This is also a major resistance area where the tendency is for a market to begin a correction. I may miss this if it sets up today (Friday) as I don't like to trade forex on Friday's and hold over the weekend but I will re-visit it on Monday. The 96.80 area is the next major resistance and can probably be sold at that level but it is possible that we get a red sellers candle at today's close. A break below today's low, if we close with a red seller's candle today, would also be a potential short. There is a good probability that it may lead the ES (S&P) lower if it does trigger short. Today's Fed speak could potentially change this picture so be aware.
Bitcoin $370?The MTPredictor daily short calls for a $369.51 target. Expect a rally first back to $540-570 area.
AUDJPY Final Target Hit for 4.5RFinal Update - The AUDJPY short from 95.80 has hit its final target at 94.16 for 4.5 times the initial risk.
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Update AUDJPY Short TradeThe first target of 94.80 has been hit for about 2.5R profit. If you continue to hold all or part of the position, stops can be at break even or trailing with the ATR trailing stop. We are in a minor support here so have to expect a bounce here back to 95.20-40 area.
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The MTPredictor indicators are now available in TradingView!
MTPredictor AUDJPY 240M ShortThe AUDJPY reached a major Decision Point resistance level where a TS3 sell signal was given (abc pattern). Stops can be moved to break even if price reaches the 100% risk level. This is a nice low risk / high reward setup. Update 8/1. The 100% initial risk line has been exceeded so stops can be moved to break even if you prefer. The next support level sits at 94.80. This is a Decision Point support off of the b swing. This can be used as a target as well for about 2.5R profit.
New Bull Market in Silver Ahead?After making a wave 5 high in April of 2011, silver has corrected back to its wave 4 Decision Point which is the tendency after completing a 5 wave sequence. If this current wave 4 DP holds as support, then the tendency is that the prior trend, which was up, should continue up. Silver looks to be bottoming and should, eventually, begin a new bull market.
