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Neckline

USDCAD: Key Levels to Watch for Potential EntryMornin' traders! There are a couple of key levels to watch here on USDCAD. The most important of which to me is the 1.284 area. Before taking a long position I want to see price close the weekend gap and touch the unhit daily pivot for Friday. Since a higher low was created from a bullish impulse, I will be looking for bullish price action (pinbars, engulfing candles, signs of rejection) at this level toward the neckline and possibly further if the H&S pattern remains valid. Until then, I'll be by the sidelines watching. Happy Trading!
Long
by glennmercer
AUDUSD ANALYSIS WEEK OF JULY 31, 2016Weekly: Price is at major resistance area at 0.76000. The candle did not close bullish above last weeks candle followed by the bearish shooting star. Finding a nice short would be a good idea before its continuation up. 4 Hour: Price is in a nice upward channel. I see a possible Head & Shoulders pattern forming. The right shoulder can possibly form in the price area of 0.76000 - 0.76500. Break of the neckline is a good area to enter for short. Next area to look at to long would be 0.72500 - 0.72800 Wishing everyone a good trading week!
Short
by Jnwsk
1
Dow Jones forecast week commencing 16th MaySo on Friday 13th May, we have seen the classic head and shoulder topping pattern confirm here on a lot of major indices. You could apply this thinking also to S&P500 and its derivatives Spy etc. So the head and shoulder neckline break, all in shorts right? Wrong. Note the orderly bearish action, respecting fibs very tightly on the way down. Also note the formation of a downward channel in the process of forming the head and right shoulder. Also note that next week is options expiry (Opex) on Friday 20th May. This chart tells you all you need to know about what usually happens in these weeks northmantrader.files.wordpress.com So my plan for next week is perhaps initially scalp short, and look for a reversal around the bottom purple channel line. If this plays out well and we see reversal there, you can get long and hold it, perhaps even past opex into week commencing 23rd May. Just keep bringing up your stops to lock in profit, or ride the trend (buy dips) intraday if you prefer. If all goes according to plan (warning - it usually doesn't :D), we'll hit the upper trendline, and this will coincide with a 61.8 retracement and also a proper retest of the H&S neckline as resistance. If the plan is still in tact at this stage, that could be an excellent place to look for shorts, aiming for the technical target of the H&S, all the way down at 17k on the dow (which also coincides with the big 2000 level on S&P 500)
FX:US30Long
by BobVanders
2
Reposting AAPL short in a clearer wayPeople will laugh at you if you say $75 as a price target for AAPL-3.06% . But there are some good technical reasons to believe it might happen, outlined in this chart. WE have an unfilled gap at $75, and a confirmed H&S top with a technical target that takes us to the gap. Sentiment has turned and while a move to $75 would be extreme for such a profitable company, extreme things happen in the market more often than we like to think. Even if you don't like the short, if AAPL-3.06% does freefall, the $75 mark represents an excellent target from which to buy and hold as an investor, if you believe the company is extremely undervalued at such a level. Update status
NASDAQ:AAPLShort
by BobVanders
S&P 500 Top and Short TargetSo we see a longer trend of lower lows, and lower highs on most major indices worldwide, and this is clearly also starting to catch up with USA too. The latest bull move is looking extended and we are seeing signs of exhaustion and a rather messy-looking head and shoulders top is emerging. The key feature here is we have a rising support, the neckline, that gives us an opportunity to short and manage our risk in the trade. I don't expect this to be a simply break, the right shoulder may drag on, there may be fake breaks of the neckline, but ultimately if you smooth out the noise with a longer timeframe, and ideally wait for the neckline to act as resistance, you should have the opportunity for a great entry for a trade that can net you at least 40 points on S&P, 500 points on Dow and so on. The 2000 level is an obvious downside target not just because it's a round number but it is the technical target of a head and shoulder, and it's also the most obvious level of horizontal support and resistance on this entire chart. Even if the downmove is going to be sustained, I'd be really surprised if we don't bounce significantly at 2000, and I'd be more interested in long scalps at that level than holding onto any shorts. Assuming I'm wrong and the neckline holds for now, even if we do break above the curve down, I'm still not interested in long positions in this market until we get a significant pullback after this very stretched looking bull move.
FX:SPX500Short
by BobVanders
(D) Double Bottom // The Weekly Neck // Gartley // IF=THEN ®FX_IDC:CADJPY . Double Bottom @monthly&weekly support; . The Neck @ weekly resistance; *Double bottom is only valid if the price break the neck; . Bullish impulse: - IF this is the 3th wave, it "should" terminate around the 161% extension, close to the neck, and then a small pull back expected that can't cross the top of wave 1 forging wave 4, and... wave 5=wave 1; (by default) Between 89$ / 90$ >> The Gartley is completed, start looking for divergence on that price zone for an eventual short; GARTLEY Point B: 61.8% can not touch 78.6% XA Point C: 38.2% to 88.6% AB Point D: 78.6% XA 127% ext AB Target: TP1 38.2% AD TP2 61.8% AD * Risk/Reward - SL above point X, look the structure... Extra trade setup: The 2618 Bullish trade IF the Gartley offer us the 2nd take profit target zone around daily support @82.81$ - again, once there, start looking for divergence for an eventual buy; Check educational links below: double top and 2618 - how to trade it... default elliott waves behavior... rsi divergence... and harmonic patterns ratios; Safe Trades;
Long
by Andre_Cardoso
1