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Necklinetrader

GBPUSD | Perspective for the new week | Follow-upIt's over 300pips run in our direction since my last publication on this pair (see link below for reference purposes) and it appears another trading opportunity is unfolding as we await the completion of a reversal setup after multiple rejections of the Supply zone @ $1.42250 area in the last 25 days. The Pound edged lower during the Friday trading session but held a couple of pips above the Neckline (Key level) at exactly the $1.41000. Considering general parameters supporting a positive outlook on Federal Reserve monetary policy, the Dollar’s dominance across major pairs appear to rub on the Pound too with the intent of correcting the long-term Bullish perspective. Tendency: Downtrend (Bearish) Structure: Reversal pattern | Supply & Demand Observation: i. The appearance of what looks like a triple Top structure after price created multiple peaks at nearly the same level @ $1.4200 area indicate a possible price slide should the price move below pattern support at Neckline (Key level @ $1.4100) in the coming week(s). ii. Multiple rejections of the $1.4200 area in the last 25days signals that the price may no longer be rallying and that lower prices may be on the way! iii. In this regard, I shall be looking forward to a Breakdown/Retest expectation of Neckline for confirmation to join decline as below Key level @ $1.4100 remains a comfort zone for selling opportunity. iv. As it occurred on my EURUSD speculation, a further plunge below $1.4000 might welcome addition to the existing position. v. CAUTION: It is important that I state here that the overall perspective to this pair is Bullish (see weekly chart below) and if price remains above Key level, the whole narrative shall be rendered invalid... Trade consciously! 😊 Trading plan: SELL confirmation with a minimum potential profit of 200 pips. Risk/Reward : 1:5 Potential Duration: 4 to 10 days NB: This speculation might be considered to make individual decisions on the lower timeframe. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Short
by darcsherry
EURUSD | Perspective for the new week | Follow-upWe are yet to find an avenue for Bearish confirmation since my last publication on this pair as the price continues to find a higher high (see link below for reference purposes). Continuous rejection of the $1.22500 level since mid-May 2021 is a clue pointing at the possibility of a bearish momentum building up at this juncture in the market. The prospect of positive clues on Federal Reserve monetary policy and weakness in the euro appears to be restoring some confidence back for the Greenback in the coming week(s) as I am looking forward to a Breakdown/Retest of Neckline which is also a Key level @ $1.21200 for confirmation. Tendency: Downtrend (Bearish) Structure: Breakdown | Supply & Demand | Trendline Observation: i. The line drawn under pivot lows is a visual representation of the prevailing direction and speed of price action in the last couple of months. ii. We have witnessed a sharp rise in the value of the Euro since the beginning of April 2021 and the multiple rejections at the $1.22500 area reveal a decline in Bullish momentum as Sellers appear to be on the verge of dictating the direction of price action in the nearest future. iii. Breakdown of Trendline on the 3rd of June followed by a sharp rejection of same during last week trading session anticipates a change in direction. iv. In this regard, I shall be looking forward to a Breakdown/Retest of Neckline (Key level I) @ $1.21200 for confirmations in the coming week. v. Further plunge below Key level II @ $1.19500 might welcome addition to the existing position... Trade consciously! :) Trading plan: SELL confirmation with a minimum potential profit of 250 pips. Risk/Reward : 1:6 Potential Duration: 5 to 10days NB: This speculation might be considered to make individual decisions on the lower timeframe. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Short
by darcsherry
6
NZDUSD | Perspective for the new week | Follow-upWith approximately 300pips move in our direction since my last publication on this pair (see link below for reference purposes); It appears we are at a juncture for a trading opportunity in the market as I suspect a risk of further decline for the Kiwi as Breakdown/Retest of Neckline which is also my Key level @ $0.71500 becomes imminent. The US Bureau of Labor Statistics reported on Friday that Nonfarm Payrolls rose by 559,000 in May and despite figures reported to be below expectations, the Greenback appears to be on the verge of soaring in the nearest future. Tendency: Downtrend (Bearish) Structure: Breakdown | Supply & Demand | Harmonic pattern (AB = CD) Observation: i. The $0.7300 area appears to be a very strong supplication area since the beginning of the year 2021 as an attempt from buyers to break above this level in February was followed by an emphatic bearish run that lasted a whole month! ii. It is also obvious that the $0.73000 level became a stalling zone (approximately 61.8% retracement of AB leg) for the correction of the Impulse leg AB as it was met with multiple rejections hereby emphasizing the strength of sellers at this juncture. iii. In this regard, I shall look forward to a transition into an ABCD pattern with parameters explained below; a. Impulse A-to-B is expected to be in harmony with the potential C-to-D leg. b. The B- to-C leg is currently at 61.8% Fibonacci retracement (with the possibility of a 78.6%) of the A-to-B leg. c. The C-to-D leg is expected to fall within 127.2 - 1.414% Fib. ext . of the A-to-B move @ $0.67500. iv. The Breakdown of $0.71000 (Demand zone) in March 2021 reveals that sellers are beginning to creep in at this level for future investment in the Greenback. v. This critical observation led to the identification of a New Supply level of around $0.72000/0.71500 for a future selling opportunity. vi. Conscious trading shall anticipate a Breakdown/Retest of Key level @ $0.71500 in the coming week for confirmation. Trading plan: SELL confirmation with a minimum potential profit of 300 pips. Risk/Reward : 1:5 Potential Duration: 5 to 10days NB: This speculation might be considered to make individual decisions on the lower timeframe. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Short
by darcsherry
BTCUSD | Perspective for the new weekThe volatility of Bitcoin during the course of the weekend continued with a sudden drop to $33,500 which was immediately followed by a sharp recovery by a couple of thousand dollars. In the last 3 days; Swings at decisively overcoming the $40,000 (Neckline and Key level) barrier proved abortive as every attempt was met with a vigorous rejection dipping further into the $33,500 area. With the appearance of what looks like a Double bottom structure ( a strong reversal pattern) at the Demand zone indicated on the chart describes a "potential" change in trend and a momentum reversal from prior leading price action, I look forward to a rally in the coming week(s) with Breakout/Retest of Neckline @ $40,000 serving as a signal for entry. Tendency: Uptrend (Bullish) Structure: Impulse Leg | Supply & Demand | Double Bottom (reversal pattern) Observation: i. The appearance of a Double Bottom look-a-like describes the drop of price to $31,100 area, a rebound to $40,000 area, another drop to a similar level as the original drop, and finally, another rebound appears to build at the time of this report. ii. In this regard, the twice-touched low is considered a Support level (Demand zone) for a future buying opportunity. iii. The Double Bottom following a major downtrend (Impulse Leg) which began on the 10th of May 2021 signals the reversal and the beginning of a potential uptrend. iv. For me, the second Key level @ $34,500 shall serve as a borderline for buying opportunity as anything below this level shall be invalid for a potential rally. v. For the very cautious traders who prefer to be on a safe side :), a Breakout/Retest of Neckline (Key level I) @ $40,000 ( a psychological level) might be a comfortable haven for a rally continuation... Trade consciously :)! Trading plan: BUY confirmation with a minimum potential profit of 1,700 pips. Risk/Reward : 1:19 Potential Duration: 7 to 20days NB: This speculation might be considered to make individual decisions on the lower timeframe. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
BITSTAMP:BTCUSDLong
by darcsherry
EURJPY | Short Term Perspective for the new weekWe enjoyed a 150pips run in our last publication before the price began to find higher highs (see link below for reference purposes) which topped @ Y133.4ish during last week trading session. Even as the EURJPY appears Bullish on the long-term outlook, the break below Key level @ Y132.800 which also serves as the Neckline of the Double Top structure signals a risk of further decline (a decline which may be considered temporary and in anticipation of a future rally) into Bullish Trendline indicated on the Daily chart (see chart below) for the Euro in the coming week(s). In this regard, I shall be hoping to take a short term counter trend opportunity when the signal is duly confirmed! Tendency: Temporary Downtrend (Bearish) Structure: Breakdown | Supply & Demand | Reversal pattern (Double Top) Observation: i. Since the successful break above Y132.800 on the 14th of May 2021, the price found a niche and remain "supported" above this level in the past week. ii. The appearance of a Double Top which can be considered an extremely bearish technical reversal pattern forming after the price reached a peak @ Y133.400 two consecutive times with a moderate decline between the two highs signals a potential decline in price in the coming week. iii. The Breakdown of Bullish Trendline which also coincides with Breakdown of Neckline @ Y132.800 during the early hours on Friday appears to be a strong indication that supports a build in momentum for the Bears. iv. With a new Supply level identified on the chart at around Y132.7000/133.000; the retest of Key level (Neckline) @ Y132.800 shall be my yardstick for selling opportunity in the coming week(s). v. I suspect a Correction move of the Bullish run that was initiated on the 22nd of April 2021 (see Daily chart below) is about, to begin with, the aim of testing the Bullish Trendline (see Daily chart below) with high anticipation of a rally continuation in the nearest future... Trade consciously! Trading plan: SELL confirmation with a minimum potential profit of 150 pips. Risk/Reward : 1:6 Potential Duration: 4 to 10 days NB: This speculation might be considered to make individual decisions on the lower timeframe. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Short
by darcsherry
EURCHF | Perspective for the new weekAfter moving over 350pips in our direction since my last speculation on this pair (see link below for reference purposes); the breakdown of the Demand zone which has held price "Supported" in the last 70 days was finally broken to the downside giving rise to a "quick" counter-trend opportunity in the coming week(s). Tendency: Downtrend ( Bearish ) Structure: Supply & Demand | Breakdown | Trendline Observation: i. The Bullish run that began mid-February 2021 and peaked @ Fr1.11500 appears to be going through a Corrective phase. ii. The Breakdown of Fr1.09800 during last week trading session signals the seller's strength at this juncture in the market. iii. With Bearish tendencies "screaming" since Breakdown, I am of the opinion that a potential new Supply level around Fr1.0200/1.09800 shall crystallize in the coming week. iv. A comfort entry after a further Breakdown/retest of Key level @ Fr1.09500 in the coming week(s) should trigger confirmation with the aim of testing Bullish Trendline (Check the weekly chart below). v.This been said, there is also a possibility that the Bullish trendline on the weekly chart might be broken (considering the long-term bearish perspective) hereby welcoming an opportunity to add position at retest... Trade consciously! :) Trading plan: SELL confirmation with a minimum potential profit of 130 pips. Risk/Reward : 1:4 Potential Duration: 5 to 10days NB: This speculation might be considered to make individual decisions on the lower timeframe. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Short
by darcsherry
USDCHF | Perspective for the new week | Follow-upPrice has moved over 100pips in our direction since my last publication on this pair (see link below for reference purposes) and I am looking forward to a further dip to complete correction of the Breakout that happened on the 24th Feb 2021 to join the rally in the coming week(s). Following the Swiss National Bank (SNB) Chairman Thomas Jordan perspective that it shall continue to adopt a negative interest rate approach appears to pose a negative effect on the Swiss franc as the risk of further decline remain imminent even though it remains highly valued. Tendency: Uptrend ( Bullish ) Structure: Breakout | Supply & Demand | Harmonic pattern (AB = CD) Observation: i. Following the neckline Breakout, the price hit a peak of Fr0.94750 - a level that was immediately met with rejection as it rolled back down with a possible motive of making a Correction of the last Breakout (AB leg). ii. In this regard, I shall be looking forward to transposition into an AB = CD pattern with parameters explained below; a. Leg A-to-B is expected to be in harmony with the potential C-to-D leg. b. The B- to-C leg is expected to test 61.8% - Fr0.905000 (with the possibility of retracing into 78.6% - Fr0.89000 in the future) Fibonacci retracement of the A-to-B leg. c. The C-to-D leg is expected to extend within 127.2 - 1.414% Fib. ext. of the A-to-B move @ FR0.975000 area. iii. I must emphasize here that completion of retracement (BC leg) is what we are waiting for to join the rally and it is very possible that completion might be at the Demand zone which is around Fr0.890000/0.905000 before the rally begins. iv. However, should price decide not to retrace that dip, then a close above Key level @ Fr0.915000 shall be a yardstick for buying opportunity in the coming week... trade consciously :)! Trading plan: BUY confirmation with a minimum potential profit of 500 pips. Risk/Reward : 1:8 Potential Duration: 20 to 30days NB: his is a long term speculation and may be considered to make decisions on lower timeframes. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Long
by darcsherry
Cup and HandleSo while on the stock app StockTwitz that trolls people for having ideas. Someone tagged CLSK on the NOK page. Looking at the weekly chart, I noticed Immediately the massive cup and handle. Unfortunately I caught the entry a little bit late but hey, I made an entry at $20.12 right above neckline $18.60. with a Stop Loss at $13.98 for hunters Now since this being on the weekly chart. This can take several months to hit the desired target. To calculate Target price take the height of the cup to the lowest point. X2 which is roughly $71. I cant stress enough. Always set a stop loss. People have the misconception of "What if"... It never works that way. Trade Safe - Spoofy
NASDAQ:CLSKLong
by SpoofytheWhale
USDCNH | Perspective for the new weekThe prospects for further downside in USD/CNH remain a dominant subject amongst market makers as China is rolling out a digital yuan that will make her the world's second-largest economy the first country to create its own digital currency; I see a Reversal setup building up with structural tendencies that might drive the Greenback to higher highs in the coming week(s). Tendency: Uptrend ( Bullish ) Structure: Breakout | Supply & Demand | Reversal pattern Observation: i. Since mid-February 2021; the price of the Dollar has risen as it continues to find Higher highs until a successful Breakout of Key level happened early in March 2021. ii. It is obvious that the Y6.54000/6.50000 that has been a strong Supply zone for close to 3 months was finally hijacked by buyers in March 2021 with a successful Breakout. iii. Following the Breakout, the price found a niche around Y6.48000 which appeared to be a new Demand zone for Bullish expectation. iv. Taking a long term perspective view on the weekly chart; I see price action transition into a Corrective phase after the Impulsive Bearish move that began mid-last year in the coming week(s) hence my Bullish bias. v. With my Key level marked @ Y6.49000, I shall be looking forward to buying opportunity above this level to join the potential rally. Trading plan: BUY confirmation with a minimum potential profit of 1,800 pips. Risk/Reward : 1:6 Potential Duration: 15 to 25days NB: This speculation might be considered to make individual decisions on the lower timeframe. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Long
by darcsherry
GBPUSD | Perspective for the new week After looking forward to Bearish expectations during my last publication on this pair, the price moved against us as it broke through the Descending channel with possibilities that "screams" Bullish expectations in the nearest future(see link below for reference purposes). The majority of the speculators are looking to short the Pound despite UK data been mostly positive in recent times, considering the Manufacturing Production (MoM), Unemployment Rate dropping to 4.9% in February and jobless claims edging up by only 10,100 in March – both showing the labour market's strength. In this regard, I am having a different perspective as the current set-up looks more Bullish to me! Tendency: Uptrend (Bullish) Structure: Breakout | Supply & Demand | Reversal pattern (Double Bottom) Observation: i. From a long term perspective on the Weekly chart, the Pound has been on a Bullish run since last year - 2020. ii. After hitting a peak @ 1.42400 in Feb 2021, the price has gone through a Corrective phase that appears to find a bottom @ $1.36800 which is confirmed by the appearance of a Double Bottom pattern - a strong reversal set-up. iii. Since hitting $1.36800 mid-April 2021, the price has continued to find a Higher High which later led to a Successful Breakout of Neckline @ $1.39000 before making a Correction during last week trading session. iv. In this regard; I have spotted two windows for Buying opportunity (indicated on the chart as Buy window I & II) should price dip further. v. To be on the safe side for a rally continuation, I shall advise that we look forward to buying above Neckline which is also a Key level ($1.39000) for Bullish expectations. Trading plan: BUY confirmation with a minimum potential profit of 250 pips. Risk/Reward : 1:4 Potential Duration: 4 to 7days NB: This speculation might be considered to make individual decisions on the lower timeframe. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Long
by darcsherry
USDCHF | Perspective for the new week | Follow-upWe had a very good trading opportunity on our last trade on this pair as the price moved over 500pips in our direction since my last publication (see link below for reference purposes). Fr0.92300 has held price "Supported" five good times in the past hereby making this level a very viable Demand zone we can "trust". However, this same level has been a strong Support/Resistance level on the weekly chart (see below) and considering this character I shall be very careful here as a Breakdown might insinuate a risk of further decline... Let's take a look at what I think; Tendency: Neutral Structure: Breakdown | Supply & Demand | Trendline | Reversal Pattern (H and S) Observation: i. The Trendline indicated on the chart has been a significant factor in deciding the prevailing bias of participants in the market since December 2020 as price tend to follow in the direction of a Break above/below at any given point in time. ii. Since the break above of trendline (Fr0.91400) happened in early March 2021, Price has found a niche above Fr0.92200 which has become a strong Demand level. iii. Demand level is considered strong due to the number of times the price has rejected this level to the upside in the past (five times!). iv. Even as this level is considered strong, I am in a dilemma as the Breakdown of the Trendline during last week trading session might either be a false Breakdown or an incitation of a further decline in the nearest future should the price decide not to respect the Demand zone and do a Breakdown. v. To be on the safe side for a rally continuation, I shall be looking to buy above Neckline which will also be a Key level @ Fr0.92750 for Bullish expectations. vi. How to know if Breakdown is valid or not? When the price does not respect Demand zone and break down the Fr0.92000 area then we look forward to correction of Breakdown to join the decline train. vii. This been said, we can not ignore the Reversal setup forming on the Daily chart as I see a Head and Shoulder pattern forming should price rally in the coming week (see chart below). Trading plan: BUY confirmation with a minimum potential profit of 150 pips. SELL confirmation with a minimum potential profit of 170 pips. Risk/Reward : 1:5 Potential Duration: 5 to 10days NB: This speculation might be considered to make individual decisions on the lower timeframe. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
by darcsherry
2
USDCAD | Perspective for the new week | Follow-upCAD appears to have gained some ground after a strong employment report last week which brings me to re-visit my existing stance on this pair. The price moved over 160pips in our direction since my last publication before meeting selling pressure @ CA$1.265000 followed by rejection at this same area during last week trading session to make a complete Reversal pattern (Double Top) at exactly the peak of the Channel Trendline (see link below for reference purposes). This feat completely emphasizes that price action is about respecting the Descending Channel (See chart below) one more time as I look forward to a breakdown/Retest of Neckline which is also my Key level @ CA$1.25300 for confirmation in the coming week(s)! Tendency: Downtrend ( Bearish ) Structure: Breakdown | Supply & Demand | Reversal Pattern (Double Top) Observation: i. Since the last quarter of last year, the price has been fluctuating between consistent highs and lows within a Channel in a downward trend. ii. Double Top: The appearance of an extremely bearish technical reversal pattern that formed after price touched a high @ around CA$1.26500/1.26350 area two consecutive times with a moderate decline between the two highs calls for a Bearish bias in the coming week(s). iii. As at the time of this analysis, price is hovering in a Demand area (CA$1.25300 - neckline) that might thrust price up hereby making us revert to my previous bias ( see link below). iv. Opening a sell position on this pair can only be confirmed below Key level. Waiting for a significant Breakdown/retest of Neckline @ CA$1.25300 (Demand zone) is the only means of confirming that the Bears have come to stay at this juncture... trade consciously :)! Trading plan: SELL confirmation with a minimum potential profit of 250 pips. Risk/Reward : 1:5 Potential Duration: 5 to 10days NB: This speculation might be considered to make individual decisions on the lower timeframe. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Short
by darcsherry
XAUUSD | Perspective for the new weekXAUUSD presents me with a set-up that looks very similar to my last publication on NZDUSD (see link below for reference purposes) as the Greenback appears to gradually lose its momentum amidst falling US Treasury bond yields. Gold appears to be on the verge of soaring high in the coming weeks as a complete reversal set-up is evolving. With recent events that turned out during Friday's trading session, the bulls may continue dominating the market provided my Key level @ $1,750 is penetrated to the upside. Tendency: Uptrend ( Bullish ) Structure: Supply & Demand | Reversal pattern (Double Bottom) Observation: i. The downward spiral that began during the last quarter of last year appears to have found a bottom @ $1,680 with the appearance of a Double Bottom pattern - a strong reversal set-up. ii. The appearance of a Double Bottom pattern on the chart describes the reversal or change in trend and momentum from prior leading price action with strong indications that the Neckline (Key level @ $1,750) will be broken in the nearest future. iii. I shall be looking forward to a Breakout/Retest of my Key level @ $1,750 for confirmations to join the anticipated rally in the coming week(s)... Trade consciously :)! Trading plan: BUY confirmation with a minimum potential profit of 2,000 pips. Risk/Reward : 1:6 Potential Duration: 15 to 25 days NB: This speculation might be considered to make individual decisions on the lower timeframe. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
OANDA:XAUUSDLong
by darcsherry
NZDUSD | Perspective for the new week Kiwi clung to early gains during the Friday trading session which is represented on the chart with a Bullish engulfing candle from the $0.70100 level and it does not appear it is ready to let go in the nearest future considering the obvious - we are in a long term Bullish perspective (see weekly chart below)! The Greenback has been on a pedestal from mid-February 2021 till last month (March 2021) when it appears to have lost the momentum and found Bottom @ $0.69500 which was immediately followed by Higher Highs that resulted in a Breakout of my Key level @ $0.70250 during last week trading session; A feat that signifies the completion of a simple reversal set-up paving the way for possible gains in the coming week(s) amidst falling US Treasury bond yields. Tendency: Uptrend ( Bullish ) Structure: Breakout | Supply & Demand | Reversal pattern (Double Bottom) Observation: i. The appearance of a Double Bottom pattern on the chart describes the reversal or change in trend and momentum from prior leading price action. ii. Breakout of Key level @ $0.70250 during last week trading session is a clue that Buyers are gradually gaining momentum and strength at this juncture in the market. iii. A Bullish engulfing candle appearing at the $0.70250 zone (1st of April 2021) which has been a Supplication area in the last 10 days signals that market participants are tending towards changing preference to support the Kiwi. iv. There is a possibility that price might do a correction after the Neckline Breakout that might dip into $0.69850/0.70300 zone - a new Demand level for future buys. v. This been said, conscious traders might be patient to confirm sellers are no more viable at this juncture in the market by waiting for a Breakout/Retest of $0.70400 (Supplication area) to join the rally... Trade consciously :)! Trading plan: BUY confirmation with a minimum potential profit of 350 pips. Risk/Reward : 1:8 Potential Duration: 7 to 12days NB: This speculation might be considered to make individual decisions on the lower timeframe. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Long
by darcsherry
CHFJPY | Perspective for the week | Follow-UpMy last publication on this pair witnessed Price moving 90 and 100pips consecutively from our Buy windows before the crash (see link below for reference purposes). I remaining Bullish on this pair as we find ourselves in another trading opportunity arising from a simple Reversal set-up on the 4Hour chart. Tendency: Uptrend ( Bullish ) Structure: Breakout | Supply & Demand | Reversal Pattern (Double Bottom) Observation: i. We have been in a long term Bullish perspective since 2019 as the price continues to reject Fr116.000 level in recent times. ii. The decline that started mid-March 2021 appears to have found bottom @ Fr116.000 again as the appearance of a Double Bottom structure signals another reversal from the Demand zone. iii. My Key level @ Fr116.650 which will also serve as the Neckline shall be my yardstick for Buying opportunity in the coming week(s). iv. With a Breakout of Neckline finally happening during the latter part of last week trading session, it is time to make a move to join the rally as we look for buying opportunity above this level... Trade consciously! :) Trading plan: BUY confirmation with a minimum potential profit of 180 pips. Risk/Reward : 1:6 Potential Duration: 4 to 10days NB: This speculation might be considered to make individual decisions on the lower timeframe. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Long
by darcsherry
1
USDCAD | Perspective for the new week | Follow-upThe price moved against us since my last publication ( see link below for reference purposes) as CA$1.26000 level was unable to hold on the back of crude oil volatility. The Bearish run that has lasted exactly a year appears to be building a reversal pattern with my Key level @ CA$1.24900 representing a Neckline. With the present simple structure, it appears that the Greenback will likely move higher over the next couple of weeks as the price is expected to remain supported in the long term around my Key level considering the fact that crude oil market volatility is calming down. Tendency: Uptrend ( Bullish ) Structure: Breakout | Supply & Demand | Reversal pattern Observation: i. Since the Breakdown of Key level @ CA$1.29400 on the 12th of March 2021, the price finally shows signs of Breaking and closing above this level during last week trading session. ii. Even as the possibility of a correction move that might extend deep into CA$1.24500 might happen in the coming week, buying above Key level is most sensible in this setup. Why? iii. We have been on a Downtrend for an extended period of time and it will only make sense that we are patient to confirm that the Buyers have finally taken over hence anywhere above Key level seems very reasonable. iv. In case you find yourself buying above Key level before the deep, it is advisable to opt-out once the price deep below $1.24800 with the intention of planning a re-entry... Trade consciously! Trading plan: BUY confirmation with a minimum potential profit of 250pips. Risk/Reward : 1:4 Potential Duration: 4 to 10 days NB: This speculation might be considered to make individual decisions on the lower timeframe. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Long
by darcsherry
EURJPY | Perspective for the new week | Follow-upThe price continues to hover around our previous Supplication area (see link below for reference purposes); The Euro has been unable to sustain its move to a new high following price inability to Break above the Y130.600 area. After culminating @ Y130.680, a Double Top pattern emerges with tendencies that support the beginning of a Corrective phase. We finally experience a Breakdown of Ascending channel during last week trading session a sign that the price no longer respects the Channel. I am of the opinion that this sudden Breakdown might be a Temporary dimension to price action (Corrective phase) in anticipation of a rally continuation in the nearest future. Tendency: Temporary Downtrend ( Bearish ) Structure: Breakdown | Supply & Demand | Double Top (Reversal pattern) | Ascending Channel Observation: i. EURJPY appears to be bullish from the perspective of a long-term outlook; Price has respected the Ascending Channel since late January 2021. ii. The Breakdown of the Neckline coinciding with a breakdown of the Channel is a signal that Buyers have lost their momentum and a new direction is evolving. iii. In the last 17days, Y129.750 has been a significant area as a Breakdown/Breakout of this area has dictated the prevailing direction of price action. iv. The Neckline @ Y129.750 shall be my Key level in the coming week(s) as I anticipate a correction (retest) after the Breakdown that happened last week to join the decline train. iv. This been said, after completion of the correction of the Breakdown in the coming week(s); any area below Key level will be good for me to join the decline train. Trade consciously :)! Trading plan: SELL confirmation with a minimum potential profit of 170 pips. Risk/Reward : 1:4 Potential Duration: 4 to 10days NB: This speculation might be considered to make individual decisions on the lower timeframe. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Short
by darcsherry
AudUsd Possible Head and Shoulders Pattern.Currently, AudUsd is at the verge of creating a head and shoulder reversal chart pattern. At this point, it's not wise to hurry into a trade so what I'm going to do is that I'll wait for the price to break the neckline of the head and shoulders (give at least a daily close below the neckline). If the price will break the neckline of the head and shoulders pattern, the move lower will be confirmed. I'll give an update on the pair when the price gets to the neckline, just stay tuned.
by Francisbluepipsfx
GBPUSD | Perspective for the new weekDespite the GBP showing signs of weakness during last week trading session as it keeps rejecting the $1.4000 level and dipped as low as $1.3880; I continue to root for Bullish expectations for the Pound across her major pairs in the coming week(s). Even as the Greenback was in the driving seat in the markets on Friday - a result of higher US bond yields, I suspect that the current structure at this juncture in the market supports a rally in the nearest future. Tendency: Uptrend ( Bullish ) Structure: Breakdown/Breakdown | Supply & Demand | Reversal pattern (Inverse H & S) Observation: i. Since the successful Breakout of my Key level on the 19th of February 2021; Sellers have hijacked and kept the price under $1.40000 as we have witnessed multiple rejections of this zone in the last 16 days. ii. It is also very obvious that the price has been caught within the Channel $1.37800/1.40000 since late last month (February 2021) hereby throwing participants into a long phase of indecision. iii. The drop from the peak @ $1.42420 (Leg XA) has transposed into an Inverse Head & Shoulder look-a-like - strong reversal pattern within the channel. iv. Considering the Bullish tendency from a longterm perspective (see weekly chart), I am of the opinion that we are presently experiencing a corrective phase of the last Breakout(19th Feb 2021) and a rally might be at the corner! But when? v. Even though my Buy can be coming in anywhere above the Demand zone, a viable confirmation to join the rally might be waiting for the majority at the Breakout/Retest of the Key level @ $1.40000 in the coming week(s)... Stay tuned in! :) Trading plan: BUY confirmation with a minimum potential profit of 300 pips. Risk/Reward : 1:3.5 Potential Duration: 8 to 15 days NB: This speculation might be considered to make individual decisions on the lower timeframe. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Long
by darcsherry
4