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EUR/NZD 4H Chart: Set for more gainsThe Euro is surging in a very steep angle against the New Zealand Dollar. The surge began, as the support of a channel up pattern was strong enough to force the pair higher. In addition, the appreciation of the Euro against the Kiwi does not seem to slow down almost at all, when it faces various resistance levels. Most recently the pair slowed down the surge to find more support in the weekly R2 at the 1.7048 mark. The next target for the rate in the case of a surge should be the 1.72 mark, where the weekly R3 is providing resistance. Most likely that level will be reached soon, as even the speculative ascending patterns do not provide resistance below 1.72 level.
Long
by UnknownUnicorn890690
DASHUSD New Buy Points with caution and stopsDASHUSD Consolidating recent gains in a pennant: not as trustworthy as a flag, though. The recent low was 609, exactly double the price we paid at 305 some 15 days or so ago. Are you watching, Bitcoin? Two strikes on the lower line shows 'hot', still. Now it has to find enough buyers to beat the upper line of the pennant... If it can mange this we can follow/add but because it's a pennant am wondering how good the break will be if we see it now. Folow the break but stick a stop under 624 in case it fails...want to see a couple of big green candles emerge on exit, therwise beware the break..(look at ETHUSD failed break last time to study a failure...if you can learn to spot thse in real time your whole outlook and trading record will improve...not easy sometimes, buy others, it is!) Be lucky. And alert.
BITTREX:DASHUSDLong
by sumastardon
Bitcoin: BTCUSD Next Buy Point: Folllow the ChartBitcoin Update Next Buy Point Follow the Chart A reverse head and shoulders is forming with neckline at the upper parallel. Next buy point comes only when neckline is crossed on upside with stop 50 points lower - upside measurement implied target is 8390 on any sustained break. The whole thing fails if 7717 - 7660 range also fails, for fall back to 7530, which must hold today at all costs for bull case to stay good in near term. So far this battle for the new high ground continues, the bulls trying to grind down the bears at high altitude, and so far they're....winning. The way this pattern develops determines the day from here. It will likely take a while to play out yet - we don't even need to second guess it here, really. It's tough up here - that selling out of London first thing...was that heavy weiight Goldman clients closing out longs from lower down at the exact spot Jafari tagged at 8000 as the next high? It was a big bad red candle, first for a long while...it's tough up here.. .so we ait and simply react to the next signal. If it's a break above the neckline we buy, as above. If it's a break below 7660 we get stopped out for 130 points profit before spreads. Not great, but...it's tough up here. If 7660 breaks it means a test of 7530 - and if that should break it means the damn thing has flipped right out of the freeezer again and we're going to have to strart the chase all over again. Please no. But it's Bitcoin. Anything can happen. (And If it does, we switch back to shorting rallies back up the blue lines. Please no. Like in Alien (new theme) we're watching a new life-form develop on our screens in front of us. Intersting stuff, no? Please comment ffs! Let the chart decide for us. And let the force be with you, guide you, Luke. Trust the force!
BITSTAMP:BTCUSD
by sumastardon
Bitcoin: BTCUSD New trade set-ups with clean chartBITCOIN: BTCUSD Update on Positions Not a bad day, so far but need to keep an eye on this short still...day-traders have made 250 points from the short from 6300 early in UK morning, then another 200 to 450 points from the long at 6050 just an hour later, depending on where you took profits and now we're short once more from the highs of the day at 6450 with a tight stop above 6515 which was never hit - and is now about 300 points in profit, so 750 - 1000 points profit today in a market that is down 200. This is what a chart that is so technically perfect can produce in the way of fast profits. If you can stay alert and act quickly this space is made for traders - there has never been anything better so far, in the history of speculation. It may not last forever (not Bitcoin, which is just beginning) but the perfection of the chart - but whilst it does we have to trade it. Also longer- term readers will know that catching this monster has been the long term aim of this quest since the chase began - we really want it tagged, bagged and thrown in the freezer, the ultimate trophy catch for any serious speculator (or investor if you fell better with that). So maybe we'll get a chance for that later...maybe. But like Ahab on the quest to catch Moby Dick, you gotta stay in the boat to have that chance. Time will tell, as always. Right now we're still short...think we can move the stop down to protect some profits...the central parallel is still bossing this impulse wave as we can clearly see from the chart - whilst it stays in control of the move down we can stay short, hoping for another massive bear raid to come out of China which ideally will drive price down hard to at least make a double bottom at 5637 and potentially to then fall further still to 5113-4973 range where it will become a buy again if we see it hit. LONG Story Short Yeah, right. Difficult to try cover all scenarios: Stay short, using the central parallel as exit (break above here, followed by successful retest from above: newbies please beware: ideally you should just follow for a while and check back over older Bitcoin posts on Sumastardon pages on Tradingview.com to get a better understanding of trading break-outs etc). If the call goes to plan and the central parallel continues to control this move, repelling every encounter the short stays on down to 5747-5637 first target. Then we close out. It will probably try to make a double bottom in this range (which could well extend right down to the low in China last night again, at 5561 at the extreme). Still don't think that this range will likely be the final bottom, but it should create some kind of stall at least and really should trigger a bounce if touched (doesn't have to though, those Chinese can get pretty scared at times) so cannot recommend a quick counter rally long here because the stop is too vague right now - for the first time since Bitcoin began to unravel it didn't bounce exactly off a given fixed support line (blue lines) but exceeded it by fully 80 points - so am less sure about exact level to expect a bounce, making a sensible stop impossible to figure right now...but if Bitcoin does come all the way down to the exact low at 5561 within 10 points either side it might be worth day traders getting long with a stop 50 points lower for small loss if wrong. But we need to be ready to turn entire position round on any fall below 5510, shorting down to 5113-4973 range (with stop placed at 5610 if this trade is triggered) and ready to buy back and go long in this important range with a stop 100 points below 4973 - if this range is tested later it's the ideal place to consider a longer term 'investment' in Bitcoin (ie Slinging it in the freezer) as it looks the perfect range to get long again. But if wrong we need a plan B, worked out in advance: to go wrong, firstly the central parallel needs breaking to tell us the pressure is finally lifted, then it needs to use the
BITSTAMP:BTCUSDShort
by sumastardon
2
AUD/NZD 4H Chart: Near Broken Trend LineThe situation on the AUD/NZD charts is quite rare. The pair has broken the resistance of a massive scale triangle pattern. The break out occurred in the borders of a dominant channel up pattern, which is set to guide the rate higher in the long term. Meanwhile, in regards to the smaller scale situation, the pair has retreated in an almost obsolete channel down pattern in the borders of the channel up pattern. The channel down is set to be broken because of the support of the ascending channel. In addition the situation is complicated by the still active resistance of the triangle pattern near the 1.1150 mark.
Long
by UnknownUnicorn890690
AUD/NZD 4H Chart: Recent Jump ChartedThe previous analysis of the AUD/NZD pair turned out to be correct. To the letter. However, the following surge turned out to become a jump not a surge. After finding support below the 1.0980 mark the pair skyrocketed to the 1.1250 level. Meanwhile, the pair’s surge was stopped on Friday, which provided an opportunity to do some pattern analysis. After connecting the low levels of October 16 and setting a parallel line at the recent high levels, an ascending channel was drawn. Although, the channel still allows for both a short term decline and a surge, as it has the particular angle that allows both moves simultaneously. In the case of a surge the monthly R2 at 1.1266 is the next target, and, if the pair declines, the weekly R3 will provide support on Friday at 1.1117 mark.
Long
by UnknownUnicorn890690
GBPAUD to reach a new high in NovemberFive days ago (10/20/17), I took a long position based on the daily chart: As you can see, I went long due to the strong bullish engulfing pattern and in combination with strong technical analysis (strong short term uptrend and strong resistance line ahead, which I "expected" to be broken because of the strong bullish engulfing pattern). I bought at 1.68696 and set my stop loss at 1.66981. On the weekly chart, a strong resistance line is currently broken and if it still is broken when matured on Friday, then there will be a long trade setup according to my strategy, on the weekly chart. According to my technical and fundamental analysis, there is a high probability of a long term uptrend on GPAUD, because of the strong signals on the daily chart, but especially the weekly chart (if price still closed above the resistance line on Friday). At this point, I believe there will be new high in november, since the 1.76557 high. If we look at the monthly chart, we have just been down at the bottom (lowest prices) for some time. Even though there recently has been a strong downtrend on the monthly chart, we have just been at the lowest price ever in the GBPAUD, and so I don't think the price will go down again and go below that price, because for the price to reach a new all time high or low, a great economical event must take place. Follow my live account and trades here: www.myfxbook.com Happy trading!
Long
by BonnelykkeInvest
NZD/JPY 4H Chart: Channel Reaches Dominant SupportThe New Zealand Dollar just plummeted against the Japanese Yen. The fall, however, was stopped by the most dominant support, which Dukascopy analysts could discover on the pair’s charts. The support belongs to a massive scale ascending triangle pattern of the daily chart. Due to that reason a rebound is to be expected in a rather long term for forex traders. In that scenario the pair would first attempt to break through the various pivot points, simple moving averages until it reaches the resistance line of the a few months long channel down pattern. Afterwards, the pair should break the just mentioned resistance and continue even higher.
Long
by UnknownUnicorn890690
NZD/JPY heading for long term supportThe New Zealand Dollar has reached a notable support level against the Japanese Yen. The support is represented by the weekly S1 at the 0.7935 level. Due to that reason it can be stated that the rate is at a significant point. The Kiwi is either going to rebound against the support level to reach once more for the 50.00% Fibonacci retracement level at the 0.7982 level, which would likely provide the needed resistance to reinforce the decline. All in all, in accordance with the dominant situation, the rate should decline down to the cluster of support from the 78.65 to 78.80 levels, as right there the long term support line is surrounded by various other levels.
Short
by UnknownUnicorn890690
AUD/NZD bounces off Fibonacci retracementLast week the Australian Dollar encountered a resistance against the New Zealand Dollar, which caused a decline of the pair. Using that direction changing Fibonacci retracement level for pattern drawing, one can spot the medium term ascending channel pattern. The pair is expected to decline down to the weekly PP, which is located at the 1.1070 mark. Afterwards it should continue to trade horizontally until it reaches the support of the channel up pattern. Later on, as the currency exchange rate finds support in the combination of the mentioned levels, a surge up to the resistance cluster near the 1.12 mark should begin.
by UnknownUnicorn890690