Retracements
At 50% retracementWe have retraced 50% of the fall and this area will act as resistance for now. There might be either a consolidation or another pullback to test the 710-720 area. If the price breaks up from here right away it will be very bullish.
GU With these Brexit Fear, anything can happenBrexit information kept people scared about UK future and its currency is paying that fear
Its A head and Shoulder if you graph the chart on a Daily BasisThe chart draw a head and shoulder pattern after inverted Head and Shoulder last February to April. Waiting for good News on GBP tomorrow. Since this is overbought, it needs to be breath around -15% to -50% (a nice entry for uptrend). beware of FED Announcement because this are main things that GBP become bearish. BREXIT is a bullish trend for this. Happy Trading.
Notes: Sell on Good News and Buy on Negative news
Buy on Rumors.
If undecided. set your position every 4 hours.
As a Derivative representative, I can't guarantee on your possible losses/gains in position.
CADJPY: Price Action & StructureHey traders! As you know I like to work on my craft my scrolling through a few pairs that are outside of my trading portfolio and practice my chart reading and predictive analysis.
Her eon the CADJPY 1 hour I would a potential trend continuation setup as price as recently created new structure lows and has started to retrace back into a previous level of support which we'll look to act as resistance.
It's Thursday and I just released my Weekend Review Trading video titled "Trading Consolidation/Breakout Patterns" going over the USDJPY trade that I posted earlier in the week. www.youtube.com
Akil Stokes
Chief Currency Analyst & Head Trading Coach
www.TradeEmpowered.com -The Premier Online Trading Education Company
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@AkilStokesRTM (Instagram, Periscope, Snap Chat & StockTwits)
NZDUSD: Ask 2 ?'s "Where Should Price Go & How Can It Get There"With Jason out of town I’ll be pulling double duties helping out with the morning War Room as well and today I had about six potential trades on my radar. I typically don’t actively trade on Monday’s but I will be keeping an eye on the NZDUSD for multiple trading opportunities. Bigger picture I’m still looking for a chance to short this pair once we retrace to our previous support level, but currently we put in a nice base, which was broken above and could provide as a good place to get long if the market were to retrace to that level. . Sort of like a 2618 type of move.
Whenever I make my predictions about the market I don’t just ask myself “where is price most likely to go?” I also asked myself “How is price most likely to get there?” These simple questions have often given me the opportunity to catch the move before the move.
Obviously a lot can happen, but I always like to start off my week with a plan of “what to look for” that way I’m dialed in. What now? Well now I sit back and see what the market has to do. Remember as traders it’s our job to react, not to tell the market what it “will” do.
If you get the chance check out my Interview on Brandon Clay’s Trading Story website talking about my trading story & setting up a plan of action for you trades tradingstory.com
Best of luck this week traders, and let me know what you think about the interview.
Akil Stokes
Chief Currency Analyst
www.TradeEmpowered.com
Akil@Tradeempowered.com /@AkilStokesRTM / Forex Weekend Review Videos:
www.youtube.com
EURAUD: Got the breakout, now Looking for the pullbackAlthough I don’t day trade on Monday’s I have a handful of pairs on my radar for my swing trading portfolio. Multiple patterns on the EURUSD, a few setups on USDJPY, NZDUSD and of course the chart above on EURAUD.
We were watching this pair last week for the bullish breakout and now that we’ve gotten it, the next chance to hop on would be at a pullback. Looking on the hourly we also have a potential bullish bat pattern setting up as well which lines up with what my top down analysis is telling me.
If the buyers want to maintain control over this pair then we shouldn’t see a dip below that 1.48 level as that even handled number would be a cheap price to reinvest.
I’m expecting a busy week in the markets so be careful out there. Lots of news coming out, especially between Tuesday & Wednesday.
Good luck this week traders and if you didn’t get a chance to this weekend, make sure you check out my latest YouTube video talking about market Psychology & why we see the movements that we do.
www.youtube.com
Akil Stokes
Chief Currency Analyst
www.TradeEmpowered.com
Akil@Tradeempowered.com /@AkilStokesRTM / Forex Weekend Review Videos:
GMCR- SHORT BIAS AS IT COULD SLIDE IT'S WAY DOWN INTO THE VALLEYPurely Technical Outlook:
Based on the price data going back to 1994 if that was the IPO of the company, then it has rising to 2014 high in clear 5 wave impulsive move and could now be making a major retracement of the entire rise.
Not particularly sure of the fundamental of the company but its price weakness could be compounded by wider market weakness and it seems to have started the race early by making its top in Nov 2014 where as the market is possibly forming one now.
If correct the then based on EW principle retracement could make it to wave 4 of one lesser degree which brings it into vicinity of 17- 20 area which would be 88.6% retracement of the entire rise. Whilst at the same time if the intermediate support around 55 holds then any bounce back to 90 area form classic bearish H&S.
Summary of Technicals:
1. Completed major 5 impulsive move to form the top in Nov 2014
2. Clear RSI divergence with price between wave 3 high and wave 5 high.
3. Currently in Wave 3 of 3 which is normally very strong aqnd dynamic (see Snapshot of daily time frame below0
4. Normal retracement would be in the vicinity of wave 4 low of one lesser degree in the area of $17 -$20
5. That would line up with 88.6% retracement which would not be uncommon for many high flying stock.
6. This decline from Nov 2014 high appears to be leading the wider Market which could be in a process of forming significant top now. If correct then already weak stock such as this one could be adversely affected.
Please Note:
The schematic price path shown on the chart is only an outline of anticipated directional move and not necessarily the exact highs and lows.
This is a very long term play and it would be absolutely normal for retracement along the way and sharp bounce would not necessarily alter the overall price path anticipated. This would offer shorter term swing trades in both direction.
Warning: This is my interpretation of price action using TA approach that I consider helps me most but could be completely wrong. Therefore as always, do your own analysis for your trade requirement and ignore my views.
For those who appreciates my analysis, select to follow me and the chart for notification of future updates. Indicate you like my analysis by thumbs up, comments and sharing it with others. If you have an alternative idea then please be constructive and share it for all to learn from.
Thank you for taking the time to read my analysis.
DanV
danv-charting.com
USDMXN THE BEAR IS READY TO ROAR
According to the fact of the Fibo, and Support Resistance on a bearish trend, i am persuading about short on USDMXN
Fibos:Retracement, follow 2 pullbacks, and bearish trend, on a 1 day chart,
Position Short on 15.21
Exit on 14.98
if support is broken@ 14.98 Exit on 14.70
Low Risk , Ready To Pull Some Pips.
Cyhper Pattern, CAD/JPY, 30minHere we see a completed Cypher pattern on the Canada japan charts. The pattern suggest a continuation in downtrend and appears to be respecting the linear regression.
I believe that the market will rally down into the 1.618 extension of the BC leg before consolidating again, or reversing.
I have placed my entry at current market price, my stop is at the highest high of the pattern and my limit is at the 1.618 extension of the BC leg.
Check back in to see the results, as always thanks for checking this out, please like comment and follow if you agree.
Thanks and good trading!
EURCAD SHORT LONG SETUPIdea is based on a combination of Elliot Wave theory and Median Line analysis. The rationale behind this technical analysis is shown on the chart along with specific targets and stop losses. Good Luck
Timing For Next PeakThis has totally failed!
While doing this I noticed that when I drew the Fib Time Zone that it lined up really close to the peak to peak line that I drew. As a matter of fact it seems that every peak has been following the Fib Zone 1,2,3...
Now price predictions are going to be much harder to predict. Since there isn't an old data to base future up swings on Fib Retraces are used instead. These Fib levels are more of just "zones" for where the price may eventually stop at.
There seems to be decreasing increase % wise from the peaks. It may in fact happen again or may just blow past that and suddenly have a steeper increase than the last peaks.
Volatility has a story to tell. Its been bursting higher and higher each round, but % wise decreasing lower and lower.
Odd that this round has also not seen the positive higher lows that were seen in the previous bubbles. Then again not all two bubbles are the same.
Regardless, this downward trend will break at some point during the coming weeks. But if it continues it may just go sideways for a while.
ATR says that the support for going down is continually dying and becoming less and less. Past ATR remained low until the point of where we broke up in parabolic moves.
