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XPDUSD - Palladium Surplus?Analysis: When we take a look at the technicals we can see that price is in a downwards trend. We're seeing lows get broken showing us the bearish momentum. Price has recently broken below a key level of previous support which we now expect will hold as resistance. We don't really have any other added confluences to this setup like a trendline or fib retracement levels which is why this isn't one of our favourite setups but still one that we are looking at. To add more clarity to this setup we need to look at the fundamentals. The USD is very strong at the moment and each week we see the USD getting stronger so this isn't something that we want to be going against. One of the main uses of palladium is for catalytic converters in car exhaust systems but with EV cars taking over the market we're starting to see less demand for palladium and it seems like there could be a surplus of palladium which would push price down further. With all of the confluences factors that we have we see price continuing its downwards trend that it is in. Please feel free to leave any comments you have and like this idea if you agree with us. Any feedback or comments will be read. We appreciate it all. Stay Safe - JPI Disclaimer: This does not constitute as financial advise. We are not responsible for any monetary loss that you endure. Trading is hard to be profitable with and we take losses just like everyone else does to. Our ideas won't always be correct which is why we urge you to always do your own analysis first before entering into the market but please feel free to use our analysis to assist you with yours.
OANDA:XPDUSDShort
by jpeacockfx
22
USDJPY | SELL | Weakness DXYMRZ =multiple retest zone. -After News 2030 hrs, USD weaken = DXY continue bearish sentiment. -price unable to make new high, this further strengthen my bearish bias on UJ. -i predict price may break lower trendline, opportunity to add more position. trade idea: -risk 1R ; TP Open. Entry: 139.500 , SL 20pips Trade management: 1. Price break LL, add position, risk : 1R 2. Price reject/retest LL, wait till bearish CS formed before enter. Conditions, CS must formed during active sessions , London/New York Sessions.
Short
by MrDons
XCUUSD - Copper Demands On The Decline?Analysis: Looking at the technicals on Copper we can see a clear downwards trend. Price is forming lower lows and lower highs which confirms that we are in a downwards trend. Price has also been respecting a downwards trendline which again shows us that we are in a downwards trend. We're currently sat at an area that we're interested in as price has held this area multiple times in the past so we expect that it will again. To give us more confidence with this setup, at our area we also have the 50% fib retracement level which we suspect bears will be wanting to hold and push price to the downside which favours our idea. We've also got the downwards trendline close by which if price reaches we'd expect to hold and to further help push price to the downside as bears will be waiting at this area. Fundamentally the USD is gaining a lot of strength in recent times and it continues to, until we see this change we are bullish on the USD, so this goes with our idea. Copper demands have decreased recently meaning that Copper prices will decrease. Comparing the decreasing demand for Copper against the strengthening USD it's clear to see that we want to be shorting this pair which is why we have a short bias. Please feel free to leave any comments you have and like this idea if you agree with us. Any feedback or comments will be read. We appreciate it all. Stay Safe - JPI Disclaimer: This does not constitute as financial advise. We are not responsible for any monetary loss that you endure. Trading is hard to be profitable with and we take losses just like everyone else does to. Our ideas won't always be correct which is why we urge you to always do your own analysis first before entering into the market but please feel free to use our analysis to assist you with yours.
OANDA:XCUUSDShort
by jpeacockfx
4
AUDCAD - CAD Strength On The Horizon?Analysis: Price has been in this downwards trend for a while now and we're expecting this to continue. Price has been forming a series of lower highs and lower lows which confirms our thesis that price is trending to the downside. Recently we saw price break below a key level of support and we're now seeing that same level get retested for resistance and we suspect that it will hold, as support can quite often become resistance and this level has held as resistance in the past before. To add to our idea we've also got the 50% fib retracement level at our area which we expect bears will be sat at wanting to push price to the downside which works with our idea. We've also got a downwards trendline which again we expect sellers will be waiting at, holding and pushing price down further. When we look at the fundamentals the AUD and CAD are both very similar in strength and weakness so there isn't any real bias here however we do still favour the CAD over the AUD as more institutions are exiting out of their short positions on the CAD and are in fact going long instead where as for the AUD we're seeing an increase in both long and short positions by institutions. Another factor why we prefer the CAD over the AUD is the the CAD is heavily related the oil prices. With Canada being the 4th largest oil exporter in the work and with the possibility of oil prices being on the rise again we could see the CAD start to gain some more strength. The AUD did have some positive news that came out yesterday however we don't see this bullishness continuing, especially after the AUD news release later on tonight which we expect will be bearish for the AUD. With all of the confluences factors that we have we get a short bias on this pair at this level so this is a pair that we are interested in. Please feel free to leave any comments you have and like this idea if you agree with us. Any feedback or comments will be read. We appreciate it all. Stay Safe - JPI Disclaimer: This does not constitute as financial advise. We are not responsible for any monetary loss that you endure. Trading is hard to be profitable with and we take losses just like everyone else does to. Our ideas won't always be correct which is why we urge you to always do your own analysis first before entering into the market but please feel free to use our analysis to assist you with yours.
Short
by jpeacockfx
14
Potential Elliott Wave Pattern UnfoldingGreetings traders, I wanted to share a great example of an Elliott Wave pattern that appears to be playing out on the chart, suggesting a potential trading opportunity. Elliott Wave Analysis: The chart reveals a potential 1, 2, 3, 4, 5, A, B, C pattern, which follows the classic Elliott Wave structure. Here's a breakdown of the pattern's key levels: 1. Wave 1: Starting at $27,275, this marks the initial upward wave, signifying the beginning of a potential bullish move. 2. Wave 2: The subsequent pullback from $27,275 led to Location 2 at $27,215, representing a corrective wave. 3. Wave 3: From Location 2, the market continued its upward momentum, surpassing the previous high and reaching Location 3 at $27,300. This wave tends to be the strongest and longest in an impulsive move. 4. Wave 4: After the extended bullish run, a corrective wave followed, retracing to Location 4 at $27,225. 5. Wave 5: The market resumed its upward trajectory, surpassing the previous high and reaching Location 5 at $27,375. This wave often signifies the final push of a bullish move. 6. Wave A: Following the completion of Wave 5, a corrective decline occurred, bringing the price down to Location A at $27,080. 7. Wave B: From Location A, the market staged a rebound, retracing some of the previous decline and reaching Location B at $27,140. 8. Wave C: The pattern suggests that the market is currently heading towards Location C, which aligns with a support level at $26,810. This wave represents the final leg of the corrective pattern. This is a strong level of support but could possibly be broken due to a lack of trading volume during the weekend. Stay vigilant and monitor the price action closely to see if the pattern continues to unfold as anticipated. Remember to manage your risk effectively and set appropriate stop-loss orders.
BINANCE:BTCUSDShort
by maybethatguy
AUDUSD - More USD Strength On The Horizon?Analysis: Price was in a period of consolidation failing to break higher or lower until recently where we saw a break to the downside, signalling to us to look for possible shorts. We've now seen a great opportunity that we're looking to enter into and that we want to share with you. We've got multiple confluences going in our favour which gives us more confidence behind this trade setup. Firstly we've got the market trend which is to the downside. You can see this by the lower lows and lower highs that price is making. Secondly we've got a retest of a previous strong area of support which we're now expecting to hold as resistance. At this level we also have the 50% fib level which we again expect sellers to be sat at wanting to push price down. Another factor that we have is the downwards trendline that we can see. This is another area that we would expect sellers to be sat at giving us all the more reason to enter short. Finally taking a look at the fundamentals the USD is quite strong at the moment making some big moves back to the upside compared to the AUD which is still relatively weak. In fact the AUD is the 3rd weakest major currency pair, which helps out short thesis. Due to all of the confluence factors that we have we see price making a push back to the downside from the area of resistance we have marked out. Please feel free to leave any comments you have and like this idea if you agree with us. Any feedback or comments will be read. We appreciate it all. Stay Safe - JPI Disclaimer: This does not constitute as financial advise. We are not responsible for any monetary loss that you endure. Trading is hard to be profitable with and we take losses just like everyone else does to. Our ideas won't always be correct which is why we urge you to always do your own analysis first before entering into the market but please feel free to use our analysis to assist you with yours.
Short
by jpeacockfx
36
NDX fantastic short opportunityI have to admit, most, if not all, Elliott Wavers were shot in the head this year with the rising market. Personally, I was caught off guard by the strong upmove too. For any EW and macro speculator, the upmove in 2023 don't make sense. It is irrational. In fact, it could be irrational exuberance again. But as time passes, the truth starts to unfold: the market capitalisation weighted indices were really being upheld by a few names. The rest were really flat or down. What this means is that the market breadth is not there for this rally. And this is something that is peculiar to this market because of the high market cap of a handful of companies. I don't think the original creator of the index thought that this could happen, but it did. Nevertheless, I would admit that this is really another bold attempt to call a market top (or really, a correction top). Disregarding EW technique which is either hated or loved, just look at the risk-reward for this trade. It doesn't make sense to go long, if this is the only rationale a trader needs to decide which side to trade on. Good luck!
NASDAQ:NDXShort
by sngyuchao
2
GPS jumped on mediocre earningsGAp, Inc had a little pop after mediocre earnings to break its downtrend. IT put in an engulfing bull candle to strike three smaller red candles. This could be considered a bullish sign. However, the trend down has been much of the year with two head and shoulders along the way. There has been no significant net accumulation of stock. I suppose there was a volume spike of buyers thinking they were seeing the bottom. I do not think that the bottom is in until there is seller exhaustion. Price is below the POC line of the volume profile. I will not be convinced of a bottom until some net accumulation begins. I see the earnings pop as giving a better entry for a short and call it a pullback correction of the trend down and a great point to take a short trade.
GShort
by AwesomeAvani
2