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Crude Oil - Market DirectionWith being sure Oil was going to continue its way down on price, OPEC hit us with a curve and decided to change things up... Announcing the decrease in production by 1.3 million barrels a day, we have seen the price for Crude and Brent Oil skyrocket. Now, we have price hitting a heavy resistance level... Will this recent chance in oil production be enough to break this price level this week? Only time will tell... Please feel free to comment your ideas below. vv
OANDA:WTICOUSD
by cdschultheis15
NZDUSD Bullish GartleyHere we have a Bullish Gartley on the 60 minute chart, it also shows well on the 4 hour chart. The main X and A coordinates are taken from the points at which each respective price was most commonly rejected, as illustrated by the wicks of the candles. Price rejection is then followed at the 61.8% and 88.6% marks respectively, as required for this specific pattern. The pattern completes at .7013, where we will be looking to take a long entry with our stop loss slightly below the X point. Price has recently approached support after completing the cycle of an Elliot wave, adding to the expectation of another bounce north, in the direction of the original impulse. Gartley ratios AB: 0.618 BC: 0.382-0.886 CD: 1.27-1.618 XD: 0.786
Long
by KyleMcQuade
AUDUSD bearish butterflyHappy tuesday troops. Here we have ANOTHER harmonic on the Aussie-Dollar. This time we're looking at a bearish BUTTERFLY. The D point (PRZ) is in a similar area to the bat that I previously charted. I saw the butterfly whilst publishing the bat and meant to publish them together but time ran away from me! Here we have a bang on B point at a 78.6% retracement and a D point at 127%, also right on previous resistance! Now the big question is.. WHICH D POINT DO WE TAKE!? Butterfly ratios AB: 0.786 BC: 0.382-0.886 CD: 1.618-2.24 XD: 1.27
Short
by KyleMcQuade
AUD/USD Bearish Bat.Here we have a bearish bat on the aussie-dollar. If look at the chart on a larger scale, daily or weekly, you can see that price is in a down trend. Price is currently pivoting along a line of support- this should act as resistance for the retracement. This gives us extra ammo in our reasoning for the short entry. Our first 2 retracements of 50% and 59.7% indeed give the indication of a bat OR a crab pattern. Looking at the trend and resistance, i expect price to drop at the 88.6% retracement from XD. If the candles do not show a reversal and price breaks through resistance, I will continue to look for a short entry at the 161.8% level. Interest rates are expected to be hiked by the FEDin December; this may add to the Dollar strength! Higher time frame chart below for illustration. BAT RATIOS AB: 0.382 OR 0.5 BC: 0.382-0.886 CD: 1.618-2.618 XD: 0.886
Short
by KyleMcQuade
GBPUSD Bearish CrabHere we have a Crab pattern meeting resistance on the 4H chart. The top resistance level at 1.29145 is in fact weekly support from when price previously stalled temporarily after brexit. A rebound from this level will see a pullback to previous resistance! The B and C points meet resistance/support at 1.25144 (0.562 retracement of XA) and 1.23598 (0.726 retracement of AB) respectively. The pattern completes at the D point of 1.29037 (1.618 of XA). I will not be surprised if price edges past and retests the resistance before dropping. Crab ratios AB: 0.382-0.618 BC: 0.382-0.886 CD: 2.24-3.618 XD: 1.618
Short
by KyleMcQuade
CAD/CHF Stong Trend ChannelHere, we have CAD/CHF on the 4H chart. I have been keeping my eye on this channel for the past month. If you are familiar with the book "Naked Forex", the past three price reversals have been TEXTBOOK PERFECT! The most recent price reversal was confirmed by a hanging man candlestick followed by a long bearish candlestick. We can expect the price to continue to drop to the .7200 level within the next week or so. When it does reach the .7200 level, we can then expect price to possibly reverse or break the channel. If the price does reverse, we can look to place a long position back up to the top of the channel. Lots of possibilities for this pair...
by cdschultheis15
EURNZD AnalysisNice and simple today, looking at the potential direction of the euro-NZD. I have drawn in the weekly support/resistance with a trend line starting at the past high from around September 2015. Price has been bouncing in slight consolidation since July this year and I am expecting a break VERY soon. We will either see a break of resistance, which could bring us movement towards 1.7; or just as, if not more likely, we could see a break of support. This would signal a drop back to 1.38-1.39 area. I personally trade the 4H and 1H charts, so, either way, this will no doubt bring some great opportunities to enter. We have recently saw some weakening in the NZD against the USD. Will this chart have the same effect? Time will tell.
by KyleMcQuade
Support & Resistance for Beginners Support and resistance acts as a barrier from preventing the price of an asset from getting pushed in a certain direction. It is one of the more difficult concepts within Technical Analysis, there are various ways to identify these price levels, and even after identified, there are plenty of ways of integrating and trading with them. Today I'm going to simplify it for all of the beginners on the platform (please remember to read the note provided). What is support? Support is the price level at which buying is thought to be strong enough to prevent the price from declining further. What is resistance? Resistance is the price level at which selling is thought to be strong enough to prevent the price from rising further. The most common way to trade it is breakouts, this is when you buy or sell whenever price passes through a support or resistance level. As you may know support and resistance levels won't hold forever even though they can hold for a long time but the reality is... Eventually they will break and as a result of a breakout the moves can be really powerful. However there are some implications with this, many traders get in too quick. You may be thinking what should I be waiting for? Validation. As a key pointer wait until the candlestick has closed above resistance or below support until entering the trade, this way it will validate the price move up or down.
TVC:USOILEducation
by LewisGlasgow
9
Brent Oil - Bearish Shark (Trend Continuation)We're looking at UKOIL on a 1h chart, this is an excellent shorting opportunity to continue the long term trend... Don't miss out on this one! As you can see from the daily chart below we have been trading within a sideways channel since early 2016, price has approached a key level of resistance and is starting to stall out. The measurements for a valid shark are detailed below. C: 1.13 - 1.618 D: 1.618 - 2.24 Final X to D: 0.886 - 1.13
TVC:UKOILShort
by LewisGlasgow
2
USDJPY Bearing CrabHere we have another harmonic pattern completing itself on the USDJPY; this time, the Crab. The last pattern I posted on this pair did not complete, thus a trade was never entered. This pattern is almost complete and an eager beaver might even take an early entry! Price is reaching key resistance at the 112.00 level So a short position will be taken from there- STAY PATIENT! As of today, 21/11/16, the US FED has doubled their interest rate, cause the economy to slow, while the BoJ has in fact lowered their interest rate from 0.1% to a flat 0%. This will cause the US to weaken slightly, ultimately continuing the downwards trend. I will enter this trade and take the exit level as per usual. However, long term we could be looking at some consolidation before an upwards trend. Crab ratios AB: 0.382-0.618 BC: 0.382-0.886 CD: 2.24-3.618 XD: 1.618
Short
by KyleMcQuade
GBPJPY AnalysisHere is some generic price analysis on the Pound/Yen, taking the form of a Bullish 5-O ! As technical traders we use price action as our main (preferably ONLY) indicator. That said, it never hurts to consider the actions from institutions that drive the markets to do what they do! Traders everywhere are acknowledging a weakening Yen, whilst the other 99.9% of the population (unless you live under a rock) are aware of the UK central bank (BoE) lowering interest rates in their attempt to combat the impact of the impulse reaction to Brexit. Over the next month or so this combination will cause the pound to go bullish, rallying upwards towards point 4 between 147.00 and 156.00. A sharp boost in economic growth will likely cause a spike in inflation, which has a direct affect on consumer purchasing power. Interest rates may temporarily be risen to counteract this! The market will bring a decrease in currency value, with a drop likely to around the 138.00 area before the market begins to trend! Coming back to technical analysis, this price action would complete a 5-0 set up, at which point i'll take a long entry on this pair! This is definitely one to watch in the near future! This movement can also be seen in the CAD/JPY! 5-O Ratios AB: 1.13 - 1.618 BC: 1.618 - 2.24 CD: 0.50 (1-5 = XABCD)
Long
by KyleMcQuade
EURUSD AnalysisHere we have the EURUSD on the weekly timeframe. Looking at the general movement of price before looking for a pattern, there is a temporary ranging market inside a clear sideways channel at a strong point of resistance (1.05). General price movement dictates that the more the price tests support, the stronger the support level. Which leads to a bigger move if price were to break! Due to the recent strengthening of the dollar, we are likely looking at a potential break of support and price dropping further to previous resistance around the 1.00 mark. With clean break and a 500+ pip drop there may be plenty opportunity to enter short positions.
Short
by KyleMcQuade