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Stochastic-convergence

#AUD/USD #bullish precursorAUD/USD has formed new structure recently showing signs of a trend reversal. Whether this continues to hold longer or not is for price action to reveal. As for now, a potential bullish continuation is brewing after what seems like a shall retracement. The close of price action by end of day as a low test bar above ~0.7250, where price has found support, will further confirm potential bullish intentions in price. Other than that the reasons for going long are: rejection of 50 ema; a rising 50 ema; rejection and close above 0.382 Fibonacci level; and convergence on Stochastic and RSI indicators. entry - above high of low test bar stop loss - below low of low test bar target - at or above previous high/resistance area around 0.7400
Long
by amanpaulbhogal
Short again on AUD/USDAnother short set up on AUDUSD since downward momentum on the previous set up (idea linked) failed is on offer. The present set up comes after a deeper pull back, organic in a sense, into the 50 ema which also lines up with a previous level of support (~0.7250), now acting as resistance, and the 0.618 FIbonacci level. Price closed as a high test bar. Oscillator convergence is visible. entry - below low of high test bar stop loss - above high of high test bar target - at or below previous low
Short
by amanpaulbhogal
A sell-off may continue on the S&P500, Nasdaq 100 and UK100On the S&P 500 and NASDAQ100 indices, closing as a high test bar in the resistance zone, and a bearish engulfing bar on the FTSE100 (UK100) stock index, a sell setup is in order suggesting potential bearish continuation on these three (CFD) indices, following the recent sell off on major indices. 1. S&P 500 The rejection/resistance zone on the S&P 500 comprises the following: - retest of the 50 ema; - retest of ~2011; and - 50% retracement, and close below. Oscillator convergence, as shown on the chart, is seen as an additional argument to enter a potential continuation of seller based momentum in this index. entry - below high test bar stop loss - above high bar target - previous low or lower 2. NAS100 Since the major global indices demonstrate price behaviour correlation, an almost exact set up as on the S&P 500 is also forming on the NAS100. entry - below high test bar stop loss - above high test bar target - previous low or lower 3. UK100 The FTSE100 is in a very clear down trending environment. Three key reasons of a potential continued price decline are: - close as a bearish engulfing bar; - a strong bout of resistance at ~6250; and - rejection of the 20 ema. entry - below low of bearish enguling bar stop loss - above high of bearish engulfing bar target - at previous low or lower
FX:SPX500Short
by amanpaulbhogal
3
Long Pound-KiwiWith the following noted a long scenario appears to be in play: - bullish reversal bar (near resemblance to bullish pin bar/low test bar) - resistance becomes support (at ~2.3260 which stands out as a weekly level dating back to November 2009 ) - retest of 20 ema and close above - trend line support (third touch) - Rejection of 0.618 Fibonacci level and 50% retracement line, and close above - Stochastic and RSI convergence entry - above high of today's bar stop loss - below low of today's bar target - previous swing high or higher
Long
by amanpaulbhogal