EURGBPDouble top located. Price rising on decreasing volume. Mac D could be losing momentum. Price may test the previous low up anywhere from 38% to 61% or more. Happy trading!
Trades
ETHUSDMac D may be losing momentum on this timeframe. On the recent trend, price came down and may be creating a support level before the recent highs are tested. Bear volume has been declining. Let's see what happens.
BTCUSDMac D may be losing momentum on this timeframe. On the recent trend, price came down and may be creating a support level before the recent highs are tested. Bear volume has been declining. Let's see what happens. Looking for rice to test the 200 HMA at some point once more bulls come into the market on this timeframe.
GBPNZDPrice may test the previous low at some point. Previous candle was a doji with above average bearish volume at or nearby a resistance level. Current candle opened lower. Let's see what happens! If price action holds, we may be in store for a nice downside move until price action tells us different. Be patient.
BTCUSDLooking for price to test the support level. At this current resistance level, we have two bearish candles with the second candle opening lower than the previous one. Our MacD is on the top side and it looks like bull volume isn't as strong as it once was. I will exit once I see price action going against me.
What do you think?
EURNZD Give it some time. I know my analysis are simple but it's like that to not confuse you with fancy tools and stuff. Previous candle still had bull volume kicking in at a resistance point. Price usually rejects this price level looking left and may be ready to retest the previous low. We never know when but the signs are there. Mac D is also losing momentum again and we may be coming off an impulsive wave here soon which means price could be exhausting at the current price level. Let's see what happens. You can also argue that this is a triple top chart pattern. Happy trading. Smart money will continue to test highs to get fomo retail traders sucked in weak positions. Let time play its story!
XAUUSDLooking for a retracement of 38% or greater towards the previous low on the 1 hour timeframe. Mac D losing momentum and RSI is coming down from overbought. Previous two candles opened lower while price has been increasing with declining volume. Let's see what happens!
CADJPYLooks like price may be exhausting and may setting a resistance level here at some point before testing the previous lows. I would love to see 38% retracement or greater on the 1 hour. The 1 hour and monthly seem to match regarding the mac d. Price has been gaining strength recently with volume declining on the 1 hour. Let's see how this plays out. On the previous months candle, we have a wick possibly closing on above average volume with the newest month opening below the previous candles open. I know JPY is pumping money into the economy. I don't know how much longer that will last.
NZDJPYLooks like we may be at a resistance level on the 1 hour and monthly timeframe. Price may be exhausting on the 1 hour while the mac d seems like its losing its momentum on the top side. Would love to see the 200 HMA tested here at some point. Looking for 38% or more retracement of the previous low on the 1 hour timeframe. Price has been gaining strength while volume has been declining recently. Let's see how it all plays out.
AUDJPYLooks like the previous high was broken on the 1 hour timeframe. The Mac D has crossed over to the top side. RSI is also overbought. AUD strength may e exhausting at this level and may be close to time for a retracement. Would like to see a retracement of 38% or greater towards the previous low which was the last time the mac d was on the bottom side. Price has also been increasing while volume has shown some regression the past few hours. Let's see what happens.
EURUSDNo need to get too technical. Just see some bearish candles coming in at a resistance level. Price is right at the 200 HMA and I would like to see if price can retest the previous low. Anywhere from 38% or greater. Getting too technical can confuse you or make it seem harder than it really is. I'm going to watch this trade on the 4 hour as time is my friend.
Buy then Sell EURAUDHi traders. I use technical analysis especially wave analysis to find high quality trades. Follow the arrows in my charts.
This is my No.4 trade call.
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🕰️ Duration of trade: we are expecting the Min. Profit Target to occur in 3.5-6 hours of this signal.
- Then we see a longer duration of 14 hours for the higher end. We are thinking possibly a longer term to 1.5 days for a continued recovery bounce.
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ES2This is the ONLY bullish count i could possibly think of here, retesting the bottom of the channel and then going to attack 4222 before the final drop.
Only bullish scenario i can think of. The market is f***** don't be long yet.
EURNZD 1. Mac D may be losing momentum.
2. RSI K and D crossing down near the overbought start of the progression down.
3. Double Long Legged Doji (previous candle) with next candle opening up lower on high bear volume near or at a high.
4. 38% to 61% profit.
5. Stop loss at nearest high for risk management.
What do you think?
ETHUSD (1 Hour w/DXY)Looks like the current upwards movement in price is starting to simmer down a bit. Volume seems to be lowering as prices rise. DXY also looks like its close to being ready for the retracement of the previous high. I would like to see price start to pause a bit even if it continues to go up. Targets are set for 38% to 61% of the previous high or low.
ETHUSD
RSI: K and D starting to cross down.
MacD: Top side.
LTCUSDRSI: Overbought K and D crossing down
MacD: Top side
Candle Analysis: Potential sign of weakness where the arrow is at. Bearish candle with wick at top. Above average bull volume. Price could push a bit higher. However, buying pressure could be exhausting a bit.
Target: Looking for 38% to 61% retracement of the previous low where the mac d last had its crossover.
Not advice!
SPY (Two Scenarios)Scenario 1: ABC Zig Zag that doesn't turn into bearish impulse. The two previous candles seem as if the bulls tried to push up a bit on average volume. RSI is oversold. Could it make a lower high this week after the massive Friday sell off? This could be the start of an impulse wave to the upside with a minor pullback to what would be a 2 wave. My only doubt here is with the FED raising interest rates to lower inflation from the current 8.50% to the year end goal of 4%/3.75%. Other economic indicators doesn't show enough for me to think positively about this market.
Scenario 2: ABC Zig Zag turns bearish impulsive. Weekly RSI is overbought and is crossing down and looks like it wants to test the $361 lows. SPY rose a bit today on low to average volume so I don't really trust big moves to the upside. We have a decent amount of FED speakers this week and I'll be following the economic data. I doubt smart money will feel confident enough to push the market up short term. Regardless, this scenario is the scenario I see playing out in the coming days to weeks.
What do you think?
$GMLast week (previous candle), we have located a potential market anomaly. A shooting star candle with above average buy volume. I feel like bulls that missed out or still attempting to squeeze juice from the July 11th rally may get some tough days ahead. Price could continue to rise a small bit. However, we are waiting on distribution which should take us to the 2nd wave. We don't know how long this will take. The RSI K/D is starting to cross down from an over bought stance. We are looking for price to reach $35 to $37 at some point. We just completed an ABC expanded flat on the weekly and will be patient to see if a new impulsive wave is coming down the line. At this point, we will be looking to trade each wave so I will update as we go.
What do you think?
You Can't Trade on Indicators Alone - Watch the TriggersYou cannot trade on technicals alone. One has to watch the triggers and wait for them to conclude. This was a case in point on Friday 26th August 2022, after the Jackson Hole speech by Fed Chair Jay Powell. Bulls drove the market up just prior to the speech thinking that released economic data was good for a continuation of the bear market rally. Then Chair Powell came on and in a few minutes the market tanked, BIG!!. The big shorts scored here.
The bottom line is don't trade on opinions or technicals alone. Watch for the triggers. Triggers are events, economic data and Fed decisions that sway the direction of the markets.
625 pip trade coming AUDUSDAUDUSD is getting ready for a massive move. We want to capitalize on this 625 pip move. This means we have to front run this trade by getting in it early and selling to the individuals who decide to come into the trade after we have. I proved 3 different trade targets for this trade based upon the 625 pip move - the 250 pip move and 100 pip move. we will hit all 3 time frames as we attempt to profit of the total 625 pip move. Lets end the year with one great trade!
Lower than expected Chinese data is pressuring soybeansFundamental Snapshot
China
Weaker than expected growth in China was reported overnight, with real estate leading the way to the downside. The weaker than expected data prompted their Central Bank to announce a surprise interest rate cut. We are seeing the slower growth data have ripple effects in commodities this morning with oil down over 5% and soybeans down over 3%, just to name a few.
U.S. Dollar
The US Dollar is firming on the back of poor Chinese data, continuing the relief rally from Friday. The U.S. dollar was able to defend 105, which was previous resistance in May and June and the eventual breakout point in July. If the dollar continues to rally, it could be a headwind to some commodities.
Weather
Weather throughout the Midwest looks cooler and wetter for the next 1-2 weeks. For some problem areas, it may be too little too late. The conversation around weather will be shifting to South America in the coming weeks as they begin planting.
Soybeans
November soybean futures had a big reversal on Friday, taking prices into positive territory following a bearish USDA report. The news out of China over the weekend has offset Friday's bullish reversal and has taken prices back near first support, 1394-1400. A failure to defend this pocket could lead to another leg lower. There is still a gap on the chart from July 26th, that comes in from 1349 1/4-1356.
Bias: Neutral
Previous Session Bias: Neutral
Resistance: 1463 ¼**, 1481-1489***, 1500-1507 ¾****, 1529 ¾-1536 ½****
Pivot: 1440-1450
Support: 1394-1400***, 1349-1356****, 1300**
Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
