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ETH/USD - Market OverviewThis is a follow on analysis from my previous ETH/USD analysis, which went perfectly to plan (See related ideas below for more information) When analyzing ETH/USD on the 8 hour chart, it is clear price hit side-wards resistance, and has broken down since. It was clear we would have downwards movement from this zone. Price is trading lower, and could retest side-wards resistance first before a breakdown. Price will break down in one of two ways, they are: - Price continues to break down to the lows without correction, and hits the horizontal support zone at 498. - Price retests the side-wards resistance line at 585, before retesting, breaking down, and hitting the support zone at 580. The only way I will change my mind on price trading to the downside is if price breaks above the side-wards resistance line, retests it as a new support and goes to the upside. Bare in mind, just because 498 is the horizontal support zone, it does not mean price has to go this low. This is simply the lowest it can go. I will continue to update this analysis if enough people request it. Please leave a LIKE and follow. I'd really appreciate it.
BITFINEX:ETHUSD
by TomProTrader
17
AUD/USD - Downside LikelyHi traders, hope you're all having a good weekend. We have a potential setup forming for AUD/USD on the 4H chart with a breakdown trade. This could be an excellent shorting opportunity. I have tested a few hypothetical trading scenarios that could come into play when the FX market opens later. Each time, I have got over an 1:2 Risk to Reward. When analyzing the pair, I discovered that price seems to react when it hits specific technical levels. Each time price hits the sideways resistance, it seems to test the resistance, and price stalls, and falls into the lows. I then zoomed out on my chart, and drew the line acting as sideways resistance further back. I was surprised to discover that the sideways resistance line I'd drawn had been having a strong affect on price for a very long time (Since May 2017). With this information, I now knew that the sideways resistance line I'd discovered was more likely to be reliable, because it had been having an affect on price for a long time. I then discovered that price is currently at a horizontal support level as well, and is about to break the support level. If price breaks the horizontal support, coupled with the discovered sideways resistance, I believe these lines will act as a very strong resistance ceiling. At the resistance line there is multiple reversal candlesticks showing weakness. And a clear Fibonacci retracement was hit. This further consolidates that we have hit a resistance level in play. I am expecting a down move of 55-100 pips. If price is not affected by local support levels, it will achieve the full 100 pips. Only if a minor support affects price it will not achieve target. Upon using a Stochastic indicator on this instrument, I discovered a strong hidden bearish divergence. I am personally not an indicator trader, but to those who do may find this information useful. Do remember that price needs to open below the current price & support level, to be favorable to trade. So it is important to watch this trade carefully before considering a position. I will be posting updates on this trade below as it progresses, so like & follow to keep at to date with this analysis. If you have any questions or queries on this trade, feel free to connect.
Short
by TomProTrader
7
Expect a turn on GBPJPYThe pair might soon experience an abrupt change to the downside. Firstly the whole move tho the upside did not have much of a correction which would be commensurable in time and price. Secondly, the pair is potentially positioned in wave B. This causes us to think that there will be a C wave down. Thirdly, GBPJPY is forming a pattern which Fractology identifies as a reversal pattern. Fractology would advise waiting for a move before taking any trades. After that happens we will find a place to sell within a corrective pattern.
Short
by AleksandrLombrozo
EURGBP is about to reverse downWeeks ago We published our bullish view on EURGBP. (Check the link - www.fractology.biz ) Since then the pair has risen up more than 5 percent. It was a spectacular chance to increase your trading account. At the moment We have revised the analysis and expect a complete reversal. This should become possible within an enormous daily zigzag move which represented a correction since an impulse down in October and November 2016. However, Fractology advises waiting for the price to violate the trendline down and correct itself to make that move possible.
Short
by AleksandrLombrozo