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S&P500 (SPX) New All Time High or Further Drop for AccumulationHello Fellow Trader! S&P500 (SPX) New All Time High or Further Drop for Accumulation SPX found support at its previous all time high price 3394 before bouncing and looking to test new highs. There are two options in play to trade this structure and the higher risk to reward play would be testing the June 2020 high 3232. Scenario 1: IF price forms some type of flag or continuation pattern for further upside, the multi-month trend line will stay intact as support for price to advance. Scenario 2: IF the current structure looks like a consolidation pattern hugging above trend line, this could suggest there is a possible drop to test June highs. At this point you will find mass accumulation. Key Points: Scenario 1: - Price above 50 EMA - Price above 200 EMA - Multi-month trend line as support - 1 Hour time frame could present bullish flag patterns or candlestick reversals for upside - SPX has been extremely strong, and any dip pull backs have been bought up immensely - Trading the trend. - Found support at 38.2% Fibonacci of last major range Scenario 2: - RSI slices through mid-point - A consolidation pattern above trend line suggests the buyers are wearing thin. - Accumulation zone will coincide with 200 EMA support & June high resistance / new support. - Accumulation zone coincides with 50% Fibonacci retracement of last major range - Presents an extremely desirable risk to reward ratio Key Levels: Support – 3394, 3280, 3232, 200 EMA Resistance – 3480, 3588 Entry Zone: Optimal entry provides the greatest reward to risk ratio while supporting entry is a zone for reversal signals. Scenario 1: Optimal Entry – 3394 Supporting Entry – 3420 Scenario 2: Optimal Entry – 3250 Supporting Entry – 3320 Candle Reversals for entry - Bullish Hammer - Bullish Engulfing - Bullish Piercing The Risk: As traders, it is your job to mitigate the risk and only trade structures that provide high probability and great reward to risk ratios. If you are not comfortable with defined exit levels, experiment with Moving Averages to help set solid exit rules to protect your capital. Scenario 1: IF: Price breaks below the trend line / 3350– this would suggest the structure is not in our favour and would be wise to reduce exposure or close the trade until a solid signal gives us reasons to re-enter. Scenario 2: IF: Price breaks below 3199– this would suggest the structure is not in our favour and would be wise to reduce exposure or close the trade until a solid signal gives us reasons to re-enter. Reward / Reward Targets: Scenario 1: Optimal Entry 3394– Target 1 3588= 5x Reward to Risk Supporting Entry 3420 – Target 1 3588 = 2.3x Reward to Risk Scenario 2: Optimal Entry 3250– Target 1 3588 = 6.7x Reward to Risk Supporting Entry 3320 – Target 1 3588 = 2.3x Reward to Risk My plan is to touch base with this second scenario if it presents and create the new trading plan if any variables present. This trade could be extremely potent.
TVC:SPXLong
by tradetheday
3
USDOLLAR Trades At Potential Tipping PointThe left charts show's FXCM's dollar index, the USDOLLAR, trading at its black 20-day SMA. The daily RSI is pushing above 50 (blue rectangle), which is suggestive that an underlying bullish momentum is developing. However, it will need to trader higher to cement this view - at current levels the buyers and sellers are in agreement. This is clearer on the right chart, which shows the hourly time frame. Here, we see that the USDOLLAR is trading in a sideways congestion pattern (red rectangle). In order for the index to break up and out, the hourly RSI will need to trade on the bullish side of 50 (green rectangle).
FX:USDOLLAR
by FXCM
1
USD equally weighted currency index (BULL SHARK)In my previous post on this chart, I assumed this shark pattern to anticipate the 5-0. This could have been avoided by simply checking the 89 WMA. This is indeed not a 5-0 but definitely a shark pattern and it could potentially get very extended. See the symmetry between the lows around the PRZ which creates the highlighted triangle. Notice the 2011-2016 rally for about 50% advance in prices: Not only are we closing around the 2016 highs, we are closing at previous resistance, and price has tested the resistance several times. The liquidity should be dried out by the time we get to test this area again. Here we also see a steady increase of roughly 13% with some minor pullbacks during the past 3 years: Perhaps a healthy pullback towards the support area would be able to kick in the extended rally anticipated by the shark pattern. Dont forget to leave a like Happy trading
by MikulovicFOREX
The US's trend remains unchanged: bullishThe US's trend remains unchanged: strongly bullish. After yesterday's decision taken by the FED, which decided to keep rates unchanged, investors reacted as analysts had expected. Without excessively increasing of long positions but keeping prices stable.When President Powell's conference began, he said that even if the US economy is stable now. The inflation below the 2% target area a step back is not expected by cutting rates and Injecting new money into the market. The price began to undergo a series of sales making them retrace and close the session on their respective key supports. Technical scenario  The US's trend remains unchanged: bullish and this descent, however, should already be over. From those levels it is assumed that prices can start again and reach their strengths. Those are at 29700 for SP500, 26900 for DOW JONES and 7900 for NASDAQ. The technical structure remains projected to the upside. In the case of SP500, on the higher time frames it is traveling above the EMAs. Almost certainly will touch the resistance zone set at 2940 points within a few hours. If it breaks the upward one, it will try to retest the area between 2960 and 2970 points. In the case of the DOW JONES, the descent of Wednesday / Thursday has already been partially reabsorbed. After the test of the support at 26160 points, the price is now again directed towards the maximums of the period. On breaking the level set at 26600, this will continue up to the absolute maximum at around 26900 points. Trading Ideas We recommend a long entry on one of these three indices, the indications are for the three major US indices. The SP500 the SL will be under the support set at 2910, the TP will be at 2940 (intermediate tp) and 2960 (final tp). DOW JONES the SL will be under the support set at 26160, the TPs will be at 26600 and 26900 points. And the NASDAQ the SL will be under 7720 points, the TPs at 7860 and 8000 points. 
SLong
by BFCMInvest