Sell Low volume up bar with narrow spread lower than the previous two bars is a sign of weakness . Wait the close for the current bar , it should be bearish to confirm selling
Volume Spread analysis shows signs of weakness by the no demand bars shown by the red arrows , Sell The breakout Stop loss above the red rectangular zone
A corrective structure has been formed as part of the redistribution in a range of previous accumulation. There were two range areas during previous re-accumulation. Once the current wedge structure is broken we can expect price to find further support at previous lower support areas.
The EURUSD is finding resistance at a number of key levels and has created a wedge pattern. A very old level at 1.120, a Brexit key level at 1.11725 and yearly PP around 1.115 and the 50 day sma. We see a good rejection candle off these levels (see circled area). The TDI is showing a steady increase and all the RSI lines are above the 50% level. The BBands have...
The USDZAR is forming a smaller corrective wedge within the larger correction. Seems as that everyone is waiting to see how things will develop. Within this wedge it does seem that volumes have increased and volume spikes can be seen at the bottom of the low volume pullbacks which looks imo that larger players are shedding Rands on the pullbacks and we can expect...
The EURUSD has again found support at the yearly PP. I am still waiting for the corrective structure, that has been playing out since the beginning of 2015, to complete. Will be looking for a break of the yearly PP to make me bearish and a break of the resistance zone between 1.125 and 1.132 to confirm the final move to complete the corrective structure.
Last week potential completed a ABC correction of the first impulse of a weakening rand. Talk about the looming downgrade is increasing and there is still the USD rate high expectation. The only thing going for the rand at the moment is the possibility of the Gold price improving. This week I expect at least a move to the yearly PP at around R14.2/USD. At the...
Bearish AB=CD WITH Negative RSI Divergence and VSA showing a climatic action with is a sign of weakness , an up test bars with low volumes such as no demand bar or any other sign of weakness is needed to confirm the coming bearish move , i.e. upthrust , higher highs with low volumes and narrow spreads , squats , etc
I have been following the USDCAD using the weekly chart and Ichimoku. I did not post last week and wanted to show a daily view this week. Price seems to be defined by the Yearly PP and 200sma during the correction of the impulse down move. The retrace has not even reached the 38% retrace level and important structural level. However, to achieve this the Yearly PP...
I did not post last week but the correction completed and the final push to point E started. Will be looking for the structure to complete around the 21st of this month and then we can expect a strong move. We have been following the development of this corrective structure with ABCD patterns for a number of weeks (see below) but we are now starting to look for...
Following the Wyckoff analysis previously shown we are in a corrective structure. Waiting for the mark down to continue. I did not post last week but the previous week we were looking for a test of the top of the structure. This has occurred and we are now again moving to the bottom of the structure. We are now coming to the thin end of the wedge and will start...
I did not update last week but the previous week was looking for a consolidation or completion of the ABCD pattern (see links below for previous evaluation). The outcome was a consolidation. So now my view is that we will se some further consolidation next week around the yearly PP and previous important structure at just above R14/USD. But the following week...
The NADUSD found resistance at the Pitchfork Median Line and is retracing. Looking for a no demand day at the 50%Pitchfork line and trend line to go long. The 50 day sma is about to cross the 200 day sma which will signal that the market has turned bullish. Look at the previous posts to see how the Wyckoff evaluation of the market accumulation has progressed.
The retrace that we waited for last week has potentially completed at the monthly pivot, 61% retrace and trend line. Now we are looking for a no demand day to go long targeting the previous high at the 0.78500 level or even long standing structure at 0.80000 level. Following the Wyckoff evaluation previously explained we are now in the mark-up phase.
I am still expecting the USDCAD to correct to the confluence of some significant levels. However, I now think this may take the rest of the year to achieve this. Volumes remain low and will be watching for volume to return at the 50% retrace level of the AB leg of a potential ABCD pattern.
Last week we waited for the correction to complete but we probably will also have to wait for most of next week. I will be looking for a no demand candle (low volume / small spread) at the Yearly PP and Brexit key level. Once formed I will go long targeting completion at point E towards the latter part of September. However, the move after the 21st of September...
Buyers entered the market just above R13 to the dollar. This was an area where previous buying also occurred. A high volume low spread candle. Price corrected back to the Yearly PP just above R14/USD. With all the talk of possible US interest rate hikes, downgrade of credit ratings and prosecution of the SA finance minister the market seems to be selling the Rand....