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BCHUSD Buy points on weakness coming upBCHUSD This looked crocked yesterday. What happened? Don't need a weatherman to know which way the wind blows. A chart will do that for us. Should come back to 1180, maybe spike to 1124. This is what we've really been waiting for isn't it (you were not long, were you anyway) So sling an order in at 1180 and leave the stop below 1124 or put one in at 1126 with stop below 1124 by at least 10 points. Maybe it will come all the way to you, and no further. It needs a full flush. Maybe we'll get one.
B
by sumastardon
BCHUSD Underlying very strong consolidating above old structure BCHUSD BCH Dollar Risk and Reward Approaches Consolidating gains above old structure - really strong looking and likely to turn up again soon. Ideally it will come back to 1516 and maybe 1461 but looks so far like 1516 will be the lowest it will go. Stick an order in with a stop below 1440. Or stick one in at 1446 - less chance of getting struck but also lower risk with a stop below 1440. And it may even turn from here around 1548 as there is a little support here too...up to you...if you can handle the pain of potential drop to lower levels and are prepared to leave the stop below 1440 it's coming so close to grabbing some, a small position. It can also travel all the way to the lower parallel by moving sideways to mildly down (ideal situation) but we may not see that. Either way this coming very close to buying. Different options depending whether you are an old bull prepared to wait or a younger bull who will sometimes be spot on and sometimes will jump the gun a little. Whatever, it's close to the lows now with 150 max downside and 450 upside, probably more longer term.
B
by sumastardon
1
Elliott Wave View: AUDJPY Taking Price Lower; 82.500 In ViewGood evening traders! Hope everybody had a good weekend; now let's start with quick peek of AUDJPY. AUDJPY is displaying a nice bearish reaction away from 89.07 region where red wave (2) had ended. We are now tracking wave (3) that must by the end of its run unfold five minor waves. On that note we are currently observing minor wave 3 of (3) that can search for a base near the 83.500/83.900 region, before corrective wave 4 takes price temporarily higher. The whole bearish impulse wave (3) however, can later reach levels near the 82.500/82.800 region. Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All our work is for educational purposes only.
by ew-forecast
Short ETH On daily price is in sellers territory. We got a nice pullback to the Resistance Level 0.04907743 level and we turned many people into buyers. On trading time frame the recent buyer is taken away by the seller with lots of energy and the price shows that it can't make a HH as it leaves a probe or spike. This is a conservative entry and proper Risk Management needs to be taken. As we are correlating with BTC as BTC is on Bulls run and so, ETH has a weakness. Entry: 0.04863 TP: 0.0.042823 Stop loss: 0.0.0557986 Position Size: 1% Risk on your capital/3225.87 Risk/Reward: 1:33 So, Proper RR is maintained. If TP is hit then we will be at 13% profit. Buy from Sellers and Sell from Buyers.
Short
by ReddyShyamShankar
Short ETH On daily price is in sellers territory. We got a nice pullback to the Resistance Level 0.04907743 level and we turned many people into buyers. On trading time frame the recent buyer is taken away by the seller with lots of energy and the price shows that it can't make a HH as it leaves a probe or spike. This is a conservative entry and proper Risk Management needs to be taken. As we are correlating with BTC as BTC is on Bulls run and so, ETH has a weakness. Entry: 0.04863 TP: 0.0.042823 Stop loss: 0.0.0557986 Position Size: 1% Risk on your capital/3225.87 Risk/Reward: 1:33 So, Proper RR is maintained. If TP is hit then we will be at 13% profit. Buy from Sellers and Sell from Buyers.
Short
by ReddyShyamShankar
GOLD: XAUUSD All about the dollar nowGold/USDollar XAUUSD It's all about the dollar for now Sometimes gold is a fabulous market to trade - when it gets itself in a trend that traders can see glinting at them off their screens the impulse waves it goes on to form are some of the best in any market (except Brent Crude which wins top spot for powerful, tradeable impulse waves, see today's comment)Right now is not one of those golden moments. Gold is a really difficult, choppy market, great for day traders but not so good for swingers. The first point is to recognise that with no real wave to power it gold is consequently aimless, taking a random walk on a northward bearing and very much against its will, judging by the pin bars studding the uncertain zone between the 3 blue lines on the chart. It's now powered from underneath by ongoing dollar weakness from here, (see DXY comment today). You can see from the chart that gold doesn't really want to go up, that traders are pretty bearish, or certainly were until DXY fell out of bed in London this morning...But DXY is already testing the first target at 93.99 after a low at 93.97 and should make a feeble rally (as per comment) before falling away again. Once 93.97 gives way on DXY It should fall to to 92.6 at least, so another 1.5% from here. Look to buy dips in gold (and if you're experienced you'll already be using DXY chart as confirmation of when to distribute and when to accumulate) because with at least 1.5% and quite possibly 3% to come in dollar weakness gold will keep defying the bears over the next few weeks. It's on support right now at 1278 and unlikely now to dip much lower. Only on a break below the trend line supporting the recent lows will the underlying resilience of gold be shattered - a fabulous downtrend should re-emerge as a consequence, driving price down to 1205. But until that happens, it's tricky. No trend except a seemingly grudging reaction upwards to dollar weakness. Go with it for now. No point in fighting this yet. And if you're looking to trade a trending market right now, try Brent (or check today's comment). They don't call it sweet crude for nothing.
FX:XAUUSDLong
by sumastardon
EUR/USD: Use Short term weakness Monday to get short EUR/USDEUR/USD Update for week 30.10.17 A perfect test of the upper parallel shown on last week's chart created a fine entry point for Dollar longs on Thursday before the Euro flew 278 pips lower creating a big bull-engulfing red candle on the daily chart and busting below the neckline of the head and shoulders top formation (shown on last week's chart) on Friday. Two big bear moves in two days. This price action only confirms that a significant swing into Dollar strength is now gathering pace. The breaking of the neckline creates a minimum medium term downside target at 1.1242. However in the very near term (Monday into early Tusday) the Euro is a little oversold after that 278 pip two-day decline and needs to consolidate those losses for a few hours before the sell-off resumes. Suggest using any Dollar weakness on Monday/early Tuesday back towards the neckline area at 1.1648-1.1665 (with stops just 15 pips above the upper end of this range) to increase Dollar long positions, looking for a decline back to 1.1242 over the more medium term. Any retest of the upper parallel should also be viewed as another excellent selling opportunity (should the first stop at 1.1680 get broken} until the downside target is achieved.
Short
by sumastardon
Elliott Wave Analysis: NZDUSD Looking LowerMarket is not moving much at the moment, so our major view remains unchanged. We are still tracking commodity pairs such as AUDUSD and NZDUSD that may see more weakness this week, while gold stays under pressure. There is also a stock market still in bullish mode which may see more upside this week if we consider triangle possibility on Dax. NZDUSD was one of the weakest last week so it will be on our radar list this week for more weakness, but we need a corrective bounce up into wave four before we may look even lower. There is a nice resistance area from 0.7000 up to 0.7055 from where we would expect a new drop. Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All our work is for educational purposes only.
by ew-forecast
1
Elliott Wave Analysis: AUDUSD Can Follow A Bearish LookGood Sunday traders! Hope you had a nice weekend, and a pleasant Sunday. Let's take a look at AUDUSD and its mid-term look. AUDUSD may have recently completed a higher degree three-wave correction within wave IV. Recent drop that followed, away from the 0.8150 region can be an early indication of a change in trend and more weakness to follow. If so, then current weakness can be sub-wave 1) of a bigger five-wave drop, which may unfold in weeks to follow. That said, a decisive breach below the 0.7700 region would suggest even more weakness to come. Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All our work is for educational purposes only.
by ew-forecast
3
Elliott Wave Analysis: USDNOK UpdateUSDNOK is unfolding a nice bearish leg, which we see it as blue wave one and now wave two in the making. We can see first wave one fully unfolded, so upcoming reaction higher can be the following wave two that may later search for resistance near the Fibonacci ratio of 50.0 or 61.8 and make a new drop lower. Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All our work is for educational purposes only.
by ew-forecast
USDCHF Weekly Trade AnalysisUSDCHF > 10/8-13/17 Trade Analysis Timeframe: 1W Weak bullish trend, yet expecting to hold as break above 0.9777 has occurred. Awareness as pair approaches next major resistance @ 0.9880. Break and hold above this level can expect further rise to 0.9990 in medium term as long as pair remains above key support @ 0.9708 level during weekly range. Break and hold above 0.9990 can extend rise to 1.0030 level. Note that a firm break and hold below 0.9708 would favor reversal toward 0.9587 level. Personal bias: Bullish in medium term w/weak tendencies * Personal analysis only. Please use your own rules and strategies prior to entering market. ** Forex trading involves HIGH RISK. Before entering a trade, carefully consider your objectives, financial resources and level of experience.
by ALSM59
*DJI 4HR Update* **Watch out -- Bears are winning**TVC:DJI has been on an up trend, however I am seeing signs of weakness although it is now heading toward the its initial control price area. Chances are that if it cannot break 22200.00 , the reversal may be unfolding... real soon. If it does break, it may go above 22200.00 and beyond. If not, it is highly likely to come back to 21600.00 , 21500.00 level. Key levels to watch out 22200.00, 22300.00 and 22400.00 Trade with care. Digit
TVC:DJI
by digit_trader
3
Elliott Wave Analysis: Triangle On USDCAD Points LowerIntraday chart on USDCAD is nicely pointing to the downside into a final push of a bigger bearish impulse. As we look closely, we can see current triangle correction trading near completion, which means hopefully more weakness will follow on the pair. A confirmation for a completed triangle correction is a five wave minor fall and a breach below the former swing low of sub-wave (d) of a triangle correction. A Triangle is a common 5-wave pattern labeled A-B-C-D-E that moves counter-trend and is corrective in nature. Triangles move within two channel lines drawn from waves A to C, and from waves B to D. A Triangle is either contracting or expanding depending on whether the channel lines are converging or expanding. Triangles are overlapping five wave affairs that subdivide 3-3-3-3-3. Triangles can occur in wave 4, wave B, wave X position or in some very rare cases also in wave Y of a combination
by ew-forecast
4
ETHUSD Perspective And Levels:Triangle Breaks. More Uncertainty.ETHUSD Update: Triangle is broken by weakness and minor supports taken out. The 183 to 163 support zone is the next area I will be looking for reversal patterns to buy back in. The 214 area support which is the .382 of the recent upswing has been compromised which indicates that the bullish momentum generated from the 136 low is not driving this market at the moment and further consolidation is likely. My long from 228 was stopped out for a small loss at 207. Small losses are the best losses. I was never able to justify adding at 224, and this is exactly the reason why I do not place blind limit orders in the market at a predetermined support. I wait for validation, which helps me to more often than not avoid support breaks like the 224 level. So what's next? The BTC drama has created too much uncertainty around the hard fork that is now happening on 8/1. To make matters more uncertain, brokers like Coinbase are giving account holders a hard time with withdrawals and web articles are warning participants to find out what their third party key holders are going to do about the hard fork. With August 1st being only a week away, I expect fear and volume to get worse. Think about it, do you think a sane person will have the confidence to put on a large position right now. Would you? On that note, this price action is not overly bearish. It is just weak enough to force out weak hands. The next area of actionable support is the 183 to 163 zone which is related to the .618 of the recent upswing off of the 136 low. I will look to buy upon smaller time frame reversals within that zone ONLY, even if they appear before 8/1, but I will compensate for the uncertainty by once again going in with only 10% of my usual size. If price falls below 163, I will hold off on any buying and reevaluate because that would indicate a much weaker market. Also I will not buy any reversals unless they now appear within the support zone mentioned above. In my opinion, in this low volume environment, there are going to be too many false breakouts, and price action tends to be much more random. Best way to navigate it is to stay out. So if I am going to take a risk, it has to be at very attractive prices, and structure. In summary, this minor support break is NOT extremely bearish, just a shake of the weak hands. Low volume and high uncertainty keep this market (and BTC) from making progress and I expect these conditions to continue until participants gain more certainty on 8/1 (and exchanges like Coinbase stop scaring people with withdrawal problems). If very attractive supports are reached like the zone mentioned earlier, I will be open to buying again, as long as the rules of my trading plan are met. Comments and questions welcome.
BITFINEX:ETHUSDLong
by MarcPMarkets
19
ETHUSD Levels And Perspective: 160 Major Trend Support.ETHUSD Update: Yes it looks ugly, but it still has not broken the 160 major trend support. Bearish momentum is persistent and has taken this market back into the 160s. In light of the bigger picture, the bullish trend is still intact and 160 is the .382 of that trend. If price trades below 160 for more than a few hourly bars, I will adjust my major trend expectation from bullish to neutral which will shape how I manage longer time horizon trades in this market. The two pivot levels that will signal a return of bullish momentum if broken are the 177 which is the .382 of the most recent bearish swing, and 187 which is the .382 of the broader bearish swing. For those of you who have been following my reports, those levels are similar to the 190 to 180 support area where I was waiting for bullish reversals. This support area has now become a resistance (inversion) and needs to be cleared in order to signal the bears are losing control. UNLESS that happens, price is more likely to continue lower. Keep in mind there is a lot of hype swirling around these markets because of the "User Activated Soft Fork" and any other little piece of information is going to be met with all kinds of overreaction. It is tempting to buy into these cheap prices, but the risk is not worth it in my opinion. One great lesson I have learned over the years is that it's okay to buy higher as long as there are signs of buyers who can buy it from you as opposed to buying a low and hoping it turns around soon. Hope is a bad thing when it comes to trading and I have bottom and top fished enough to know it is not profitable in the long run. In summary, weakness continues but be very aware of the 160 support area. Price is likely to show signs of reversal here, but that can take days. And in order for price to signal renewed buying, especially in the bigger picture, 187 to 190 ultimately needs to be compromised. Unless that scenario unfolds, I am steering clear of the this market, especially with UASF around the corner. If 160 breaks, that will indicate a change within the major bullish trend structure which will call for adjusted trade expectations if and when long signals do appear. Comments questions welcome.
BITFINEX:ETHUSD
by MarcPMarkets
8
ETHUSD: Major Support Within Reach.ETHUSD 0.01% Update: Bearish momentum continues on the near term. The break of the 250 to 240 area (red arrow), and continuation of new lows signals a change which is likely to be thrusting this market into a broad consolidation. In order for this market to PROVE that there are any chances of a significant bullish retracement, the 245 resistance level needs to be compromised. And to signal that the major bullish trend is likely to continue, the 284 resistance needs to be taken out. Unless these scenarios take place, I expect prices to drift lower, POSSIBLY to the low 200s before there are any signs of stability. (Inversion and bounce on 6/26 see chart). The way I intend to trade this is to first wait for a break above 245, and then look to buy the next pull back. Keep in mind this scenario may never play out, but at the moment that is what I would like to see in order to buy into this market for a swing trade. In order for the major bullish trend to become questionable, price needs to push below 160. I DON'T KNOW if that will happen, but if it does, it will point to further selling in the long run and would prevent me from swing trading this market from the long side. Remember as a price action trader, my goal is to WAIT for elements to align in order to stack PROBABILITIES in my favor, not make absolute predictions. As the market offers new information, I adjust. Feel free to ask any questions.
BITFINEX:ETHUSD
by MarcPMarkets
15
SPX: Momentum Bearish, Nearby Supports, But Big Picture Bullish?SPX: Do not be fooled by the near term bearish momentum, the major trend that has been pushing this market higher since November is still intact. June 16th was the most recent swing high, and the current peak of the major trend. Since then price has pulled back to the 2410 area, with yesterday being the second time. 2414 is a .382 support from the most recent upward swing that began on 5/18. Since this market has found buyers in this area, they may appear again which would indicate minor price stability in the near term. In order to see a return of some serious upside momentum, a break of the 2425 resistance would have to materialize. Until that resistance is taken out, prices are likely to drift lower. How much lower you ask? 2396 is the next major support area, followed by the low 2380s. A break below the 2380 to 70 area will signal a possible medium term consolidation, which can take prices into the lower 2300s. The key level to watch for is the 2309 to 2300 area. This is major trend support and a break below this would signal that the major bullish trend would no longer be intact, but we are a long way from that level. Until then any bearish momentum is just a healthy pullback no matter what the mainstream financial media soap opera says. I will be watching for prices to stabilize around the low 2400s to high 2390s and perhaps a continuation of the major trend from there. Summertime trading is typically characterized by low volume, and unless earnings can provide some catalysts, this price action is relatively normal. To summarize, near term momentum is bearish, we may see the low 2400s to 2390s, but a break above 2425 will signal that buyers are back and the bullish trend is likely to continue. If 2309 breaks, then the major bullish trend becomes questionable. Questions, comments welcome.
TVC:SPX
by MarcPMarkets