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AUDCAD Weekly Long Term PerspectiveAlthough I prefer trading the shorter time frames like 1d, 4h, and 1h - it always helps to know the overall situation. AUDCAD has been ranging between 1.0350 and 0.9170 for many years now on the weekly chart, and on the time frames I just mentioned, this provides opportunities to trade the trend up and down to and from the zones above. So I mapped out the most likely price movements based on what has happened in the past. Notice that most recently, price has formed a low, high, HL, HH, HL, and is now possibly forming a HH. (beginning at the first vert. line) From here, I think AUDCAD will rise to 1.0340. If price failed to make another HL and instead print a bearish weekly candle at the 1.0350 zone, we will see price head to parity 1.0000, and then possibly lower. Learn to read the markets and you will be successful.
by MtxTrader
Usdcad outlookUSDCAD already topped and is headed back down to the daily trend line (support) of the 1.2920 area. Since the top, the pair had a pullback to the resistance of the 1.3186 area and the 50% retracement and the resistance trend line, this is all confluence. Next, the 1.27 fib extension is near the zone of a support sot here is probable reason for another retracement here. This retracement should rise to the resistance trend line, the first fib retracement of 38% and the new fib retracement of 23% as there is confluence between the two fib percentages. After that, we will see a new short leg to the daily channel support i mentioned earlier of 1.2920, in this area is also the 1.618 fib extension that support the end/bottom of the trend and probable start of a new up trend.
Short
by JahdeeCamble
Great Way to draw Fibonacci levels using Gann,TZ, and TES Fibonacci levels can become powerful ways to find almost EXACT support and resistance levels and also time your trades. I have used them to predict turning points in markets on short time periods but they also are predictive in larger time frames. How to Align Fibonacci Levels: A very good and objective way to draw your Fibonacci levels is to use Gann Boxes, Transient Zones and the Temporal Extreme Spitter. All of these indicators are in the Public Library. First start with the Temporal Extreme Splitter (TES) by Richard Santos. The extreme splitter will give you exact high and low places to place your gann boxes. The Gann Boxes provide fibonacci in two dimensions- price and time. You can align the box ends with the TES. However, I have found one of the best ways is to align the Gann boxes is to set the 50% level on a long/strong TES line. Next when you align the extremes up with either the center or one or both of the ends of TES lines; then you are ready to start aligning the Fib levels for time. There is no exact science for doing this but a good way to do it is to try to match the highs and lows using Transient Zones. Transient Zones themselves give highs and lows and are also great places to align the boxes. However, since TZ's can occur more often than the TES lines (if you use default settings), its good to align them with the Fibonacci time levels of the Gann box. When watching your entry and exit points, it is also useful to include the concept of Divergence into them for even higher probability trades. One of the best ways to see divergence is to use a stochastics oscillator. The 14,3,1 default setting is fine. There are also some other ones in the Public Library. I am really into fibonacci, so I will sometimes use a stochastic 55 or 21. To see divergence, look at the highs and lows on the price chart and compare them to the highs and lows of the stochastic oscillator. If you do this correctly, you can sometimes see where the market is slowing down and turning. The key word here is slowing down . Divergence can be used as a confirmatory signal or a way to get out of a trade when it starts to go the other direction. Good Luck in Your Trading - Spread Eagle 71
AMEX:SPY
by SpreadEagle71
2
Euro Dollar So many opportunities... I've been analyzing the Euro Dollar closely since I started trading back in August.. It's always seemed like something was missing inside it, and of course I never had the tools to completely understand what it was, but over the last few months (after December), it all started to make sense.. Lets look back.. way back to 2004 when the Euro Dollar started showing signs of strength inside a booming economy. The currency became heavily overbought, right around 1.37690, and then fell for about two years until it finally found support at the 38.2 (Trend continuation confirmation level/zone) at 1.16260, and continued to rally up for the next two years where it seemed to reach its economic peak. Of course, it then became overbought and pretty much every institution, trader, bank, and hedge fund started selling and driving the currency down at an alarming rate, undoing years of financial strength in just a few short months.. Now, lets fast forward and bypass all the meandering momentum seen from 2008-2014.. Back in May of 2014, the currency all of a sudden stopped attempting to make those newer highs, and has since been dropping now for an entire year, up until the last two months.. Moving forward, and using our understanding of zones and fibonacci, the currency dropped and hit our first downside target at -27 (1.07929), kept dropping, retraced, and opened up the month of April retesting the support, and heading back up to load up on more sellers because the buying pressure is entirely too strong right now in order to move lower to our final downside target at -61.8, or just at 0.94000.. Even though the odds of the currency falling below 1.00000 is highly unlikely, we might just see that happen in the next few months.. However, we can expect the currency to continue to move up to 1.15 - 1.16 for the next few weeks, or even a month or two. The more time held at those prices without an indication of continuing to rise, we'll be looking at prices coming back down with the same if not greater sell pressure they've been having for the last year
by GhostFXC
2