This is what should play out in a perfect world but this world is not perfect so it will be adjusted accordingly as more data coming in in the future. It is my long term road map which I base my current strategy on.Wave A should be a 5 waves impulse instead of an A label because it is potentially a Zigzag corrective formation, my bad. Good luck to every one.
Well, this DXY is a tough one to forecast at the moment, I am incline to vote for the downside but it is to difficult to tell at the moment. I know it is going to complete the B wave triangle, it could break out of the triangle up or it could be down. It depends greatly on who is going to win the presidential election comes November because no one wants to invest...
Ending Diagonal is in the process of complete the 5th. Estimate the ending of 5th around the proximity of 2.618 Fib multiple of 1st (around 0.68500). Downside target probably around 0.64xx area.
The movements had been somewhat bearish in the past days for EU but I think it is in the process of finishing up the corrective 4th (expanded Flat) then will come the 5th. The key level for 4th wave completion is above 1.19177 and the invalidation level of the set up is below 1.17000, which if broke, will bring EU down to the next target around 1.13 level. (No...
It only took less than a month for a 1000 pips parabolic move in nzdjpy back in 2016 after a 10 month base. Well, this is October and once again, it is testing the same base support. Keep an eye (or may be both eyes) on this one. There is a good chance it MAY happens again (possibly with variation though).
EURUSD chart is the top one, USDCAD chart is the bottom one. Both charts have bearish pattern but only one of them can be right. Lots of people want to short the EU because of the Head and Shoulder pattern, so as the USDCAD. One of them will break the neckline and going down but it can't be both. The only different here is one pattern is on an up trend (EU) and...
The odds favor the downside in my view. Just like everything else, by the time it is obvious to everyone, the chance for USDCAD to repeat the third time (breakout to the upside after consolidation) is pretty slim. The bottom line is, in order to consider a BUY, it must move above 1.12564 by a full up closed 240M candle.Otherwise, the downside targets are plenty,...
GBPJPY updated, The current parabolic move is waay over extended compare to it's base (C). Plus, it is hitting the 0.382 Fib resistance so it will most likely pulls back from here. Therefore, I think short term (60 mins or 240 mins) can be sold for a couple hundred pips but for long term (position trading), the next up target is the 0.5 Fib grid is about 1000...
GBPUSD Monthly view, there is about 2 more weeks before the month ends, will this Sept bullish looking candle turns out to be a break down one at the end as the June 2016 candle? I may not be selling right now but for sure I am not going to buy. Comparing this chart versus the EURGBP chart, it will become clear that when GBPUSD moves down, that should be when...
Looking at the DXY Monthly time frame, it is clearly in a broadening formation contained within the Fib Grids of 0.382 - 0.5 and 0.618. This environment can last well in to next year easily. Base on this information, I would be bearish on the dollar for now until it hits the 0.382 support (may not happen until end of Sept or in Oct in my view) then I would be...
GBPJPY is in the process of completing the last pattern (C), in term of duration, the current pattern (C) is about to review it's outcome. Will it be like A (reversal) or B (failed pattern) is remain to be seen.
It is not so much about trading the EURGBP in particular, but the more I think about this, the more I am convinced that it is going to be the dropping of GBPUSD that carries this pair to it's upside target, not the advancement of the EURUSD. (Just like what happened today, where the EURUSD was going nowhere, but because of the drop of the GBP that moves the EURGBP...
I am not sure if it is going to play out the way I thought it would, but this set up provides a very attractive reward/risk ratio if I can get in at the Right Shoulder Line. The head had printed a beautiful one day reversal leads me to believe it is indeed ...the Head. There is a minor resistance around 112.00 area but with the size of this reversal pattern, I...
