Elliot_Myers

Elliot_Myers

Notes: 1. Choice one is to sell at open and target a move down to 0.89000, where price may decline lower or correct higher. 2. Choice two is to wait for a failed break of 0.89000 and go long, in line with the primary D1 trend and in anticipation of a longer term correction to the upside targeting 0.92500 3. The preference is choice 2, however a continuation...

Elliot_Myers

There are two eventualities for the pair, a move into prior support and a retracement higher or a break below prior support a move lower. This pair is being driven by fundamentals with the Brexit negotiations stalling and self destruct rhetoric becoming more common from the UK government, this is likely to dampen sterlings recovery. Technically the pair is in a...

Elliot_Myers

In honest this isn't a pair with much clarity as price is drifting between upper and lower consolidation structures. In cases like this it's best to wait for a correction at a major level/structure or a break-out of a major resistance/structure. The green box is where I'd want to go long on a correction and the yellow box is where I'd want to go long on a...

Elliot_Myers

USD/CAD is trading in a short term D1 range from 1.24394 to 1.26000. Trading options are straightforward, sell at the top of range and buy at the bottom of the range at any failed breakouts. Be wary of breakouts in either direction when trading the range, keep your stops low risk and watch carefully for fundamental factors that may spur a breakout in either...

Elliot_Myers

Hi Traders, I'm looking at a short position on USD/JPY for the week ahead between the 114.000 - 114.500 level. Target is 115.000 and Stop is 114.650. If we see a break above 114.650 I remain short up until a break of 115.500 where my bias switching to long up until a failed re-test of 118.650. My Trading Rules - How I identify trades, define my edge and manage...

Elliot_Myers

The white box displays the 'buy zone' where a long position is supported by 4 confluences, the 50-61.8% fib levels, the 1.17000 psychological level, weekly support at 1.17184 and immediate prior consolidation from 1-2 weeks ago. This 'buy zone' is invalid if price surpasses 1.19161 as it will have broken out above prior consolidation and is not likely to return...

Elliot_Myers

Unchanged from last update.

Elliot_Myers

Unchanged from the previous update.

Elliot_Myers

Simple one, wait for price to retrace lower into the blue zone where price has historically stalled, once in this zone buyers are likely to see a good opportunity and this means this area is a good place for us to go long.

Elliot_Myers

Looking at entry around 1.33300 situated within historic resistance. Price has stalled and spent the day recovering higher and I expect price to continue to rise before hitting a historic road block around the stated entry zone. Good luck!

Elliot_Myers

Price has rejected a move above 113.162 with several bearish wick formations signalling that buying power is drying up. Watch for another failed break above 113.162 to open a selling opportunity down to the next reasonable support at 111.500.

Elliot_Myers

Watching for a further rebound over Monday with selling potential at - 1.17895 however the ideal sell would be at 1.18136 with a bearish signal candle on the D1 view. Good luck!

Elliot_Myers

1) Price is adhering to previous support and resistance levels 2) If price is obedient we can expect the move outlined in the pink boxes and black lines to unfold tomorrow 3) A short entry opens once price reaches the next historic resistance zone - success depends on price remaining obedient to history 4) The prospective entry is outlined for your...

Elliot_Myers

Buy entries at: 1) 1.17196 2) 1.16519 Price has previously found support at listed entry prices 2 and 3 which make for attractive entry points, we have historical price action failing to break lower which may ring true again. Strong employment numbers could also boost the prospects of a move higher which is likely given Trumps obsession with jobs growth and...

Elliot_Myers

Hi Traders, Simple one with entries on the chart. We can either expect a minor or major pull back to which we have the 61.8% Fib level & a key phycological level to seek buy opportunities. If you followed the linked idea you'd have hit target so well done! Good luck!

Elliot_Myers

Hi Traders, The US Dollar index approached the 11850 phycological zone and has since retraced higher. This implies that the Dollar will continue to rise against other pairs until the 11920 level where it meets a 61.8% fib + prior price structure resistance. Take this into consideration when buying the Dollar vs other pairs. Our current plan is to wait for the...

Elliot_Myers

Hi Traders, As predicted US30 has hit 22000. It will now likely retrace before heading higher past this symbolic level. Likely retracement will be around the 21880 level in line with a 61.8% fib and prior price structure.

Elliot_Myers

Hi Traders, Did you miss todays jump higher? Well we did as well however the name of the game is patience. At this moment the market is exploring how high it can go, what levels of support exist and establishing new phycological levels. 1.17633 aligns with a 61.8% fib level and prior price structure which makes it a sensible entry point. The dollar is under...