IanColeman

IanColeman

Although trading in Bitcoin continues to be mixed and volatile, there are certain factors that offer a negative bias: • We posted a bearish Outside Daily candle on October 21. This formation is often seen at the top of the trend and the start of a new downward bias. • We have broken out of an Ending Wedge formation to the downside. This pattern offers a measured...

IanColeman

Although we have seen mixed daily results for the last 12 sessions the 8-hour chart suggests we are in the process of completing the BC leg of a large Crab formation. This pattern will be completed at 0.8816. We have support at 0.8316 and 0.8307. On a move through the previous swing low of 0.8288, this pattern is negated. This makes for very favourable risk-reward...

IanColeman

Trade Plan (Pending): I am selling GBP/USD at 1.2600 Although GBP/USD traded to the lowest level in 105 (trading) days yesterday buyers have emerged at 1.2427. This is the projected downside support for the AB leg in a daily Bat formation. A common retracement level for the BC leg is 38.2% of the last decline. This price point is located at 1.2605. Bespoke...

IanColeman

Overnight we have the RBNZ interest rate decision and monetary policy statement. Governor Orr recently said he sees signs of more normalised rates on the horizon. The single currency basket highlights limited buying pressure for NZD. NZD/CAD - we have seen a sustained rally from the 0.8066 swing low. The 361.8% extension level from 0.8066-0.8109 is located at...

IanColeman

Risk aversion resulted in traders buying the safe haven Swiss Franc (CHF) yesterday. This morning, we are seeing a mild reversal in sentiment. NZD/CHF - forming a Bat pattern. We are currently assessed as trading within the BC leg. The one-hour chart highlights an order block between the swing high of 0.5574 and 0.5461. Bespoke resistance is located at 0.5465....

IanColeman

AUD/USD Basket - the basket has been moving higher in a mixed and volatile fashion. This is common in corrective formations. Resistance is located at 11.65. A Bat formation will not be completed until 10.00. I look for limited upside pressure. DXY (USD Index) - bespoke support is located at 103.86. We have a 78.6% pullback level located at 103.87. I look for dips...

IanColeman

Continued upward pressure from 5,214 has resulted in the index trading to a new all-time high. The four-hour chart highlights a 261.8% extension level located at 5,300. This is a common target/reversal level for an Elliott Wave count (5 waves). Price action has formed an expanding wedge pattern that has a bias to break to the downside. Bespoke support is...

IanColeman

The four-hour chart highlights a bullish Bat formation completing at 188.38. This time frame would suggest that we are currently trading within the CD leg to the downside. We have a demand zone from 188.30. The one-hour chart highlights a bearish flag formation. On a break of the trend of higher lows at 190.59, the measured move target is 188.50. We have a 261.8%...

IanColeman

Picking tops is extremely hard (but the potential R rate is huge) using 18530 it is a whopping 56R

IanColeman

We are witnessing subdued trading as the market awaits the Personal Consumption Expenditure figure (PCE) on Friday, the Fed's preferred gauge of inflation. With this important data release falling on the Bank Holiday Good Friday, low liquidity could result in dramatic price action. A higher-than-expected print (exp MoM +0.3% YoY +2.8%) could send stocks tumbling....

IanColeman

DXY (USD Index) - the index completed a bullish 5 wave count at the 104.15 swing high. We are now assessed as being in a corrective sequence lower. We have a barrage of support between 103.38 and 103.24. The projected support for the AB leg of a Bat formation is located at 103.41. The immediate bias is mildly bearish but with dips to be bought. The USD index is...

IanColeman Updated 

Bespoke support is located at 17,683 and 17,085. Using projection analysis for an Elliott Wave count (5 waves) offers a resistance level of 18,053. The one-hour time frame highlights an ending wedge pattern. The trend of higher highs is located close to the projection level. On a break of the trend of higher lows at 17,817, the measured move target is 17,660....

IanColeman

The Bank of Japan is giving the clearest signs of a possible change in monetary policy. Wage settlement is the focus with the manufacturing sector reportedly agreeing to the highest pay rises for over 25 years. This is likely to force other companies to follow suit. This could be the catalyst for raising interest rates at the Bank of Japan monetary policy meeting...

IanColeman

The focus today will be the Consumer Price Index (CPI), a market-moving inflation report from the United States. I am expecting high volatility. Although the data is unpredictable, we can sometimes gain a bias from chart analysis. It would be wise to look at DXY (the USD Index). DXY (USD Index) - buyers returned close to the 61.8% retracement level of 101.92....

IanColeman Updated 

I am setting this trade plan going into the UK budget report. The 8-hour chart highlights the completion of a bearish Gartley formation at 1.2761. We have bespoke support located at 1.2637 and 1.2634. The four-hour chart highlights an expanding wedge formation that has a bias to break to the downside. Using 1.2761 as a projected high, we will form a Butterfly...

IanColeman Updated 

GBP basket - the dominating single currency for this trade plan is Sterling (GBP). There are two fundamental aspects that I am looking to drive Sterling lower: • the United Kingdom has entered a technical recession. • we are seeing lower inflation data. From a technical perspective, we have formed a bearish Gartley formation on the daily chart. The intraday chart...

IanColeman Updated 

The weekly chart highlights a bearish Butterfly completing between 38,976 and 39,290. It is common practice for the furthest resistance barrier to be tested (39,290) The intraday time frame highlights the completion of a bullish flag at 39,136. The 8-hour chart highlights an Ending Wedge formation. Trendline resistance is located at 39,300. On a break of...

IanColeman Updated 

Round 2 for GBPJPY selloff JPY Basket - the main driver for this trade plan is the Japanese yen. Although we have seen a correction to the downside, we will form a bullish Gartley pattern at 6450. With the long-term analysis now bullish, this is regarded as a good level to get long. GBP/JPY - the intraday chart highlights the completion of a bearish Gartley...