JigneshDavda

JigneshDavda

USDCAD Faces strong resistance from a TL holding downside and hourly support turned resistance. Short setup for a continuation of trend to break lows and target 1.2800/1.2850

JigneshDavda

Silver is having a heavy down day on the daily, however the pair is still largely in an uptrend. With the DXY bouncing against it's 61.8% Fib, this may be an area to try a Long positions. The pair showing signs of bouncing on the 1H against a rising trendline, bottom of the channel, as well as an 88.6% Fib. with stops below the lows at 15.132 this offer's a...

JigneshDavda

The GBPUSD looks to be in a bullish corrective structure. Looking for one more high towards the daily resistance area at 1.46 We are starting to see some buying near the bottom of the channel which confluences with the 88.6% Fib. The 4H Candle has yet to close, however, good risk to reward from this area with stops below the 1.40527 lows. A 1H or 4H bullish...

JigneshDavda

The USD is in a clear downtrend, and buying dips in the EURUSD is the preferred trade. Nice confluence zone here with the 61.8% Fib as well as the rising channel. An upside break of the smaller down channel displayed on the chart would confirm that the down move has completed and we continue higher. Targets for this setup are at 1.15. Stops below Daily...

JigneshDavda

Nice 4H Rejection in a resistance confluence zone. The 88.6% Fib level and Channel top had the AUDJPY draw a doji followed by a big bear candle down. Short positions here offer great R:R with targets near lows. Wave Count shows a double correction down, having already finished the first leg, and pulling back in the second.

JigneshDavda Updated 

Oil has been trading in a nice 1H Channel down for the week. The chart show potential for a wave count that calls for a completion in the 26 area From the spike high in the last week of Jan. Normally would like to see a higher high to confirm a reversal. But watching this area carefully. A breach above 1H highs at 27.43 would add some conviction to the...

JigneshDavda

Last week we saw oil bottom out and correct against the trend (see related idea). It looks like the correction has completed as price saw a sharp rejection from the Daily Trendline and 61.8% Fib. It looks like we are once again resuming the downtrend. Chart includes updated wave count. Please check the related ideas for the overall picture.

JigneshDavda

Nice Flag Pattern on AUDUSD Currently turning down, dips towards the top of the channel can be bought against 7042 lows for flag pattern targets at 7176 Pair is also bouncing from the 61.8% Fib on the daily chart from the 2016 lows at 6825

JigneshDavda

Possible H&S Pattern on the GBPJPY 1H Chart. Wait for Neckline to break to enter. Targets at 169.00

JigneshDavda

A Bullish Gartley nears it's PRZ zone. I may not even get involved in this trade, would need to see a strong bounce at the very least to consider it. The momentum is really strong to the downside. But the pattern is there, wanted to put it out there.

JigneshDavda

The Chart shows the current wave count on NZDUSD. The Wave Count indicates the cycle from Jan 20 lows at 6350 has already completed a few days ago at 6748. At this point there is no proof that the structure turns into a double corrective and we get a renewed leg to the upside, that will only happen on a bullish breach of 6748. The reason the chart is posted,...

JigneshDavda Updated 

Possibly H&S Pattern - wait for Neckline break to enter Measured Move Targets fall at 1.5717

JigneshDavda Updated 

GBPUSD has shown a nice bounce from support at 1.4351 In that area we have, major support indicated by the chart, the 50% Fib, as well as a rising trendline on 4H. On 1H we already have a bullish engulfing candle. The longer term outlook here is for a bearish USD. My previous charts provide the full explanation from a fundamental perspective, please click on...

JigneshDavda Updated 

The USDJPY still held critical support last week. There may be a bias among traders that we will see a big move down in USDJPY, but the break out has not yet occurred, and we are likely to see a bounce. As the USD is weak as of late, we can take advantage of the yen bounce through EURJPY which remains in a bullish cycle, and looks to be in a bear flag for the...

JigneshDavda

GBPCAD offers an attractive entry price at 2.00 even for a long term swing setup attempt for targets in the 2.20 area. From a Fundamental perspective, The UK remains to be the most likely to be starting it's rate hike cycle next. At the moment, none of the other Major currencies have even given any slight indication of the same. The unemployment numbers are...

JigneshDavda

There have been talks of a bottom in oil as of late, This chart shows that we have still not able to take out a down trendline that dates back to Nov 2015. While below, this line the bias remains Bearish. We are approaching a 61.8% Fib as well as a retest of the down trendline, this is an area of interest for Oil. A Bearish Candle here can provide a good...

JigneshDavda

Strong Buying in Equities has created a bullish engulfing candle on 1H Still a few hours left on 4H, but possibly same pattern Price is bouncing from Key Daily support (Aug Daily Close 1837). Still trading in an up channel, and has not breached the channel to the downside as of yet. The Elliott Wave sub structure has been unfolding as a triple corrective, and...

JigneshDavda

AUDUSD has an Inverted Head and Shoulders in play, The RBA caused a bit off a sell off on a statement release, which provides a low risk setup to get involved in the pattern. Risk to Reward from this Level falls just above 5:1 - with stops below the neckline. The 1H is setting up as a doji, but has not closed as of yet. The RBA statement was less hawkish than...