JigneshDavda

JigneshDavda

Scalp setup in the USD as it approaches a support zone The USD has been range bound, and likely to remain as no major fundamentals in play until closer to the Dec FED meeting. Longer term trend is bearish, in a down channel. Longer term wave count is also bearish, however the short term wave count indicates one more high is required to complete circle B. The...

JigneshDavda

The trend on the hourly chart has turned bearish after breaking the channel up Recent correlations between the Yen pairs and the equity markets have been quite strong. We are starting to see a bit of risk aversion in a pull back a bit ahead of the FED meeting this week on the back of uncertainty over a rate hike. With EURJPY already giving technical signs of...

JigneshDavda

The Daily Count on EURUSD is a very simple corrective structure so far. We've seen from Lows in March an ABC structure to make up the wave of a larger degree in Wave (A) For the most of summer, we see an ABC structure to make wave (B) And we are now in bullish wave (C). The pull back over the last few weeks has offered good buying levels, Will be looking for...

JigneshDavda

The Daily outlook on EURGBP may show some bullish momentum, but we are still within a bear flag pattern while the upper side of the channel remains intact. Short setup from B wave highs at 7350 - also 76.4% Fib of wave (B) to wave A Targets at resistance turned support 0.7168

JigneshDavda

1H EURNZD Rejected from top of channel and 50% Fib on RBNZ statement from last night Today price is coming back to retest that same area Short setup conservative targets the bottom of the Channel for TP#1, and a downside break as a bear flag for TP#2

JigneshDavda

EURUSD Sell Setup 1. 50% Fib Level 2. Descending Channel 3. Descending Trendline

JigneshDavda

EURCAD Wave count shows the move from highs at 1.5555 has completed on a leg lower to 1.4705 which has been marked as wave (W). Yesterdays push higher and fake above the 1H channel completed the retracement in wave (X) and we are now starting a new downside cycle. First targets come in a previous resistance turned support at 1.4256 Wave Count Invalidation on a...

JigneshDavda

EURCAD has been trading within a channel on 1H. A break either way can offer a decent trade setup, but with the trend to the downside, there is a good R:R Trade to be had to the short side.

JigneshDavda

An update to my previous post, The wave structure has been altered slightly in the second leg, based on recent developments (the new low seen today) The view from here is, we should see a very minor bullish retrace in the leg from 1.1153 against circle wave b 1.1312 and then see one more low to complete the downside structure. The likely completion point for...

JigneshDavda

The pair shows a nice reaction off the weekly trendline after creating a double bottom at the 45.35 Level We have already seen a large weekly bullish engulfing candle, providing conviction that the level is holding. Targets fall at upper resistance 56.56

JigneshDavda

The fake out lower seen earlier this week provides a strong hint of the direction in the DXY Looking to sell retracements against the 98.15 Highs for a break of support at 93.13

JigneshDavda

Yesterdays Trade idea presented a buy in EURUSD against a falling trendline which eventually broke. The Wave structure on larger TF's (4H & Daily) still points to bullish, and thus looking to buy on this dip. The structure based on the hourly wave count shows that cycle is quite mature and potentially in it's ending stage. A conservative view here would be to...

JigneshDavda

Tracking the larger wave structure on the 4H we are have completed the First leg up in wave C which is marked on the chart as Circle wave A Looking for the correction to Circle Wave B to complete here, retesting the down trendline where buyers can appear to once again push the pair up in it's bullish cycle towards targets at the top of the channel in the 118 area

JigneshDavda

Low Risk area to join the Strong Downtrend. This idea links to the previous posted earlier this week. Pair has now broken lower out of the channel. 9500 is a Key level in the pair, also confluences with the 38.2 Fib of the last leg down and near the bottom of the broken channel.

JigneshDavda

GBPUSD Sold off on the last few days, and as much as the US Dollar Index looks like it can still weaken further, Will GBPUSD hold it's bullish pattern? This trade setup would normally be an easy long position, but momentum to the downside has been very strong. A daily reversal candlestick pattern here can add conviction, before looking for long scalps.

JigneshDavda

The recent Bearish move in USDCHF reaffirms that the upper trendline from the start of the year is still in play. We are currently in an area where we may see a pullback. As the pair opens the week at the bottom of a smaller channel. 9500 has been a significant S/R level in the pair, a move above it can trigger some bullishness. A break below the smaller...

JigneshDavda

NZDUSD looks like it's trying to carve out a bit of a bottom. In the past week we've seen a bit of a bullish break, however the pair is still contained within the larger channel and completed the week with a bit of a sell off against the top of the channel. Will be looking for upside breaks to change position view from Neutral to Bullish

JigneshDavda

Bat Pattern on the Daily EURAUD confluence with top of channel. Targets at 1.2095 Plus Carry Interest offers over 3500 pip return on this swing trade with invalidation coming at 1.5850 offering a risk to reward greater than 12:1