KingdomRichOffical

KingdomRichOffical

Last week’s move on the S&P 500 invalidating our daily rising wedge pattern, requiring us to revise. There is no doubt about it, the S&P 500 (along with other U.S. markets are rising.) However, we are still bearish as the patterns offer higher probability then pure price movement. Positive U.S and China news along with U.S. Fed decision to keep the plans to cut...

KingdomRichOffical

Oil finished Friday up just +$0.45 cents (+0.82%) despite the Iranian surplus news last week. We are feeling a bit more confident on a gold rally as it has broken out of the bearish flag pattern showing investors are in good faith over the trade war and OPEC keeping prices down. On the technical side, we saw Oil creep with low momentum, telling us this could be a...

KingdomRichOffical

From unclarity to a glimpse of hope on the trade war front investors and traders sell off their holdings in Gold for risk-on investments. We saw Gold close down almost a whole percent (-0.94%) for the week, the second in a row. Friday a slight pop up in Gold (+0.66%) and then closed off the day down -10.5 points, solidifying the continuation. From a technical...

KingdomRichOffical

This is my attempt to learn & draw waves on FX - NOT A TRADE IDEA OR FORECAST. This is just practice....

KingdomRichOffical

Daily Confluence 1. Daily candle closed bullish 2. Failed within the daily 4hr resistance zone 3. Confirm Bull Trend with break & close of 1.3175

KingdomRichOffical

- Closed the trade on 4hr close high test bearish rejection candle in the daily/4hr zone

KingdomRichOffical

As the USDCAD broke out of it's 1.05-1.10 ceiling back from 2013 we've been in a bullish market for this pair. Upon this break the market begin it's 2 year bull run from January 2014 breakout to it's all time high January 2016 of 1.4690 The USDCAD then begin to correct May of 2016 by first pulling back to it's 50% Fibonnaci retracement of 1.3030 from the 1.0620...

KingdomRichOffical

This could be a short-term #headandshoulders pattern before moving higher. Price swung down from $9948.12 to $5777.00 before swinging back 61.8% of the move to $8482.84. I believe we have orders clustered around $7035.82 to $6445.94 zone.

KingdomRichOffical

Just noticing this patternand the possible fall.

KingdomRichOffical

The two previous swing highs in comparison to the MACD's clear divergence shows possible sign of correction on the AUDNZD

KingdomRichOffical

Aussie Dollar is reaching has flipped to the down side (Wave 5 start) off the 61.8% of the last down swing (Wave 3) over the long term (a few weeks) we are expecting to see $0.72 down to $0.7170. Next week we will experience US Bank Holiday - Memorial Day (May 29th) and on June 2nd (Non-Farm Pay Roll). Expectation is is low until the following week. The Aussie...

KingdomRichOffical

3 Scenarios. 1) Bullish Trend Move up, last move up from $1214.16 2) Head & Shoulders from 61.8% of the last high to low swing down to $1122.57 3) 5 Wave Elliot Pattern completion.

KingdomRichOffical

Weekly - Week of 5/1 candle closed as Indecisive bear doji. Rejecting off weekly 20 & 50 ema. Continuation signs from double top swing lower from week of 3/20. Daily - Daily candle from 5/5 closed as bullish low test off of key support of 0.7400. Upside resistance at 0.7500 (trendline, key resistance, 20ema) Based on my analysis of price action price is set to...

KingdomRichOffical

- Over supply back from June 2015 - Key resistance of 0.7700

KingdomRichOffical

GBP has rallied but is stalling on 4hr at the 38.2 fib line, not much confluence other than reversal candle and the FIB line. Looking price to maybe move back to daily support of 1.2301 but time will tell Will take the short on the close of the candle

KingdomRichOffical

In the next few days this maybe a possible resistance point for the AUDJPY. No definite answer due to the news heavy week, but watching levels around this point of 79.60 - 79.80 give or take a few pips.

KingdomRichOffical

Factors: Huge Daily support (low test candle) off of Weekly Key support of 1.76600. Deceleration on monthly TF, Hourly break above Weekly support of 1.76600 and 50 daily ma on 1hr tf

KingdomRichOffical

Factors: Super High rejection candle off daily 50ma. 1hr break below hourly 50ema.