Technician

Technician

A nice hammer candle over the monthly chart, i prefer to see a positive closing for hammers , however this remains a valid hammer. Its not a suggestion that am a bullish, but i will be watching this pair for any signs of a short term bullish rebound. For the Hammer Candle Definition : Good luck Exclusively Subscribers to my mailing list will get one month...

Technician

1.4100 has been a critical level, so far the price fails to close a monthly candle below that support level. We also have the rising trend line that started from August 2011 major bottom. Exclusively Subscribers to my mailing list will get one month access to my trading account . subscribe here thefxchannel.com , Technician

Technician

It's likely that the NZDUSD continues to move lower in the near term. The price has broken 0.7550 support zone, which turns now to a resistance that could limit the upside. The price has broken the rising trend line for the latest main bullish correctional wave The 50 days simple moving average was taken as well. Breaking back above 0.7575 with stability...

Technician

I am very bullish on this pair. Recent price action suggests a strong bullish bias and probably a major bottom in place for now. The price ability to take the high of the shooting star candle and 1.0530 horizontal resistance confirms a major bullish breakout. I I will look to buy the pair on any minor pullback. First target at 1.0795 and second at 1.1292. ...

Technician

This is not a forecast that the pattern will complete. This is just an illustration of the harmonic 5-0 pattern. (Price could go in any direction from current levels). The Pattern The first requirement for the pattern is a new low that exceeds the prior low( Point B and X) Point B should be within the range of 1.13 and 1.618. Shouldn't exceed 1.618...

Technician

Update: Trade is active Update: Half position closed at First Target , stop loss moved to entry I had no luck shorting the pair recently, however, i still see the bearish setup valid and therefore wont hesistate to short this again. Yesterdays candle closed lower, forming a long-legged doji candle at that major resistance zone as you can see on chart. A...

Technician

Simple Charts point to a potential setback for commodity currencies over the coming weeks. Last week's retest of previous broken key levels and rejection confirmed resistance is holding. Downside and short positions remain favored in my view, as long as those resistance levels are holding. Good luck Exclusively Subscribers to my mailing list will get one month...

Technician

We have been consolidating in sort of sideways pennant pattern recently as shown on chart, within the context of a bigger sideways consolidation between 122.00-115.00 levels. Yesterday's daily candle was a sort of high-wave candle, marking 119.90(candle high) and 118.48(candle low) as key levels to watch for the next potential breakout direction. A break above...

Technician

Major rejection and Pin bar at horizontal resistance, we will probably pullback within the coming few sessions , near term target at the 50-days SMA. A break with daily closing above 1.0510 resistance will probably call for the continuation of the bullish run, targeting the 200-days SMA. Exclusively Subscribers to my mailing list will get one month access to my...

Technician

This post is closely related the my earlier analysis ( ), where i was waiting for a bearish signal at the confluence of potential resistance zone. So to understand what i am trying to illustrate better, if you haven't read that post i strongly recommend that you do. Should we be open-minded when trading? In my view, it's Essential that we be open minded when...

Technician

No trade. The pair continued to move decisively higher without any confirmation signal for a reversal from that major confluence zone i pointed in my previous analysis. ( ) The main takeway from this is the importance of the final confirmation signal, which i believe is the most important part in the trading approach. I was looking for some kind of rejection...

Technician

I just shorted the pair on the confluence of 50 percent retracement level for a major bearish wave and 1.1618 extension for the latest bearish wave as outlined on chart. In addition to 99.00 horizontal resistance level (previous swing high). The price formed a pin bar at that resistance area, while RSI is showing bearish divergence as well. Lets hope the timing...

Technician

Here is another example of how the high and low for high wave candles are usually trade-able support and resistance levels. I think the chart explains it all. When spotting a long legged candle(long shadows) its important to keep an eye on the high and low of the candle as potential key levels of resistance and support. In many cases those levels act as barriers...

Technician

Update: I cancelled this trade. Simple short on harmonic Butterfly and Fibonacci confluence. Lets see how it goes.. Trading Criteria: 1.Trades are taken in two units 2.First unit would be closed at first target 3.Stop loss is then moved to break-even 4.Second unit would be closed at second target Notes: 5) If 90 percent of first target is reached without...

Technician

A confulence of potential resistance levels that suggest watching this are for a short trade. Despite all the confluence, i always prefer to wait for confirmation through candlesticks or RSI momentum divergence. Potential for a new lower high Two descending resistance levels , one for a broken triangle pattern and one for the overall bearish wave. 50-days...

Technician

If we start analysis from October 21 high The pair has been trending lower, however, managed to establish a sequence of higher highs and higher lows within the past couple of months The series of higher highs and higher lows is taking the shape of a potential rising wedge pattern The latest bullish wave that marked the latest HH on chart, was halted at the...

Technician

Two potential harmonic patterns could be completing at that potential reversal zone. A wider bat pattern and a minor butterfly pattern. I will be watching that area to short the pair. I simple pin bar will be my confirmation for this trade. Stop loss should be above X of the bat pattern. Will be updating with my precise trade if materialized. Good luck......

Technician

Taking 29.75 horizontal resistance and the 50-days simple moving average suggests a retest of the top of the sideways consolidation at 31.20 is probable.There has been a clear bullish divergence on MACD for the past months, and recently a bullish crossover as well. I am expecting at least a retest of 31.20, which if taken will complete a double bottom and...