Umlingo

Umlingo

GBPUSD has formed a Double Top . Presently the price action is caught between the Neckline of the Double Top and Structural Support. The Double Top is one of the reversal patterns. The projected target is the height of the First Peak. This would put price at 1.2930 , which will lie between the Fibonacci .50 and .618 levels. The current bias is short.

Umlingo

AUDUSD made a bullish move from .6348 to .6824. Price has since broken the uptrend and formed a new lower high, which is a clear change of character . The resultant pattern formed is a Head and Shoulders . The sloped Neckline is apparent, which has been broken and now is acting as resistance. On a lower time frame , this minor consolidation will form a...

Umlingo

If we look at Crude Oil on the daily chart with Ichomoku perspective 1. Kumo - price is below Kumo, telling us Sellers are in control. 2. Span A and Span B - borders of the Kumo are both facing down steeply. 3. Tenkan Sen is below Kijun Sen - telling us the medium term is bearish. Both lines are facing down. 4. Chikou - is both below and well clear of...

Umlingo

Dax just printed a Morningstar Candlestick Pattern on the intraday chart. This is a strong reversal pattern. Since it is only on a lower time frame, the reversal is expected to be small. The target is the Kijun Sen, which coincides with the Fibonacci 50% retracement level and the central CPR zone. Price is moving up after being in the RSI oversold zone....

Umlingo

GBPJPY is moving in a short term consolidation which is a Bull Flag. Today's Central Price Range has not been tested. Price will be attracted to the CPR and the Kijun Sen below this. A break of this flag to the upside will trigger a short term long , in the range of 50-100 pips.

Umlingo Updated 

The S&P 500 is forming a Base below the Supply Zone. A Fan is apparent from the origin of the Rally. Three ascending trendlines connect to price action within the base. The Fan reversal begins to set up once price crosses/breaks the 3rd trendline. Price action will be contained within the consolidation, with a possible false break If you look to Volume and...

Umlingo

Gold on the intraday chart is forming a Downtrending Channel. Price is below the Kumo and has just tested and bounced off this resistance area, which is confluent to the Downtrend Line. Looking price to move to bottom and test the Channel line , below 2470. The RSI is occupying most of its time in the sell zone. The bias is short presently

Umlingo Updated 

The Intraday Chart of AUDUSD reveals a Broadening Formation. This pattern is Bearish. We can see price has successfully formed 3 higher peaks. With each peak forming Divergence on 2 parameters - 1. Volume - as each peak is formed on progressively lower volume. 2. RSI - prints lower on each peak as well. There has been a break of the support level and its...

Umlingo

Gold on the intraday chart has formed a Left Shoulder, Head and now may be forming a right shoulder. With this a neckline can be established . Look for a break of the neckline to go long to Supply ( equal to height of the head) . The VSA is printing lower volume in each peak, which confirms a potential for this pattern.

Umlingo

EURUSD was rejected from the Supply Zone , forms a Failure Swing pattern , then breaks the Support Level, Retest of this level and is now moving down. The natural target is the unmitigated Demand Zone at 1.0950.

Umlingo

If we look at the Dax for early August, 2 bullish overlapping weekly candlestick formations are apparent 1. Morningstar - Firstly price HAMMERS's a low at 17,000 , wicking the 3rd Standard Deviation Channel. We then have an extended range bullish candle move near 2 standard deviations , to complete the Morningstar. 2. Three White Soldiers - this last bullish...

Umlingo

IF we look at the preceding 2 months for this pair on the Weekly Chart 1. Evening Star - July starts with a bullish candle , followed by a Shooting Star and then a bearish candle. Together these 3 candles form the Evening Star , a bearish reversal pattern. The rest of the month follows through with successive extended range bearish candles. 2. Morning...

Umlingo

The weekly chart shows gold is in an uptrend. Cloud - thick, green . Span A pointing up and Span B is flat. Tenkan is above Kijun and both pointing up at 45 degrees. Chikou is in free space above the cloud. Price is significantly above Tenkan Sen. It has formed 2 weekly candles with small real bodies. The buyers cannot shift price much above 2500. ...

Umlingo

Crude is making its way to the CPR of Fri 23rd August. This price is 73.74. This will coincide with today's S3 Pivot 73.76.

Umlingo

On the intraday chart, Gold has formed a Cup and Handle structure. This is bullish continuation pattern. The target is usually an equal extension of the cup height. This would take Gold to a projected price of 2560.

Umlingo

We can see Bitcoin had made a Rally in early August from 50,000 to 62000 (22bars). Then a significant Base followed (88 bars). In the last NY Session there was a strong breakout on High Volume (Yellow VSA Candle) . Probably related to J Powell's "the time has come" statement on interest rates = Weak USD. What's next ? Price to revert to the mean, and retest...

Umlingo

This idea is for a short on the EURGBP pair from a high probability zone. This area of confluence is the merger of 3 factors. 1. Structure - the .8500 level has acted as both support and resistance since June 24. 2. Trendline - can be observed from August 8th, acting as angular resistance for the downtrend form the recent Supply Zone. 3. Moving Averages -...

Umlingo

EURUSD formed a Triangular consolidation that lasted 1 year. August 2024 provided 3 key weekly candles 1. False Break - in week 1 2. Breakout - in week 2 3. Breakout Continuation - last week. Volatility in the market, as measured by the ATR , had waned down over time from 180 pip to 120 pips. Last weeks candle was back at 180 pips , signifying momentum is back...