Head & Shoulder on 4 Hour TF. Although the weekly TF is indicating bearish sentiment. But, based on my experience we can at least expect 3R from this H&S.
PS: This is not a trading signal and do not place trades based on just seeing my idea.
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This chart is going exactly as I planned in my last week's outlook. Now that the price breaks the range and ready for a setup, lets just wait for the price to retest at its previous level.
GBPJPY gave a Fake-Breakout on Monday and almost tries to Break on Friday. But the market failed to break the range. This could also end up being a reversal, rather than trend-continuation. We just have to wait for the breakout first, before making any conclusion.
From a continuation setup, it has now become a triple-top setup. Basically it is now a reversal setup but you dont trade the pattern until you get a proper breakout. Dont forget about the Brexit event in December.
Practially the perfect retest scenario. Expected next stop should be around at the BOX but its amost DECEMBER. So, you may expect some unpredictable movement. Perhaps, as long as you get proper swings, you should be able to make good profits.
USDCHF is similar to DXY. The fact here is that we don't trade DXY. Instead of DXY, we trade this. So, the analysis is similar with DXY. However, the overall market is ranging. You'll get mostly reversal setups rather than continuation setups.
GOLD was too choppy in this week. Practically there was actually no setup to trade as a swing trader. So, lets analyze the weekly chart for this week. Before you look into current weekly setup, look at the bottom, last year's December. Looks like a similar trade-able setup. But this setup also needs a retest-confirmation before you place the trade.
Check my recent...
Although i dont trade Bitcoin, but the chart looks really good. Clear swings, but it takes time to complete the swings. Day Trading on Bitcoin won't really help much due to extreme volatility. The statement of Bitcoin reaching skies are may be true but i think i'll go with the swings, if i want to trade this.
DXY was pretty strong on Friday. If you want to trade this on a structure to structure, let the price break or show you some reversal setup for your trading opportunity. This should also give you enough hint to trade other pairs.
DJI is not something you want to trade on a day-to-day basis. You want to invest on this rather than trading this. Meanwhile, DJI is always bullish and now technically DJI formed a Head & Shoulder as a continuation setup. If you want to trade this, find a better opportunity in Daily TF and the potential Stop Loss placement for this is somewhere below in that...
EURUSD DAILY
I was actually waiting for a sell-setup last week on this. But, didn't get a setup so didn't take a sell. Brexit will affect this of course. But for technicals, those two green-arrows are the retest areas. I suggest you let the Brexit to settle the market first (mostly GBP)
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USDCHF DAILY
Last week, I was waiting for USD to go up or break the trend-line. It breaks the trend-line. Obviously price will retest and then again fall. You must know your trading zone and how to trade with proper setups. I'll looking at the the bottom BOX as its next STOP.
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GOLD DAILY
Its a sort of wedge-pattern now. And you dont want to trade-inside this (if you are a swing trader). However, I truly believe that its not gonna break too soon also.
PS: GBP has nothing to do with GOLD movements. So, Brexit-Events are not important for GOLD Breakout.
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SHORT SELLING GOLD
The overall trend of GOLD is Bearish. Price could go up a little bit then eventually it will fall. Buying now at moment is not a Good Idea. We need to wait for a Reversal formation from the BLUE Horizontal level
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Dollar INDEX is currently in a wedge pattern. Formed a Dark Cloud Cover in Weekly timeframe. Expecting Bearish move for next few days.
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