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NZD/CAD Downward Channel

NZD/CAD is turning from an bullish trend into a bearish trend after we succeed in breaking the upward channel (see Figure 1) Since mid-2013 we have moved in and consistent upward channel and at the same time bullish trend. But we have turned back after we broke away from this channel and current price structure of this down wave looks very stepper signaling the bears are in control and we should expect further downside movement.
Figure 1. NZD/CAD Weekly Chart

From the weekly cha…
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Daytrader21 2014年12月08日

Update 1: As expected last week the momentum was pressing to the downside but there is a little more to go before we hit our first support zone at 0.8700 level before to see any reaction to the upside. To the upside major resistance level is at 0.8900 ahead of the big round number 0.9000.

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Daytrader21 2014年12月22日

Update 2: As long as we stay below 0.9000 big round number the bearish trend remains intact. Currently the sentiment is neutral at this level as both the bears and bull try to regain control of this market. We need a break and a close below that level before the market to resume downward

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EUIR/GBP Downward Channel

Hi guys today I wanna share with you a trade pattern idea that I've posted in Technical Analysis Contest you can find the original post here: EUR/GBP Downward Channel
Since beginning of 2013 EUR/GBP has established an downward channel trading in an persistent bearish trend which has not found a bottom yet. Based on Elliott Wave count this is a bigger correction which is taking form of an double zig-zag pattern. Right now we're in the last stage of forming the last leg Y but we first we n…
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CAD/CHF Downward Channel

Over the last several year CAD/CHF trend has been very consistent and we have been moving in a downward channel without any kind of deep retracement which shows the fact that this bearish trend is very strong and current price action doesn't suggest that there are many big support level that can stop this bearish trend. I'm still expecting this trend to press lower and to retest the all time swing low level at 0.7100.
In Figure 1 we have the CAD/CHF weekly chart where we can visualize how slo
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Convallium 2014年04月13日

Daytrader21 when do you have  time to write so many blog posts?  it is amazing) !

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Daytrader21 2014年04月21日

Update 1: We have been trading in a very narrow market in the last week between 0.7960 support level and 0.8030 resistance level.This is just the first leg that started from the 0.8160 swing high level, based on my prediction we should see a five wave to the downside.

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Daytrader21 2014年05月07日

Update 2: The narrow market condition has been very persistent over the last two weeks and we're still stuck in a tight congestion zone: 0.8050-0.7950. I suspect we're going to break to the downside and trade in the direction of the main trend.

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Daytrader21 2014年05月17日

Update 3: Unfortunately this pair doesn't follow my forecast and it seems the momentum already started to pick up.

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USD/CHF 3 Years of Trading Range

Since over 3 years USD/CHF has been trading in a wide range like many other CHF pairs. We have established between 0.9970 resistance level and 0.8600 support level an consolidation zone which based on Elliott Wave we can count only 4 waves which suggest that we still have to make another leg to the upside to complete the five wave sequence and before to break out of this consolidation zone. We have in total an 1400 pip range zone.
Figure 1 shows us how the wave count should look like and where e…
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Daytrader21 2014年04月21日

Update 1: Failure to break the past swing low at 0.8700 is a confirmation that the wave D has been completed, but we completed without making a 5 wave to the downside as per Figure 2 but this is should be taken as strong bullish sign and we should see the market moving to the upside.

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Daytrader21 2014年05月07日

Update 2: The 0.8700 level is still holding the price and as long as that level hold we can consider my analysis valid. The move from the 0.9850 high is in a 3 wave decline suggesting is just a corrective wave and we should expect market start picking up from current level. But first resistance level stands at 0.8800 level where we need a break and close above that level

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Daytrader21 2014年05月17日

Update 3: As per my last update we started moving up and established a bottom. Although we already hit our target the market need to take a pause to establish another base before the next move as this could be just wave 1 of wave E. Support is at 0.8880 and resistance is at 0.8950

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Daytrader21 2014年05月24日

Update 4: As of today we're 40 pips past our target and if upside momentum doesn't slow down we can miss our target but based on elliott wave we already completed a five wave move from 0.8700 level so we can expect a correction back towards 0.8900

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Daytrader21 2014年05月31日

Update 5: As expected we pulled back and we're now in a process to make an ABC correction from 0.8990 highs. Currently we're in the process of developing the wave A which should find support at 0.8900 strong support level. I'm very confident as the current wave structure suggest we should get closer to our target

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CAD/CHF Elliott Wave Analysis

The CAD/CHF currency pair does not form a major pair even though the swiss franc is considered a major currency, but over the past year it has provided many trading opportunities.
If we zoom in on a daily chart we can see that the downside movement started from 0.9540 high all the way down to 0.8520 low, over the last year has formed a downward channel that conforms with the Elliot Wave requirement of a five waves sequence, so as the down swing leg towards the 0.8520 low is the wave E for the do…
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Daytrader21 2013年11月15日

Update 1: The market has barely moved and we are still in the 0.88-0.87 consolidation zone. Wave one is completed and from here on we should expect some kind of correction but we should not go below the strat point if wave 1, 0.8520 support zone in oder for our prediction to work out

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Daytrader21 2013年11月22日

Update 2: We finally broke the 0.8700 support level and developed the wave 2, but we can still go all the way down to the starting point of wave 1, around 0.8520 zone. Expecting more consolidation ahead as based on Elliot Wave this stage of the price action is very slow

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Daytrader21 2013年11月29日

Update 3: We're now testing the bottom of wave E which must hold in order for our analysis to be valid. So far the market in the last 3 days has failed to break below suggesting that buyers are coming in the market. This should be wave 2.The next resistance is around 0.8760

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Daytrader21 2013年12月09日

Update 4: the fact that we broke below wave E 0.8500 level it has invalidated our strategy, however this week can be crucial if we can reverse the current downside momentum and close above 0.8500 it may turn into support level once again

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Daytrader21 2013年12月14日

Update5: The current downside move has completed a five wave sequence and we already have sign that the market has bottomed at 0.8330. Next big resistance level is around 0.8500 round number here we should see some reaction but the momentum may carry on as it's year end flow.

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