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GBP/JPY for July 3

WEEKLY CHART :

William % R -average
EMA(5,30,90)- down trend
support and resistance
pivot points
MONTHLY CHART :

William % R -over sell condition
EMA(5,30,90)- up trend
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18/11/2016 daily fibonacci pivot points

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EUR/CAD


Hello all,
My prediction for EUR/CAD: UP
1D timeframe will keep uptrend movement if rate goes through 1st resistance line until second and third resistances. We can see an Inverse Head Shoulders figure as well to support uptrend. However, it will not be easy pass 1st resistance. It is holding rate pretty well since 1 month. So it is not clear.
Trade decision: wait for now! BUY if break 1st resistance; SELL if rate breaks down upside longitudinal line
Good luck to everyone.
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Uladzimir avatar

как всегда 50/50

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EUR/NZD WXY Pattern

Based on Elliott Wave analysis EUR/NZD is playing inside a very complex price structure and corrective in nature. Since 2014 top at around 1.6400 we have been moving inside an WXY pattern which can be subdivided in lower degree WXY patterns. Right now we're in the last stage of completing the pattern as we're currently developing wave Y of higher degree and wave y of Y before the cycle to be completed. Before the last leg up we need a retracement towards at least 38.2 Fibonacci
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Update 1: EUR/NZD has made a new intraday marginal high above 1.5300 however the market is not ready for prime time, we should see that pull-back towards the 38.2 fib retracement before to make the new up leg

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Update 2: Right now we have made the temporary top and the market is looking for retracement towards the 38.2 fib level around the 1.4800 level which is also a pivot point. Next week we should be looking for further downside move as per my prediction

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Update 3: This Friday we finally managed to break above previous minor swing high at around the 1.5400 level. If we manage to get a weekly close above this key level than the next level that comes into play is the 1.5600 level which is near my forecast target as well. Support level for next week comes in at 1.5350

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Update 4: Unfortunately we broke towards new high above key resistance level and big round number 1.6000. We need to find resistance at 1.6200 which is the last level of invalidation, if this gives up my analysis may be wrong and we're heading much more higher.

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Silver Broken Trendline

Silver bearish trend may have ended once we broke the trendline that connects the 2011 highs and all the intermediate highs of this bearish trend. This bearish cycle has lasted almost 4 years and based on my experience any new major trend starts with a trendline breakout of previous trend. We already broke to the upside of the trendline that connects the highs of this bearish trend at beginning of the year(see Figure 1), and not only that but we had a successful retest of th…
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Update 1: It seems that now the 17.20 previous resistance level once broke it's acting as support and the momentum is starting to build up for the next up leg. Until than we should see further accumulation between 17.20-50 level.

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Update 2: As expected silver is now retesting the previous broken resistance at which is now new support. The 17.00 round number is acting as expected and the market is already inside a small range between 16.85-17.30 with the round number being a central pivot.

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Update 3: Even though we broke back inside the range this may be just a pullback. Right now we're below the key support level 17.00 at the next support level 16.50 which should act as support next week. We'll need a break and a close above 17.00 next week in order for the bullish momentum to come back

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AUD/CAD Retesting Big Resistance

AUD/CAD has been moving over the paste few years in a big range boxes and that's usually the case with a lot of pair crosses as this is their normal behavior. In Figure 1 we can tell that over the year this range boxes have narrowed and the market it's moving clearly between support and resistance.
Right now the market is at an very important inflection point which is the 0.9800 level, which is a pivot point. this level has provided in the past good opportunities and it has acted both as support…
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Update 1. Last week upside spike was a "throw over" pattern which based on Elliott Wave it signaling a reversal in price. Based on our charts the spike towards big round number 1.000 was a throw over, a false breakout above down channel. It's a also a "V" shape top and if we take in consideration we're in a downtrend we should expect the trend to resume

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Update 2: As per my previous update price has confirmed that we had a false breakout as we're now back within the channel range. Also it appears that based on Elliott Wave we're forming a flat formation in which case we should expect to see a retest of previous low at 0.9400 whihc is also around my forecast level.

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AUD/JPY Upward Channel Ready to Break Down

It seems like AUD/JPY has been turning to the downside once we got in place the 98.50 swing high. On the weekly chart (see Figure 1) we can see the whole price structure which shows that since beginning of the year we have moved within an upward channel. But we lack momentum inside this upward channel that's one of the main reason why the up move was unsustained and now we're turning lower. Ultimately I'm expecting AUD/JPY to challenge again the 88.00 big pivot point.
Figure 1: AU
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VictoriaVika avatar

Happy Sunday and best wishes for next week :)

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Update 1: This past week we had first attempt to break the channel but we had a reaction. However this doesn't change the current bearish sentiment and as long as we stay below 95.00 level we should expect further downside. Next week the major support is 91.72 previous swing low which i'm expecting to be challenged.

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CAD/CHF ABC Correction

Since beginning of the year CAD/CHF has started trading inside an upward trading channel (see Figure 1). Based on Elliott Wave count we have completed a five wave cycle inside this upward channel and it's wise to expect from current levels a corrections. My projection sees wave A coming down to the base of wave 4 at around 0.8400 from where we should expect another run up towards 0.8500 and complete the sequence with another wave down.
Figure 1. CAD/CHF Daily Chart. Elliott Wave Count
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Update 1: The sell of that started from around the 0.8600 level has continued to extend to the downside as expected. Based on Elliott Wave the wave A should develop in 3 waves of smaller degree, so in this regard we have just completed wave a of A. Now we're in the process of developing wave b of A whihc should take form of an congestion zone between 0.8300-0.8450 levels.

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Update 2: For now we have completed only wave A of higher degree which has took shape of another 3 wave of smaller degree. Key resistance level remains at 0.8500 big round number and the fact that we had a weekly close below it suggest that bears for now are in control. Support for next week comes in at 0.8400 level

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Update 3: Unfortunately we broke above key resistance level and big round number and it may be the case we're heading up as we broke above current range zone and usually this means further movement in the direction of the breakout. However if in the first days of next week the market is going to retrace back and close below 0.8500 this can be considered a false breakout

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Update 4: As expected and as per my previous update we stared selling from beginning of the week and by the end of the week we have a strong close below 0.8500 level. This is a much more complex  retracement and it may be the case we're developing a double zig-zag pattern

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My favourite indicators (1/2)

This is the first post about my favourite indicators.
I must admit that when I am looking at the charts I focus on Price Action and then if there is a setup I use the techniccal indicators.
The EMA applied to typical price is an useful tool.The typical price is the averagen of the High +Low+Close prices.It is the same formula used to calculate the Pivot Point.I rather prefer the Exponential moving average than the simple one because the former gives more weight to recent prices instead of giv…
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