Channelbreak
EURJPY Channel Breakout Lower highs in 1h chart, channel Breakout, bearish engulfing candlesticks in 4h chart.
Seems possible that the megaphone (link below) retest is going to happen.
EUR/GBP shortPrice has been in an bullish channel. We have now seen a break so now can look to take it back down to the lows.
USDCAD : Next Breakout Candidate, Be Ready !Here is our next breakout candidate USDCAD, no change in our plans. We are going to do the same way we nailed EURUSD. Wait patiently for the breakout, yes thats frustrating time then enter the Breakout direction & bag the pips :)
Happy Trading !
DAX Channeling - Easter present?The DAX has been channeling in a 400 pip wide band for the past 2 months. To make matters interesting, the highest high ever of the DAX has already been approached, already bouncing back just 15 pips away from it!
So the question arises: will the DAX break through the channel or not?
If the DAX REMAINS in the channel (as I am hoping), then the following targets and stop-loss arise:
Target 1 at Fibonacci Retracement Level 61.80%: 12,201.5 (+107.5 pips)
Target 2 at Fibonacci Retracement Level 38.20%: 12,267.8 (+173.7 pips)
Target 3 at Fibonacci Retracement Level 0.00%: 12,375.2 (+281.1 pips)
Super Conservative Stop-Loss at Fibonacci Extension Level 138.20%: 11986.7 (-107.4 pips)
Normal Stop-Loss: 11,230.0 (-64.1 pips)
Super Conservative Risk-Reward Ratio of 1:2.6 at Target 3.
Normal Risk-Reward Ratio of 1:4.4 at Target 3.
I suspect there to be strong resistance at the highest high ever (12,390.75).
I will enter a long trade if the DAX bounces off the lower channel boundary and rises nicely.
If it continues channeling, I believe Target 1 will be met after maximum 5 full days, Target 2 after max. 9 full days and Target 3 after max. 12 full days after the bounce.
What do you think?
Further thoughts:
I like how the first border-to-border move's Fibonacci extension level of 161.80% at the beginning of the channel matches almost perfectly with the second border-to-border move's 100% level.
That same first border-to-border's move's 112.7% level matches the next top-border bounce perfectly .
GILD hitting Major Support LineGilead Sciences is a deep value play, along the likes of a Joel Greenblatt "Magic Formula" stock. Around September I expressed a bullish interest in GILD given its fundamentals and its valuation. During that time, GILD traded at $73. Since I expressed a long interest, the stock has done nothing but decline. Looking back on my initial bullish opinion, I didn't take into consideration the charts, let alone even think about TA.
The fundamental research was over, and due to the fundamentals I didn't really think to take a look at the charts. After all, it was my inner Buffett saying, "Hey, this is a great business, don't even worry about the price, since the company is so great, it doesn't matter. Heck, if it goes lower, buy more!" Well, after reflecting on this consensus I realized how foolish it was of me.
If I would've taken the time to look at the charts, I would have realized that at $73, it didn't have much support on that level, with the most recent support level being at $66.51. So, instead of waiting for that support price to hit, I thought it would be a good idea to buy at $73. Not only did that bullish decision reflect in a loss of capital, but it resulted in dead money, money that could've been used in other capital allocations.
Nevertheless, I like GILDs fundamentals so much I had to take a second look as the share price kept falling. Now, at $66.51, GILD is right at the support level from mid 2014. GILD is still in a bearish channel, but since the company is so solid on its balance sheet and has loads of cash, if the bearish channel is broken upward, I will look to get in around the $71 level.
Will keep watching.
All the best,
RC
AUDJPY Weekly outlook of a Harmonic Pattern in formation.The chart will be updated once I make sure of C's reversal point, you'll find it in a comment. I keep an eye on this pair ! The ascending channel broke so we're looking for C, which might be, in the same time, a retest to the descending channel before it goes to D. Keep an eye with me on these levels: 78.383 & 74.270 !!
& let me know what you think, please !
EURAUD H&S invalidatedEURAUD 4hr. For the head and shoulder pattern to be valid I believe the down leg after head formation should've gone to the neckline at around 1.3890 (shown by ellipse with question mark). Instead the pair was halted at 200ma confluent with 50% retracement and created a higher low, invalidating the h&s in my opinion. The pair may now respect this ascending parallel channel shown with long target at 1.4500 confluent with upper channel and -27% fib extension.
SPY Weekly Target $237.50/$238With China's CPI(Consumer Price Index) data tonight and Thursday's bank earnings, these events may give SPY the push it needs after it picked up some momentum from today's sell off at the open.
GOLD: Still Going LongSeems like gold is still pushing for higher levels. It is reaching a channel line soon. We might see it breaking through and continue going higher. But if it doesnt, we can see gold going back down to Dec 2016 area.
Broken channel, break tested, now is the time for sell off ;)I think this pair is about to go down for a few hundreds of pips. will see
USDCADI'm long USDCAD. It's the last time for the pair to go touch the upper trendline. Then, it's going to go down. The USDCAD could touch the 1.20 - 1.15$ by the end of the year.
VCIT - Longterm Upward channel breakdown Short from $84.83VCIT was one of our recent Short alert. It is running within a broad Upward channel, noticeable in weekly frame. Moneyflow was diverging & now in the negative side. We been waiting for the perfect entry point & now it seems ready to fall. We think it can decline down to $79 area.
* Trade Criteria *
Date first found- March 14, 2017
Pattern/Why- Longterm Upward channel breakdown
Entry Target Criteria- Break of $84.83
Exit Target Criteria- $79.73
Stop Loss Criteria- $86.13
Please check back for Trade updates. (Note: Trade update is little delayed here.)
EURUSD short on continuing channelThe channel seems to hold tight. I believe we can still enter on this short and aim for the bottom of the channel before we buy again.
This is a good intraday trade.
TP 1.081 or below
Sl above 1.090
