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  • #381
  • Sep 3, 2017 4:53pm Sep 3, 2017 4:53pm
Quoting KeenPips
If you are tracking GBPCAD this week, you may find the following top-down technical analysis helpful. On the daily time frame, since June 2017, price action has been operating within a descending channel (bound in navy coloured lines). Last week Wednesday, it rejected the distal channel line with a strong bearish engulfing candlestick. This was followed up on Friday with another bearish move. Overall price wave formation indicates a third wave heading southward and we may expect this move to target the 1.57390 area. The descending channel seen on...
I am bearish on this pair. As the immediate ‘minor’ support (around the 1.59995 area) is just about 45 pips away, I will wait for price action to retrace upwards before looking for a sell trading opportunity.

I may be wrong. Trade safe and prosper.

KP
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  • #382
  • Sep 4, 2017 3:45pm Sep 4, 2017 3:45pm
Technically the USDCAD is in a retracement mode. We should not be fooled into committing to a long position, except for 'brief' scalping purpose.

Trade safe and prosper.

KP


Attached Image (click to enlarge)
Click to Enlarge Name: USDCAD_Technical_Update_H4_Sept._4,_2017.png Size: 31 KB
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  • #383
  • Sep 4, 2017 4:02pm Sep 4, 2017 4:02pm
I am watching the 32.8 Fib zone.

Trade safe and prosper.

KP


Quoting KeenPips
Technically the USDCAD is in a retracement mode. We should not be fooled into committing to a long position, except for 'brief' scalping purpose. Trade safe and prosper. KP {image}
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  • #384
  • Sep 7, 2017 12:39pm Sep 7, 2017 12:39pm
If you are tracking the EURUSD, you may be mindful of the fact that the momentum for a northward push is decreasing. Current price action is pushing to an area (around the 1.20210 area) that is just about 100 pips to a significant resistance area (around the 1.21225 area) on the monthly time frame. Although technically the pair is in a northward mode, a retracement is in the offing. Personally, I will wait for a retracement to around the inner ascending trendline on the H4 time frame (magenta colour) to see if a northward trade is feasible or a break for a southward move towards the next or outer trendline (navy colour). See attachments below.

I may be wrong. Trade safe and prosper.

KP

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD_Technical_Update_W1_Sept._7,_2017.png Size: 34 KB


Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD_Technical_Update_H4_Sept._7,_2017.png Size: 29 KB
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  • #385
  • Sep 7, 2017 12:52pm Sep 7, 2017 12:52pm
As a short-term swing trader.

KP


Quoting KeenPips
... Personally, I will wait for a retracement to around the inner ascending trendline on the H4 time frame (magenta colour) to see if a northward trade is feasible or a break for a southward move towards the next or outer trendline (navy colour). See attachments below. I may be wrong. Trade safe and prosper. KP {image} {image}
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  • #386
  • Sep 7, 2017 1:09pm Sep 7, 2017 1:09pm
If you are watching the EURGBP, here's what I am seeing on the H4 time frame. If the current resistance trendline (magenta colour) is effectively breached northward, we may target the next upper trendline (chocolate colour). However, if the resistance trendline is breached southward, we may see a bearish turnaround perhaps with a view to targeting the immediate support trendline (navy colour). What do you think?

I may be wrong. Trade safe and prosper.

KP

Attached Image (click to enlarge)
Click to Enlarge Name: EURGBP_Technical_Update_2_H4_Sept._7,_2017.png Size: 33 KB
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  • #387
  • Sep 7, 2017 1:25pm Sep 7, 2017 1:25pm
I will wait for the close of the current H4 candlestick to decide which trade to take. Should I get a significant set-up after a close of the current H4 candlestick, I will enter the trade.

KP

Quoting KeenPips
If you are watching the EURGBP, here's what I am seeing on the H4 time frame. If the current resistance trendline (magenta colour) is effectively breached northward, we may target the next upper trendline (chocolate colour). However, if the resistance trendline is breached southward, we may see a bearish turnaround perhaps with a view to targeting the immediate support trendline (navy colour). What do you think? I may be wrong. Trade safe and prosper. KP {image}
Do your homework, follow the footprints of smart money
  • #388
  • Sep 7, 2017 2:42pm Sep 7, 2017 2:42pm
Quoting KeenPips
I will wait for the close of the current H4 candlestick to decide which trade to take. Should I get a significant set-up after a close of the current H4 candlestick, I will enter the trade. KP {quote}


I have chosen to go southward on this pair. Here's my reasoning. If you check your 15 minutes or H1 time frame carefully you will see that the price action has formed a symmetrical triangle (or pennant?). Put a 50 SMA on the H4 time frame (or 200 SMA on H1 time frame) and see how it rejects the weekly central pivot (around 0.92066) and bears southward. See attached. But please trade what you are seeing on your system.

I may be wrong. Trade safe and prosper.

KP

Attached Image (click to enlarge)
Click to Enlarge Name: EURGBP_Technical_Update_Live_Trade_H1_Sept._7,_2017.png Size: 42 KB
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  • #389
  • Sep 10, 2017 4:46pm Sep 10, 2017 4:46pm
Here's a top-down technical analysis on EURUSD.

On the daily time frame, price action has been respecting a support trendline (navy colour) from the low of April 17, 2017. However, price action has moved away upward to respect an inner support trendline (saddlebrown colour), which is indicative of an increase in northward momentum. As long as the inner trendline is intact, northward trading should be a more feasible bias than southward trading. The daily candlestick formed on Friday last week was miniature relative to Thursday’s daily candlestick and saw an attempt by sellers to resist further upward move of price action. Nevertheless, price action has been limited to operate within an ascending wedge and two price waves are evident within the wedge. Is this a toping formation? There may be need to wait for clarity in price action because a significant horizontal resistance zone (around the 1.21225 area) is less than 70 pips above the wedge while the immediate horizontal support is in the 1.19528 area, which is about 75 pips below the current location of price action.

On the H4 time frame, price action is consolidating around the distal end of an ascending wedge seen on the daily time frame and respecting a mini support trendline (magenta colour). Should the trendline be breached southward, price action is likely to target the proximal part of the wedge around the 1.19174 area and, by extension, may expose the monthly central pivot around 1.18800. Such a move is likely to be corrective in nature as the major technical outlook is bullish and the support trendlines on the daily time frame are still in tact.

I may be wrong. Trade safe and prosper.

KP

Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD_Top-Down_Analysis_Daily_10th_Sept.,_2017.png Size: 29 KB


Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD_Top-Down_Analysis_H4_10th_Sept.,_2017.png Size: 31 KB
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  • #390
  • Sep 10, 2017 5:28pm Sep 10, 2017 5:28pm
My primary technical bias is neutral as there is little room for a bullish move given that price action is in a confluence zone of resistance on monthly time frame and 50 Fib retracement from a drop from the high of May 2014. Thus any rally upward is likely to present me a selling opportunity. Also, if price action breaks the mini support trendline (magenta colour) on the H4 time frame southward, I will look for a sell trading opportunity to ride the price to the proximal part of the wedge.

I may be wrong. Trade safe and prosper.

KP


Quoting KeenPips
Here's a top-down technical analysis on EURUSD. On the daily time frame, price action has been respecting a support trendline (navy colour) from the low of April 17, 2017. However, price action has moved away upward to respect an inner support trendline (saddlebrown colour), which is indicative of an increase in northward momentum. As long as the inner trendline is intact, northward trading should be a more feasible bias than southward trading. The daily candlestick formed on Friday last week was miniature relative to Thursday’s daily candlestick...
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  • #391
  • Edited 9:40am Sep 11, 2017 8:54am | Edited 9:40am
If you are tracking Gold, you may note that except you go for a scalping style, Gold is still technically northward despite the current southward mode, which is for a corrective purpose as the price action was too far from the mean value area. I expect a retracement to the 50/61.8 Fib zone of the most recent swing high on D1 time frame (or somewhere shy of 1306.30) before a northward turnaround. I am writing from a swing trader's perspective.

I may be wrong. Trade safe and prosper.


KP
Do your homework, follow the footprints of smart money
  • #392
  • Sep 17, 2017 4:13pm Sep 17, 2017 4:13pm
Here's a top-down technical outlook on EURJPY.

The pair has continued on an upward move after a retracement to the 127.275 area. On the weekly time frame, price action is respecting a support trendline (saddlebrown colour) from the low of June 2017. As long as this trendline is intact, a bullish bias could be maintained. The major horizontal resistance is at the 133.710 area.

On the daily time frame, price action was operating in a horizontal channel (bound in magenta-coloured horizontal lines) and made two price waves since August 3, 2017 with the second price wave hitting the distal channel line and breaking above it last week Friday. The most recent price action is respecting a mini support trendline (navy colour) and price action made a 61.8 Fib retracement to the trendline on September 5, 2017. The last trading sessions last week Friday saw the bears pushing price southward and we may expect a pullback to the trendline, perhaps to around the 130.890 area before further northward move.

Price action on the H4 time frame is respecting a support trendline (navy colour) seen on the daily time frame. However, from the most recent price action last week Friday, a resistance trendline (magenta colour) is emerging. Should price action validate this resistance trendline on Monday, we may expect bears to drive price southward, initially to retest th distal cannel line around 131.62, which is about 61.8 Fib retracement of the most recent swing high on the H4 time frame. This appears to be a more feasible price action technically as the price is too far, more than 100 pips, from the mean vaue area. Nevertheless, we may witness a period of consolidation, particularly on lower tine frames, before such a southward move materializes. As the major market outook is bullish technically, such a southward move to test the support trendline (navy colour) may be merely corrective. However, should that support trendline be broken, particularly on a daily cose, we may see a negation of the bullish bias and the next support around the 129.600 area will be exposed.

I may be wrong. Trade safe and prosper.

KP

Attached Image (click to enlarge)
Click to Enlarge Name: EURJPY_Top-Down_Analysis_W1_17th_Sept.,_2017.png Size: 31 KB


Attached Image (click to enlarge)
Click to Enlarge Name: EURJPY_Top-Down_Analysis_D1_17th_Sept.,_2017.png Size: 34 KB


Attached Image (click to enlarge)
Click to Enlarge Name: EURJPY_Top-Down_Analysis_H4_17th_Sept.,_2017.png Size: 37 KB
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  • #393
  • Sep 17, 2017 4:33pm Sep 17, 2017 4:33pm
If you are tracking the GPBNZD, here's a top-down technical perspective you may consider.

On the daily time frame, price action is respecting a support trendline from the low of August 18, 2017 and the momentum increased last week Thursday. However, the momentum reduced on Friday as bears managed to push price back to the 1.86195 area, which is a minor S/R area last tranversed southward on May 22, 2017. This area may witness a consolidating price action or pullback to the support trendline before further bullish move. At any rate, a pullback is in the offing as price is too far from an area of value.

On the H4 time frame, price action has moved further upward from the support trendline (navy colour) seen on the D1. It is now respecting an inner suppot trendline (magenta colour) from the low of September 8, 2017. The sessions on Friday resulted in a topping formation, including two bearish pinbars, at a significant resistance zone around the 1.86195 area. Apparently, a retracement southward is in the offing. A likely target of such a retracement is the inner support trendline (magnta) or the confluence zone of a minor support area and the 38.2/50 Fib retracement zone of the most recent swing high (bound in magenta coloured horizontal lines), spanning 1.84997 and 1.83531.

I may be wrong. Trade safe and prosper.

KP

Attached Image (click to enlarge)
Click to Enlarge Name: GBPNZD_Top-Down_Analysis_D1_17th_Sept.,_2017.png Size: 38 KB


Attached Image (click to enlarge)
Click to Enlarge Name: GBPNZD_Top-Down_Analysis_H4_17th_Sept.,_2017.png Size: 31 KB
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  • #394
  • Sep 17, 2017 4:59pm Sep 17, 2017 4:59pm
I am bullish on this pair. However, should price action produce a bearish signal rejecting the resistance trendline (magenta colour) on the H4 time frame southward, I will look for a sell trade opportunity and target the 130.650 area. A buy trade will become feasible if price action significantly breaks above the resistance trendline (magenta colour), bounces off the distal channel line around the 131.62 area northward or bounces off the support trendline (navy colour) northward.

I may be wrong. Trade safe and prosper.

KP

Quoting KeenPips
Here's a top-down technical outlook on EURJPY. The pair has continued on an upward move after a retracement to the 127.275 area. On the weekly time frame, price action is respecting a support trendline (saddlebrown colour) from the low of June 2017. As long as this trendline is intact, a bullish bias could be maintained. The major horizontal resistance is at the 133.710 area. On the daily time frame, price action was operating in a horizontal channel (bound in magenta-coloured horizontal lines) and made two price waves since August 3, 2017 with...
Do your homework, follow the footprints of smart money
  • #395
  • Sep 17, 2017 5:08pm Sep 17, 2017 5:08pm
I see the possibility of benefiting from both a bearish and a bullish move on this pair. In the short term, a bearish move is likely to present an opportunity for at least 150 pips from the current location of price action, perhaps after a period of sideways operation. Should price move southward, a signal for bullish continuation around the 38.2/50 Fib retracement zone (or a bounce off the inner trendline (magenta colour) is likely to produce an equally positive trade, which may be more rewarding as the bulls had shown an intent to revisit the 1.89020, which was last transversed in April 2017 and may expose the 1.90420 handle. However, should price action break below the outer support trendline (navy colour), a bearish bias is more likely to be sustainable.

I may be wrong. Trade safe and prosper.

KP

Quoting KeenPips
If you are tracking the GPBNZD, here's a top-down technical perspective you may consider. On the daily time frame, price action is respecting a support trendline from the low of August 18, 2017 and the momentum increased last week Thursday. However, the momentum reduced on Friday as bears managed to push price back to the 1.86195 area, which is a minor S/R area last tranversed southward on May 22, 2017. This area may witness a consolidating price action or pullback to the support trendline before further bullish move. At any rate, a pullback is...
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  • #396
  • Edited 12:37pm Sep 18, 2017 11:53am | Edited 12:37pm
If you are tracking USDJPY, note that technically the pair is at a minor resistance, going by the daily time frame. But the major resistance is still farther up, around the 113.910 area. However, fundamentals can be decisive as to whether we get that far this week. Nevertheless, a daily close above the 112.190 area is likely to expose the 113.910 area as a target for bulls.

I may be wrong. Trade safe and prosper.

KP
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  • #397
  • Sep 19, 2017 4:41pm Sep 19, 2017 4:41pm
Just sharing

Avoid basing your trades on hope. When you trade based on hope, you expose yourself to a whole load of frustration. Trading based on thorough market analysis and a planned targeted approach to the market is a better proposition.

Trade safe and prosper.

KP
Do your homework, follow the footprints of smart money
  • #398
  • Edited 5:48pm Sep 21, 2017 5:37pm | Edited 5:48pm
If you are tracking USDCAD, note that the technicals on the D1 are strongly in support of a bearish continuation. A resistance trendline from the high of June 9, 2017 is holding and the daily candlesticks on Tuesday and Wednesday are a rejection of the resistance area where price action was operating.

I may be wrong. Trade safe and prosper

KP

Attached Image (click to enlarge)
Click to Enlarge Name: USDCAD_Technical_Update_D1_Sept._21,_2017.png Size: 28 KB
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  • #399
  • Sep 24, 2017 4:11pm Sep 24, 2017 4:11pm
Are you tracking EURJPY this week? Here's a top-down technical analysis you may want to consider.

Price action is respecting an outer support trendline (navy colour) and an inner support trendline (chocolate colour) on the daily time frame and as long as the trendlines are still intact, a bullish disposition will be maintained. A sideways pattern is clearly seen on the daily time frame during the last four days of lart week. Also, a wedge pattern is also discernible through the resistance trenndline (magenta colour) on the highs of the daily candlesticks, and two price waves have been formed within the wedge. A third price wave is likely to bear southward and target the outer support trendline (navy colour) or the horizontal support around the 130.066 area, which is in confluence with the monthly central pivot.

A wedge pattern has been formed by recent price action on the H4 time frame (bound in magenta coloured lines). As seen on the daily time frame, two price waves are visible and a third is bearing southward. This may lead to the break of the wedge southward and target the minor support zone on the H4 time frame aound the 131.325 area, which is a 61.8 Fib retracement level of the most recent swing high from the outer support trendline (navy colour) seen on the daily time frame; this descent may extend to the 130.600 area – which is the 78.6 Fib retracement area, and retest the inner support trendline (chocolate colour) seen on the daily time frame.

I may be wrong. Trade safe and prosper.

KP

Attached Image (click to enlarge)
Click to Enlarge Name: EURJPY_Top-Down_Analysis_D1_24th_Sept.,_2017.png Size: 33 KB


Attached Image (click to enlarge)
Click to Enlarge Name: EURJPY_Top-Down_Analysis_H4_24th_Sept.,_2017.png Size: 39 KB
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  • #400
  • Sep 24, 2017 5:07pm Sep 24, 2017 5:07pm
Although I am bearish on this pair, I will wait for a break of the wedge on the H4 time frame, around the 133.285 area, before looking for a sell trading opportunity.

I may be wrong. Trade safe and prosper.

KP

Quoting KeenPips
Are you tracking EURJPY this week? Here's a top-down technical analysis you may want to consider. Price action is respecting an outer support trendline (navy colour) and an inner support trendline (chocolate colour) on the daily time frame and as long as the trendlines are still intact, a bullish disposition will be maintained. A sideways pattern is clearly seen on the daily time frame during the last four days of lart week. Also, a wedge pattern is also discernible through the resistance trenndline (magenta colour) on the highs of the daily candlesticks,...
Do your homework, follow the footprints of smart money
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