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  • #17,201
  • Edited 4:08am May 17, 2013 3:57am | Edited 4:08am
Today on H1 we can spot a consolidation Traingle withing a descending triangle. Also we can spot a potential head and shoulders pattern on H1. Right shoulder points around 2885-90 where it might turn to test 2846. BPC in case 2846 is broken should lead to 2805 and then subsequently to 2780. Im not sure whether we will have 2750 today although it stands as weekly target. Remember weekly TF is not M5 timeframe so the target needs a time to fulfill.

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You can also read the analysis on my FX blog.
  • #17,202
  • May 17, 2013 7:09am May 17, 2013 7:09am
Early London profit taking tested 2855 support as I presumed so. Next wave could be up again, and possibly a further drop, we need to wait real NY momentum to kick in.
  • #17,203
  • May 17, 2013 7:30am May 17, 2013 7:30am
Here we go...2840 broken
  • #17,204
  • May 17, 2013 8:32am May 17, 2013 8:32am
2800 tested, price is respecting TA
  • #17,205
  • May 20, 2013 3:59am May 20, 2013 3:59am
i have resistances at 2882, 2911, 2972... 2971 is support.. i am expecting 1.2668 so sell higher up below 1.30
  • #17,206
  • May 20, 2013 7:09am May 20, 2013 7:09am
2890 is very important level today. Look how many touches it has. We are having a possible formation of a steep bullish wedge and EU is currently close to a vortex of a consolidation triangle. As long as EU is below 2890 2830 and 2800 are testing zones. If EU drops below 2800 target is 2750. If EU breaks 2890 and retests it, we can enter BPC pattern for 2970 and 3030 targets.

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  • #17,207
  • May 20, 2013 7:33am May 20, 2013 7:33am
Quoting jaylovin
i have resistances at 2882, 2911, 2972... 2971 is support.. i am expecting 1.2668 so sell higher up below 1.30
2670-90 is a great zone. It can b a NO BRAINER trade to place a long there.
  • #17,208
  • May 20, 2013 10:24am May 20, 2013 10:24am
The price is very slow and ranging due to bank holidays.
  • #17,209
  • May 20, 2013 11:56am May 20, 2013 11:56am
GBPUSD potential setup.

I have aligned higher TF fib and last swing FIB so 5260 is next strong resistance so it might be good for some scalping action. If this is retracement on Higher TF, and it seems it it, ill be looking for short setups around 5290-5300 level where we have a line up of historical buyers and sellers and 78.6 fib. Once we get there we should zoom into lower TF and search for entries around those levels.

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  • #17,210
  • Edited 3:51am May 21, 2013 3:41am | Edited 3:51am
Quoting T@rantula
GBPUSD potential setup. I have aligned higher TF fib and last swing FIB so 5260 is next strong resistance so it might be good for some scalping action. If this is retracement on Higher TF, and it seems it it, ill be looking for short setups around 5290-5300 level where we have a line up of historical buyers and sellers and 78.6 fib. Once we get there we should zoom into lower TF and search for entries around those levels. {image}
5260 was indeed good for selling. Scalp or not it has dropped 80 pips. On EU we have a bearish divergence.
  • #17,211
  • May 21, 2013 3:57am May 21, 2013 3:57am
Hidden Bearish divergence confirms the downtrend. It is usually found during retracements in a trend and it points to trend continuation. We had a Hidden Bearish divergence @ H4 TF, and when TL around 2880 got broken EURUSD fell for 30 pips testing 2850 zone. Further fall would be confirmed by MACD crossover on next few candles. If MACD stays strong to the upward or it breaks interim resistance of the divergence , that means the divergence has been done and we dont trade it anymore. I usually trade divergence after the break of trendline or MACD cross if it happens after 1-4 candles after I spot it.

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  • #17,212
  • May 21, 2013 4:13am May 21, 2013 4:13am
Additional EURUSD analysis.

If we get a break below 2850 we wait for BPC and go for 2835 2815 2790. If the pair jumps above 2915 we wait for BPC and aim for 2930 2950 and 2975. EURUSD should be in ranging mode till Wednesday where I expect stronger volatility due to strong economical releases at the end of the week.
  • #17,213
  • May 21, 2013 9:01am May 21, 2013 9:01am
As we could see today EURUSD went to test 2840.On h4 TF I have noticed a bullish wedge and successful retest of H4 support ( 2840). Also we have INVERTED HEAD AND SHOULDERS pattern in the wedge. Setups include placing a long order with stops just below 2835. Targets if HS gets valid are 2900 and 2930. Remember that H4 TF is a longer TF that takes a time to develop. I have already notice this wegde some time ago but it looked it might have been a triangle. As it got broken im sure its the wedge now as there is no vortex of consolidation.

2840-35 is a crucial level for this setup. If it gets broken there will be a bearish continuation to 2815 2790 2750 subsequently.

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  • #17,214
  • May 21, 2013 11:12am May 21, 2013 11:12am
1.3030 is possible here... if we don't break 2791 this month then 26xx could be void.
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  • #17,215
  • May 21, 2013 11:18am May 21, 2013 11:18am
Bullish wedge and inverted hs played out successfully. Price @ 2920.
  • #17,216
  • May 22, 2013 4:54am May 22, 2013 4:54am
Today we have strong economical releases. 2915 has been bought into and now im waiting for reversal patterns. 2850-2985 is the region im watching for reversal patterns.
  • #17,217
  • May 22, 2013 5:28am May 22, 2013 5:28am
Quoting jaylovin
1.3030 is possible here... if we don't break 2791 this month then 26xx could be void. {image}
Hey J,

Sorry for late response. We still have weekly HS so i guess 2950-85 should give us a reversal pattern.
  • #17,218
  • May 22, 2013 7:12am May 22, 2013 7:12am
Nice sell off into 2950. Ill show the chart later, why I was waiting for that level
  • #17,219
  • May 22, 2013 7:40am May 22, 2013 7:40am
Quoting T@rantula
{quote} Hey J, Sorry for late response. We still have weekly HS so i guess 2950-85 should give us a reversal pattern.
yes actually there is a 2nd chart last night i did not post and that is a bear flag...i also have strong levels at 2965... 2955 was the first... 2965 should hold and reverse if it is going down cause i have a price left behind which is 2791 - break of that should lead to 2670
  • #17,220
  • May 22, 2013 7:52am May 22, 2013 7:52am
Quoting jaylovin
{quote} yes actually there is a 2nd chart last night i did not post and that is a bear flag...i also have strong levels at 2965... 2955 was the first... 2965 should hold and reverse if it is going down cause i have a price left behind which is 2791 - break of that should lead to 2670
this one here
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