Spider's Den

Thanks and GL to you too! Trade safe

Hi guys

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Learn the relationship between oil and USD

As we could see on the previous Session Recap webinar, USDCAD behaved exactly as planned giving us more than 150+ potential pips on a shorting scenario. Recent jump in oil prices by 3 % suggested another drop in USDCAD (remember the correlation - OIL up = CAD up = USDCAD down).
Technically we can see lower highs and lower lows with a descending trend line that is holding the price from further rallies. Additionally, an inner trend line is making an X cross with H4 further confirming the bearish outlook. We have 2 POCs for possible positional short trades, with continuation and breakout setup.
POC comes within 1.2865-1.2880 zone (H3,DPP, trend line) while POC2 comes within 1.2900-1.2915 zone (X cross , H4, EMA89). based on historical vs now moment concept and POCs we could expect sellers there.
However if the price doesn't pull back towards POC a strong momentum break below 1.2820 or 1h close below it, will aim for 1.2788 and 1.2738-30 subsequently.

Hi Tarantula, thanks for inviting me to your thread, it is a honor to write here

Hi all, please allow me to indroduce myself, my name is Chris Svorcik. I am trading the Forex market, and provide analysis and webinars at Admiral Markets.

I will be adding my analysis and ideas, plus some updates in this forum

Best wishes from Prague.
Cheers and talk soon,
Chris

Here is my 1st update in fact already...

Nenad and I are offering a trial to test out our Accu Murrey Math system for 2 weeks.

It starts tomorrow with the 1st webinar and we have 4 webinars planned in next 2.5 weeks.

Register here: http://www.elitecurrensea.com/accu-p...trial-for-you/

Good trading,
Chris

Your capital is at risk - full article: http://www.admiralmarkets.com/analyt...build-triangle
EUR/USD
4 hour
https://fxmedia.s3.amazonaws.com/art...05-2016eu4.png
The EUR/USD broke the internal resistance trend line (dotted orange) and made a move up to the 38.2% Fibonacci level of wave B (blue). Price is now challenging the long-term support trend line (green). A bearish break below support could the continuation of wave C (blue) or alternatively a wave 3. A bullish break above resistance (red) could price move towards the 50% Fib.
1 hour
https://fxmedia.s3.amazonaws.com/art...05-2016eu1.png
The EUR/USD is in a contracting triangle. Whether the wave B (blue) is completed depends on whether price can break below the wave B vs A Fibonacci levels. A bounce at support could see price rally via an ABC (green) within wave B (blue).
GBP/USD
4 hour
https://fxmedia.s3.amazonaws.com/art...05-2016gu4.png
The GBP/USD is respecting a long-term key support trend line (green). A break of the support trend line would confirm the downtrend on the GBP/USD whereas a break of the 2 resistance trend lines (orange-red) could indicate the start of bigger correction within wave B (pink). The ABC could also turn out to be a 123 if price can break below the long-term trend support (dark green).
1 hour
https://fxmedia.s3.amazonaws.com/art...05-2016gu1.png
The GBP/USD is in a contracting triangle and channel at the same time. A bullish break above resistance (red-orange) could expand the correction within wave B. For the moment price might use the Fibonacci levels of wave X (green) to enlarge the correction, just like it yesterday when the wave Y (green) bounced at the trend line towards the 38.2% Fibonacci level.
USD/JPY
4 hour
https://fxmedia.s3.amazonaws.com/art...05-2016uj4.png
The USD/JPY break above the 161.8% Fibonacci target favors a wave 3 (purple) whereas a bearish break below the support trend line (blue) makes a wave C (pink) more likely.
1 hour
https://fxmedia.s3.amazonaws.com/art...05-2016uj1.png
The USD/JPY indeed bounced at the 50% Fibonacci level. Whether wave 5 has been completed depends if price breaks below the origin of wave 5 at 108.30 or whether there is a bullish break above resistance (orange).

Hi Chris and welcome!!

I am very glad to see you here. Traders will definitely benefit from your analysis and views.

It's been a long time since I told Chris to come and post on Den, but now he is finally here.

Chris is my friend and a colleague and an excellent wave analyst.

Glad to see Chris here as well! You are really great duo!!
See you at the webinar

Thanks a lot Dado! See you soon

Thank you matey, my dear friend Mr. T It's great to be here, I am excited!

Thanks Dado! Appreciate it, see you in the webinar in a few hours

Hello Ocean, i must say that...despite of being new here , i have really benefited from your analysis. i have been following you on twitter together with Tallantulla.... big up guys

How Forex connects to other markets?

Read my new blog post HERE

GJ
156.400- 156.250

Good zone possibly for some short scalps

h3 cam, historical buyers, intraweek tl, the river
Would like to see cci enter the ob area

Thank you Musax, really appreciate the kind words. It's great to hear that the wave analysis helps out with your trading, excellent stuff.

Your capital is at risk
EURUSD, GBPUSD break of support lines verify ABC zigzags
EUR/USD
4 hour
https://fxmedia.s3.amazonaws.com/art...05-2016eu4.png
The EUR/USD broke below the long-term support trend line (green), which could be explained via a continuation of wave C (blue) or alternatively a wave 3 if price expands below the 161.8% Fibonacci target.
1 hour
https://fxmedia.s3.amazonaws.com/art...05-2016eu1.png
The EUR/USD broke below the support trend line (dotted green) and made a bearish breakout. The bullish corrections have been weak so far which makes a wave 4 (orange) likely unless price breaks above the 61.8% Fibonacci level of wave 4 vs 3.
GBP/USD
4 hour
https://fxmedia.s3.amazonaws.com/art...05-2016gu4.png
The GBP/USD broke one of the long-term support trend lines (dotted green) and confirms a downtrend continuation. The ABC could also turn out to be a 123 if price can break below the long-term trend support (dark green).
1 hour
https://fxmedia.s3.amazonaws.com/art...05-2016gu1.png
The GBP/USD is building a bear flag chart pattern (yellow-blue). A bullish break above resistance (red-orange) could change the wave count. A break below support (blue) should see price head towards the Fibonacci targets of wave C vs A.
USD/JPY
4 hour
https://fxmedia.s3.amazonaws.com/art...05-2016uj4.png
The USD/JPY break above the 161.8% Fibonacci target favors a wave 3 (purple) whereas a bearish break below the support trend line (blue) makes a wave C (pink) more likely.
1 hour
https://fxmedia.s3.amazonaws.com/art...05-2016uj1.png
The USD/JPY completed an ABC correction most likely within wave 4 (grey). A break above resistance (orange) could start a wave 5 (orange) whereas a break below support (blue) favors a bearish breakout and a wave 5 (orange) which was completed at the recent highs.

Well don, Here you go, pips are yours

Cheers, here we go!!!

The USDJPY pair has been consolidating in the uptrend that started from 106.50. At this point the price is ranging (also confirmed by MACD) but the bullish momentum is building up. POC is within 108.60-75 zone ( ascending trend line, inner trend line break, 61.8, EMA 89, DPP, H3 ). The zone is showing a lot of confluence and the bullish momentum could spike the price up to 109.20 and 109.65 subsequently. Additionally we can spot now moment buyers (blue rectangle) who have shown exactly at the POC.
Have in mind that volatility has faded today due to major banks being on a holiday (Whit Monday) so we might see some additional momentum during NY session.