Spider's Den

US Dollar breaks support with impulsive price action - Your capital is at risk
http://www.admiralmarkets.com/analyt...e-price-action

EUR/USD
4 hour
https://fxmedia.s3.amazonaws.com/art...09-2016eu4.png
The EUR/USD bounced at the support trend line (dark green) as indicated in yesterday's wave head line, but rallied with such a bullish momentum that a larger bullish ABC (blue) is probably taking place. Price is in a wave X (purple) unless it manages to break above resistance (red) and the top Fibonacci levels.
1 hour
https://fxmedia.s3.amazonaws.com/art...09-2016eu1.png
The EUR/USD momentum is most likely a wave 3 (green) within the wave C (blue). A wave 4 (green) pullback could see support at the Fibonacci levels.
GBP/USD
4 hour
https://fxmedia.s3.amazonaws.com/art...09-2016gu4.png
The GBP/USD is an ABC zigzag correction (green/pink) that is taking place in a bullish channel. The Fibonacci levels could be targets for the C wave.
1 hour
https://fxmedia.s3.amazonaws.com/art...09-2016gu1.png
The GBP/USD also showed a bullish bounce as indicated by yesterday's headline. The subsequent momentum seems to be a wave 3 (purple) and a retracement could meet support at the Fibonacci levels of wave 4 (purple) vs 3.
USD/JPY
4 hour
https://fxmedia.s3.amazonaws.com/art...09-2016uj4.png
The USD/JPY indeed completed a head and shoulders reversal pattern (3 purple circles) after which it broke below support (dotted green). A strong bearish momentum unfolded during yesterday's trading that took price down to the 61.8% Fibonacci level. For the moment a bearish ABC (blue) is probably taking place within wave 2 (purple), unless price breaks below the 100% Fibonacci level.
1 hour
https://fxmedia.s3.amazonaws.com/art...09-2016uj1.png
The USD/JPY momentum is strong and thus a wave 4 and 5 (brown) within wave C (blue) seems likely to take price to the 78.6% Fib, unless price breaks above resistance (red and orange).
Follow @ChrisSvorcik on twitter for latest market updates

Hey Nenad,

What are your thoughts for NZD in general...quite strong recently, and on few pairs almost all time highs/low. Like nzdcad, audnzd, gbpnzd...all look little bit overextended.

Thanks

NZD in general is a wait and see situation in my opinion

needs more than solid confirmation

its very bullish technicallywise but dont forget that fundamentallywise the RBNZ "traffic light" guidance which can turn everything upside down in the spot...

Hi guys,

Need to take a deeper look in the pair. Very busy now. Here, watch the loonie.

USD/CAD hidden bullish divergence at L5 pivot

How to dance away your trading bias - Your capital is at risk
http://www.admiralmarkets.com/analyt...r-trading-bias

Dear Traders,

Did you ever hang on to your trade, even though you were trading against the market and its signals?

All traders experience those agonising moments where they become overly attached to their analysis and the market bluntly moves in the other direction.

Ironically, many traders only see the warning signs when the trade has finished.

Luckily this article aims to teach you how to keep a clear view of your charts, by removing any trading bias you may have.

Trader's bias explained

The act of trading typically takes place over two stages, where a trader analyses the charts and then pursues market signals based on that analysis.

Analysis is required to identify the spots on charts, which potentially offer trading advantages over the long term.

The dilemma arises when new chart information, contradicts the current view.

Why?

Because once analysis is completed, it establishes a bias where the trader:

1. becomes attached to their side of the market
2. may ignore opposite market signals.

I frequently made this error as a rookie trader - openly cheering for the bull or bear that I deemed theobvious winner in my analysis.

This attachment to the trade, blinds your ability to see what is actually occurring on the charts i.e. it creates bias.

With trading bias, you:

Continue here: http://www.admiralmarkets.com/analyt...r-trading-bias - Your capital is at risk

EUR/USD, GBP/USD setup ABC corrections within wave 4 pullback - Your capital is at risk
http://www.admiralmarkets.com/analyt...ave-4-pullback

EUR/USD
4 hour
https://fxmedia.s3.amazonaws.com/art...09-2016eu4.png
The EUR/USD is in a wave X (purple) unless it manages to break above resistance (red) and the top Fibonacci levels. In that case a bullish break within wave X (brown) is the most likely scenario. A bearish bounce at resistance (red/Fibs) could see the start of wave Y (brown) within wave D (green).
1 hour
https://fxmedia.s3.amazonaws.com/art...09-2016eu1.png
The EUR/USD is moving sideways and staying above the 23.6% Fibonacci level of wave 4 (green) vs 3. A bullish break above resistance (orange) could see price move towards the 78.6% Fib level of wave X (purple) vs W. A break below the support trend line (green) could still price bounce at the 38.2% or 50% Fibs.
GBP/USD
4 hour
https://fxmedia.s3.amazonaws.com/art...09-2016gu4.png
The GBP/USD is an ABC zigzag correction (green/pink) after the break of the daily resistance trend line (dotted red). The Fibonacci levels could be targets for the C waves.
1 hour
https://fxmedia.s3.amazonaws.com/art...09-2016gu1.png
The GBP/USD made a retracement via an ABC zigzag (purple) to the 38.2% Fibonacci retracement level of wave 4 (blue) vs 3. A break above resistance (orange) could confirm the start of wave 5 (blue) with targets at the Fib levels. A break below support (green) could see price bounce at lowers Fibs of wave 4.

GBP/JPY hidden divergence could empower bulls

+ 80 pips now from POC

EUR/USD hits major 78.6% Fib after breaking consolidation zone - Your capital is at risk
http://www.admiralmarkets.com/analyt...olidation-zone

EUR/USD
4 hour
https://fxmedia.s3.amazonaws.com/art...09-2016eu4.png
The EUR/USD has reached the 78.6% Fibonacci level of wave X (purple) and the resistance trend line (red). This zone will either cause a bearish turn or a bullish break. A bearish reversal confirms the development of a wave X (purple) within wave D (green). A bullish break indicates that a different wave X (brown) is still ongoing.
1 hour
https://fxmedia.s3.amazonaws.com/art...09-2016eu1.png
The EUR/USD broke above the sideways consolidation zone (dotted orange) to complete wave 4 (green). The bullish breakout for wave 5 (green) was short and the bearish reaction at the 78.6% Fib could be explained by a wave 1 (green). A break above the origin (100% Fib) invalidates wave 1 but a break below support (green) makes a bearish breakout more likely.

Fibs and trend lines present barriers within corrective waves - Your capital is at risk
http://www.admiralmarkets.com/analyt...rrective-waves

GBP/USD
4 hour
https://fxmedia.s3.amazonaws.com/art...09-2016gu4.png
The GBP/USD is building an ABC zigzag correction (green/pink) after the break of the daily resistance trend line (dotted red). The current bearish price action is most likely part of a retracement. A breakout above resistance (orange) could indicate the potential continuation towards the Fibonacci levels of those C waves.
1 hour
https://fxmedia.s3.amazonaws.com/art...09-2016gu1.png
The GBP/USD built a bearish ABC zigzag (purple) which has respected the 50% Fibonacci retracement level of wave 4 (blue) vs 3. A break below support could see price move towards the 61.8% Fibonacci support level, which could be a potential bouncing spot. A break above resistance (orange) could confirm the start of wave 5 (blue) with targets at the Fib levels.
USD/JPY
4 hour
https://fxmedia.s3.amazonaws.com/art...09-2016uj4.png
The USD/JPY is again approaching the resistance trend line (red) of the daily downtrend channel. A break above resistance (red) confirms the end of the downtrend and the start of bullish price action. A break below the round level of 100 and the support trend line (green) invalidates the current wave structure and indicates the continuation of the downtrend.
1 hour
https://fxmedia.s3.amazonaws.com/art...09-2016uj1.png
The USD/JPY is building a correction within a wave 4 (brown). A break above the resistance trend line (red) could signal the continuation of wave 5 (brown), while a break below the support trend line (green) invalidates wave 4 (brown).
Follow @ChrisSvorcik on twitter for latest market updates

'There will be no rate hike in the US'

GBP/USD Rooftop pattern in progress

GBP/JPY trade of the week. Sign in for Session Recap. Free for all

GBP/USD breaks above bearish channel within ABC zigzag - Your capital is at risk
http://www.admiralmarkets.com/analyt...hin-abc-zigzag
GBP/USD
4 hour
https://fxmedia.s3.amazonaws.com/art...09-2016gu4.png
The GBP/USD has found support at the confluence of trend lines (green). The bullish bounce managed to break the resistance trend line (dotted orange), which could signal the start of a wave 5 (blue) within a larger ABC zigzag correction (green/pink).
1 hour
https://fxmedia.s3.amazonaws.com/art...09-2016gu1.png
The GBP/USD broke above the resistance (dotted orange) with bullish momentum. The wave 5 (blue) could see an extension with 5 inner waves (purple). A break below the 100% Fibonacci level of wave 2 vs 1 invalidates this wave structure. A break above resistance (yellow line) could see the continuation of the Cable within wave 5 (blue).

EUR/USD Continuation is possible

USD/JPY bullish breakout reaches key level in daily channel - Your capital is at risk
http://www.admiralmarkets.com/analyt...-daily-channel

USD/JPY
4 hour
https://fxmedia.s3.amazonaws.com/art...09-2016uj4.png
The USD/JPY broke a smaller trend line (dotted orange) and has reached an important break or bounce spot at the resistance trend line (red) of the daily downtrend channel. A break above resistance (red) confirms the end of the downtrend and the start of bullish price action. A break below the various bottoms of this chart invalidates the current wave structure and indicates the continuation of the downtrend.
1 hour
https://fxmedia.s3.amazonaws.com/art...09-2016uj1.png
The USD/JPY broke above the channel (dotted orange) as indicated yesterday. Price is expected to build a wave 4 correction after completing wave 3 (brown) within waves 3 (blue/purple).
Follow @ChrisSvorcik on twitter for latest market updates

I got in at 102.15 for the YEN. So far so good

Great job! Now we need to break of the resistance trend line. Hope we get it today...

Top inspirational quotes from famous traders - Your capital is at risk
http://www.admiralmarkets.com/analyt...famous-traders