Do your homework, follow the footprints of smart money
- #162
- Sep 4, 2016 9:09am Sep 4, 2016 9:09am
- Joined Dec 2015 | Status: Trader | 8,774 Posts
Do your homework, follow the footprints of smart money
- #163
- Sep 4, 2016 9:19am Sep 4, 2016 9:19am
- Joined Dec 2015 | Status: Trader | 8,774 Posts
{quote} Upon the completion of my weekly analysis, my decision is to wait for further price action on cable. By my system, the market is in a corrective mood to the downside and there is likelihood of a bounce to the upside from around 1.32400. Trade safe.
Do your homework, follow the footprints of smart money
- #164
- Sep 6, 2016 11:01am Sep 6, 2016 11:01am
- Joined Dec 2015 | Status: Trader | 8,774 Posts
Do your homework, follow the footprints of smart money
- #165
- Sep 11, 2016 9:19am Sep 11, 2016 9:19am
- Joined Dec 2015 | Status: Trader | 8,774 Posts
I have just completed the weekly scan and analysis of the pairs on my watch list. Based on my six-step scan and analysis process, the following three pairs appear most feasible for me to trade during the week: AUDUSD, USDCAD and NZDUSD. Nevertheless, there is need to wait for further price action regarding NZDUSD, and this is why - representing my perspective on the pair.
NZDUSD: The pair is rated ‘B+’ overall on my system. On the weekly time frame, the pair has been on a downtrend since July 2014 until September 2015 when it moved upwards in an ascending channel. However, the channel has not broken the down trend market structure. Since the week beginning May 29, 2016 the pair has moved upwards to half-way of the channel, squeezing and limiting price action to that area. In that area, price has respected an ascending trend line within the main weekly ascending channel and has tested the upper trendline of the main weekly channel without breaching it. The recent price action on the weekly time frame has shown a disposition to the upside but there is a great amount of bear pressure as the candles formed have relatively long wicks on their upper ends. Thus, any rejection of the inner trendline within the main weekly channel is likely to see price test the lower trendline of the main weekly channel or at least the weekly support level around 0.72374 – 0.71398 giving the fact the high of the bull candle formed last week tested the weekly resistance zone around 0.73763 – 0.74896 but was pushed down by the bears to form a pin bar with a long upper wick. The technicals on the daily time frame point significantly to a southward mode. The main market structure is not yet broken, in fact the swing downwards created since July 11, 2014 which retraced upwards from the low created on September 29, 2016 has held within the 50 Fib level. From this level, recent price action on the daily time frame surged southwards with a strongly bearish tone. If the market structure is to hold, there is likely going to be a role flip to the downside. This is a situation that makes this pair rate B+ in my system as the weekly and daily technicals are not in sync even though the overall market structure agrees on further southwards market play. On the 4-hourly time frame, which is my set-up time frame, all technicals are synced for a southward drive of the pair. The order flow context is strongly influenced by the bears after the price rejected the immediate weekly resistance with the first price wave downwards on September 8, 2016. Price is now at the immediate support level on the 4-hourly time frame and a rejection of the level to the south is likely to target the next support level around 0.72374 which is in confluence with the monthly pivot. As the daily and 4-hourly technicals are in sync for a southward mode, a trade southward for a small profit and without lingering in the market is feasible.
I may be wrong.Trade safe
See attached.
NZDUSD: The pair is rated ‘B+’ overall on my system. On the weekly time frame, the pair has been on a downtrend since July 2014 until September 2015 when it moved upwards in an ascending channel. However, the channel has not broken the down trend market structure. Since the week beginning May 29, 2016 the pair has moved upwards to half-way of the channel, squeezing and limiting price action to that area. In that area, price has respected an ascending trend line within the main weekly ascending channel and has tested the upper trendline of the main weekly channel without breaching it. The recent price action on the weekly time frame has shown a disposition to the upside but there is a great amount of bear pressure as the candles formed have relatively long wicks on their upper ends. Thus, any rejection of the inner trendline within the main weekly channel is likely to see price test the lower trendline of the main weekly channel or at least the weekly support level around 0.72374 – 0.71398 giving the fact the high of the bull candle formed last week tested the weekly resistance zone around 0.73763 – 0.74896 but was pushed down by the bears to form a pin bar with a long upper wick. The technicals on the daily time frame point significantly to a southward mode. The main market structure is not yet broken, in fact the swing downwards created since July 11, 2014 which retraced upwards from the low created on September 29, 2016 has held within the 50 Fib level. From this level, recent price action on the daily time frame surged southwards with a strongly bearish tone. If the market structure is to hold, there is likely going to be a role flip to the downside. This is a situation that makes this pair rate B+ in my system as the weekly and daily technicals are not in sync even though the overall market structure agrees on further southwards market play. On the 4-hourly time frame, which is my set-up time frame, all technicals are synced for a southward drive of the pair. The order flow context is strongly influenced by the bears after the price rejected the immediate weekly resistance with the first price wave downwards on September 8, 2016. Price is now at the immediate support level on the 4-hourly time frame and a rejection of the level to the south is likely to target the next support level around 0.72374 which is in confluence with the monthly pivot. As the daily and 4-hourly technicals are in sync for a southward mode, a trade southward for a small profit and without lingering in the market is feasible.
I may be wrong.Trade safe
See attached.
Do your homework, follow the footprints of smart money
- #166
- Sep 11, 2016 3:16pm Sep 11, 2016 3:16pm
- Joined Dec 2015 | Status: Trader | 8,774 Posts
NZDUSD 4Hrly time frame outlook
Short-term outlook is bearish
A retracement to a first level upwards is preferable for entering a bearish trade.
I may be wrong. Trade safe.
Short-term outlook is bearish
A retracement to a first level upwards is preferable for entering a bearish trade.
I may be wrong. Trade safe.
Do your homework, follow the footprints of smart money
- #167
- Sep 12, 2016 7:27am Sep 12, 2016 7:27am
- Joined Dec 2015 | Status: Trader | 8,774 Posts
Do your homework, follow the footprints of smart money
- #168
- Sep 12, 2016 7:39am Sep 12, 2016 7:39am
- Joined Dec 2015 | Status: Trader | 8,774 Posts
Do your homework, follow the footprints of smart money
- #169
- Sep 12, 2016 9:15am Sep 12, 2016 9:15am
- Joined Dec 2015 | Status: Trader | 8,774 Posts
I am bullish on the USDCAD by my weekly technical analysis. Therefore, I will be interested in trading the pair northwards if it retraces to a level of interest, somewhere around the monthly pivot.
I may be wrong. Trade safe.
See attached.
I may be wrong. Trade safe.
See attached.
Do your homework, follow the footprints of smart money
- #170
- Sep 13, 2016 1:55pm Sep 13, 2016 1:55pm
- Joined Dec 2015 | Status: Trader | 8,774 Posts
I am bullish on the USDCAD by my weekly technical analysis. Therefore, I will be interested in trading the pair northwards if it retraces to a level of interest, somewhere around the monthly pivot. I may be wrong. Trade safe. See attached. {image}
Do your homework, follow the footprints of smart money
- #171
- Sep 15, 2016 10:14am Sep 15, 2016 10:14am
- Joined Dec 2015 | Status: Trader | 8,774 Posts
EURUSD has continued ranging in a descending channel on the 4H time frame. This channel became operative on August 16. Trade safe.
Do your homework, follow the footprints of smart money
- #172
- Sep 15, 2016 1:07pm Sep 15, 2016 1:07pm
- Joined Dec 2015 | Status: Trader | 8,774 Posts
Do your homework, follow the footprints of smart money
- #173
- Sep 15, 2016 1:10pm Sep 15, 2016 1:10pm
- Joined Dec 2015 | Status: Trader | 8,774 Posts
Do your homework, follow the footprints of smart money
- #174
- Edited 5:49pm Sep 18, 2016 1:27pm | Edited 5:49pm
- Joined Dec 2015 | Status: Trader | 8,774 Posts
Do your homework, follow the footprints of smart money
- #175
- Sep 18, 2016 5:39pm Sep 18, 2016 5:39pm
- Joined Dec 2015 | Status: Trader | 8,774 Posts
Do your homework, follow the footprints of smart money
- #176
- Sep 21, 2016 8:32am Sep 21, 2016 8:32am
- Joined Dec 2015 | Status: Trader | 8,774 Posts
Determining trade conditions, criteria and techniques are key to successfully tracking and trapping the market. Based on the conditions I set, AUDUSD will be feasible for my trading strategy and technique this week. Here's why: AUDUSD: The pair is rated A overall on my system. On the weekly time frame, the main trendline established in mid-2013 is downwards and is still intact. However, last week the pair broke to the downside the lower part of the ascending channel that tested the main trendline after the bearish pin bar formed two weeks ago, thus...
Here's a tracking update on the AUDUSD. The pair is now at an area of interest. If the upper trend line of the channel adjoining the monthly pivot is breached to the downside on the 4Hrly time frame, that should be a good cue to trade southwards. See attached.
I may be wrong. Trade safe.
Do your homework, follow the footprints of smart money
- #177
- Sep 22, 2016 10:09am Sep 22, 2016 10:09am
- Joined Dec 2015 | Status: Trader | 8,774 Posts
Do your homework, follow the footprints of smart money
- #178
- Sep 22, 2016 11:54am Sep 22, 2016 11:54am
- Joined Dec 2015 | Status: Trader | 8,774 Posts
Do your homework, follow the footprints of smart money
- #179
- Edited 10:32am Sep 25, 2016 10:02am | Edited 10:32am
- Joined Dec 2015 | Status: Trader | 8,774 Posts
Do your homework, follow the footprints of smart money
- #180
- Sep 25, 2016 3:59pm Sep 25, 2016 3:59pm
- Joined Dec 2015 | Status: Trader | 8,774 Posts
I have just completed my weekly scan and analysis on the pairs on my watch list. Only three of the pairs are amenable to trading with my strategy and techniques during the week. These are: GBPAUD, GBPNZD and GBPUSD. I will look for opportunities to trade them southward within my identified and clearly defined areas. What about you? Have you done your weekly analysis and chosen the pairs you would like to trade? Share your analysis and outlook here with other forum members. Trade safe.
On the weekly time frame, the pair has maintained a bearish tone since October 2008. A significant retracement was confirmed in October 2013 which peaked at the 61.8 Fib in August 2015. Since then, the market on this pair has maintained its displacement southwards. On the daily time frame, the southward mode supervenes. Two weeks ago, price retested the southward, daily mini-trendline established with the Brexit drop down but has since retracted southwards. It is now respecting a mini trendline on the 4H time frame. Any break of this mini trendlne on the 4H time frame northwards is likely to see price to initially target the immediate resistance zone around 1.72726, which is in confluence with the monthly pivot. Otherwise, respecting the trendline to the downside will involve price breaking the corrective mode – represented by a micro trendline, to the downside which is likely to target the weekly support zone around 1.68493, the origin of the corrective move upwards which began two weeks ago.
I may be wrong. Trade safe.
Do your homework, follow the footprints of smart money