Daytrader21's Blog

Avatar

GBP/CHF Consolidation phase

After SNB decided to drop the 1.2000 EUR/CHF floor the price action on CHF crosses has been distorted however we can still find a way to guide us through the current mess by simple using support and resistance level and the box trading ranges (see Figure 1). GBP/CHF as being a cross pair has a lot of tendency to consolidate and we can find more often it's moving inside this range boxes. Usually if we have this type of boxes on the left side of the chart we can see how by simple using those boxes…
Read full story
Translate to English Show original
Daytrader21 avatar

Update 5: As expected we had a double top and we had a sell of from the big round number 1.4500 which can be considered the second wave of wave B. Right now we're 0.13 deviation from my actual forecast of 1.4397. The actual price is 1.4378 which is exactly 19 pips. However we're just Friday and until Monday we can still have either some further improvements or the market could still move against me. However the likelihood is for a retest of the round number 1.4400 on Monday.

Daytrader21 avatar

Update 6: As expected and as per my last update we indeed not only retested the round number 1.4400 but the momentum pushed the price even higher. Right now as I post this update I have 0% deviation from my forecast, which is quite impressive. in the next two hours left until the deadline the market should not experience any strong movement until the New York session comes in and we should expect price gravitate near this round number 1.4400(1.4397 my forecast) during the next 2h

Daytrader21 avatar

Update 7: 20 Minutes left until the deadline and as expected the price gravitated towards the round number 1.4400, and as I write this update I have 0% deviation

Daytrader21 avatar

Update 9: I give here some feedback about Technical Analysis contest and why there need to bee done some adjustments.

Daytrader21 avatar

I have 0% deviation 15 minutes before the deadline....................This is unbelievable

orto leave comments
Avatar

EUR/CAD Elliott Wave Count

EUR/CAD has been trading to the downside since beginning of the last year when we put in place the major swing high at 1.5600. Based on Elliott Wave cycle we're in the last stage of this sell of, as currently the market is developing of 3 of V. Each impulsive wave is composed by another 5 wave of smaller degree and we can count this wave both in wave III and now in wave V. Expecting wave 3 of V to end at 1.2900 or 1.300 big round number before to see a minor retracement or at least some conso
Read full story
Translate to English Show original
Daytrader21 avatar

Update 1: I think wave 3 of V has just completed and with the daily bearish outside bar posted on Friday, we can see a retest of 1.3400 (see red line Figure 2) to complete wave 4 of V. Support for next week should be at previous week's low 1.300 big round number.

Daytrader21 avatar

Update 2: Wave number 4 of V is completed and 1.3600 should be the top. First we need a break and a close below the big round number 1.3500 for further downside movement. Right now we're in the final stage before the Elliott Wave sequence is completed. We need one more low below the big round number 1.3000

Daytrader21 avatar

Update 3. As expect it seems that the 1.3600 level is now a swing high in place after a second rejection of that level. However we need a break below 1.3400 the most recent swing point in order to expect more downside pressure. Resistance stands at 1.3600-1.3550 price should be trading lower from around this levels

Daytrader21 avatar

Update 4: Right now the market is in a wide range between 1.3700 resistance level and 1.3400 support level, we need a break and a daily close below that support level for the market to gain more downside momentum.

orto leave comments
Avatar

CAD/JPY Range Box Effect.

CAD/JPY has been moving over the paste few years in a big range boxes and that's usually the case with a lot of pair crosses as this is their normal behavior. In Figure 1 we can see how this price action looks like. Usually when we enter in the territory of a new range boxes the new boxes that will form in the right side of the chart will use the middle of the range box from the left as the top and as the
bottom will use the middle of the box from beneath the price action where most likely there…
Read full story
Translate to English Show original
Daytrader21 avatar

Update 1: Unfortunately it seems we broke above the high of wave IV, the 96.80 level, however the move lacks momentum as it's fading away. If we mange to get a new close inside the range it may prove us it is a "v" shape top.

Daytrader21 avatar

Update 2: Right now we're still above our resistance zone of 97.00, however the 99.00 level is a big pivot level which has acted as strong resistance, we need price to stay below that level and a break and close below 97.00 will put the preassure on this pair again

orto leave comments