Daytrader21's Blog

Avatar

AUD/JPY Back Inside the Upward Channel

Back in November we had an upthrust breakout above the current upward channel, but it proved to be a false breakout and now we're trading back within the channel boundaries. This false breakout is only telling us that at one point we had some eager buyers who for whatever reason wanted to be in this bullish move and usually that's how a trend move starts. And even thought we retraced back inside the channel that's a good sign as we don't want the market to move in a straight line as those usuall…
Lisez l'histoire complète
Traduire en Anglais Montrez l'original
Daytrader21 avatar

Update 1: The market found some kind of support on the lower side of the upward channel. But for the next few weeks it looks like the market it's trapped inside a big range with 98.50 resistance zone and 94.50 support level.

Daytrader21 avatar

Update 2: Even though we had a strong sell off last week this is in accordance with the seasonality pattern which suggest a strong sell off at the end of the month followed by a quick recovery. We need to see this happening during the next week. Support remains the last week low at 93.00

Daytrader21 avatar

Update 3: During the opening of the new week session we overextended the sell off below 93.00 but the sell off was quickly consumed back and we saw a strong rebound as expected. The seasonality pattern have been warning of this rebound (see Figure 2) And we should expect the rally to continue higher. Major resistance level remains at big round number 95.00

oupour laisser des commentaires
Avatar

USD/CAD Uptrend losing his Steam

In today's blog post I just want to share a trade pattern idea and at the same time my prediction fro USD/CAD that I've been poste in the Technical Analysis Contest, which you can find it here: USD/CAD Uptrend Losing his Steam
The current USD/CAD bullish trend is losing his momentum suggesting we have entered in a more prolonged type of correction especially since we have entered during the summer trading conditions, when volatilityusually dry out and the market tend to stay in congestion…
Lisez l'histoire complète
Traduire en Anglais Montrez l'original
Berkeley avatar
Berkeley 7 juillet

Smash it aswell.

oupour laisser des commentaires
Avatar

Trade Pattern Idea: EUR/CAD Uptrend Intact

Recently I've made this prediction in the Technical Contest which I want to share it here as well, you can find that post here: EUR/CAD Uptrend Intact
EUR/CAD is following the path of USD/CAD which confirms that the current bullish trend will have more upside legs. In Figure 1 we can have a look at the bigger time frame the Weekly chart which shows us a clear up tre…
Lisez l'histoire complète
Traduire en Anglais Montrez l'original
oupour laisser des commentaires
Avatar

EUR/CAD Uptrend Intact

EUR/CAD is following the path of USD/CAD which confirms that the current bullish trend will have more upside legs. In Figure 1 we can have a look at the bigger time frame the Weekly chart which shows us a clear up trend and the fact that we have just broke away from a multi year consolidation
  • Figure 1. EUR/CAD Long Term View (Click on the picture to enlarge).
In Figure 2 we can have a look into the more recent price action. As the trend develop itself we need this periods of consolidations like t…
Lisez l'histoire complète
Traduire en Anglais Montrez l'original
Daytrader21 avatar

Update 2: The range have been extended to the upside until big round number 1.5500 which has provided a good resistance level and should cap any upside movement. To the downside we still have as support the 1.5100 level. Based on elliot wave we have formed a raising wedge which must complete a 5 wave sequence, so far we have made only 2 waves so we should expect further consolidationhere

Daytrader21 avatar

Update 3: After a false breakout above 1.5500 where many stops were tripped we should see now EURCAD moving down and close near to our target. Strong support lay down at 1.5300 right near our target and we need a close below that level.

Daytrader21 avatar

Update 4: As per my last update we indeed broke and close below 1.5300 support level and momentum start accelerating to the downside and we even reached our target at 1.5220. After this big impulsive movement market should take a pause and see some type of consolidation between 1.5240 resistance level and 1.5160

Metal_Mind avatar

Very good analysis buddy!

Daytrader21 avatar

As I'm writing this update we're only 2 pips away from my target of 1.5220 and we're only few hours ahead of the deadline. Next support is at previous day low at 1.5170 and resistance is previous day high at 1.5260

oupour laisser des commentaires
Avatar

USD/CAD Resuming the Uptrend (part 2)

Last year I've posted my prediction in the Technical Analysis contest about USD/CAD, and at that time I said that USD/CAD is on the verge for a big upside movement. You can check out my prediction here USD/Cad Resuming the Uptred
Nothing much has happen since than except the fact that now we have broke from previous multi year trading range above 1.0800 see Figure 1 red upper resistance line. It can bee seen that we have been moving in an 1400 pip range for the course of the last years and i…
Lisez l'histoire complète
Traduire en Anglais Montrez l'original
Daytrader21 avatar

Update 1: Last week we have made a big reversal and as expected wave IV completed an ABC correction, the reaction from 1.0950 is an impulsive reaction which suggest that for now momentum should start picking up speed next week we need a weekly close above 1.1000 big round number

Daytrader21 avatar

Update 2: The rally from 1.0955 towards the 1.1150 highs is the first wave of wave 5 of higher degree. From the 1.1150 we're building the second wave which based on Elliot Wave should take form of 3 wave sequence, and ABC correction. So far we only made wave A and wave B is currently developing so expect here further consolidation before momentum start picking up an move towards our target

Daytrader21 avatar

Update 3: Coincidence or not last week rally stopped just 3 pips shy away from our target. The trend is up so any retracement should be limited. Actually for the next week I see price stay in this range 1.1150 support level and 1.1300 resistance level. After last rally market need to take his breath before any major move to happen

oupour laisser des commentaires
Avatar

How I predicted USD/CAD uptrend

Last year I've posted my prediction in the Technical Analysis contest about USD/CAD, and at that time I said that USD/CAD is on the verge for a big upside movement. You can check out my prediction here: USD/CAD Resuming the Uptrend. But I'm going to re-post it here one more time:
"The current USDCAD up trend has already begin to break upwards after 4 months of consolidation. The up drift from the last year low 0.9630 to 1.0610 high, has took shape of and 5 wedge rally within an upward channel
Lisez l'histoire complète
Traduire en Anglais Montrez l'original
oupour laisser des commentaires
Avatar

Cable - Bullish Trend

Yesterday I took a long position in GBP/USD and although we're in an uptrend I've decided to take only an intraday position as during this time of the year the market tends to stay in a tight range, as with the major banks being closed during the holiday season, and we know that banks are the biggest participants in the Forex market, liquidity will dry away.
If you want to know more about my long term view on GBP/USD you can check out my blog post history …
Lisez l'histoire complète
Traduire en Anglais Montrez l'original
alifari avatar
alifari 27 déc

Excellent entry and a nice level to take profit. To me this was a perfect trade considering thin market volatility. There were days in my early trading days when I used to get upset when price move much higher after I exit. Not anymore, in fact I don't care if market moves 200 pips in my favor after I exit.

oupour laisser des commentaires