What the Charts are saying about Yen ~ forex target trading reviews
The Yen is at an interesting level now and so are currency pairs and other markets related to it. On a long note, its been dipping since 2011, now at 2007 low.
Markets go up and down, in spiral form. When the price of a particular instrument goes up, its a normal thing to think of a dip.
The question now is Where? and When?.
Let me start this analysis from Nikkei 225 index which has a very strong negative correlation with the yen.
Typically when Yen falls Nikkei rises and without any surprises, Nikkei has soared from 2007/08 to a 20 years high region. A fall is expected soon.
The charts below show the elliot wave count of Nikkei on the Monthly and Weekly time frames and are looking very strong on the upside.
100% projection of its 5th wave from the 4th wave falls at 2165 and its neighborhood.
The long term rally could end at this resistance level.
Nikkei is expected to continue the rally to complete the last leg of the sub-wave of the long term bullish move.
The dip in Yen and rally in Nikkei are in very clear impulsive moves and a correction is expected targeting at least the region of the 4th wave of these moves.
Yen currency pairs like CadJpy, GbpJpy, AudJpy, NzdJpy and UsdJpy have been on a long term bullish impulsive move.
The UsdJpy is expected to follow this same pattern as shown in the chart below which also shows the possibe reversal zone by fibonacci extension tools.
AudJpy is illustrated in the chart below to complete the last leg of the long term impusive subwave. The possible region of reversal is indicated.
GbpJpy analytical chart is shown below.
And finally CadJpy
Updates will come as more price data are included to ascertain this analysis.
I will post updates.
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3 Ways to Identify Support and Resistance 5 Chart Examples ~ forex trading customer reviews
3 Ways to Identify Support and Resistance - 5 Chart Examples
By Elliott Wave International
Todays lesson considers three ways to identify price support and resistance in the markets you trade.
Previous highs and lows
Trendline support
Fibonacci Ratios
These examples are adapted from Jeffrey Kennedys Traders Classroom service.
1) Uptrends terminate at resistance while downtrends terminate at support. Previous highs and lows often act as resistance and support.
In ALCOA Inc (AA), the September 2012 selloff found support near the previous July 2012 low.
The February 2013 peak occurred following a test of resistance at the January peak at $9.33.
2) Trendlines offer resistance and support for prices.
The 2008 advance in Gold found support numerous times near the trendline that connected the lows of the move, as you can see below:
Conversely, the trendline connecting the highs of Wheats 2012-2013 decline provided resistance for countertrend price action.
3) Fibonacci ratios also identify resistance and support. As Elliotticians, we often look at retracements, the most common being .382, .500 and .618. In Akamai Tech, Fibonacci support ignited the July and November 2012 rallies:
In the same chart you can also notice how Fibonacci resistance in AKAM halted the July 2012 and February advances.
For more free trading lessons on trendlines, download Jeffrey Kennedys free 14-page eBook, Trading the Line -- 5 Ways You Can Use Trendlines to Improve Your Trading Decisions. It explains the power of simple trendlines, how to draw them, and how to determine when the trend has actually changed. Download your free eBook.
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RED ALERT Usdcad Bears are Knocking ~ forex automated trading systems reviews
I did an analysis on 13th February on Usdcad after discovering a successful flat formation and a reasonable bearish candlestick formation.You can read the analysis again
Usdcad went into some intraday triangle consolidation and I got myself following it hitherto.
The triangle consolidation was breaking upside in an intra day motive diagonal move with 1.2800 acting as a resistive barrier.
With another resistance at 1.3025 up for grasp and the FOMC announcement coming soon. It looked like a battle between these resistive levels...A resistive zone came to mind ( 1.2800-1.3205) especially when noting that 127% and 138.2% extension of wave1-3 from 4 of the C leg of the flat also fall within this zone.
With price forming a flat corrective pattern (with C let coming as a clear impulsive move) at 50% retracement of the bearish move between Jan 2002 and Nov 2007, a reversal trigger is needed whether technically or fundamentally.
With the FOMC at the corner and 1.2800 acting very strong and an expected flat correction for a fresh bearish move, I had to exit my buy to 1.3205 and watch how price react to the announcement before knowing the next destination
The FOMC was negative and price move sharply out of the intra day ending diagonals to start a move downward.
With all indications almost satisfied for a bearish move, Usdcad is expected to be on a bearish journey especially if this week candle is an engulfing one.
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Cryptocurrencies Are they here to stay Bitcoins Litecoins Alternative coins ~ vsa forex trading system
As I have mentioned in my previous post, I believe that Cryptocurrencies are here to stay, and that Litecoins are a good buy right now. Before I explain why so, lets go through a little introduction on cryptocurrencies. Since Bitcoins rise to fame, a myriad of alternative cryptocurrencies (altcoins) have come into existence.
There are over 30 altcoins available on Coinmarketcap.com, but most have meagre market capitalization as compared to Bitcoin. Litecoin is currently leading the altcoin market and is the coin to watch, as I will explain.
Alternative Crypto-Currency Market Capitalization (Coinmarketcap.com) Once that threshold is crossed, the difficulty in switching over to an alternative cryptocurrency is minor for all parties.
One of Litecoin’s most significant claimed improvements over Bitcoin is that it allows transactions to be confirmed as legitimate much more quickly, says Charles Lee, who designed the currency, which is now maintained by him and a small group of other enthusiasts. It is also notable that Charles is currently working in Coinbase, which could mean that Coinbase may announce Litecoin integration anytime soon. In fact, Coblee (aka Charles Lee), posted on trollbox that Litecoin support will be available on several exchanges next week (see the post here).
Litecoin prices have been steadily declining since it boomed alongside Bitcoin earlier this year, and many people do think it will continue on this downtrend to its oblivion. However, it is interesting to note the similarity of Litecoin chart compared to Bitcoin chart right before it started climbing up to its current level. See the comparison in this video below.
Somehow, Im unable to embed this video into the blog, so watch it on YouTube: http://www.youtube.com/watch?v=likSd0INU1o
So what determines whether or not Litecoin prices will increase?
I believe that this is largely dependent on the availablility of services built ontop of Litecoin. As long as there remains no significant usage of Litecoins, its price will continue to decline, possibly to the level of other altcoins. Hence, an example of good news for Litecoin would be trading platforms such as BTC China, or online wallets such as Coinbase integrating Litecoin into their systems.
In this recent Youtube video, the team at Lets Talk Bitcoin discussed Litecoin and its potential which I highly recommend watching.
Somehow, Im unable to embed this video into the blog, so watch it on YouTube: http://www.youtube.com/watch?v=7EwZ31eeneE
They mention two main problems faced by Litecoin, namely an infrastucture problem, and an adoption issue. In terms of infrastructure, the number of resources available to trade Litecoin as compared to Bitcoin is currently very minimal. Hence, Litecoin prices have been sliding (or stagnating) since its boom in April 2013. On top of that, adoption of Litecoin by major trading platforms has been non-existential. Even though trading platforms like MtGox have announced Litecoin integration back in May, it still has yet to do so. Until Litecoin sees an enhanced utilization and utility, we will unlikely see Litecoin prices grow. However, my guess is that once large trading platforms or wallets start to accept Litecoin, we may see a great boost in Litecoin prices.
Lastly, they also discuss how the future of cryptocurrency lies in the ability of the payment infrastructure to be cryptocurrency agnostic, that is, that one infrastructure will be allowed to accept different kinds of coins. Much like a packaged solution where vendors can integrate and accept every altcoin. This will allow markets to exist on its merits instead of its perceived value.
This is also in line with much of the discussion I have found on Bitcointalk, such as this one titled "Why the loss of confidence in Litecoin". Some of the comments by users are highlighted here:
hulk: "There isnt any good news for Litecoin. Wait till you see "MtGox Litecoin has arrived". Booom, litecoin at $20."
kokjo: "If an altcoin is to be able to coexist with Bitcoin, it must be different enough."
pankkake: "As long as there is no significant usage for litecoins available, its eventually going to decline to the level of other altcoins."
Furthermore, this Quora discussion titled "Do other crypto-currencies have a chance or is Bitcoin too far ahead?" generated more than a few interesting comments, as shown below:
Ben Mordecai, Bitcoin Hopeful (See the full comment here: http://qr.ae/NmnvS)
"The biggest hurdle is making it artificially scarce in a manner that is for all purposes, impossible to counterfeit. Also, there needs to be a way to ensure that you cant backup a copy so that you can spend it twice. The solution is the P2P bitcoin network. The divisibility is better than the dollar, so no problems there. Physical size isnt an issue, since its digital. It doesnt deteriorate over time, provided you keep adequate backups and never lose them. The only real factor thats missing is an actual non-monetary value. Is it really possible to make a cryptocurrency that has a commodity value? Probably not. Yet then again, the United States uses Federal Reserve notes, which have no commodity value, along with almost every monetary system in the world. In my view, this is a mistake, but nonetheless, for all purposes the lack of a commodity value doesnt make them less spendable."
Ben Solmar (See the full comment here: http://qr.ae/Nmnsv)
"Any P2P cryptocurrency alternatives to Bitcoin need to offer a substantial improvement in order to justify their existence at scale.
Litecoin illustrates this principle well and in many ways is superior to Bitcoin. The most interesting difference is that LiteCoins proof of work algorithm is Scrypt. Bitcoin uses SHA-256. This is a major change.
Litecoins algorithm focuses on CPU oriented tasks, negating the advantages of the kind of custom hardware being created to mine BTC moving forward. An additional difference between LTC and BTC is the substantially shorter transaction time in LTC. This may prove critical for real-world transactions."
Lastly, Id like to end off this post with a more controversial video, linking FIAT currency and a decreasing trust in Governments and Banking corporations, to the rise of Cryptocurrencies.
Cheers & have a great week trading. All the best, and stay tuned!
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EurUsd Next Move Are You Ready ~ best forex trading course review
As EurUsd continues to dip, we ask ourselves— HOW LONG OR FAR WILL IT CONTINUE DOWNWARD?.
On the long term, what we are currently seeing is probably the formation of the last internal wave of the Triangle corrective pattern which started after the completion of a 8 years long bullish impulsive move in 2008.
EurAud Rally After The Diagonal ~ maverick forex trading reviews
The charts above were used to analyse Euraud on 2nd June, titled Euraud at Critical Wave Zones.
We saw from the weekly chart that there was a divided thought on the decision to take a bullish conviction.
The correction was projected to complete at 1.3250 ( a good fibonacci and psychology level) but the formation of the ending diagonal posed an early completion and price is expected to rally further.
The intra day resisting region at 1.4350-4450 quickly came to mind.
We thought that a bounce from this region could invalidate the diagonal (since price will still be within its territory).
As price broke above this resisting region, the bullish move was activated.
With the strength of Euro across major currency pairs, Euraud might rise higher to break above 1.5341, 1.5829 and soar high.
Price will validate or invalidate this.
You can get updates here
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Gold Rally Is Imminent How Prepared Are You ~ signals of forex trading
Since 2011, Gold has been on a free fall from $1920.5 per ounce and now, only been supported by a psychological $1000 price level.
I labelled the rise to $1920.5 a 5-wave impulse.
From a larger forecasting point of view, Gold might still fall in the future to $671.11 after an expected rally to $1450-1500 price levels. All these will be, if the correction from $1920.50 will be a deep or complex zigzag corrective pattern.
Of course, we can always adjust our analytical forecast as price determines evolving patterns.
Right now, what we see is a clear 5-wave fall from $1920.50 which is labelled as the first leg of the correction of the impulse wave that ended in September 2011.
The weekly chart below shows this clearly.
The second leg, a prospective 3-wave rally, is expected to end around $1450-1500 price levels.
More so, the fifth wave of the impulse dip from $1920.50 is a clear ending diagonal pattern which gives us more confidence as to the expected rally. This is shown in the daily chart below.
$1000, a psychology price level, is expected to hold as a support. A dip below it could hamper the price of Gold going up.
A break above $1100.35 should trigger a long trade as price is expected to break above $1193.7 and to $1300.46 in the medium term.
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