Gold Update Emerging Intraday Ending Diagonal - forex trading ea reviews

Gold Update Emerging Intraday Ending Diagonal ~ forex trading ea reviews

As part of the bullish reversal in Gold, I discussed an end of wave 5 formation on 11th November and I followed it with a buy order which went well. 

I posted intraday price updates on 13^th November and 17^th November which all went well to support the bullish move.

The general trend is still down. The recent bullish move is a typical ABC correction format and in short time, price should crash downward.

Presently, the C leg of the ABC correction is forming an ending diagonal which should complete at resistance zone (1210- 1230), a 161.8% extension of A from B. 

If price gets to this region and breaks below the support zone of the diagonal, then we could see a real move downward in a 5-wave motive move to 1000. 

I will update you here as we get more action from price

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Intra day Triangle in Eurusd - forex trading reviews uk

Intra day Triangle in Eurusd ~ forex trading reviews uk

On 31st may, there was an analysis here titled Two Face Of Eurusd and I wrote about the two possible near term scenario.

 

I though, maintained a bullish bias but with a condition. The bullish set up was satisfied and price rallied, just as expected. I posted an update before that. Read HERE. 

 

To end that post, I wrote 

 

"Its expected to be  impulsive, but a deep correction could emerge in double or triple zigzag correction which would force us to note that there could still be some move downside despite the general belief that Eurusd has bottomed on the long term"

 

With the pattern forming now, as shown in the diagram below, the recent bullish move is counting toward a double zig zag correction.

There has been some economic news  surrounding this pair of late. many investors are on the sideline and price went into a congestion ( a triangle correction).

 

 

Price broke out of the triangle with a minimal momentum and further momentum is expected for Eurusd to rally to 1.175... psychological level where the correction could finally end for the resumption of  the long term bearsih movement.

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A Triangle In AudNzd Bullish Expectation - manual forex trading signals

A Triangle In AudNzd Bullish Expectation ~ manual forex trading signals

The analytical chart below was posted on 16th December 2015 in the article titled AudNzd: What we expect next 




It was so clear to us that price was in a corrective rally after a 5-wave impulse fall off. We also had  an inverted head and shoulder pattern in line. We though that if price rallied to 1.4526 as expected in the manner highlighted, it will further show how other technical systems are engulfed by and subsumed in Elliott wave theory. Elliott wave theory caps them all in a big brotherly manner.

The expected rally was expected to be a 5-wave motive move in what should break above 1.14526 (the neckline of the inverted head and shoulder) and Elliott pattern traders would have been making god pips before chart pattern traders get a confirmation from the breakout.

In the same article, we posted the chart below to track the Intra day Elliott wave pattern that would trigger the bullish ride.



We saw a tripple zigzag pattern and made this proposition

If price is contained above 1.05 and rallied to break above 1.077, we will be prepared to get in line with a long position aiming 1.1548 as the final future price level.

That was the condition to consider a buy trade.

Price never rallied toward 1.077 but rather dips below 1.05 and thereby stretched the tripple zigzag. We dropped it since then and decided to take it back when it is clear what corrective pattern will emerge to drive price up.

We seem to find it in the chart below : A triangle pattern.

The chart above shows that the correction we are seeking for could be a triangle pattern. Triangle pattern often occur at the 4th wave of a motive wave and the b-leg of a corrective wave.

We expect price to be contained above 1.051; a rally from the present level to break the triangle upside should trigger a buying trading opportunity to 1.22 which is an important level.

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Usdcad Ready For Bullish Breakout - forex trading book reviews

Usdcad Ready For Bullish Breakout ~ forex trading book reviews

In my last post on Usdcad, I mentioned a triangle correction. If this correction holds and break upside, I will look forward to take a buy despite my overall bearish bias.

Presently, by the intraday chart, price has completed the fifth leg of the triangle and its now  going up.

 

This intra day upward move looks impulsive ( especially when viewed on the 15min chart) 

 

According to the wave pattern on 1hr, this first impulsive move should break out of the triangle if it is anything serious. 

 

The following correction should retrace to the break point of the triangle and a buy trade can be taken if price doesnt fall back to the triangle massively.

 

 

 

If price behaves this way, there is a high propensity of price getting to 1.2900 which a resistance level. 1.2800 is a closer resistance and we must watch how price reacts to it.

 

If price behaves otherwise and fall back to the triangle, more analysis will be needed as a very complex correction is at stake and care should be taken.

 

As price gives more data, we can see what its next movement could be.

 

You can scroll down to read some of the recent analysis I did on Usdcad for better understanding

I will be here to update you.

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Eurusd Completion Of Bearish Cycle - auto forex trading reviews

Eurusd Completion Of Bearish Cycle ~ auto forex trading reviews

This market has for long crashed down. I am one of the people waiting for a turn. With the completion of the long term bearish correction, price is expected to move up. 

A trigger is needed and it seems we have now.

 

From the weekly chart I have below shows the wave analysis from the beginning of this millenium 2000till date, during which we have a five wave impulsive move followed by a zigzag corrective patter. 

 

The B leg of of this zigzag is a triangle formation.

 Triangles are known to usually precede the end of a run. Price broke out massively in a trendy impulsive move ( this can be seen clearly on the daily chart). 

 

The C leg of the zigzag completes a 100% extension of A leg from B leg which is a very typical fibonacci relationship in zigzag corrections.

 

 

 

 Price is expected to turn from here to 1.1800 resistance, 1.2600-1.3000 ( breakpoint retest of the triangle) and if the long term bullish trend resumes, price go higher and higher.

Always check here for updates of the move and how I intend dealing with price actions along the way.

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AudNzd Preparing For A New Bullish Move - forex trading reviews news

AudNzd Preparing For A New Bullish Move ~ forex trading reviews news

From the weekly chart below, its clear how this pair has dipped from year 2010. In a clear 5-wave impulsive move, price bottomed at almost 1.00 making Aussie at par with Nzd. 

 

 

1.00 was a very strong psychology level and price , as expected, advanced in what look like a five wave impulsive bullish move of a lower degree.

The lower degree bullish move is expected to reach 1.127 which a strong resistance.

 

The pattern forming from the intra day chart below is a zigzag correction making the fourth wave of the bullish advance discussed above. 

 

 

An intraday break above 1.0817 should trigger the bullish move and the near target should be 1.127 if 1.09 resistance is broken upside

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EurUsd Bullish Scenerio Activated - online forex trading reviews

EurUsd Bullish Scenerio Activated ~ online forex trading reviews

 

 

 

 

 

The two charts above were used to forecast the movement of Eurusd on an article here titled The Two face of Eurusd. 

 

Despite favouring the bullish move, we had an alternative. 

One of the reasons why the elliot wave theory has been used by successful chartists over many decades. 

 

There are always alternatives and you know when you are wrong. 

Its flexible and allows prices to move the way they want and we can follow religiously.

Price broke out of the region in red and retraced exactly to it. The bullish journey is likely to happen.

 

The period origin of this bullish move was March 2015. 

 

Its expected to be  impulsive, but a deep correction could emerge in double or triple zigzag correction which would force us to note that there could still be some move downside despite the general belief that Eurusd has bottomed on the long term.

The new wave count goes as thus:

 

 

I expect further rally to 1.1800 and 1.2440 (deeper correction). Price will decide in a week or two where it will end in the nearest term.

Updates will be provided here.

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Gbpchf 2 Emerging Patterns To Consider A Short - learn forex trading signals

Gbpchf 2 Emerging Patterns To Consider A Short ~ learn forex trading signals

After the 5-Wave decline that broke out of the long term ending diagonal, we saw a shallow retracement which was resisted by the 4th wave of the 5-Wave drive at 1.4750.

Price dipped in a lower degree 5-wave impulse and has been congesting since 9th February.

If price does not dip below 1.3890, we might see a further intra day rally to 1.4310-1.4320 before the bearish trend resumes.

We have two projected scenarios in place; any of which,if satisfied, will make us look for a selling opportunity signal.

Scenario 1

Scenario 2

Watch the video below.

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Is Usdcad Ready For The Bullish Resumption - forex trading demo reviews

Is Usdcad Ready For The Bullish Resumption ~ forex trading demo reviews

If you want a comprehensive analysis on Usdcad, you can read the one I did on 20th of this month. The analysis supports a bullish move.

The recent bearish movement we had ( if completed) is a bearish complex correction and I expect Usdcad to rake high to 1.1850 ( more than 500 pips away) in a new bullish motive wave.

Coupled with the fact that Usdcad has a very strong negative correlation with Oil price which is dipping so fast, I won’t be surprised if the move is very fast to the north.

I will wait for an intraday retracement to 1.1310-1.1300 before taking a long bullish adventure on Usdcad

Meanwhile, I have a new wave count which doesn’t contradict my bullish bias

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Gold Update Still maintaining bullish correction - etrade forex trading reviews

Gold Update Still maintaining bullish correction ~ etrade forex trading reviews

On 11th November,I posted an analysis on Gold here.

 I wrote about the end of the first impulsive move that broke the long term weekly     ( wave 4 ) corrective triangle. I labelled this impulsive move on the intraday chart as the first wave of wave 5 ( to complete the long term bearish trend).

Gold reacted to the end of the impulsive move and look ready for the correction properly. 

Presently, price is consolidating in a triangle corrective pattern and if it manages to break out of it, we should see further intra day rally for another 300pips before the bearish trend continues. 

A break below this triangle will call for an alternative count. We should be ready to flow with the price and with what help can we do that better?....If not elliot wave analysis.

I will keep an update as price advances

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Gbpchf The Long Term View - profitable forex trading signals

Gbpchf The Long Term View ~ profitable forex trading signals

From the monthly chart below, it can be seen that Gbpchf has declined in 3-waves from 2.7328 to 1.13825 in a move that lasted for more than a decade.
The move is expected to be an impulse wave.

The rally from 1.13825 (2011 low) is expected to be the 4th wave of the impulse. Price has tried many times to break above 1.5600, which has now become a strong resistance.

The 4th wave which began at 1.13825 (2011 low) is getting set to complete a flat corrective pattern.

Flat patterns, according to elliot wave theory, are 3,3,5 patterns; the first wave wave is corrective (3-wave), the second wave is also corrective (3-wave) while the terminating wave (5-wave) is a motive wave (impulse wave or ending diagonal).

The weekly chart below shows the internal/building waves of this 4th wave.

The terminal wave of the flat correction is completing an ending diagonal. The 5th wave of the diagonal will be expected to be a 3-wave as indicated in the chart below.

If price is contained below 1.5600 and breaks below the trendline connecting wave 2 and 4 of the diagonal, there will be an opportunity to put a long term sell order to ride to 1.38 and below.

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Usdcad gaining bearish momentum - forex trading fxcm review

Usdcad gaining bearish momentum ~ forex trading fxcm review

My exploits of Usdcad has been very impressive since July this year. Every follower of this blog will admit to the fact that elliot wave system of market analysis is one of the best, if not the best.

You get the grasp of market past, present and future positions at your finger tip. 

You know the position of price at every market move and follow accordingly.

Presently , Usdcad looks so exhausted at the top after an impulsive move from July looks completed and the bears are preparing for a massive correction which could take us to 1.1000 or below. 

A nice momentum move downside will confirm this, anything less could mean the fifth wave is not completed yet.

After the economic data released in the first week of November which connoted that Usd could be getting weakened after a massive rise in few months now. 

The market, of course, reacted and moved downside. A retracement was expected for the second wave of the expected bearish corrective move.

I am already in a sell after my pending sell order was activated at 1.1370 , expecting a ride to 1.1000, while I cash out profits along the way. 

I will keep an update as more price chart confirm this move or invalidate it.

Hope you enjoyed the Elliot wave free week ?

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Light Crude Oil To Resume The Downward Trend - forex trading reviews south africa

Light Crude Oil To Resume The Downward Trend ~ forex trading reviews south africa

The trend is your friend. 

Everyone familiar with technical analysis would be very familiar with this statement. 

Many traders believe that following the trend can be more profitable that going against it.

Using elliot wave theory, we are always trading in line with a  major trend or a minor trend within a major trend.

 

 

The light crude has been falling since August 2013 in what seem to be an impulsive move. The rally from $43 is presenting a zigzag formation. 

 

 

 

 

The zigzag is already completed labelled as the fourth wave. 

 

Price is expected to head down. 

It should break below 43.65 in another bearish impulsive movement to complete the long term bearish trend.

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Continuation Of Eurusd Bullish Correction How probable - binary options trading signals forex peace army

Continuation Of Eurusd Bullish Correction How probable ~ binary options trading signals forex peace army

Its been long that I havent updated on this pair. The last analysis titled Eurusd Intraday Update was about how far price has reacted after the rise from 1.046.

Price from 1.046 is clearly engaging in a correction after a long term bearish move. The correction was expected to be a double zigzag pattern

The correction has already completed the first two legs of the prospective zigzag pattern. The last leg could take price to 1.23-1.25 resistive region.

The chart below shows the clear pattern forming within the last leg of the correction.

The last of the correction which ,on its own, should be a zigzag pattern is in the process of its second leg ( a probable triangle pattern). If this triangle pattern completes as indicated in the chart above, price would be expected to break above 1.1480 in a new bullish journey to 1.23-1.25 zone.

Triangle patterns are one of the corrective elliot wave patterns and they mostly signal the last drive of the prevailing trend (whether motive or corrective) before a bigger trend or a correction resumes.

An opportunity for a long trade will present itself if this triangle pattern is formed as forecast and price does not break below 1.10722 resistance level but rally above to break the triangle upside.

The bullish correction does not look ended unless price breaks below 1.10722 convincingly in high momentum.

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Usdcad Analysis for (updated) - online forex trading course reviews

Usdcad Analysis for (updated) ~ online forex trading course reviews

I have the pleasure of going a long way with this currency pair, not just because the last analysis I posted on my blog was on Usdcad, but because I have a view of its past and present movement  ; and the analytical and forecasting tool for the future. From July 2014 when I started the journey, I have made predictions with excellent precision.

Usdcad broke out of a horizontal channel. Few could explain one reason or the other for the recent bullish move, yours sincerely is among the lucky few. The last post on Usdcad on 23^rdDecember 2014 can attest to that. In the post, I also stated a possible bearish return from 1.1715-1.1800. Presently I am in a bullish position with 100pips profit risking just 40pips.

With my recent analysis which I will soon share with you, I expect a return soon, but at some forecasted Price Reversal Zones

You will need an-above-average knowledge of Elliot wave theory and Fibonacci analysis to absorb all I will state below. If you need an e-book on Elliot wave and fibonacci analysis, you can mail me at forexmaster05@yahoo.comor fix a mentorship program with me and I will use all necessary tools to simplify the studies for you.

OK. Let’s get started.

Going by the long term, weekly chart I can say between January 2002 and November 2007 ( a period of almost 6years), price moved in a way that would have interested many core Elliot wave analysts around the world. Price moved in five non-overlaping waves, what we refer to as an Impulsive move which was bearish. There are a few things that are even more interesting about this move.

·         The fifth wave of the Primary Impulsive move was extended and not surprisingly, the fifth wave of the extended wave 5 was also extended.

·         One would expect a fast move to the region of the wave 4 of the primary impusive wave. Price did just that

After the completion of the Impulsive wave with all the internal wave structures well formed, price rallied to 50% retracement of the 6-years Impulsive move to 1.3050      ( March 2009) in 2 years and 4 months. The completion of an impulsive move must be followed by a corrective pattern which was not known as of the time.

Presently after another 5 years 10 months from March 2009, price has moved up and down in a wavy pattern.

 

 

The bullish correction to 1.3050 in 2009 is labeled as the ‘A’ corrective leg of a projected ‘ABC’ zigzag corrective pattern which was followed by a bearish move , labeled ‘B’ leg of the formative correction ( more that 78.6% correction of A) which ended in July 2011 and followed by an impulsive five wave move which I have been discussing since the second half of last year.

 In the long term, this current impulsive move from 2011 is probably part of the ‘C’ leg of the projected zigzag corrective pattern. The ‘C’ leg should take us to 1.35xx and 1.46xx in the years to come, probably a period of 3-4 years. In the nearer term, what is expected is the completion of the fifth wave of the first 5-wave drive of ‘C’. This completion could take us to 1.06xx before the long term bullish move resumes.

That is where we were coming from and with the eyes of forecasting, we can see where we could be in the coming years. This will help us to prepare further for the task ahead. We will also adjust and re-analyse as price move further. 

It’s a projection, it’s what could happen. While admitting the fact that we should only trade what is happening only but the importance of knowing what could happen can’t be ignored. We can see the present from the the past and use the two to forecast the future while we wait for it.

Zooming down to lower time frame, 4 hour chart, what we could see is a five wave impulsive move beautifully positioned in a channel. With the fifth wave heading to the roof of the channel, we can only wait for a reversal which is imminent.

The fifth wave of the 4 hour Impulsive move can be seen clearly on the 1hour time frame; which is expectedly and clearly an impulsive move also. Bearishness is imminent.

 

What is my target zones of reversal? Fibonacci tools will be of great help. With about 20 Fibonacci projections of price from various important swing points, I have come with two zones.

1.       1.1830- 1.1850 reversal zones are the most probable given the fact that they fall within a strong horizontal ( resistance ) and diagonal ( trendlines )  resistive zones.

·         1.1830 is the 100% Price Projection of wave 1 from wave 4 of the hourly chart

·         1.1850 is the 61.8% Price Projection of waves 1 to 3 from 4 of the hourly chart

·         1.1850 is the 78.6% Price projection of wave 1 to 3 from 4 of the 4 hour chart

2.       1.1890-1.1920 reversal zone is the next if the first reversal zone is penetrated. This is less probable than the first reversal zone considering the fact that it’s above the strong resistive zone. But price can still get there after a brief penetration above the resistive zone followed by an immediate return below it.

A bearish reversal candlestick pattern on the daily or weekly chart, a divergence or any other reversal signal will be enough to start a bearish journey if price gets to any of these zones.

Profit targets could be at 1.15xx, 1.12xx ,1.11xx depending on the entry and risk management.

I see dollar weakening against the Canadian Dollar in the first half of 2015 as I expect a bearish move targeting 1.06xx.

These are probabilities and one is expected to follow price as it unveils more information. How fast things can change by events and economic happenings. Having a knowledge of what price is doing and could do, will serve as a barometer and analytical compass for Us.

I update my blog regularly, you see my old posts and download free e-books on Elliot wave  and Fibonacci analysis .

If you are not in my mailing list, you can forward a request to forexmaster05@yahoo.comand I will send pdf of my Analysis, Elliot wave teachings and recommended trades directly to your mail box.

You can also send a request for an online mentorship course on the following market methodologies.

·         Elliot wave theory and Analysis

·         Fibonacci Analysis

·         Advanced Fibonacci Analysis

·         Momentum Analysis

·         Gann Analysis

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Bullish move continuation on Gbpchf - intelligent forex trading reviews

Bullish move continuation on Gbpchf ~ intelligent forex trading reviews

On 2nd October, I pointed to an ending diagonal which signaled a bearish correction  and I was not surprised that price moved just as anticipated. 

I also pointed to the fact that I have a bullish bias. I expect price, after the completion of the present zigzag correction, to rally and break the top of the ending diagonal to complete the impulsive move.

This projected bullish move is also made tradable by  a three daily pin bar drives resting on the near term support zone, the stochastic momentum on D1 and a divergence on the H4 chart.

When we have a clear recognizable pattern with other technical parameters aligned, we can trade with more confidence.

I will expect price to break above the falling wave 4 channel on H4 before buying.

Conversely, if price breaks below the support zone mentioned in high momentum, new analysis has to be done to be sure of what price is playing out

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