Important chart levels like Pivot Points ~ forex trading co tv signals
Daily Pivot Points
Consolidation patterns
5 min Daily Pivot Point
The Euro
closed at the low of June 1st (pink line) after market slightly penetrated this important chart level during the day. Today, market gaped slightly below Fridays low but initially reversed, closed the gap and consolidated around the pink line most of the day. On the 5 min chart we can see that the daily low of June 1st (pink line) acted as support/ resistance. The breakout candle at 3 p.m. (penetrating the pink line) did not get confirmed and market reversed to the upside after hitting the price zone of the consolidation between 9 - 10 a.m. GMT and the 61.80 % fib extension. The main resistance to the upside was the daily pivot point.
The Euro formed a bull flag/ typical 3-wave-consolidation (red circle) before penetrating the daily pivot (important chart level) for the third time (level already weaken) whereby market breached this important chart level (no confirmation) and triggered most of the stops above the daily pivot. The Euro is currently consolidation at the daily pivot.
The positioning of the stops above a high/low or striking levels is easy to anticipate and market often tends to trigger these stops. Very often these levels get penetrated and stops/limit orders get triggered but market reversed (no confirmed breakout-only stop fishing).
More info for Important chart levels like Pivot Points ~ forex trading co tv signals:
Stop Runs during News release ~ forex brokers with trading signals
News releases in Forex
Stop Running
Stop run (shakeout) to the upside after daily bull flag got triggered and market took out the recent daily high. The Euro found resistance at the low of June 28 at 1.2407 and the weekly 10 SMA at 1.2409. After taking out the stops above the high of July 27 at 1.2390 the Euro reversed strongly (Stop clearing accomplished...). The Euro currently found some support at the daily S2, the 38.20 % fib extension from the recent hourly swing down (not shown) and the price zone of the consolidation from the 26th of July.
Yesterday, we had a potential H&S (tricky pattern) on the hourly time frame.
Particularly on the 1 min chart we see how the Fibonacci study could help to anticipate support and resistance.
1-hour Euro US Dollar Chart Analysis
5 min Eur/Usd Dollar Chart Analysis
1 min Euro Dollar Chart Analysis
More info for Stop Runs during News release ~ forex brokers with trading signals:
Insider News and Predictions Eyes on Quarkcoin Zetacoin The Future of Crytpo Currency ~ ddfx forex trading system v4.pdf
Since I mentioned a resistance/support of $50/$25 for LTC in my post from 2 days ago, LTC prices have found its support at $23.51, and has risen over the last 4 hours to its current BTC-e price of about $32. Hold on tight to your Litecoins because I think prices are going to continue going up and break the $50 resistance by Friday, probably earlier. I wasnt thinking of writing a post today, and I still owe you a post about Panic selling/buying & Bull/Bear traps, but I found some interesting topics to write about that will interest you altcoin and crypto junkies.
What really triggered this blog post was a tweet I saw by Keiser, featuring Quarkcoin (QRK) alongside Bitcoin and Litecoin as the cryptocurrenies of choice. I first saw the word Quarkcoin when it broke into the top 10 market cap with over 300% increase in market capaitalization value overnight.
I overlooked it even after seeing it rise from 6th to 5th, until I saw what Keiser tweeted:
If Jesus were born today, the 3 wise men would bring him BTC, LTC and Quark. — Max Keiser (@maxkeiser) November 30, 2013
If Keiser said it, it has to be worth something. With his reach and influence within the Bitcoin community, we could see a huge jump in Quark prices soon, even if it doesnt have much value. From my research so far, I found out that Quark uses nine rounds of secure hashing from six different algorithms to make Quark transactions super secure. Many programmers have been worried about whether or not the Bitcoin protocol is hackable, but Quark has just made it even closer to impossible by using a mix of algorithms. On the other hand, what intrigues me is that 98.9% of the Quarks have already been mined (see the Reddit discussion here), which makes me wonder how this is a good thing. If you know how this is beneficial to the community, please drop a comment down below! Greatly appreciated!
Apparently the prices surged after a video of Bill Still, a legendary Economics cult figure went viral among the Bitcoin community. Whats notable is that Bill will be appearing on a Keiser Report interview, which airs on the 19th of December, so keep your eyes peeled.
Source: Bill Still on Quark
And lastly, we could see Quark on a Chinese exchange over the next few days. If this is true, you better get your Quarks as soon as you can!
http://t.co/3hKy9t93DS WILL INTRODUCE QRK IN THE COMING DAYS!! CHINA IS COMING!! — Mega Coin Pumper (@MegaCoinPumper) December 1, 2013
During my research into Quark, I found out about Zetacoin (ZET). The prices of Zetacoin have increased 550% against the bitcoin, with ZET/BTC prices skyrocketing from 0.0065 at the beginning of 30th November to a peak of 0.055 and is currently hovering around 0.036 at the time of posting (Source: Cryptocoincharts.com). Looking into Zetacoin, I found that it actually has an inflationary characteristic. There are a total of 160 million Zetacoins, and upon the depletion of this initial supply, 1 million additional Zetacoins will be added to the supply every year. This is quite a different take from the limited supply of all other cryptocurrencies, and could be an interesting tweak that can potentially solve some of Bitcoins existing limitations.
Im still not entirely sure about the benefit and utility of Zetacoin, but Im going to jump on the bandwagon and bet on the hype of the Zetacoin, while I do more research over the next few days.
Buy #zetacoins. A million of something doesnt take much increase to make a small fortune. #zetacoin up 80% today — BitcoinSachs (@BitcoinSachs) November 29, 2013
Everything is a buy right now. $0.05 zetacoin is a great price. $0.25 on Monday — BitcoinSachs (@BitcoinSachs) December 1, 2013
If you dont own at least 100k zetacoins youre going to spend a life time regretting that — BitcoinSachs (@BitcoinSachs) December 1, 2013
To buy either of these 2 cryptocurrencies, along with almost any other alt coin out there, set up an account at Cryptsy.com to get started! I only started my account today, and Ive had a pretty decent experience so far. Still some problems with the site such as:
Deposits take way longer than they should. Bitcoin deposits take about 45mins to 2 hours.
Cancellation of open orders will result in your funds being "stuck" in limbo for up to an hour.
It took 45 mins for my account verification email to arrive.
Interface is less responsive (laggier) than I would prefer.
I think its just a problem with them being unable to handle the surge in traffic over the last 5 days, and I hope that fix it soon. But apart from these problems, looks really good, and Im definitely using this over BTC-e from now on.
I hope this post was useful for you. These are my own views and thoughts, which like the Bitcoin market, is largely driven by speculation. Follow my recommendations at your own risk. With that said, to all of you guys holding Quarks and Zetacoins, Ill see you on the moon and give lets Chinas Change-3 a surprise! ;)
News Release Trading the ECB ~ fxcoaching.com forex trading signals
Triangle Consolidation Breakout
ECB Meeting and Chart Analysis
Bear Flag patttern
The Euro moved down strongly after the news release from the ECB and the Euro took out the low from the 28th of June.
1-hour Triangle Consolidation Breakout
4-hour Bear flag
On the 4-hour chart we see that the Euro formed a bear flag (blue circle) after yesterdays down swing, which got triggered with the news release from the ECB. The Euro moved down straight and currently market found support at the monthly S1 below the recent daily low (pink line-28 of June).
On the hourly chart we see that EUR/USD formed a triangle (bear flag on 4-hour). The up-trending green line of the triangle got touched from the 8 a.m. hourly candle (weaken). The following hourly candle at 9 a.m. closed below the green line and the 10 a.m. hourly candle took out the triangle low (green line-grey circle). The Euro moved back into the price zone of the consolidation, which usually acts as resistance (12 a.m. -blue circle). Market moved down strongly from there with the news release form the ECB.
The brown circle on the 5 min chart (below) shows the breach of the up-trending line of the triangle consolidation pattern, which then started to act as resistance. Market initially moved down to the daily S2, penetrated it and retested this level from the downside (green circle) before resuming the down trend to the 61.80 % fib extension, the daily S1 and monthly S1 at about 1.2387 (blue circle). This swing down penetrated the recent daily low at 1.2707 (28 June) and market retested this level again from the downside (also 10 SMA-red circle) before market moved down to the 61.80 % fib extension at 1.2363 (pink circle). Market currently consolidates around the monthly S1.
5 min Triangle Breakout Euro Analysis
More info for News Release Trading the ECB ~ fxcoaching.com forex trading signals:
The daily EUR USD trading high of the 11th of June at 1.2669 is another key level (blue line). Today, the Euro found some support at this key level in the Asian and beginning of the European session (hourly chart above). The Euro USD traded in a tight range prior to the FOMC market news release.
On the 5 min chart (below) we see that market formed a kind of Head & Shoulders pattern (ABCDE). The break of the brown neckline got confirmed with the news release at 5:30 p.m. GMT.
Just prior to the news release at 5:25 p.m. the Euro Dollar bounced back from the 100 % fib extension from C-D at E and market closed in the trading range of the preceding 5 min candle.
After the news release the Euro (5 min candle-5:30) initially moved down to the Head & Shoulders target at around 1.2665 (B-D at F - blue circle, F= neckline break), also 161% fib extension C-D at E. From there market bounced back before the Euro resumed its downtrend to the weekly pivot point where the Euro found strong support and moved up again.
The Eur USD found some resistance at the brown neckline (touched-respected it, red circle) before market finally broke the neckline to the upside with the beginning of the new hourly candle at 6 p.m.. The chance of a temporary continuation of the uptrend and a breach of the high of the 5 p.m. hourly candle got increased due to the 5 p.m. hourly rejection candle (long tail) and the hourly close at the neckline. The 6 p.m. hourly candle breached yesterdays trading high.
Volatile Trading Environment
The volatile market after the news release led to a clearing of the stops below and above todays "pre-new release" trading session, which is not untypical for a news release (stop fishing targets).
5 min FOMC news trading
More info for Market News Trading ~ dux forex trading signals:
Clearing of stop and limit orders ~ forex trading buy sell signals
Forex Stop Running
Stop and limit order clearing through false breakouts
Today, in the Asian session the Euro triggered/ cleared the stop and limit orders above the high of last week and then started to retrace back at the daily 61.80 % fib retracement and the weekly 10 SMA.
The solely clearing of stop and limit orders at striking price points like market lows and highs is a typical manipulative market behavior and price target of the Forex Manipulators particularly at the first test of these levels with all the stop and limit orders there - false breakouts/ non confirmation.
Daily61.80 % Fibonacci Retracement
On the 5 min chart (below) we had two pin bars which closed in the price range of the preceding 5 min candle (price rejection/ non-confirmation). Both pin bars led to a reversal, whereby the first pin bar cleared the stops below the recent low which often increases the chance of a price reversal - stop clearing accomplished.
We also had a kind of Head and Shoulders pattern on the 5 min chart. The market reached the Head and Shoulders target (neckline is the brown line).
5 min pin bar, Head and Shoulder
More info for Clearing of stop and limit orders ~ forex trading buy sell signals:
On the daily chart (above) we see that yesterdays daily candle formed a doji and market formed a kind of double Top. The Euro dropped in todays European and US session and currently market penetrates the daily trendline and the Euro is close to the 20 SMA (purple line).
Breakout Timing
On the 4-hour chart (left) we see that the Euro touched (respected) the daily trendline (red) with the closing of the 4-hour candle at 4 p.m.. The Euro initially dropped further with the beginning of the new 4-hour candle starting at 4 p.m. (Timing) and the Euro penetrated the low of the 18th of June (green line).
hourly Support Resistance
On the hourly chart (left) we see that the Euro found resistance at the 61.80 % fib retracement (1) yesterday in the US session.
Today, the Euro found support at the monthly pivot point in the Asian session (2) and moved up to the 20 SMA (3) where the Euro bounced back. The Euro moved down and penetrated the monthly Pivot point at 8 a.m. whereby the breach of the recent low (grey line, (4)) did not get confirmed on the 5 min chart (stop fishing).
From there, market moved up and finally penetrated the daily pivot point at 1.2691 (5), however, the Euro did not confirm the breach on the 5 min chart (no higher close of the succeeding candles above the range of the breakout candle at 12:20 p.m.) and market formed a strong one-hour rejection candle (long tail of the 12 a.m. candle).
In the following, the Euro dropped down strongly. The 2 p.m. hourly candle respected (touched) the support level at 1.2624 (pink line-January low, orange circle) and market initially breached this level with the beginning of the 3 p.m. hourly candle.
The same pattern occurred at the hourly 200 SMA and the daily trend line (red line). Market touched this support level and immediately after the close of the hourly and 4-hour candle at 4 p.m. (Timing) the Euro breached this support level and resumed its downward trend (black circle).
5 min Support Resistance
The 5 min chart (above) shows the failed breakout confirmation at the grey line (A) and the daily pivot point (B). The red circle illustrates typical price behaviour around support and resistance. The 1:35 p.m. candle breached the monthly pivot but could not close below, however, the second breach got confirmed on the 5 min chart from the 2:05 p.m. candle.
The Euro moved up again but market could not regain the prior support level (no confirmed close above the monthly pivot). The Euro also found resistance at the decreasing 10 SMA (red line), and the 5 min candle at 2:15 p.m. closed as a doji. The monthly pivot point now acted as resistance and price moved down. The green circle shows the bearish consolidation (bear flag) at the pink line (January low).
The Euro breached this level at 3 p.m. initially after the hourly candle closed at this support level. The same price behaviour occurred at 4 p.m.. In a strong bearish or bullish environment market often close at key levels and after market respected these levels with the candle close these levels often get breached with the beginning of the new candle (either for a false or confirmed breakout-Timing). This price behaviour is visible on all time frames. The blue circle on the 5 min chart shows the retest of the orange line (low of August 2010) after this level got breached (confirmed). The 20 SMA also pushed the price further down (trend continuation).
More info for Trendline break Timing ~ dukascopy forex trading signals:
Homeland Security Hearing 18th November (updated) will be Bad News for Bitcoin ~ forex volume trading system
On the 18th of November at 8PM GMT+0, Homeland Security will hold the first of two hearings about Bitcoin and the future of cryptocurrency after Silkroad. I believe these hearings will have a negative impact on Bitcoin prices, and heres why.
The FBI probed for investigations into Bitcoin, following the statement: “Indeed, it is not clear at this point whether virtual currencies will become a long-term, prevalent fixture of the electronic commerce world. But given the increased demand from consumers and investors, as well as demonstrated concerns regarding money laundering, regulators would be remiss if they turned a blind eye to virtual currencies,” Mr. Lawsky said in Thursday’s announcement.
There are two panels for the meetings, on one side being Bitcoin representatives, and the other consisting of members from the United States government. They are:
Jennifer Shasky Calvery, director of the Financial Crimes Enforcement Network – US Department of the Treasury
Mythili Raman, acting assistant attorney general – Criminal Division US Department of Justice
Edward W. Lowery III, special agent in charge at the Criminal Investigative Division of the US Secret Service – US Department of Homeland Security
A little background search of these representatives gave these results:
Jennifer Shasky Calvery, director of the Financial Crimes Enforcement Network – US Department of the Treasury
“Digital currencies are just a financial service and those who deal in them are [financial institutions],” Jennifer Shasky Calvery, the director of the Financial Crimes Enforcement Network
FinCEN is dedicated to learning more about digital currency systems, along with other emerging mechanisms, to protect those systems from abuse and to aid law enforcement in ensuring that they are getting the leads and information they need to prosecute the criminal actors.
Mythili Raman, acting assistant attorney general – Criminal Division US Department of Justice
announcing that he will hold hearings that could help determine whether virtual currency companies will need to apply for a special “bitlicense” to operate in the state.
Acting Assistant Attorney General Mythili Raman said: “As charged, Liberty Reserve operated, on an enormous scale, a digital currency system designed to provide cyber and other criminals with a way to launder their profits without leaving a trace. The company’s very purpose was to launder its users’ criminal proceeds through the U.S. and global financial system.
Edward W. Lowery III, special agent in charge at the Criminal Investigative Division of the US Secret Service – US Department of Homeland Security
Ed Lowery, special agent in charge of the U.S. Secret Services criminal investigative division, said the agency is working "aggressively with our international partners" to pursue cyber crime and the companies that permit the misuse of digital currencies. He declined to comment specifically on Bitcoin.
The toughest comments came from the Department of Homeland Security. “The anonymity of cyberspace affords a unique opportunity for criminal organizations to launder huge sums of money undetected,” wrote DHS Acting Assistant Secretary for Legislative Affairs Brian de Vallance. “With the advent of virtual currencies and the ease with which financial transactions can be exploited by criminal organizations, DHS has recognized the need for an aggressive posture toward this evolving trend.”
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