Intraday Ending Diagonal On GbpUsd - barclays reviews forex trading

Intraday Ending Diagonal On GbpUsd ~ barclays reviews forex trading

If there is a pattern I enjoy watching out for, it is the ending diagonal or what many chart pattern trader call Wedge formation. 

 

This pattern , apart from its ease to spot and reliability, it also gives an excellent risk reward ratio especially when it ends a correction like what we are having presently in the 1 hour chart of Gbpusd.

 

Since August 2014, the cable has been undergoing a very sloppy run of bearish movement.

 

Going by the daily chart, price could presently have completed wave 3.

 

 Due to the fact that wave 3 is expected to be a 161.8% fibo extension of wave 1, presently price is at 138.2% extension. 

 

 

This shows that there could still be some room downside to complete what would probably be the last wave of the third wave before we have the last correction of the bearish impulsive move. 

 

The price wave formation on the 1 hour chart strongly supports this count with a corrective zigzag formation ending with a clear ending diagonal.

 

 

price should take a dive to 1.4680 ( 161.8% extension of primary wave 1 and 127% extension of subsidiary wave 1)

 

I expect to sell from here as negative divergence formed on the daily chart further gives more confidence.

 

However the price moves, I will update you.

 

You can join my mailing list by forwarding your e-mail address to Forexmaster05@yahoo.com

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GbpAud Short Term View - forex trading.com reviews

GbpAud Short Term View ~ forex trading.com reviews

I would not want to bore you with the long term analysis of this pair. What I know now is that an intraday corrective pattern is forming and I have forecast what price could do to this effect.

In the 4 hour chart below, we could see an emergence of an impulsive wave. Let’s see if we can follow price as it tells us what to do next. The first wave followed by the second corrective zigzag wave with about 50% fibo retracement. 

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Eurusd Nearing The Bearish End - forex-day-trading.com review

Eurusd Nearing The Bearish End ~ forex-day-trading.com review

On 21st November, I saw a need for more bearish move of the Eurusd. The basis of this analysis is the continuation of the terminating fifth wave of the last swing-leg of the bearish corrective triangle which started in 2008. 

According to my various projection tools, I saw a possibility for 1.2150 and 1.8850 support zones . I went out of my trades with 180 pips at 1.2280

There is a strong possibility for further bearish push before the long awaited rally could start.
Presently on the 4 hour chart, price seems to complete the 4th wave of an ending diagonal to terminate the 5th wave on a grand style. 

With bullish divergence on the daily chart, I can only think of a bullish move. If the 5th wave of the diagonal dips further with a three-wave intra day drive, there could be an opportunity to take a nice trade with a very good risk reward ratio.

I will post updates as market unfolds.

At the moment let me enjoy the bullish move on Gold after cashing out good profits on Eurusd and Usdcad

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Short Term Analysis of Cable - fx today's forex trading signals

Short Term Analysis of Cable ~ fx today's forex trading signals

After a long move downside over a long period of time, Cable finally reversed at 1.455 and we are getting close to know how the resultant bullish move could turn to play out. 

Viewing the bullish move through elliot wave binoculars, its clear that the long term bearish move might not have concluded. What the chart is showing us presently is that price is correcting.

What pattern of correction?. We get the answer from elliot wave.

Many elliot wave analysts will definitely have different view on the counts, but what I see from my angle here is correction. The correction might not be over though as price can still proceed the bullish movement.

The first bullish move from 1.455 was clearly a 5-wave impulsive move. Price corrected in a zigzag pattern to 1.51. The continuation of the bullish move followed to 1.59 in a movement one might  think would be a motive move, but was a corrective zigzag. 

When we see consecutive zigzag patterns in a particular trend, high possibilities are there that its a corrective move of the larger trend.

The pattern forming in advance counld be a RUNNING FLAT , a 3,3,5 corrective pattern. The prospective Flat started at 1.58 and could end at 1.51 or 1.49 regions. We are in the last leg of this pattern in a clearly forming 5-wave impulsive dip. cable is expected to dip to this region where we can set to look for a trading opportunity.

 

 

 

 

Of course, price can move in many other ways. 

The way I analysed is just one of them. I always like making a way I expect the price of any market to move. If it doesnt move that way, I think of another. 

But my way of thinking is directed toward the completion of an elliot wave pattern. 

Why wont I when its such reliable?

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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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How To Exit A Trade With A Pattern - top forex trading signals

How To Exit A Trade With A Pattern ~ top forex trading signals

AudJpy was one of the markets doomed for a sell off after an analysis, based on elliot wave theory, that Japanese Yen was expected to strenghten across board, which means that Yen pairs were expected to fall.. 

Yen Pairs fell sharply days after the forecast.

 

AudJpys decline from 97.399 was expected to be in 5 waves trendy move. 

 Wave 3 of this impulsive move tend to be in progress after the completion of the first two waves.

 

 

 

 The 4th wave of this 3rd wave was clearly corrective. 

It was a double zigzag corrective pattern. Double zigzag is one of the corrective patterns I trade.

 The ending formation of this zigzag looked terminating. 

I put a sell order at the break of the supporting trendline at 91.69 risking 89 pips at 92.586. 

The final target was below 89.12. I expected price to move sharply downward. 

 

 

 

 

 

Price responded to the break and after many hours, formed the chart below

 

 

Price reaction to the end of a zigzag should be motive in nature. Price went sideway instead and completed a triangle. At the break of the triangle, I exited the trade totally with a loss of 15pips instead of 89 pips, that was a great loss cut.

If the above wave count will be validated by price, it should soar higher to complete a deeper correction before the bearishness starts.

If price likewise falls in the region of the triangle and break it below in what may look like the completion in a motive mood, my first analysis will hold and I will have missed a good profit.

The triangle formation is an anomaly and one should not trade with a mixed feeling.

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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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Intraday Analysis Cable to continue the bearish move - free forex trading signals in india

Intraday Analysis Cable to continue the bearish move ~ free forex trading signals in india

Cable is expected to continue the downtrend which is projected to halt at 1.1740.
Price is about completing the 4th wave of the intra day trend and we may see further dip especially if price is contained below 1.4150 resistance.



If price is contained beneath the zone (1.41-1.415) and breaks below 1.404, we may see price dip to 1.372 which is the next projected support level.

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