Trading_Tony

Trading_Tony

The FOMC minutes showed the FED is potentially ready to begin raising interest rates early-mid 2022 and will begin to reduce its balance sheet. This indicates a stronger DXY over the coming days/weeks. Based on the Elliott wave count, we are expecting a final move to the downside to complete a final 5th wave of a C wave correction. The RSI has already broken...

Trading_Tony

Good morning traders, XRP is possibly setting up for a new bullish cycle to the upside. There is currently a negative trend line acting as resistance in the short term. Once broken to the upside we can expect a large impulsive move. Let's see how this tracks over the coming days. The invalidation point is acting as our SL zone, if breached this bull count is...

Trading_Tony

Afternoon traders, The decline across the crypto market appears to be in 3 waves labelled ABC . The C wave correction is possibly complete as you can count a 5 wave decline. To confirm the bullish trend is back in action ETHUSD needs to find support on the B wave top at 3600. Markets are in a risk on mode as Evergrande made payment on their first debt...

Trading_Tony Updated 

Good afternoon traders, The DXY has seen a pick up over the past couple of months due to rising interest rates on US bond yields. The US economy appears to be recovering from the Covid019 pandemic, however, the FED has suggested they will maintain record-low interest rates for the foreseeable future. The Joe Biden administration, Jannet Yellen the Treasury Sec...

Trading_Tony

One question that needs asking is whether wave (4) of the primary wave 3 has finished? The overall size of wave (4) looks relatively small compared to wave (2). Only time will tell on this one, lets see how it unfolds over the next couple of weeks. Let us know your thoughts below!

Trading_Tony Updated 

Good morning traders, The AUDCAD is facing a change in trend with an inverted head and shoulders formation setting up. There has also been a channel breakout from the falling trend line. The AUDCAD has set up a higher low suggesting a bullish trend with the 23% FIB retracement providing support. Any SL will need to go below the most recent swing low with the...

Trading_Tony

Hello traders, Here we can see a very strong impulsive third wave as the market approaches a double top zone. Ideally we would like to see a reaction around this level with a three wave correction (a-b-c) to form a wave 4. Only if the market sets up a three wave correction will we consider going long on the NASDAQ to complete the fifth wave on the wave count....

Trading_Tony

Bullish triangle formation, inverted head and shoulders formation, bull flag . There are so many bullish technical patterns on this setup. Our Elliott wave count is also signalling a bullish move higher! We need to see a break above the bull flag formation before considering going long in the market. Let us know your thoughts below!

Trading_Tony Updated 

Good afternoon traders, ETH is possibly setting up an inverse head and shoulders formation suggesting a bullish move higher is on the cards. I have highlighted a possible bullish Elliott Wave count, if ETHUSD breaks the neckline we will be looking to go long in the market looking for a swing trade. However, keep in mind there is a pennant formation setting up so...

Trading_Tony Updated 

Good morning traders, A question at the forefront of the FX market is why has gold continued to decline whilst inflation appears to run higher? The majority of longs would have been wiped out in the market as traders either closing down positions or SL being taken out. With the US Government, FED and Treasury all set to continue to money printing through...

Trading_Tony

Good morning traders, Here we can see a classic 5 waves up on the initial impulse wave followed by a possible a-b-c correction. This suggests we will see another 5 wave structure higher based on Elliott wave theory. The 5 waves look impulsive in nature which signals a bullish move in the market. We are looking to build into a long position once the previous...

Trading_Tony Updated 

Hello traders, this is a possible wave count on the EURUSD, providing a bearish scenario. US bond yields are rising rapidly providing strength into the USD. the DXY is currently trading under a key trend line resistance (see the comment section below). FED Chair Jerome Powell has attempted to calm inflation fears this week during his testimony, however the...

Trading_Tony Updated 

Good evening traders, The NZD has been on a monster rally over the past month. Looking across multiple pairs, the NZDCAD and NZDUSD are setting up very similar scenarios. We can see a nice 5 wave structure higher with a trend line support in play. We are waiting for a breakdown from the trend line support to enter a short position on the pair, expecting an ABC...

Trading_Tony

Good evening traders, Crude oil has seen a bullish breakout from a bull flag pattern. However, we are possibly seeing a 5th wave top setting up at the moment, inside a rising wedge formation. Due to positive vaccine news and the global economy coming back online in the near future, the long term picture remains bullish for crude oil. However, the short term...

Trading_Tony

Good morning traders, All eyes are on the US stimulus negotiations taking place as we speak. We all know a stimulus package is on its way, it is just a matter of when and how large. If the Democrats and Republicans reach an agreement prior to the elections the USD is primed to fall lower. This is a big IF. There is a large gap between the two proposals, and...

Trading_Tony

Hi guys, Fairly simple set up here. RBA signalled this morning they will look to cut interest rates from 0.25% to 0.1%. Weak unemployment data from Australia and CPI data from China is also weighing on the AUD. Any thoughts or comments are welcome.

Trading_Tony

Hello traders, BTC has had a strong correlation with the US stock market over recent months. This is due to the inverse correlation with the USD. With the USD declining over recent weeks due to money printing, commodities and equities have performed extremely well. This morning, news coming from Trump's twitter feed suggests there will be no second stimulus...

Trading_Tony

Hello traders, Here is a possible wave count on the USD Index. Of course, counting waves is a tricky businesses, however this is our take on the current wave cycle. There is also the small possibility the DXY has completed wave 5, which we will also keep in mind and recalculate if wave 4 does not fit the rules. The question is how high will wave 4 go. Let...