As you can see, lots of potential action here on the GBPJPY following our Rising Wedge from earlier in the week. Yesterday I recorded a video talking about this rising wedge as well as a MUST own trading book, so make sure you head over to my Youtube page and check if you if you haven’t already
“A Trading Book Must Own & Trading Simple Patterns”...
I’m looking at a rising wedge type of pattern forming here on the USDJPY that is working it’s way toward a pretty significant level of structure (look left). We typically see a breakout to the downside with this type of setup as it represents the market losing steam after a high volume move.
I’ll be looking for short opportunities on this pair in the Live Trading...
The last night pump was very weak and has created a significant bearish divergence.
Despite the low volume, the 6H and 12H MACD is still strong. This one has a very high potential to form the rising wedge that rises to slightly above the resistance around 1516-1520.
Keep an eye on the volume or any leading indicators - if the next pump shows another bearish...
Look at this price action on Brent. On the daily it is visible that the price is close to the 38.2 Fibonacci retrace and XA=BC. The PRZ (potential reversal zone) could be between 70 and $72, buuuut... look at the 240 min chart. Perfect Rising Wedge with a very interesting divergence on the MACD. And we should add the fact that $70 is actually an 127.2 expansion of...
The strength of the downtrend has been confirmed. Two rising wedge are close to breakout. A daily close below 0.5621 may confirm this short trade.
Rejection of MA 26 and MA 58 on 4H timeframe.
Best Regards,
Serge
Triple bearish Knoxville divergence in addition to a rising wedge on the 1 hour chart is indicating a bearish move toward the missed weekly pivot at .74765 and possibly a larger move toward the missed daily pivot on March 12th at .72607.
1. Price initially consolidated within a large triangle and eventually broke out
2. Price rallied towards 127.2% and in the process formed a rising wedge
3. Price often reverses from 127.2% back to 100% (You check my past trade ideas with flags to notice this common occurrence)
4. Price then forms a bearish flag at the 100%
5. A break out to the downside will see...
$IWM had a nice reversal over the last trading week, which I've i traded successfully (special alert letter was sent to the Elite Zone members - Become an Elite Zone member - www.themarketzone.net)
Now $IWM is facing the same resistance it broke during February and it should act as support (if it wasn't a false break)
120$ is the crucial zone to monitor this...
AUD/JPY has been in a dominant bearish trend since December 2014, continuing to print lower swing highs and lower swing lows.
We now have an excellent opportunity to trade with momentum on our side as 6 confluence factors join together to create the perfect storm.
Confluence Factors:
1. Trading With Dominant Bearish Trend
2. Rejection of Key 94.00 S/R...
GBPUSD was forming a rising wedge or a leading diagonal for elliott wave 1 or A which is followed by a sharp correction. One can short the pair and look for targets around 50% to 61.8% retracement or wait for a long opportunity after the correction is over for a Wave 3 or B wave. Lots of trading opportunity coming up on this pair.
Happy Trading!!
The $SPX formed an Evening star pattern when it created its rising wedge pattern. The pattern was then confirmed with a move lower the following day. The large green candle that formed after the confirmation candle was then sold off again. This is usually a signal that future rallies will be sold off. A chart pattern and a candle pattern have aligned to possibly...
Looks like a rising wedge on falling volume with each up tick having less and less momentum as shown by the divergent RSI and stochastic.
First target is near the bottom of the wedge. If price goes above the topping doji at $53.64, then the pattern is busted.
Look out below.. looks like it's going lower, especially with that nice mini bearish flag building right after the initial breakdown.
The weekly chart is just starting to roll over with plenty of room for a down move.
Good luck!
EXPE is extended in price with a moderate divergence in the RSI. Most bearish is the rising wedge with price nearing its apex. Sell stop at 86.89 and a stop loss at 88.54. Target is 82.89.
A possible H & S on the DAX. The second shoulder, if it occurs, will give a good opportunity to sell the index.
The sale price would be at the level of resistance of the falling wedge.
I propose a sale at 9450. the first goal would be 9260 (Support of the rising wedge). On break of this support we will target the low point of the rising wedge 8900
Advanced Semiconductor Engineering appears to be trading within a rising wedge as recent supply levels are being tested. If the current situation continues, its reasonable to assume that a drop in price to the 4.65-4.50 range may occur before demand levels are once again met. Any break below this results in demand levels at 4.00-3.50.
DXY punched through the wedge on fake breakout reaching just over 81.50 but back inside wedge, failing to make new high above 2013 Q4 highs. A ret. is likely before any attempt to break higher
