Trade Ideas

by Feb 23, 2021Market Reviews

WTI, H4

We can see that WTI recently broke a Double Top. The next candle made a strong retracement back to a small support around 61.500 a barrel.

Ideally, we want this candle to close as a strong Bullish Candle to look for further moves to the upside.

 

AUDCAD, M5

Here we can see that AUDCAD has started to move into two converging lines forming a Symmetrical Triangle.

Wait for a break of this pattern for a potential move. This could happen as we approach the UK open.

 

AUDJPY, M15

Within an Elliott Wave Cycle. Currently, it seems that we have finished Wave 2 of Wave (v) after a 61.8% Fibonacci retracement of Wave 1 it made a strong move to the upside.

Using a Fibonacci Expansion, look for wave 3 to reach 100% to 161.8% of wave 1.

 

EURNZD, H1

A strong downtrend creating a clean path back up. We can now see a Flat Top Trinagel being broken to the upside.

If it stays above 1.6200 Look for a Potential Target at about 1.67348

 

 

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Rare Elliott Wave Formation on AUDJPY

Rare Elliott Wave Formation on AUDJPY

We have been seeing a pretty normal Elliott Wave count on the AUDJPY until this morning.

After a complex Wave iv consisting of a Double Zig Zag sitting just above a 38.2% retracement of Wave ii, we started to see a move to the upside(shown with the light blue arrow). This was a good signal to indicate that Wave v has now started to form.
Taking into consideration that Wave iii was well over 161.8% of Wave i, we expect to see Wave v, be a similar length to Wave i

read more
Trade Ideas

Trade Ideas

AUDNZD – H4 Timeframe.

Rejected the double top we were looking at yesterday after a break of a flat top triangle on a lower time frame.
If we can stay below 1.08270, look for moves to 1.05700!

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