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GBPUSD Wave AnalysisGBPUSD made a 400 Pips move to the downside (Wave Ⓐ) and has been correcting since then. This move to the upside could not be labelled impulsive. And we can clearly see an ABC Correction. In this ABC pattern we have an Zig-Zag for wave (A), an expanded flat for wave (B) and five-wave push to the upside for wave (C). Wave (C) got right into the resistance zone with five waves and formed a pinbar sell signal at the 61,8% Fibonacci level. We also have a RSI divergence between wave 3 & 5 on the 1H chart. → The combination of: ● corrective structure with impulsive 5-wave finish, ● resistance area, ● fibonacci retracement, ● candlestick pattern and ● RSI divergence gives us an edge in the market. This pattern might not play out 100% of the time (no edge will), but it stacks the odds in our favor. The trade which was entered on the 1H Pinbar signal is already BE, but more downside potential is expected for wave Ⓒ. This is no investment advice. Just for educational purpose only. Do not risk your own money without testing a strategy on a demo account.
Short
by Phils_Ocean
CADJPY FAKEOUT Pattern● A Fake breakout is a classic price action pattern. ● These setups can best be described as a false breakout from an inside bar pattern ● They can happen with an engulfing or pinbar candlestick pattern Have a look at the chart above: ● Price was sitting at the 50% Fibonacci level and formed inside bars ● Then we got the breakout below the support zone, the market was bought very quickly and no candle was closed below the outside bar (golden rectangle) → Resulting in a Fake Insidebar Breakout pattern. ❗️When looking for trade opportunities always stack the odds in your favor! ❗️In this case we have a support zone, fibonacci level and price action signal.
Long
by Phils_Ocean
EURGBP - Wave AnalysisEURGBP made a really impressive rally as pound weakend significantly all over the board. Price pushed 1200 Pips to the upside and the trend is still ongoing. What we can see here is a classic extended Wave 3 where no real deep correction took place. Wave 3 is most likely to be extended and a nice example why it is important to let the market decide when to get out. Wave 4 was a classic Zig-Zag correction to the 38% Fibonacci level. We are now watching wave 5, which should form at least a trunction, but probably a higher high with RSI divergence. Around this area we will look for a nice strong price action signal to confirm the ending of wave 5.
by Phils_Ocean
1
GBPUSD - Wave AnalysisGBPUSD dropped like a hot potato the last two weeks. Panic is in the markets and we have seen a sell off in equities and commodities. (and commodity currencies) From a technical and Elliott wave perspective we have completed the expanded triangle with the finish of the ABCDE correction. The last drop was wave Y, the last push of Wave X, which started roughly 2 years ago. We should now see some positioning of the professionals for the next move to the upside. This is no investment advice. Just for educational purpose.
Long
by Phils_Ocean
2
USDJPY - Wave AnalysisUSDJPY had a huge fall of +1100 Pips due to panic in the markets. YEN is sought after in times of uncertanty and liquidation of equity positions. Have a look at my long term analysis of USDJPY: After the impulsive fall, we now got a classic channel correction to the 61,8% Fibonacci level. This is a typical retracement for Wave 2. There is already a price action sell signal at the liquidity area and we got a gap over the weekend. This pair should push down further as risk is still very much on. Look for lower TF sell signals to add to current short positions. This is no investment advice. Just for educational purpose.
Short
by Phils_Ocean
EURUSD Wave AnalysisEURUSD acted like predicted in the last analysis. Due to the market volatility the target was reached much faster. On the fiscal side we got another rate cut from the FED yesterday. Emergency (cut) is the word of the time. Typically for Wave 2, price found support at the 61% Fibonacci level. We are already getting higher highs on the smaller timeframe and already got an entry on 1H chart. Target for the next Wave is the 161% Fibonacci level, so around 1.192xx. This is no investment advice. Just for educational purpose.
Long
by Phils_Ocean
US30 - Wave AnalysisUS30 like all the Indices in the world have been shaken by the uncertainty, fear and maybe even panic of the world. Like on my analysis for the German DAX index, the early signs where there. We now had the first strong Impulse to the downside, which had 5 Waves with an extended Wave 5 This move can either be labelled as a Wave A or Wave 1. We have to wait how the market develops further. After the first free fall, we got a correction, which had also 5 Waves, so it is a Wave A. The last push to the downside was had 3 Waves and is therefore a Wave B. Now Prices should recover and push to the next resistance, which is around the 38/50% Fibonacci Level. This is no Investment advice. Just for educational purpose. Always have your risk Management in place.
FX:US30
by Phils_Ocean
EURUSD - Wave AnalysisEURUSD made a strong 5-Waved Impulse the last two weeks. Price gained more in two weeks than it lost in 8 months of correction. The Indices fell hard and demand after cash is high. Just have a look at the YEN, a save haven for all Investors (especially from Asia) With the GAP and the final push to the upside, the 5 Wave pattern is complete. We should now see a correction to at least the 38% Fib Level, a deeper correction is possible, as wave 2 normally corrects pretty deep. Be alert and protective at this curcial times of the market. This is no Investment advice. Just for educational purpose!
Short
by Phils_Ocean
1
EURUSD Wave Analysis - No trend change so far!EURUSD made a pretty impressive move the last two weeks. Price hit the lower channel line and was rejected hard. RSI extreme low on daily chart was made, but no divergence so far. In my opinion is the complex and longterm correction of Wave 2 not yet finished. The correction is a complex WXYXZ combination, also known als Tripple Three. The second X Wave is typical for an early indication, that the trend will change but is not yet strong enough to really turn the tide. We have a strong support area between 1.06-1.03 Price should visit this area and we will then get the daily RSI divergence. In combination with strong price action signal we will get our perfect long entry. For now I am looking for shorts, as we will get at least a big correction of the last 400 pips move. Give this idea a like if you find it helpful. This is no investment advice. Just for educational purpose.
Short
by Phils_Ocean
1
USDJPY Wave Analysis - Long TermUSDJPY made some pretty sharp move the last 2 weeks. We got a breakout to the 112.200 Level where resistance on the higher timeframe stopped the movement. Price dropped back down, forming a false breakout and Sell Pinbar on monthly timeframe. The Sell-off at the Equity markets fueled this move massively. Japanese Investors liquidated their assets and needed to convert the Dollar into Yen. YEN is typically a save haven and with panic in the markets, demand is high. I think it is not over yet and USDJPY will move lower the next months. Visiting the area where it broke out the last time as Trump got elected. (lining up with election again ) From there Wave C should be finished and another bull run will start.
Short
by Phils_Ocean
GBPUSD Wave Analysis - Ending DiagonalGBPUSD is still in correction after the impressive 5 waves to the upside. Price is currently in Wave 2, a downtrend that is still not over. We do not have yet significant Price Action on the Daily Timeframe and one more push to the downside is very likely. The pattern Looks like an ending diagonal, with 3-3-3-3-3 Wave Count. Look for rejection at the upper trendline to anticipate the next fall. Target and area of Support is the lower channel & 61% Fibonacci Level. 61% Fibonacci Level is a very common target for Wave 2 and we should look there for Long entrys. Do not rush anything and act out of greed. Let the market develope and stay openminded.
Short
by Phils_Ocean
XAUUSD / Gold - Longterm Wave AnalysisLet's have a look at the most traded precious metal. Gold formed an interesting pattern over the last year. After the ABCDE triangle forming wave B, price broke out to the upside in 3 waves. This ABC Move to the upside is the final C Wave of the Wave B correction. At the Top, we have: Weekly / 2-weeks / Monthly Sell signal RSI Divergence Fake Breakout above 61% Level of Wave A Super high Volume confirming the Sell of and positioning of the professionals What is next for gold is the continuation of the Wave A movement, known as Wave C. We should see a reather impulsive move to the downside, 5 Waves to new lows. This is a long term play, no Intraday setup. For educational purpose only. This is no investment advice.
FOREXCOM:XAUUSDShort
by Phils_Ocean
CHFJPY Wave AnalysisCHFJPY made an impulsive push to the 89% Fibonacci level. After the weekly sell signal, price retraced to the event zone. Now we have: Finished wave C 2H Pinbar Sell signal / 1H Engulfing bar pattern RSI Divergence We should now see significant push to the downside on all YEN pairs for the next time. Be patient and participate on this move with a trend continuation pattern like a flag or wedge. Have a look at my previous analysis: This is for educational purpose only. NO Investment advice.
Short
by Phils_Ocean