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EURUSD / Price just broke Daily support, waiting to enter short(2020-1-25) EURUSD Hi Traders, In this article, we will be looking at the recent break out of the support on EURUSD Daily. Previously, we can see EURUSD price broke out and held above both the 200MA and the structure resistance Red Zone (roughly 1.1170). However, the market soon reversed and the price once again fell below the structure (Red Zone). Recently on 23 Jan 2020, price further dropped and closed below the short term structure support near 1.1070 (Blue Zone), which means the market is no longer in an uptrend, Furthermore, the break of support also happened right at the Daily Trend Line support. We are waiting for an opportunity to get on the short term downtrend with possible targets near 1.1000 and 1.0885. Gordon @GoreStreetForex
Short
by Gordon_Chow
OIL / D / Broke Trend Line Support and looking for continuationHi Traders, In this article, we will be looking at the recent break out of the support on WTIOIL Daily. Previously, we can see oil price has been putting a series of HH and HL and reached the Daily Resistance (Red) Zone (roughly 64.50 ~ 66.50) on 6 Jan 2020. After the retest of the recent highs (Red Zone), Oil price has dropped substantially over 10%. Price tried to rebound from the TL Support but failed to break the previous structure resistance (near 59.80). Recently on 22 Jan 2020, price further broke the Daily Trend Line Support (Blue Line) and the recent support (near 57.40). We are anticipating a further price continuation to the downside with possible TP near 51. Gordon @GoreStreetForex
OANDA:WTICOUSDShort
by Gordon_Chow
EURCAD / 4H / Price rejection and continued to show weakness(2020-1-20) Hi Fellow Traders, In this article, we will be looking at the recent Trend Line breakout on the EURCAD pair. Previously since 30-Oct-2019, we can see EURCAD price has shown strong support near 1.4540 price level. (Blue Zone) On 03-Jan-2020, price has successfully broke and closed below the support area (Blue Zone), which indicates price could continue going lower and the support now becomes the new resistance. Recently, we saw price retested and tried once again to push through the resistance and failed. We are looking for price to rebound for a shorting opportunity near the Blue Zone. Gordon @GoreStreetForex
Short
by Gordon_Chow
2
USDJPY / 4H / Price trying to push thru resistance near 109.80Hi Traders, In this article, I will be looking at some key levels on USDJPY pair. USDJPY price has been trading roughly between 107.90 and 109.80 for since November 2019. Currently price is approaching the top of this range. We are preparing for a break of the resistance above with a potential target near 110.50. However if price failed to break out and dropped below the 200MA, we will look for a potential reversal trade with possible price retesting previous low near 107.90 and further beyond. Gordon @GoreStreetForex
by Gordon_Chow
GBPUSD / D / Price about to break Short Term Trend Line(2020-1-14) GBPUSD is about to break the Short Term Trend Line Hi Traders, In this article, I will be taking a look at the potential counter trend trade on the Daily timeframe. Previously, GBPUSD price has spiked up and retested the Daily High near 1.3382 (made in May 2019). We can see a sharp drop in price after the spike indicating a price rejection near the top. Currently price is sitting at the Short Term Trend Line. Overall, we can say GBPUSD is still bullish on the Daily (price is still above 200MA), however, we would expect a short term price adjustment if the price closes below the Short Term TL. Potential Targets near previous lows. (1.2950 & 1.2769) Gordon @GoreStreetForex
Short
by Gordon_Chow
WTIOIL / Price sitting right at Daily support zonePreviously, WTIOIL has undergone a strong uptrend for nearly a 6 month since Dec 2018, pushing price from 42.20 to 66.46, an over 50% increase. Price has now printed a Higher Low and a Lower High which therefore is not clear which direction the market is heading in the long run. This means we need to see a breakout of either Higher Low or Lower high to see a clear direction. In June 2019, the market has formed a double bottom near 50.50 previous structure support level. Let’s take a look at some short term possible opportunities. Currently, price has retracted back to 50.50 structure support level, we can go to a lower time frame to look for a short term reversal entry. However, unlike a trend trading set up, our target price will be set near 54.40 previous recent low. On the other hand, if we see price push and close below 50.50 structure support level, we would expect the market to go lower and towards the 46.00 the next support level. Gordon @GoreStreetTrading
OANDA:WTICOUSDLong
by Gordon_Chow
2
Crude Oil - Target Hit, could this mean higher price?Last Wednesday, we saw price being pushed back near 50.50 structure support level then rebounded and hit our target at 54.40. This shows the market concurs with the previous market participants with the 50.50 price level and we would expect the level to hold up in the short term. However, the market is still unclear in the long run, as price has not broken either Higher Low or Lower High. We would expect the market to consolidate at least for the upcoming weeks before we can see a clear direction. To be more precise, we would expect price to move sideways between 50.50 and 58.00. We only continue trend trading when price break out of this zone. Gordon @GoreStreetTrading Previous Analysis:
OANDA:WTICOUSD
by Gordon_Chow
EURUSD / Price just broke Daily support, looking to go lowerPreviously with EUR/USD, price has formed a series of Lower Lows and Lower Highs since retesting 1.1550 previous structure resistance level until recently in May 2019, the market showed a major rebound to push the price back up from 1.1120 to 1.1420 level. However, in the past month, the market has completely digested the past increase and retracted back to 1.1120 structural support and successfully broke the 1.1120 structural support level last week. This indicates the after the market has tried to fight against the downtrend but has failed and now decides to continue to the downside. We are looking to short inside the 1.1120 structure resistance level with TP1 @1.0984 and TP2 @1.0828. Potentially, we predict the price may go even lower to 1.0825 level. Gordon @GoreStreetTrading
Short
by Gordon_Chow
Update on Hang Seng Index Analysis on Weekly timeframeDuring last week, HSI has successfully broken 28,075 short term support level and dropped over 1,500 points to our target near 26,505. Currently, HSI is retesting the previous low at that level. We are expecting the market to break the 26,505 structure level and if it does, we would be looking at a retest of structure in the lower timeframe for our entry. Potential target could be near the next low which is around 24,500. Gordon @GoreStreetTrading Previous Analyis
HKEX:HSI1!Short
by Gordon_Chow
Hang Seng Index Analysis on Weekly timeframeHSI has retraced roughly 75% from the top 33,516 (January 2019) since the uptrend started on 28 December 2018. In April, we have seen HSI spike up to the 30,200 level where price was rejected. Recently, price has formed a short term support near 28,075 level since mid-June. Price has now printed a higher low and a lower high which therefore is not clear where the market is heading in the long run. This means we need to see a breakout of either higher low or lower high to see a clear direction. In the short run, we would expect the market to hold up near 28,075 level and try to push through the upper bound (downward trendline). If price could break and close above the most recent LH 30,220, the market may retest previous 31,500 resistance zone. On the other hand, if we see price push and close below 28,075 short term support level, we would look for a short term retest on lower timeframe of 28,075 for a potential short position down to 26,700 (most recent low),. The reason we have two possibilities is due to the current market conditions. We need to see a break out one way or the other to make a directional judgement. Gordon @GoreStreetTrading
HKEX:HSI1!Long
by Gordon_Chow
DJI / Daily / Should we see another All-Time High?Looking at the daily chart, we can see DJI broke 26,951 the previous All-Time High made on 3 July 2019. Over the last 3 weeks, price held firmly above the level and formed a consolidation zone between 27,050-27,400. This is a sign the market is waiting for the acceptance of price level from market participants. If we see another break of most recent high to the upside, this means the market could continue its uptrend and we would look for a retest or a trend continuation for entry. If price decides to retrace and falls to 26,750 structure support level, we could go to the lower timeframe and look for a reversal set up. On the other hand, if we see price push and close below 26,750 structure support level, this could mean the market does not accept the previous break out. We would expect to see a deeper market adjustment to 26,000 level and a wider and longer consolidation zone. For the DJI to remain its short-term uptrend, price should not falls below the lower bound trend line. Gordon @GoreStreetTrading
DJ:DJILong
by Gordon_Chow
4