equidistant channel Archive
WTI shows signs of continuing downtrend. It is now approaching good resistance that bulls could see bullish reversal but is ideal selling place for shorts.
We tackle questions of the week from members of the community. This week, questions on trend identification with AUDCAD, relevance of 1-2-3-4 setup on EURUSD, how to short WTI.
Before RBA meeting 11.30am this morning, I asked myself this question, will RBA ease again consecutively? I asked myself this question during the weekend before, and kept asking this question when I was conducting Tflow® Intake 46 class. My take during the class, was NO. This was confirmed by an industry veteran.
Straits Times Index pulled back to challenge 3300 but technical setup suggests downtrend started. There is a confluence of overhead resistance to overcome including A) 3300 B) Fib-R levels and C) downtrending equidistant channel.
Straits Times Index is supported by a confluence of technical studies for now. We project potential support levels it can reach in a deeper correction. Projection places 2970 - 3050 as a zone to evaluate the technical picture again.
Technical picture provides 3 clues that suggest EURUSD may go to 1.305: 1) downward equidistant channel 2) significant 50% Fib-R support not reached yet and 3) pennant chart pattern that points to continuation.
There are three strong reasons to expect USDSGD to continue trending downwards: 1) 4-year consolidation 2) downward channel 3) multiple month trend. In addition we spot another bull-trap (#3) as well as point out levels to expect a signal.
We were bullish AUDUSD prior to high impact news. Data miss triggered stops. We look at what we missed and supports to look out for.
This GBPJPY head and shoulders chart pattern is in danger of becoming invalid, the right shoulder is changing. Which trading rules to apply?
We talk about the definition of Confluence Zones and why they exist. Then we offer some simple tips for using and finding them.