Theme: Cineplex looks interesting here folks. It's pulling back after the initial run-up and pulling back now. Let's see if we can get a reversal candle here. That will be my entry. Can be a nice RR trade.
Logic: I like to find the story and trade around it. You don't have to believe in the prevailing narrative but just know the story and how to play it. The story is people are gonna get vaccinated and they are going to go out and things are going back to normal.
Let's take a look at GBPUSD. The monthly chart has a bullish bias now. It is still below the cloud, that's why it's partially bullish. Weekly and Daily charts are bullish. The current resistance level 1.35 has been tested a few times now and it is just a matter of time before it's taken out. measured move points to 1.5 in coming weeks. Dollar is in sell the rip mode now. You can see my DXY post from a few weeks ago.
I have been long Bitcoin since mid-October and it's moving nicely. It's breaking out of a key resistance level today but confirmation will come at the close. I have no price targets here and I'm simply trading it like any other instrument.
Just wanted to share my thoughts on some key charts.
USDTRY: Monthly chart is bullish, however, divergences can be seen on the chart. Weekly chart came down to kijun and is consolidating currently. TK lines are getting close and daily chart has bearish bias. 8.05 is the resistance level and i want to see the failure here to see move to 7.2740.
I'm playing it via $TUR though. Monthly chart is showing multiple divergences and is curretly testing the key level. That same level is kumo resistance on weekly chart. Once that blows up,i expect $29 is next. Its just a matter of time before we get there. A covered call strategy or simply long calls is a good play here.
Also want to follow up on FXI play. Nice pattern on weekly chart and price is currently pulling back and testing the support zone.
And lastly i want to share AUDNZD. Monthly chart is testing key level and weekly kumo is supporting the price. Watch daily chart price action. This can be a nice multi month long setup. However, patience is required for now.
No proper signal yet but it looks like the bottom is in for 10y bund yields. Will repost if a proper setup comes around. To me, it looks like an inverted head and shoulder pattern.
I was short T-note since the beginning of October and it played out nicely. Let's see if bunds can pull it together.
Monthly chart: Price broke the monthly kijun sen and currently is in the Kumo. 91.78 is the last support standing. Chikou span is also below the price. The only thing to note is forward Kumo is still bullish. But we are also looking at the monthly chart, it'll take some time for the twist.
Weekly chart: Total bearish. No bullish evidence here. It also failed to jump over the trendline coming into play here.
Daily chart: Bearish again.
I expect further weakness in DXY from here. Aligns well with higher commodity prices, higher equities and EM complex. However, if the chart pattern shows a reversal and things change, I'll assess it again. No bias!
Weekly chart is finding support at the key level. Daily is coming into a key resistance here. Either way, risk-reward is to the upside and first target stands at $34. We'll see what happens there.
The weekly chart is bullish for both. Daily chart for silver has turned bullish while gold is at the key resistance level. Either way, risk-reward is to the upside.
I have been watching this chart for a while and price action was interesting today. Price captured kijun after breaking lower and we have a possible higher low in place. Election results might accelerate it to the upside.
