Pattern RadarThe 60 minute EUR/JPY has been slowly transitioning from the downtrend market cycle as prices are showing that the 125.00 level is near term support. The 124.39 low was short lived as prices rallied quickly
higher ultimately rallying through and staying above the 125.00 psychological level. With this rally the Initial Trend reading is confirming the sideways market cycle will [...]
The downtrend on the daily EUR/USD has been steady since January 15th with very little upside correction. The last bounce on this time frame occurred between January 21st to January 26th. After topping out at 1.4194, the sellers showed their determination to continue selling just in front of the 1.4200 major psychological level. So the formation of a Continuation Falling [...]
The DJI (Dow Jones Industrial Average) has been trending higher intraday as prices are finding support above the 10,600 psychological level. With a weak Initial Trend reading the upward strength of the 30 minute chart’s Continuation Rising Wedge could be suspect. There is a better chance that the 10,640 area will continue to be near [...]
The Initial Trend’s medium to high reading indicates that the downtrend is intact on the 30 minute chart of the AUD/USD. The Continuation Channel Down is setting up a correction entry in what would be a trend-follow or “swing” play. The downtrend line resistance (green) is the short entry trigger for the bounce within
the the downtrend. Currently that level [...]
The uptrend on the 240 minute EUR/USD has been rejected at the 200sma that has come down as a dynamic resistance level. The selling pressure at the 200sma and the support of the wedge uptrend line has
brought this pair to a major decision level. The Initial Trend is low and indicates that the uptrend is stalling and becoming [...]
The intraday downtrend across the 30 and 60 minute charts has been slowing as Asia approaches. The Monday session for the USD/CHF showed the franc gaining on the dollar throughout the session due in no small part to an inactive Swiss National Bank. The pause now offers a chance to consider what the next move for the pair will [...]
One of the most powerful Quality Indicators associated with every Autochartist update is the Initial Trend reading. It is one of the most distinguishing facets of Autochartist. The Initial Trend reading allows each chart pattern to be analyzed within the context of the underlying market cycle. The 30 minute Reversal Channel Up pattern on the EUR/USD has a broken the [...]
The breakout of the Continuation Rising Wedge on the 30 minute chart has followed through to the Forecast resistance. The lower level of the resistance area has been hit at 1.4440 but the area extends up to the 1.4470 level. The January 5th high is 1.4484. The key here is to watch whether prices are [...]
The strong intraday downtrend on the GBP/JPY appears to be taking a pause and possibly making a small correction. This would set up the Continuation Channel Down pattern for a swing (trend follow) short.
Remember that corrections can be defined as bounces within a trending pattern so this means that the downtrend line resistance (R) of the channel is both [...]
The intraday EUR/JPY has broken the uptrend line support (S) of the Continuation Triangle on the short tern 15 minute time frame. This breakdown reflects a near term psychology and this should not be
considered a longer term set up. In fact this type of short term set up is perfect when individual risk tolerance is low or when [...]