technical trading patterns

AUDUSD Day Trading

AUDUSD Day Trading, 6A Futures-Contract

AUDUSD Chart

Head and Shoulder Pattern, give us Short Direction on AUDUSD

As you all know, I mention this Pattern long time ago, and it finally give us a Direction.

Right Now, Seller taking a break, since we hit 2 resistance ( Greet Bullish Trend line and My Fuchsia Resistance).

On volume side, you can see, that Sellers was as strong as first time. Will see if they can keep this commitment for next move short.

6A Chart

What Next? AUDUSD creating a Bearish Trend, and will see if we stay in till we hit 0.9650 price.

For next week, I will like to see market go back to my consolidation zone. A this level Buyers will hit 2 sellers resistances. 200MA and my “My Buyers Resistance“. IS also Targets for Long direction. I reccomand to wait till buyers get at this level, and then take a short one. Why? On last move short, Sellers was as strong as first time, And I don’t see a clear signal to go Long on 1440min Chart.

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AUD/USD Day Trading

AUD/USD Day Trading using Futures Contract 6A

aud/usd trading

AUD/USD Day Trading Weekly Chart

1.0360, is the price  Aussie never close above for few months.

Right now Aussie are looking to make an H&S ( Head and Shoulders pattern). After failing to keep price above 1.0360 , Aussie price start to fall. the second shoulder should be at the same price as 50MA. I’m looking for AUD/USD price bounce at this level.

aud/usd day trading

AUD/USD Day Trading 480min Chart

Here we have an “M” pattern. Right now, we are in a consolidation zone, and even better Aussie price are between MA50 and MA200. Depending if we bound or pass the double bottom of “M” pattern we will get are direction. If we Close under this double bottom, I’m looking to go till my 3rd Short target. This way we will get H&S pattern on weekly chart.

Short: Is what I’m looking for. nothing compicated, for short , just look with how much stengh sellers will pass the double bottom price.  Targets: 1.028 – 1.026 – 1.021 

Long: If you looking to take this trade, wait till sellers return to the double bottom. If sellers try with lower volume than last time, it can be a very good Long trade. Targets: 1.034 – 1.035 – 1.038

Day Trading S&P 500 Chart

Hi Traders,we are moving to the double top of 2000 & 2008. Is why on this post, I will use S&P 500 Index, to show you what’s going on and talk about Market Movement.

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First Part: Will be about Market Movement with S&P500

Second Part: Is about Targets on ES 1440 charts for next week.

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First Part

Day Trading Monthly Movement of Market

Day trading Monthly Chart

Dark Green Trends Lines: This is to show you how confident Buyers was few month ago.

Lime Green Trends Lines : As you can see…after 1300 points, Sellers and Buyers are more careful. and we have more consolidation zone, and almost every time, we have important unsupported price.

RED Trend Line: Buyers may pass this trend line, but if they don’t close above, expect sellers get in and with a lot’s of commitment.

Dark Line: 1st one, is  a double top, that buyers need to pass, to make a Higher High level. If they achieve this, Next long term target will be ~1530.

Day Trading Weekly Movement of Market

Day Trading Weekly

On this chart, we can see Buyers getting in the market before we go to 50MA and touch are trend line. I don’t know if they was to exited about “fixing” Fiscal Cliff for 2 months or they party to much on New Year.  However…Buyers are better close above my “Red Line” if not, on weekly chart, we may go back to MA50 and MA 200.

Day Trading Daily Movement of Market

Day trading Daily Chart

On Daily chart, we can see that before buyers let sellers get in, and respect 50% Fibonacci retracement. This time, buyers get in the market way to fast. With not much volume (you will see on my next ES 1440 charts). They didn’t close above the double top, not even touch it, miss it by 2points.
We close on “Doji” candlestick. Buyers better get in market and show some STRONG commitment if not…they will regret  this last “RUSH“.

Conclusion for Market Movement on S&P 500 US Index:

What I can see, if we put all those 3 charts movement together.Buyers, are less confident now than few months ago. And start to lose discipline.Sellers are more likely waiting the perfect moment to get in and pay back for buyers lack of discipline.

 Second Part:

Day trading Chart of Targets for next week on ES E-mini Futures.

Day Trading ES 1440m Targets Chart

After week of consolidation, I don’t see any long term consolidation for next week, but won’t be surprise if we do get one. Is why if you take any trade next week, I will suggest to keep your targets close to your entry points … be always ready to get out if it doesn’t go your way any more.
This Week I’m Neutral ( because we have to many double top after this one, I will be more Short than Long.)

PS: VOLUME: As  you can see ES 1440(Daily), Buyers keep pushing Up, and “Rushing” with less volume than before.

Thank you and have a great week traders

PS: Day trading is not easy,we are in dangerous zone now, I don’t recommend to get in the market now, if your not well educated about Market&Trading.