Good morning traders! One needs only a quick glance at the economic calendar to throw his hands up and beg for mercy as it seems we have another one of those summer snorefest tradingdays. Well, not to worry, just like after hard times come the good times, after slow days come the volatile days. So do not sit at your monitor all day long, find other ways to spend your time.
That said, being prepared is important, so here are soem charts.
WTI oil daily. While i have been looking at this triangle/bullpennant, someone pointed out that this is a potential recurring failure pattern on WTI (i think it was on the chigrl twitter feed. check her out, traders). Scanning the charts, we find this familiar pattern in last October. Yeah, a blowout top and a bullpennant failure it is. On a sidenote, while daytrading, i seldom ride flags and pennants until the end, i usually take most off around half and quite often the rest of the position gets stopped out near breakeven in the mess afterwards.
USDCAD H4. Careful here now. Ideal would be some retrace to former resiatnce levels and then rip again. Yeah, we don't get ideal scenarios often in forex markets :)
GBPUSD weekly. Looking to sell but very rarely at market price. Look for retrace to fibos.
AUDNZD weekly. Can't really draw a perfect top trendline here, but you get the idea - we're in a massive tightening pattern which has to resolve itself sometime in the near future.
ETHUSD H4. Massive, massive underperformance compared to Bitcoin, stalling us as the 50% fib. Hasn't even got to my very modest targets yet.
BTCUSD daily. Should the rally continue, the next target could easily be the 1.618 fib around 3736.
That's it for now traders, talk to you tomorrow. Good luck and trade safe!
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