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Adjustment to Pending S&P 500 Trade

Cancelling my sell stop order in the SPX500 (FXCM CFD) following today’s break of Monday’s high. Given the importance of this week from a timing standpoint, I still think the index is vulnerable to a turn lower over the next few days. Key resistance looks to be around 2065/66 as it marks a nice convergence of the 78.6% retracement of the May – February decline and six square root relationships

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Dow Jones Industrial Average 7 Day Win Streak at Risk

Talking Points Dow Jones is higher 7 days in a row and higher 12 of the last 19 trading days The risk to reward ratio is now shifted towards short positions in a triangle pattern Traders can identify risk near 18,000 and a target near 16,500 Dow Jones Industrial Average (DJIA) has finished higher 7 days in a row and higher 12 of the last 19 trading days higher. This

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Gut Check In the S&P 500 Before Quarter End?

I am thinking that the S&P 500 is vulnerable to a reversal this week. You can read more about why in my Price & Time piece from this morning (S&P 500 – Déjà Vu All Over Again). My entry will be conditional as ideally I would like to see the index exhibit at least some weakness to confirm a possible turn down. However, I don’t mind selling against the Gann/Fibonacci

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Bearish GBP/USD: Dollar Rebound May Pave the Way For Cable Drop

To See How FXCM’s Live Clients Are Positioned In FX & Equities Click Here Now Point to Establish Short Exposure: At Market With Stop At 1.4515 Spot: 1.4400 Target 1: 1.4050 March 16 Low Target 2: 1.35006 January 2009 Low Invalidation Level: Close above 1.4515 March 18 High / Channel Resistance Fundamental & Technical Focus Here is why a Cable short is looking more attractive than usual to me. This

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Euro May Be Forming Top vs. British Pound

To receive Ilya’s analysis directly via email, please SIGN UP HERE The Euro may be forming a top against the British Pound, with prices carving out a bearish Head and Shoulders chart formation below the 0.80 figure. The setup follows a corrective advance that itself was the culmination of a longer-term H&S bottom carved out between March 2015 and January 2016. A break of rising trend line support guiding the

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Setups in USDCAD, GBPJPY & AUDUSD

USDCAD- Loonie saw a brief stint below key near-term support at 1.2968/81 on the back of today’s Canadian retails sales & inflation data. Longs were initiated on the dip as the pair tested channel support with half the position closed at +50 and stops now at breakeven. Broader short-bias remains at risk near-term while above this level. Review USDCAD Scalp Targets GBPJPY– The rebound off key support noted yesterday has

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EUR/USD Daily Inside Bar Breakout

Market Condition: EUR/USD Daily Breakout Target 1:1.1584(2XATR) Target 2:1.1826(4X ATR) Invalidation: Reversal Below .1.1373 EUR/USD Daily Chart (Created using Marketscope 2.0 Charts) Get Real Time SSI Data for the EUR/USD. Click HERE The EUR/USD is again consolidating with an Inside Bar, after breaking out from a similar pattern earlier in the week. Current resistance for today’s pattern is found using Thursdays high at 1.1342. Conversely, support is found at the

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Setups in AUDJPY, AUDCHF, GBPUSD Ahead of FOMC

AUDJPY– We’ve reacted to near-term confluence resistance & while the immediate bias is lower, we’ll be looking for this pullback to offer more favorable long entries. Review AUDJPY Update AUDCHF– Our outlook turned bearish last week after the pair marked an outside-day reversal candle off our final resistance target at 7546/54. Bias remains weighted to the short-side near-term while below this mark. Again here we would ultimately be looking for

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EUR/GBP Short Side is Favored

EUR/GBP has come into and responded to resistance from an internal trendline. Trade since November composes a possible head and shoulders pattern. From an Elliott perspective, trade since 2/25 sports impulsive weakness (5 waves down) and corrective strength (3 waves up take the form of an expanded flat). For details, more trades, and analysis, visit SB Trade Desk. EURGBP Weekly

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AUD/USD Daily Bar Breakout

Market Condition: AUD/USD Daily Breakout Target 1: .7706(2XATR) Target 2: .7884(4X ATR) Invalidation: Reversal Below .7470 AUD/USD Daily Chart (Created using Marketscope 2.0 Charts) Get Real Time SSI Data for the AUD/USD. Click HERE The AUD/USD is consolidating with a series of inside bars after posting a new monthly high last Wednesday. March’s high is currently found at .7528 and is acting as a point of resistance for the pair.

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