I have analyzed M&M using different Gann technique and time frame. And today is the result. Stop loss will be yesterday high.
In yesterday's trading plan, I mentioned gold could retrace down to 2850 and back up from there. However, it went deeper than I thought and it closed above channel top in 12hrly TF. This is conflicting sign, indicating bulls and bears are fighting each other. I still expect price to reach another ATH. However, today is NFP day. Anything could happen. If market gives us a green 12hrly candle and closes above 2858, we will have a confirmation of upward continuation. However, if 12hrly candle closes below the channel, we may have a deeper correction.
- WTI Crude oil broke support zone - Likely to fall to support level 68.00 WTI Crude oil recently broke the support zone between the support level 72.60 (which has been reversing the price from the start of January) and the 50% Fibonacci correction of the previous upward impulse from December. The breakout of this support zone accelerated the active ABC correction ii from the middle of January. WTI Crude oil can be expected to fall to the next support level 68.00 (former minor support from December
Considering that we are below the 12/21 EMA on the daily timeframe, the trend remains downward. The EMAs may continue to decline before the price temporarily moves above them, creating a false impression of a trend reversal. After that, we could see a drop below $3.8.
- EURJPY broke support zone - Likely to fall to support level 156.00 EURJPY currency pair today broke support zone between the support level 158.00 (which reversed the price at the start of this month) and the support trendline of the daily down channel from December. The breakout of this support zone strengthened the bearish pressure on this currency pair, which accelerated the active impulse wave iii. EURJPY currency pair can be expected to fall to the next support level 156.00 (which has been reversing the price from August).
Love the growth on ONON , don't like the price action on daily , today was a good example . I decided that instead of trading this as a one sided long , I can potentially fix that problem by shorting nike at the same time as its currently weak and looking in trouble to me .... This way instead of being as dependant on price action I can instead just focus on spread and make a bet that ONON will do better than NIKE . The plan will be to add another position if we touch my stop on this shown and try to get out break even or hold . The exit point will be an extra deviation in that case .... As this is a spread trade I am not able to set stops but that is the point and I will follow my rules .... I had to undersize to plan for my scale in risk management compared to my prior ONON trade ( which I lost ) .... So, the ideal goal will be to hold this as long as possible and when I see a change in the trend structure to bearish , sell ....but hopefully by then this has made me a good return ... I want to see ONON stay above its green line breakout though and for the spread to not be losing more than one typical stop loss value at -2R, after my scale in at 1R. After I scale in at 1R , I am only in the trade to get out at BE too ... Then I will re-assess another entry based on theme and spread of ONON/NKE....
After earnings on Feb. 6th, the stock has plummeted to the long-term support. This trendline needs to hold because the next support is at the yellow S/R pivot (long way down).
CHN50 - 24h expiry Price action has continued to trend strongly lower and has stalled at the previous support near 12750. Price action looks to be forming a bottom. A move through 12900 will confirm the bullish momentum. RSI (relative strength indicator) is flat and reading close to 50 (mid-point) highlighting the fact that we are non- trending. The measured move target is 13100. We look to Buy at 12800 (stop at 12700) Our profit targets will be 13000 and 13100 Resistance: 12900 / 13000 / 13100 Support: 12850 / 12800 / 12750 Risk Disclaimer The trade ideas beyond this page are for informational purposes only and do not constitute investment advice or a solicitation to trade. This information is provided by Signal Centre, a third-party unaffiliated with OANDA, and is intended for general circulation only. OANDA does not guarantee the accuracy of this information and assumes no responsibilities for the information provided by the third party. The information does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit. You accept that you assume all risks in independently viewing the contents and selecting a chosen strategy. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, Oanda Asia Pacific Pte Ltd (“OAP“) accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore customers should contact OAP at 6579 8289 for matters arising from, or in connection with, the information/research distribut
Clean Energy (Solar) has been in a downtrend since January 2021! Every time it looks like it is setting up for a stage 2 breakout, it has broken down. Will this time be different? Here is what I see on this chart. AMEX:TAN was in a clear downtrend until mid-December 2024. Then it challenged its previous high from the beginning of December. That failed BUT, it seems to have found a bottom as here we are in early February, and it has not sunk any lower than the December lows. I am optimistic that we may be ready to enter a Stage 2 uptrend. However, it has work to do. The first step is to get up and over the 50 DMA (red). Next it needs to break the Downtrend line. It also needs to put in a higher high and finally put in a higher low. As I said, it has work to do. Having said all of that, I have an alert set just over the 50 DMA where I will look for a good entry where I can put in a tight stop should I decide to make the trade. IF, it is going to enter a sustained uptrend it “could” be a big winner. All TBD. These are my ideas, if you think it makes sense for you, please make it your own trade that fits within “your” trading plan.
Here are some key observations: 1. Resistance Zone (Supply Zone): • Highlighted in red at the top, indicating a potential area where price may reverse downward. 2. Support Zone (Demand Zone): • Highlighted in red at the bottom, showing a potential target area for price to bounce. 3. Projected Price Movement: • The black zigzag line suggests a strategy where the price is expected to reach the resistance zone, then reverse downward toward the support zone. • The take-profit level is marked near 1.02000, suggesting a short (sell) trade expectation. 4. Risk-Reward Ratio & Volume: • The shaded purple area represents the potential trade setup. • Volume bars at the bottom show trading activity levels.