Scott Barkley's blog

AUDNZD channel

Bearish: Currently we are @ 1.0679 and starting a push to the downside out of a descending wedge. We are initially looking for a continuation to the 0.618 Fibo @ 1.0625 and a further target at the Pole target @ 1.0562 area. The average daily true range (ATR) for the pair currently is 76 pips.

 

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EURAUD channel

Bearish: Currently we are @ 1.5675 and starting a push to the downside.  We are initially looking for a small pullback and then a continuation to the square up area @ 15575-83 and a further target at the 0.500 Fibo @ 1.5530 area. The average daily true range (ATR) for the pair currently is 125 pips.

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Target Trading in the Forex week of February 18, 2018

Note: USDX reversed and now has convergence to the upside which affects the major currencies.

$EURUSD

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AUDNZD channel

Currently we are @ 1.0736 and starting a push to the downside.  We are initially looking for a continuation to the 0.618 Fibo @ 1.0701 and a further target @ 1.0653 area. The average daily true range (ATR) for the pair currently is 84 pips.

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EURNZD support break

Currently we are @ 1.6854 and starting a push to the downside. IF we breakout of the very solid support here we are initially looking for a continuation to the 0.618 Fibo @ 1.5746 and a further target @ 1.6630-50 area. The average daily true range (ATR) for the pair currently is 146 pips.

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February Real Estate of the Month Trade Setup Idea

This month's ProAct Traders “Real estate of the month” (formerly the pay your mortgage trade) idea is found in the EURUSD pair.

02/12/18 1.2364 start

We are waiting for a reaction and turn @ 1.2364. This turns the bias now to the downside and a continuation of the trend in a 3rd wave. CAUTION: the former count may only be a 3 wave which means that if we blow out the top here it is most likely the continuation of a 5th wave which would negate this opportunity. There are always 2 or more alternative counts in Elliott Wave.

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GBPUSD bear flag

we are @ 1.3862 and starting a push to the downside. IF we breakout of the bear flag we are initially looking for a continuation to the 0.500 @ 1.3702 and a possible bounce there. This is also the lower channel from a day chart up move. The average daily true range (ATR) for the pair currently is 176 pips.

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EURAUD double top

Currently we are @ 1.5631 and starting a push to the downside. We are initially looking for a continuation to the 0.500 @ 1.5530 and a bounce there. The average daily true range (ATR) for the pair currently is 132 pips.

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Target Trading in the Forex week of 02/11/18

Note: USDX shows strength but may travel sideways for a while – should affect all USD pairs. ATR’s have stabilized.

$EURUSD

What ProAct Forex Target Traders See: Bearish: We are currently sitting @ 1.2231 in a 3rd wave and putting in a double top. We are now looking for a continuation of the wave down with the first targets the 0.618 Fibo @1.2154 and the S5/0.786 Fibo @ 1.2050 area. Watch for the 4th wave bounce there. The average daily true range (ATR) for the pair currently is 114 pips.

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$USDJPY

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AUDJPY wedge pattern

Currently we are @ 85.76 in a descending wedge pattern which is bearish for the pair. We are looking for a continuation to the Day bottom @ 84.36 and a bounce there. The average daily true range (ATR) for the pair currently is 90 pips.

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