The Wolf Pack -- ICT Tools & Concepts in Action --

[MCAWally]

This is not an ICT Tool, but it's something I've been watching since I first noticed it a couple of months ago ---


This is the weekly GBP/USD chart (with Heikin-Ashi candles).

This chart pattern is not seen on the EUR/USD weekly chart.

It's an absolute certainty that price will break out of this pennant before the end of July. The important question is:
Will the direction of the breakout have any significance in determining a new, long-term directional bias?

Interesting.
I like to look at at pennents and the like as consolidations and like to find the half way line and see which side price is spending most of it's time.



Wally

[Alishijo]

Interesting.
I like to look at at pennents and the like as consolidations and like to find the half way line and see which side price is spending most of it's time.
Wally

Looking at the USDX in conjunction with Cable you could justify a move to the downside in foreign currencies, followed by the potential for an up move. The lows on Cable in here at the 50% level are way too clean, and the Price Action last week had a bearish bias. Given that we have some wiggle room for the USDX to the upside based on real and implied resistance levels, and seasonal tendencies and cycle analysis suggesting lower prices into the end of the quarter for foreign currencies, my bias would be short for the start of the week, followed by caution. In terms of COT, Fiber is still lagging Cable when it comes to the unwinding of long Commercial positions, and this may limit price movements to the down side.



Regards

[crazysac99]

Hello everybody .. new week ahead of us.

[crazysac99]

Looking at the USDX in conjunction with Cable you could justify a move to the downside in foreign currencies, followed by the potential for an up move. The lows on Cable in here at the 50% level are way too clean, and the Price Action last week had a bearish bias. Given that we have some wiggle room for the USDX to the upside based on real and implied resistance levels, and seasonal tendencies and cycle analysis suggesting lower prices into the end of the quarter for foreign currencies, my bias would be short for the start of the week, followed by caution. In terms of COT, Fiber is still lagging Cable when it comes to the unwinding of long Commercial positions, and this may limit price movements to the down side.



Regards

I like the post. I was looking at the USDX and noticed that it is approaching the 162% ext level. The 162% ext level lines up real nice with the .886 retracement level of the bearish swing that preceded this recent up swing, and may act as resistance for the USDX at the 162% ext level. Using the SMT on the daily US DX vs EUR/USD you can see that that USDX is making higher highs and the fiber is not making lower lows.
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There is also hidden divergence on the fiber daily, and not pictured is the 20 period William % R which is showing oversold conditions.

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The only thing that scares me is that bearish railroad tracks on the weekly seen couple weeks ago - thanks again wally for pointing that out
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BTW who is your broker? I love that you can chart the USDX like that. I have to use the dailyfx charts to chart the dollar, and while they are nice for the SMT, they are not so user friendly for applying fibs, s/r levels, etc.

[Alishijo]

BTW who is your broker? I love that you can chart the USDX like that. I have to use the dailyfx charts to chart the dollar, and while they are nice for the SMT, they are not so user friendly for applying fibs, s/r levels, etc.

It is the same demo platform that Michael used in his videos, and the one everyone talks about in the threads. I won't mention it by name because I already have a warning for advertising (having Manta's MF on a screenshot....funny how others have gotten away with that!) and I don't want to risk losing another of my limited lives. Overly cautious maybe, but until we have some consistency from the moderators....

Regards

[piptronix]

Looking at the USDX in conjunction with Cable you could justify a move to the downside in foreign currencies, followed by the potential for an up move. The lows on Cable in here at the 50% level are way too clean, and the Price Action last week had a bearish bias. Given that we have some wiggle room for the USDX to the upside based on real and implied resistance levels, and seasonal tendencies and cycle analysis suggesting lower prices into the end of the quarter for foreign currencies, my bias would be short for the start of the week, followed by caution. In terms of COT, Fiber is still lagging Cable when it comes to the unwinding of long Commercial positions, and this may limit price movements to the down side.



Regards

Speaking about Fibre lagging Cable, I have noticed (though I'm not sure if my readings on my chart are correct) that the
Fibre is way below the Weekly S3 (pivot) level, while the Cable is sitting just on S2.
Does everybody else see the same thing? Unfortunately I don't have my charts in front of me, so I can't say what the
numbers are.
I suppose that would be another reason to be cautious with our shorts.

[Alishijo]

That may be so for last week, but we are currently moving below MS1 on both Cable and Fiber for this week's pivots.

[piptronix]

That may be so for last week, but we are currently moving below MS1 on both Cable and Fiber for this week's pivots.

Ok thanks.

[Clint]

Reminder:

If you're in the U.S. or Canada, starting tonight, and continuing for 2 weeks:

• Zurich will open at 3am EDT (not at 2am, as we are accustomed to)

• London will open at 4am EDT (not at 3am)

• The LO Kill Zone will be 3am-5am EDT (instead of 2am-4am)

• London will close at 1pm EDT (not at 12pm), and

• The LC Kill Zone will be 12pm-2pm EDT (instead of 11am-1pm).

(The New York Open, and the NYO Kill Zone, will not change in your time zone.)

If you're in the U.S. or Canada, but you are not in the Eastern Time Zone, do the math.


If you're in the U.K., Ireland, or Portugal, starting today (Monday), and continuing for 2 weeks:

• New York will open at 12pm GMT (not at 1pm), and

• The NYO Kill Zone will be 11am-1pm GMT (instead of 12pm-2pm)

(The London Open, LO Kill Zone, London Close, and the LC Kill Zone, will not change in your time zone.)


If you're in central Europe, starting today (Monday), and continuing for 2 weeks:

• New York will open at 1pm CET (not at 2pm), and

• The NYO Kill Zone will be 12pm-2pm CET (instead of 1pm-3pm)

(The London Open, LO Kill Zone, London Close, and the LC Kill Zone, will not change in your time zone.)


If you're in eastern Europe, starting today (Monday), and continuing for 2 weeks:

• New York will open at 2pm EET (not at 3pm), and

• The NYO Kill Zone will be 1pm-3pm EET (instead of 2pm-4pm)

(The London Open, LO Kill Zone, London Close, and the LC Kill Zone, will not change in your time zone.)


If you're in a location not listed above (e.g., New Zealand, Australia, Japan, UAE, Central and South America, etc.), the New York Open and the NYO Kill Zone will occur 1 hour earlier than before in your time zone.

The London Open, LO Kill Zone, London Close, and the LC Kill Zone, will not change in your time zone.

Consult this Table and/or this Table for help, if needed.


After this 2-week period, Europe and the U.K. will join the U.S. and Canada on Daylight Saving Time, and we will be back to "normal" relationships: that is, London will once again be 5 hours ahead of New York, and Zurich will once again be 6 hours ahead of New York.

[Clint]