I am quite new in Price Action. But here is my candle by candle dissection of price chart and reasons why it went up or down. Read descriptions along with candles mentioned. 2-3 price patters are repeating all over.
The bullish pennant on the daily chart of GBP/NZD offers an upside breakout opportunity. The pennant's borders and its pole are marked with the yellow lines. My potential entry point is at the cyan line. My potential take-profit level is at the green line. I will set the stop-loss order to the low of the breakout bar (not shown).
This double top pattern on H4 chart of the AUD/NZD pair offers an opportunity for a bearish breakout trade. The pattern's tops and neckline are marked with the yellow lines. My potential entry level - the cyan line. My potential take-profit level - the green line. Stop-loss is to be set to the high of the breakout bar (not shown).
Switching to a bullish scenario for a rise from here towards 0.7200. RSI (34) has also made a bullish exit signalling a bullish reversal is in progress.
AUDCAD 1D - Once reaches the 50% retracement, it will form an head and shoulder and possibly hit the 1st and 2nd target. Trade responsibly. Please leave your comments & Ideas
GBPUSD 4H - Will be bullish until hitting the first target. Once breakout, it will continue to hit second target. However, it would be bumpy going up. So, be careful with the retracement and set your stop loss appropriately. Happy trading everyone. Please leave your comment and other ideas.
GBPUSD 4H - Will be bullish until hitting the first target. Once breakout, it will continue to hit second target. However, it would be bumpy going up. So, be careful with the retracement and set your stop loss appropriately. Happy Trading everyone. Please leave your comments & ideas.
AUDCHF will continue to be bullish. First target will be at price .74604 right at resistance level. The next target will be at price .75209 to form triangle formation. Possible pull back once reach the second target, down to .73750. If not will continue to be bullish at price .75782 at resistance level.
Looks like a bullish Harami however, I am waiting to break the 0.23 percent retracement ratio and go down 0.50 percent. First target will be in the channel line. once break the channel will continue to go down to 0.50 percent. Thank you for checking my analysis. Have wonderful trading
Eur/Usd is close to a bullish trendline, if it holds, there will be a high probability turning point which could close the continuation pattern .
AGN broke out of the funnel to the downside. Keep on keeping on... I'll be bearish until OBV breaks resistance. Horizontal movement could develop.
This bearish outlook is due to applying a logarithmic scale, resulting in a rising wedge pattern which is confirmed by the ATR divergence and which has been breached, signalling the start of a new downtrend or simply a correction. If June's hanging man is confirmed, next target will probably be the bottom of the channel, but if price continues to decline and...
I believe it is possible for this pair to reach my target of 0.98, i was waiting for a closing candle on the major SR line and think this trend will now continue.
A bearish shark pattern is working pretty good till now and after a sharp drop from it's D ponit a correction is expected. If price pulls back for that correction it will probably complete a head and shoulders wave pattern which will most likely push price to the down once more. So watch for a sell setup to form at the level of the left shoulder, with a second...
There is a support line (the yellow dotted line) coinciding with 78.2 and 88.6 area of a fibonacci zone which should provide support. A triangle pattern seems to be forming a wolfe wave since the 5th wave has gone outside the triangle support lines. I have put two entries, a normal entry and a conservative entry for traders who don't like risk, and again a...
A nice double bottom pattern coupled with a pennant pattern that has been broken to the upside confirms an earlier long term forecast I had made about the EURUSD, that there is no way but up for the currency pair. I have put a conservative target at 1.2300 however I think it is easy to see that this currency pair will continue much further than that to reach even...