An emerging bullish bat is about to form within the buy zone(blue box) is usually a great setup for a buying opportunity I will engage. However, this setup wasn't the Grade A setup and that is because Point C is a double-top, for such a setup it poses a threat of a break and closes beyond Point D completion.
As a thinking trader, I will be waiting for a candle...
If you have missed the Bearish Shark setup which completes at 1.2260 that I've shared on 16 May 2021; short on Parallel Channel at 1.2190 that I've posted on 6 Jun 2021; you probably won't want to miss to short within the range of 1.2150-2.2159 or at 1.2167 on the 1hourly chart, that's the price range and it's potential for a pull-back.
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A bullish shark checkback is what I'm waiting for. This Harmonic Pattern matches a retracement on a 61.8% pullback after the daily chart has a double bottom setup. 1.7767 is the level that I will be watching closely for the trading opportunity.
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Follow up on #EURJPY
i have been watching this setup for a buy trade last week but did not provide me a reason to get in, now that we have confirmed the double...
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Analysis of #EURAUD
As you can see on the chart the market made a big move to the upside almost 420 pips, this to me indicates the move to the downside might be over and we might see a continuation.
price complete double bottom and RSI shown bullish divergent, so we can expect reversal from this.
find 61.8 level pullback to catch 2618 trade setup.
61.8 level will also retesting structure support.
find best entry on smaller timeframe when price touch that level
Analysis of #GBPUSD
Price has formed a double top and still did not yet move to the projected target, so I would like a chance to sell if it moves higher again to the near resistance zone.
I will be watching this pair to see if it will provide a valid high probability entry that meets my rules for a good risk to reward trade.
If you like this...
This is a countertrend setup based on a double top formation coupled with a 50-61.80% retracement of the rejection leg down. The probability works against fading setups but the RR is prioritised for its clear risk profile. The details of the trade are highlighted in the chart. Drop a line in the comments section if there's anything to be added or discussed.
Kiwi has turned around to be the weakest non-USD currency today.
Here we got this hourly double bottom to get on the train,
I'll be willing to trade this 2618 short if it's able to give a pullback there.
Let's see how it goes yo!
Very clear long setup. 1.66 is a key level when we look at the graph widely.
The retest correction move generated Bat Harmonic Setup and in deep 2618 setup said "hello, I'm here too"
Arrange your stop level and buy.
Good luck everyone!!!
Last week we took a look at the EURAUD (see related ideas below) & had a bearish structure trade on the radar. If you haven't seen that post make sure you take a look at it as this idea is a follow up on that one.
Although price has currently moved off of previous structure highs, it's done so in a way that has created new minor levels of structure as well. No...