Quick market analysis for GBP/JPY on a 4h chart as always, we have a potential bearish alt bat. As we all know this pair moves fast, at times 100+ pips per hour and this is one of the many reasons why it is my favourite pair to trade! We have an overextended D point at 166.000 for one simple reason, the pair has been trending within a channel. I'm expecting price...
Hello All Traders, This may be a very nice setup! be conservative, Is a 10+ Risk to Reward setup! RSI ( OVERBOUGHT) -- Stoch (Flat OVERBOUGHT) All the best in your trading! CharlieFX
GBPAUD has presented a bullish trend on the 15m chart. To enter long, 4 harmonic patterns may potentially align within a tight PRZ. The PRZ is confluent with the daily pivot which may provide support at that level. Entry is placed in the center of the PRZ with SL below Gartley X and target at .618CD. Bullish Confluence: Bullish Gartley Bullish Bat ...
ZIOP has completed an alternate bat pattern. The pattern completion is confluent with a .886 fib level on a higher TF structure low to structure high. A trendline was broken and retested on 12/22, indication of possible upcoming bullish movement at the PRZ. A second trendline was broken today, which may be an opportunity to catch the breakout toward .382CD. ...
GBPJPY has completed a bullish bat at strong trendline support. This allows for a 5:1 R/R because a break and close below the trendline nullifies the trade. In addition to the pattern completion, there was a strong breakout from a 1D trendline that may potentially be retested. A missed pivot cluster may add to the bullish bias. We also have bullish RSI...
After a bullish Wolfe Wave setup completed for +50 pips, profit-taking may bring the pair back down again. Two confluent harmonic patterns present an excellent R/R for re-entry to catch the continuation of bearish movement related to the daily Gartley pattern (see related ideas). Price has been contained below the Wolfe Wave targetline and any close above...
AUDCAD is nearing the completion of two bearish advanced patterns. The pattern PRZ is confluent with a potential Wolfe Wave setup. A daily trendline may add to the resistance in the PRZ. An unhit weekly pivot sits below price to add to the bearish bias. SL is set above secondary trendline resistance. Targets are set at .382 and .618 retracements of XA. A...
EURAUD showed great strength today after hawkish comments from ECB president Mario Draghi sent it rallying through my previous PRZ. I am again bearish on this pair as there are two bat setups completing near an optimal Wolfe Wave sell zone. A new daily pivot sits below price to add to the bearish bias. Targets are placed at the new pivot and near the 1-4 WW...
CADJPY has completed several patterns in an area confluent with a bullish Wolfe Wave buy zone. There's also a strong trendline to support price in alternate bat PRZ. Confluence in the PRZ: 1. 3 Bullish Crab Patterns 2. Alternate Bullish Bat Pattern 3. Long Wolfe Wave Buy Entry 4. Strong Trendline Support Thanks for viewing and don't forget to hit the...
Reading the chart After the pair broke out to the upside, it came back to test the broken channel. Now, this breakout represented itself as a completed harmonic pattern: the alternative bat. Also, the RSI (7) is heavily oversold and comparing this strength with the previous low (close) it tells me that the bears were sold out too soon. Therefore, this could mean...