A counter-trend setup on GBPUSD, a Bullish Shark Pattern that is completing at 1.2015. As Shark Patterns can be tricky, a candlestick pattern confirmation is important.
In this week's Weekly Market Analysis, we are looking at EURUSD intra-day timeframe. There is a Deep Bearish Gartley Pattern that is complete at X at 1.0246. Candlestick Pattern confirmation is a requirement before engage the trade.
A Bullish Shark Pattern has checkback and retest. It seems like a busy Monday for Japanese Yen traders.
Shark Pattern is the most tricky Harmonic Patterns, I will have to wait for candlestick close at 1pm(GMT +8) to decide if this is the trade for me.
On the daily chart, the NZDUSD has hit its Key Resistance Level; it does have an opportunity for trend traders to jump onto the trade. On the 4-hourly chart, Point C of the potential Bullish Shark Pattern has a 3-bar reversal formation compared to Point A, and there's an RSI Divergence too. Point C candle didn't break and close above Point A; the above...
The Bullish Bat setup could allow counter-trend traders to engage in the trade. Before you get all excited on the Bat Pattern on the 1-hourly timeframe and potential sideway bounce setup on the 4-hourly timeframe(related ideas within tradingview post). The Bearish Crab Pattern that was completed at the HOP level is a valid setup and it had hit its first target...
A Bullish Bat Pattern has been completed; once the market opens, the aggressive trader can consider engaging the trade to long the market on the trend trading setup. Conservative traders could wait for the price to reach 135.82 before engaging in the trade.
As a structure-based trader, I will wait for the market retest at 1.2040 with an RSI Divergence and the candlestick pattern to touch 1.2050, but a close below 1.2040 would be a perfect opportunity for me to engage the trade. If the market breaks and closes above 1.2050, I will patiently wait for Bearish Shark set up to engage the trade.(link of that analysis is...
Harmonic Patterns in a trend trading setup are possible. The Bearish Shark Pattern became a perfect setup for traders who want to get into the trend trading setup, but do note that it is possible that the structure trader could get involved in the trade. Check the related ideas at the bottom.
This Bearish Shark setup might concern traders who trade Bullish Flag Pattern. I will observe how the market reacts at 1.0264 for a shorting opportunity, the RSI Divergence does gave me additional confirmation to short the EURUSD.
A Bullish Bat setup is here for sideway, counter-trend, and harmonic pattern traders. Two things to note, the market has not retraced to 1.7366 to validate the setup and Point C touches Point A candle body, which always bothers me. Despite of that, what I like about this setup is its profit factor and the RSI Divergence.
A Bearish Butterfly rested in the key resistance zone is usually a perfect setup for me, however, there are some imperfection on this setup. A break and close above the previous Bearish Trendline. This is true, but at least it didn't break and close above previous structure, fingercross. The next thing I'm not comfortable is that the 4-hourly chart has an...
CADJPY has a potential Bearish Bat Pattern that completes at 106.77. A candlestick pattern confirmation is important, and that's because there's a Potential Bearish Butterfly Pattern on the Daily Chart. There's no need to be over concern about that; as long as you are following the trading rules, it will be fine.
The Bearish Deep Crab Pattern completes at 86.05 which is within the structure retest on the daily chart, a perfect setup for counter-trend traders to head in for a shorting opportunity.
USDJPY is on a strong Bullish Trend. However, counter-trend traders can wait for a retest at 139.11 to engage a shorting opportunity based on the Bearish Crab Pattern retest at the HOP level. A retest at the HOP level also means I'll be getting a RSI Divergence.
GBPUSD is on a very bearish trend. Trend traders who are looking to ride on the wave can wait for a candlestick pattern confirmation at 1.1943 to head in with the Bearish Bat Pattern setup.
The Bullish Deep Crab Pattern on the Daily Chart might not form up, and even if it did, it might not be ideal. However, if you have long based on the counter-trend trade on the Bearish Parallel Channel, congratulation is in place.(check out last week's chart at the bottom of the tradingview link). Alternatively, you can wait for the Bearish Shark Pattern on the...
For those who had missed the Bullish Bat setup on the 4-hourly chart(link under the tradingview post), you can wait for the Bat Pattern setup on the 1hourly chart, which is often referred to as the intra-day chart that completes at 160.77. Students will be able to observe how I manage this trade and how I would make a trading combo out of this 2 chart with...