USDJPY has a confirmed descending triangle setup, I will be waiting for a retest on the trendline for a trend trading and trend following trading opportunity. A break and close above the trendline will invalid the trade.
Although a lot of traders are looking to short GBPUSD, the technical setup doesn't show any signs of weaknesses on this pair. The market has hit Target1 2times on the Bullish Gartley Pattern(yellow) setup. Will there be a Type3 Gartley Pattern? Well, I doubt so, it is more likely to have a Bullish Butterfly Pattern(blue) than a Type3 Garley. I'm waiting for a...
On the 4-hourly and 1-hourly Chart, EURUSD is on a bullish trend. The earliest price for trend traders who prefer a retracement(pull-back) to engage the bullish flag pattern is 1.2071, personally, I will be waiting for 1.2055 to engage the flag pattern.
A bearish butterfly has just setup on the 1-hourly chart. This Harmonic Pattern usually will create a V-Top and hardly retest. However, I'm not staying up till 0200(+8GMT) or 21:00(UTC+3), the call is yours, I'll access this tomorrow.
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.
There's an emerging Bearish Bat Pattern for a Shorting Opportunity, but before I engage on the Harmonic Pattern there's an opportunity to long USDCAD before the setup. And this is possible because of a the break and close above the bearish trendline and a trending that provide a buying opportunity.
USDJPY is on a bullish trend and it has the most interesting setup. If the market didn't break and close below 108.70, I will be looking for a buying opportunity. Once the market extended to 109.62, I will be waiting for a bearish engulfing candle for a shorting opportunity on the bearish shark pattern setup.
An Emerging Bearish Bat Pattern gives the counter-trend trader an opportunity to engage the trade. Trend Traders can wait for the market to retrace to 1.3793 for a buying opportunity.
The red box(sell zone) is drawn on the daily chart, I'm waiting for a bearish engulfing candle on the 1-hourly chart for a shorting opportunity.
GBPUSD is the exact opposite situation compare to EURUSD. GBPUSD Daily Chart is on a Bullish trend whereas the 1-hourly and 4hourly is on a bearish trend. Check out the EURUSD post if you like to understand why the market move in such a manner. My plan for GBPUSD is to wait for a retracement back to 1.3768 but not breaking and closing above it.
In trading there's a common saying that the market will either goes up or down, that statement isn't true. What's true is that when a market consolidates, it will definitely break out of the consolidation. You can wait for the break and close beyond the trendline and start planning your trade.
The candle has broken and closes above the bearish channel on its daily chart, it shows a potential change of trend, on top of that the Bullish Bat Pattern is about to form up. I will wait for candlestick confirmation at 1.2518 for a trend reversal trade.
If you are a Harmonic Pattern Trader, allow me to ask you 1 question. Why is this trade setup not a Gartley Pattern, not a Deep Gartley Pattern but if it forms up it will be a Crab Pattern? It is easy for one to read up and claim proficiency in the area, but what's more important is that you are able to identify the difference and avoid unnecessary losses. The...
If you have been reading my analysis, you might be thinking USDJPY will be alike to EURUSD or GBPUSD. Well, not this time. USDJPY is in a unique situation where the daily chart is on a bullish trend, 4-hourly chart a weaker bull(which I will not take action) and 1-hourly a bearish trend. Knowing how to identify the trend helps a trader to determine if they are...
EURUSD on the daily chart shows a bearish trend, but on the 4-hourly and 1-hourly chart is on a bullish trend. This could mean that the lower-time frame shows a potential of change of trend or it is merely a retracement within the bigger bearish trend. What should you do then? Trade what you see, or don't engage the trade if you aren't comfortable. As for me,...
A bearish crab pattern form on the daily chart of EURJPY with an RSI Divergence. This trade can take up to 2 weeks for it to complete its run. Patience is required. Are you game for this?
Trendline - 1 of my favourite tools I use for trading, it is suitable for most trading situation and when using right, it can be a leading indicator. As long as the candle didn't close above 0.7043, the bearish trend stands. Breaking and closing below 0.6997 shows that the strength is having a strong bearish run.
A trend trading opportunity on the daily chart is a product of a bearish run on the daily chart(link below) that I've shared on last weekend. Congrats to those who have taken action on the trade. Stop-Loss goes below X with our designed buffer. If you have attended our webinar on 28March, you can start to apply trendline on this setup.