As you can see, lots of potential action here on the GBPJPY following our Rising Wedge from earlier in the week. Yesterday I recorded a video talking about this rising wedge as well as a MUST own trading book, so make sure you head over to my Youtube page and check if you if you haven’t already “A Trading Book Must Own & Trading Simple Patterns”...
COMPLETED BEARLISH BUTTERFLY PATTERN: AB=0.786XA; CD=2.618CB XD=1.618XA ZONE FOR SELL: S/L above 139.100 Target 1 = 137.550 Target 2 = 137.1600 Thanks for your likes and comments!
The pair bounced off of the last line of defence of the PRZ of the bearish crab @ 2.1418 (3.618% extension) and is heading back to 2.07207 to find support at the 50% correction of 2008. It is possible that this pair will consolidate for a bit between these two levels after several months of trending up. For now, I have several reasons to long this pair: - a...
Although the title only says 'bearish butterfly', there are a number of things I wanted to show you guys here (hence the cluttered chart, I'm sorry about that). I'm not going to go into great detail because we have yet to find out which "indications" are going to prove useful. Lets take a look: - Structure : A lot of strong support and resistance levels. I've...
Last Friday we saw most of the majors rally against the USD after $DXY completed a bearish harmonic pattern and created a nice daily reversal candle (see linked idea below). $EURUSD Friday's rally created a nice daily Outside bar with a daily bullish Pinbar pattern, but the price is still below the important 1.1 structure zone that now comes with additional...
Ok, before I retire for the weekend, here's one more post. This Gartley I posted about 2 days ago has come through unscathed by the NFP. In fact, the NFP turned out to be almost a non-event! Big build-up. Big let-down. Now we wait for the next "big" news release: the FOMC for clues about the interest rate hike speculated in September. Meanwhile, this pair will...
COMPLETED BEARLISH BUTTERFLY PATTERN: AB=0.786XA; CD=2.24CB XD=1.27XA ZONE FOR SELL: S/L above 1.07600 Target 1 = 1.06800 Target 2 = 1.06630 Thanks for your likes and comments!
As a trader, one of the things you must do to be successful is to keep an open mind. NEVER get so bought in to your analysis that you fail to see the flipside. Our mentality as humans is that we're never wrong. And that if something does not go our way, it's somebody else's fault or something else went wrong like "oh, it was some unexpected bad news release" that...
What I wanted to do here was to focus in solely on the Gartley that has just completed (at the .786 point. Not the .886 point which I know is also a Gartley level). I wanted to examine it further and more in depth to try to pinpoint as best I can if and when prices would turn. Here's what I found: 1. There is a AB=CD pattern from the A point to the D point....
$HD is showing strength in a consolidating market and making its third attempt to break the 118$ resistance zone. Right now, 118$ is a strong resistance that may hold and send the stock back down to test the bottom of the rising channel you see in the chart. If $HD breakout attempt will be successful and the price will close above 118$, it may rally towards its...
In my last post on this pair (see Related Ideas: " ANALYSIS: EURUSD: All Roads Lead To A Wave 3"), I identified a bullish Gartley and a bearish butterfly patterns. In this update, I have removed the bullish Gartley as I do not think it is relevant anymore although it is STILL valid. But as per my possible updated wave count, I don't see prices heading any lower to...
Wed, July 29- UPDATE #2: Hi everyone, I've CLOSED all of my positions on this trade at current market price. FOMC coming up in less than 25 minutes. UPDATE #1: Hello everyone, Trade is ACTIVE now. Remember I will be closing this trade at 1:30 pm (NEW YORK TIME) today, if we don't get stopped out here !! Hello Traders, Here we've a BULLISH Butterfly...
1.618 Butterfly pattern with divergence/trend-line break. Taking profit off at the weekly pivot and then B point of the Butterfly pattern.
Let's try this again.... So this pair has been just going up and going up and going up! And recently, it has even broken through a long standing resistance dating back 7 years ago! So why not think it's gonna keep going some more? So what to do now? I've been bullish on this pair and even am calling for MUCH MORE upside to come! But wait....is it probable that...
Next target, if it'll breakout of 1.44 - Completion of Butterfly near 1.48 Swing trading 1.4 is the nearest support zone (along with the uptrend line). If $EURCAD will reach there it may present a better entry (bullish) A breakdown of 1.4 could mean shift in trend
This pair is nestled against the MAJOR resistance level that dates back to October, 2008. That's 7 years ago, folks! It took this pair 7 YEARS to again reach back to this point! Do you think this level MAY cause some kind of reaction in prices? Or do you think that prices will just ignore it and blow right on through? We're about to find out in this next 7-10 days...
This setup has given a few traders the achey fakey in trying to predict what pattern is forming.