To those who trade based on currency correlation, this is one setup you have to look at. On the surface, the NZDJPY and NZDUSD both have a Bullish Shark Pattern on the 1-hourly chart, but if you look closely at the 4-hourly chart, you will be able to see the future of these two pairs differs from one another.
On the NZDJPY, the Shark Pattern is more direct, in...
My analysis of this Bearish Crab Pattern still stands, but generally, I'm not optimistic when I see a series of consolidations happen before the completion of the Crab Pattern.
Patience is Virtue.
Let's see how this trading idea pans out.
DIA bullish hammer end of wave 5 wave 3 downtrend. Wave 4 of downtrend gotta be quick into Fibonacci 50% retracement.
Order BUY DIA ARCA Stop 295.19 LMT 295.19 will be automatically canceled at 20230101 00:00:00 EST
Order BUY QQQ NASDAQ.NMS Stop 277.04 LMT 277.04 will be automatically canceled at 20230101 00:00:00 EST
QQQ daily bullish at exact bottom expect ABC movement for wave 4 of the downtrend. Countertrend to Fibonacci retracement 50%
Order BUY SPY ARCA Stop 368.32 LMT 368.32 will be automatically canceled at 20230101 00:00:00 EST
SPY daily bullish hammer ABC correction for wave 4 of downtrend. Expect fibonacci retracement 50% before we go lower. Countertrend.
A potential double-top setup is great for both counter-trend and trend traders to hop onto the trade.
The trade might not hit my final target taking level but there's a high chance for it to reach my risk-free zone before market close(finger-cross)
Order BUY AMZN NASDAQ.NMS Stop 116.44 LMT 116.44 will be automatically canceled at 20230101 00:00:00 EST
AMZN daily bullish hammer wave 4 of downtrend into 50% Fibonacci retracement gotta be quick countertrend.
As much as I like to prize this Crab Pattern as the ultimate setup for the week, this Bullish Crab Pattern has a major warning sign.
Trained Harmonic Pattern traders can comment at the bottom.
The reason I would still consider this a Crab Pattern is because the levels converge at 104.08.
The better setup this week is the Bearish Crab Pattern on the USDJPY...