Looking at EURJPY here for a potential continuation bearish price action.
We can see after the impulse phase from the top, price correct into an expanding structure.
Within a few swing highs and lows, double tops, combining with a rising wedge reversal, giving me a bearish price action confirmation.
Now that price has broken down from the wedge,...
Here on USDSGD, there's potential opportunities for a bearish continuation to happen.
We can see after a strong bearish impulse phase on the higher time frame, price begin to correct within a larger expanding correctional structure.
With a few swing highs and lows, price had a move up, but failed to continue higher. with any further bullish...
What you witness here is a typical Expanding Diagonal. This last leg can push above the trend line, BUT dont be fooled.
"Contracting diagonals can overshoot its trend line during wave 5 (called throw-over) and still be valid as long as wave 5 remains smaller than wave 3"
We are already seeing a clear break-out of the bullflag!
Most of USD pairs are due for some strength, and looking at USDCAD's price action here certainly can lead into some opportunities.
We can see there is a higher time frame descending channel correction, pushed the price down to a double bottoms.
Once the price reaches around this area, we begin to see an expanding kind of correction.
As we know...
It looks like ETH is moving in expanding channel which means more bullish moves are coming in this pair. After making new highs ethusdt formed a pinbar candle in the D1 chart which is a strong bearish sign but on the very next candle, it turned the bearish scenario into bullish again. Now we are looking for at least 3000$ target in this...
Most JPY pairs are also showing some bearish price action and GBPJPY looks the cleanest for me.
We see the previous sell setup from the top of a double tops, "M" style pattern, and then price falls into an expanding correction.
WE can start to see a HTF Head and Shoulder as well.
As we know expanding type of correction can be more advance, so...
I haven't update bitcoin for a while since the last bearish move down where I sold my previous hold position.
Now that the price developed more on the lower time frame, its show a bit more structure now.
We can see price did broke the all time high briefly, before a short lower time frame impulse out of the ascending channel.
Possible buy. Watch for a double bottom or inverse head and shoulders for extra confirmation. Pattern likes to reach the 78-88% fib zone and sometimes the 100% or slight past that. Pattern is in an ABC correction and currently in wave C.
Nice expanding flag. Wait for price to reach the 78-88%. price should be in ABC corrective phase. It should be in wave C. If the ABC correct will reverse with this pattern it likes to reach the 78-88% and sometimes 100% or slightly more then reverse. For extra confirmation be very patient and wait for the W/double bottom to form or an inverse head and shoulders....
Expanding flag failing to major trend lines. Love these setups. Best entry is near the 78-88% or after you see a W/double bottom pattern or inverse head and shoulders near previous support. Also a head and shoulders up top, head to neck measurement looks complete. Another reason to look for the long reversal. Sometimes these patterns will break the previous low...
Welcome to 2021 :)
Hope all is well, and are ready to make it count in this year.
I will start off with some USD pairs that could shape into good R:R trades if we have the confirmation on the lower time frames.
Here in NZDUSD, finally see a potential structure completion at the top of the overall price action.
We have this expanding structure...
NASDAQ is shaping up for the sell we have been waiting for.
Price continues to move up correctively in the ascending channel, and finally we see some reversal price action at the previous all time highs area.
We see a Double tops, and LTF bearish breakout from the price.
Last confirmation I want to see is a LTF continuation correction for the...
Eurjpy filled its gap from 6th of May and reaches a resistance zone with an extended fifth wave. So if there will be a strong pull back then a three waves correction maybe a Zigzag correction would be underway.
Such a strong movement I NEVER trade contrary. Wait for a clear reversal
Short in the short term. Expecting ranging for the next few weeks before some continuation higher. Expanding wedge leading into further sell off. Head and shoulders on shorter time frame just confirmed. Figured why not trade some Bitcoin during quarantine.
A possible trade for next week forming. Price has made a strong bearish impulse lower with a wicked candle. Price action looks to be forming an expanding pattern ,with a third touch of the top structure a possible next destination. I would be looking for price to consolidate first and an entry may become available within the support zone . One I will be watching...