Here i see a Cypher Pattern on the NZD/JPY chart. And what i noticed, if you zoom out; on the daily chart there appears to be a crab pattern that has rallied as if it going to complete as suggested, but this Cypher pattern has me thinking that the market will more likely continue in downtrend and break the structure of the crab pattern therefore ruining that...
Here we see a developing Bat pattern in a triangle or wedge pattern. we know that wedges generally rally out at 3/4 of the triangle, be it up or down. So what we should expect to see happen here is that the market will rally down into previous structure around the 1.618 extension of the AB leg. when the market does so, it will complete the bat pattern...
In order to recover from my loss on USD/CAD, I have found a Gartley pattern in the market at around 1.20090. this pattern looks pretty strong and i predict that the market will reverse to the 1.618 extension of the BC leg of the Gartley pattern. I have placed my short as high as I would consider the pattern effective, and my stop at the top of the Garltley...
As you can see price is is just at the bearish trend. if price break, it should go the top at 121-122 area. But if price bounce it should go to the Support at 118.10-118.50 area. if price break this support it should go to the bullish trend and then we can see if price bounce or not to make another trade. For many reason i didnt put in the chart i believe more...
Price is at the resistance of a bullish wedge. there is no signals of a break of the resistance, so if price dont break, there is a possible trade going short to the support area. 601bps of gain. i will post a new analysis for go long at the support and a possible break of the resistance for go long again with a bullish wedge pattern.