Bearish on the EURCAD
Pattern Identification
Price went up to 1.5150 late last week to complete the bearish Bat pattern.
It also formed a rising wedge (reversal) pattern and broke below
RSI forming a bearish divergence
Trade execution
Took a short trade after price went below the lows at 1.4953.
Stops are still currently above the 1.50 mark at...
A potential butterfly pattern is about to complete.
RSI is not at overbought level yet.
R:R at 1.5 (TP1) and 2.6 (TP2).
I will update when pattern completes.
What will the Fed do?
We have a couple of major US announcements this week, mainly interest rate decision, NFP and unemployment rate
It seems like the Federal Reserve will signal no change in its plans to gradually raise interest rates despite recent weakness in the economy, Trump's tax plans won’t factor much in central bank decision-making
Fed officials...
I believe that although this AB=CD pattern complete early last week (see my related post).
The trade is still in play.
Pattern Identification
AB=CD completed at 1.4868
Rising wedge forming right this moment
RSI continues to show bearish divergence
Trade Execution
Let the price break below the rising wedge for a trigger, or a retest of the wedge
The EUR has been on a tear since the Emmanuel Macron leads the polls in the French presidency elections. Macron is known for his pro business and pro EU stand.
Pattern recognition
Completed the AB=CD pattern at 1.4868
Bearish divergence on the H4 RSI
Trade Execution
Can potentially take a short now with stops above the recent highs 1.4915
Bat pattern has completed
RSI at oversold level
R:R at 1 (TP1) and 1.7 (TP2)
Keep a lookout for RSI divergence.
Previous idea on USDCAD completed bat pattern showed RSI failure to show any sign of retracement below 70.
NZDUSD dropped drastically last week to a strong support level 0.6850
Stabalised over 3 days, formed a harmonic pattern for traders to go long.
Will see how this plays out to try get into a trade.
The beauty of trading Harmonic Patterns is that at any one price level, there will not be a sell and a buy signal happening together.
Pattern Identification
I see a smaller bearish Shark completing at 0.9485 level. If price respects and rejects this level, we could potentially see this fall to the 0.92 levels to complete the bigger Bat pattern.
Trade...
Here we have a completed crab pattern with price closing slightly above PRZ.
Price hit the top of the ED channel but did not close above it.
Overall trend is still bullish, but we might be able to trade within the channel.
RSI is currently overbought, will wait to see bearish divergence
Daily candle looks like a shooting star/inverted hammer, good signal to...
Pattern completed last week with price closing below PRZ.
I'm waiting for a retest : Price to at hit PRZ and RSI to hit overbought level again before considering to take a short trade.
Based on the ED channel I've drawn, trend seem to upward.
A short near or at the top of the channel will be ideal.
Good R:R at 3.1 (TP1) and 5 (TP2).
Do adjust lot size according to...
Despite having a pinbar last month, this month has been bullish.
The 78.6% level has been retested but pattern did not complete, pattern completed in January 2017.
We might actually be looking at a very huge movement ahead.
R:R at 1.9 (TP1) and 3.4 (TP2).
I'll aim for 61.8 fib level first. Let's roll.
Hi guys,
this is an advanced pattern formation called Bat, its completion point comes around 1,3430s. Stops above X, targets at the 382 and 618 retracement of AD leg.
If you have questions or if you want to share your view, feel free to comment below.
Otherwise, see you in the next chart!
Bat pattern has completed, Price has hit PRZ, PRZ is also at a good resistance zone
RSI is currently at overbought level, will wait to see if it shows a bearish divergence
Good R:R at 1.7 (TP1) and 2.9 (TP2)
Keep a lookout for RSI.
Hi guys,
this is the hourly chart on USDCHF. I'm interested in buying this cross and i'll briefly explain why: first of all, price is testing a key structure level that proved to be strong in the recent past. Then at this level also happens to be the completion point of an AB=CD pattern.
In the 4H timeframe RSI is in oversold condition (additional clue).
Here you...
