Daily- Hanging Man Candlestick Pattern. Expecting Bearish Movement.
4H- "M" Pattern/Double Top.
1H- Doji (Indecision Candle) at top of last leg on "M" Pattern.
Expecting price to fully react to pattern once it breaks the neckline. Should see it return to 15000 area to complete pattern.
BTC was failed to break 46500 resistance in two attempts. Now it has formed an M pattern ( Double Top ). Also, we can see a bearish divergence in the RSI in the daily chart. So if BTC closes a 4H candle under the daily MA200 ( 45000 ), we can expect a bearish move. In that case, 43700$-43800$ can be the next support area.
NZDUSD showing some textbook price action providing us with a potential opportunity to go short. A double top M pattern completing the retest of the neckline, lining up with key fib levels. We can now see momentum starting to shift with the current formation of candlesticks (shorter bodies + longer wicks). If we are to see this area hold as resistance and break...
On the left hand side, we can see from the weekly timeframe that bulls have failed twice to hold above 1.42. Bears seem to be in control now and from a COT perspective we can also see long positions being taken off while shorts are being added. We can expect price to retrace back to previous resistance that is now support before we can see some larger moves to the...
LONG TERM BULL, SHORT TERM BEAR
I am currently long shares, writing options so technically short under my strike at times, and trading additional shares to increase the overall share count.
I like opportunities and I understand the risks involved, which you may not so do not follow me or anybody without understanding all risks involved. This is an idea based on...
Trendline identified from weekly TF. S&D zones identified from 4H TF. Looks like an 'M' pattern has formed on the 4H so i'll be looking to sell in time for NFP tomorrow. May keep one position open through it.
M pattern forming (with 3 trendline rejections, the 3rd currently rejecting)
Parabolic run up while the rest of the market was either ranging or moving up slowly
Options expired yesterday, so could see a further move downwards as we have seen in the past after options expire
Nearing the end of the week/month
Its currently the weekend where we usually see a...
Base on the monthly chart the market is clearly over extended and as well we have a M pattern. When the market is over extended what we can expect is a correction. As well we have a M pattern, so we can expect the completion of the pattern with a retracement to the neckline.