USDCAD has just made a shooting star candle, to - hopefully end the uptrend. As I have marked with arrows, the last 6 uptrends (uptrends market with green trendlines), has ended with either a shooting star, or a doji.
Then why should it not end a uptrend like that now? Priceaction has also retested the trendline, which we broke a while ago.
My targets will be at...
Lately we have seen a very weird scenario in gold and the xau index. They have differented from each other, although they have been following each other for a long time, as you can see on the chart. (Red line illustrates XAU index and canldes gold).
An AB=CD pattern and a bearish gartley pattern is soon formed in XAUUSD and that is a good short setup, since we...
In my trading plan there is 2 possibilities for shorts on UJ.
We can short at structure, market with the blue box. Or a greater short possibility would be at the D completion of the bat pattern.
We had a rush down, and we should maintain the downtrend.
GBPUSD has formed a bat pattern on the 15min timeframe.
I see the bat pattern traded many different ways. Some like that priceaction at the C leg can't close above the .886 retracement of A-B move. Some think that as long B-C is under A, then the pattern is valid.
Some only trade batpatterns in stocks, some only in forex.
There is no 100% right way to trade it....
GBPJPY comes with lots of patterns. 2 gartley patterns could form, while a triangle pattern is also forming. If we can break out of the triangle, then I will be long to the completion of the BLUE gartley pattern. Here I will take my profit.
Then if priceaction comes back at structure, I'll go long until price hits D completion of the RED gartley pattern.
Best week since 2011, it has to go down, before it gets further up. With lot of resistance from top, and most traders placing shorts, it will surely go down on monday. I am short at 2160. Targets at box.