Yesterday in my 1H chart post (1 hour) I suggested that prices would seek to test the black downtrend line by the end of yesterday and this occurred. From the chart you can see that the price made a high, crosed over the moving average of 50 hours, touched the moving average of 200 hours (yellow line), reversal point of the very short-term bullish movement.
GBPCHF seems to have the necessary strength to get out of a 5-week congestion phase. that is quite unusual for such a volatile currency pair.
Buyers seem to push the price higher, already attempting once to break the resistance formed by the sideways trend. Bad news is that the price is currently also forming lower highs, showing a very tight pennant on the...
A roomful of bats. that's what I love to call it, but do note that if the bearish bat is activated the bullish bat will be invalid.
This also means that the market may move into a sideways consolidation.
Within the supply and demand zone prices are expected to have rebound.
A bearish shark formation forms inline within the minimum requirement.
I will wait for a close of the 1-hourly candle and plan in for this countertrend trade within the sideways bounce setup, did I not mention it is also a bearish bat type2 setup. It will be a stack trade.
GBPJPY recently has shown good action by buyers. I'm waiting to see if this action continues and is strong enough to take GBPJPY out of a sideways trend that seems to be very solid in the last period. I place my buy stop entry order out of the congestion phase to confirm the breakout and the strength by buyers.
Risk to reward is great for this trade :)
A shark pattern within another shark pattern setup on this trade. I was waiting for a retest but vola, I've spotted another bullish shark that provides a deeper entry for me to engage the trade.
If point C for the baby shark is not broken then I will have a deeper entry opportunity.
after building up pressure here right at a flip zone i see 2 possible ways to go before taking ation...
1) we break out below the sideway move at the moment going into demand at lower flip level before price starts another rally
2) we break above the sideway move at the moment just to pullback andretest the break out area and start the rally
so i will take...
A bearish bat setup within the sideway bounce and within the type2 bearish shark setup on the 4-hourly timeframe is like the most amazing setup that enables me to stack trade.
Yeap, that's the new term I'm calling it, low-risk, high-return. Having any consolidation before the near completion of the pattern worries me and got me really uncomfortable. I will need...
A bullish shark pattern has completed, as well as the 5-0pattern. Right now I'm waiting for the check-back(retest of the support) for a Type2 shark entry.
Pending order has been set, while I'm off to enjoy my weekend.
A bullish shark pattern setup as a countertrend trade on a sideways market.
I will wait for market confirmation to engage this trade and as this is a countertrend trade I will not extend any targets, personal preference.
STRATEGY: Support and Resistance - Short Term Reversal Strategy
Long Term Trend Time Frame: 1D/4H
Focus Time Frame: 4H
1D Short Term: Sideways
1D Long Term: Uptrend
Area of Value (AOV)
Resistance: 1.2953 - 1.28901
Support: 1.24809 - 1.23807
4H: Price Rejection / Inside Bar
Entry Price (EP): 1.27482
Stop Loss (SL): ...