Tripletop
AUDCAD short set up 🦐AUDCAD on the daily chart hit and bounce over a weekly support.
After an uptrend move the market couldnt make new highs and created a triple top before melting in 3 strong bearish day till the 0.618 fibonacci retracement of the previous leg.
We can expect the price to retrace a bit for week closure, being today the last day of the week.
IF the price will break and close below the weekly structure, we will set a nice short order according to Plancton's strategy.
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Follow the Shrimp 🦐
Here is the Plancton0618 technical analysis, please comment below if you have any question.
The ENTRY in the market will be taken only if the condition of Plancton0618 strategy will trigger.
GFF Triple Tops (bearish)I found this pattern at tickeron website with the following data:
STATUS = Confirmed
CURRENT CONFIDENCE = 70%
TARGET (EXIT) PRICE = 18.20 USD
BREAKOUT (ENTRY) PRICE = 19.01 USD
DISTANCE TO TARGET PRICE = 1.02%
EMERGED ON = Sep 18, 08:00 AM (EDT)
CONFIRMED ON = Sep 21, 09:36 AM (EDT)
WITH CONFIDENCE LEVEL = 75%
The Triple Tops pattern appears when there are three distinct minor Highs (1, 3, 5) at about the same price level. The security is testing the upper resistance level (horizontal line formed by (1, 3, 5), but the price ultimately declines as buyers give up.
This type of formation potentially happens when investors can not break the resistance price. There is a distinct possibility that market participants will sell out, and the price can move down with big volumes (leading up to the breakout).
Trade idea
If the price breaks out from the bottom pattern boundary, day traders and swing traders should trade with the DOWN trend. Consider selling the security short or buying a put option at a downward breakout price level. To identify an exit, calculate the target price by subtracting the pattern height from the breakout level. The pattern’s height is the highest high minus the lowest low, or the bottom resistance within the pattern. When trading, wait for the confirmation move, which is when the price falls below the breakout level.
To limit potential loss when price suddenly goes in the wrong direction, consider placing a stop order to buy back a short position or sell a put option at or above the breakout price.
nzdjpy triple topThe pair has formed a triple top in last months and now it will drop towards the 200-day simple moving average at 68.8, it could be the first target of the bearish impulse because if that moving average will be broken nzdjpy could reach even 66.00 which is one of the most important support zones.
New Zeland economy is not performing very well and the RBNZ will lower the interest rates in early 2021, the LSAP purchases programme could be enlarged and this will reduce the NZD value, the GDP in the second quarter fell 12.2% and is expected to be -0.5% in 2021, so the new zeland is in a recession phase; The Bank of Japan will try to reach 2% inflation next year , the economy is still in a severe status but it is picking up especially the exports.
The trade has a good risk/reward ratio , anyway use a proper money management.
Enjoy your trading!!!
EURJPYUPDATE: Full triple top pattern formed and support broken, price is now falling nicely. This is the only trade i have taken this week, quality over quantity is crucial when trading.
OKTA - Triple Top??OKTA has formed a triple top pattern (potentially bearish). Despite the last top to be higher than the 2nd, a bearish divergence formed and it came down very quickly to the "neckline" @ 193. The odds of it breaking below 193 have increased and should it have a close below 190 then the downward trend is set in motion until the next support @ 173-177
Disclaimer: This is just my own analysis and opinion for discussion and is not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance. Thank you.
AUDCAD H4, possible triple top trade!Price is currently in a major resistance zone with multiple hits that were followed by massive bearish moves. Drop to a lower time frame and look out for a reversal pattern in this zone. Enter a sell after price breaks out of the reversal pattern in the direction of the trade. Good luck!
Triple bottom and Triple topIts just send a powerful signal for Triple bottom and next target ... BUT be careful it may crate a RECTANGULAR PATTERN and just come back to the support line again
ETFMJ- Cannabis ETF- Capture the gain (Industry)Cannabis industry, after a wild run-up and capitulation in 2018, has been trading under its intrinsic value for a while.
For investors who want the exposure to the industry without taking on the excessive amount of risk associated with individual cannabis stocks, ETFMG Alternative Harvest ETF is the way to go.
Go long now in the trading range or go long in the demand zone if the consolidation break-down happens.
EUR/USD: Triple Tops With +470 Pips Target Ready To Enter Now This is an educational + analytic content that will teach why and how to enter a trade
Make sure you watch the price action closely in each analysis as this is a very important part of our method
Disclaimer : this analysis can change at anytime without notice and it is only for the purpose of assisting traders to make independent investments decisions
Triple Top: Here Comes the Crash!!! Sell Everything Now!!!It's time to sell. Triple top, decreasing volume, unfilled CME gaps. We're going Sub-10k very soon!
AUD/NZD - SELL potential 1) Price at Major resistance zone
2) triple top
3) Price moving in a bearish channel
4) waiting for the price to break the neckline first with a retest then entry
5) clear divergence
6) 2nd entry after price breaks the bearish channel and then a correction = entry
NASDAQ bears take over -------------------------------------------------------------------
pros:
triple top pattern
bearish divergence
resistance 2 times not breached.
US economy falling apart ?
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cons:
it is not 100%
the rsi is not overbought(as lastly was).
the trend is uptrend(but everything has to come to an end)
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it's just idea.
comment your idea.
enjoy,and PEACE!
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EURCAD in a weekly rangeBuy support and sell resistance. It is a basic rule of trading, you need not forget about the Euro strength in the past weeks.
GJs BULLISH MOMENTUM MAY HAVE DIED...There is a possible triple top formation pattern being created on the 15min Time-frame. I have been monitoring GJ all week. Price is currently testing Daily resistance, it broke above but still has 12+ hours to close. I entered a Sell order, and my profit level is indicated on the chart. I will be watching it throughout the morning, I would definitely not like to get caught in a weekend trade. Unless it's Crypto :)
LEAVE YOUR COMMENTS BELOW
USDCAD Short PositionWith an interest rate decision coming out at 1500 hours we can expect the USDCAD pair to carry bearish momentum as the Canadian dollar is expected to come out positive after the interest rate decision.
SPX 500 TRIPLE TOP OR BREAKOUT TO THE UPSIDE?SMASH that like button if you enjoy the chart.
Remember: SPX has been leading BTC.
They're heavily correlated in recent price action, I'd keep an eye on that.
Can SPX keep this momentum up? Or will we crash? What's your thoughts?
GBPUSD Short PositionTriple top which is marked by the horizontal black line signals a reversal which has been confirmed.
Although this entry may be late there are still some pips that can be caught and to be safe the TP is at the previous low.
Apollo Tyres from 5 July 2020The stock has been showing good movement May Month .--> markup then cosolidation happened ...
stock is moving toward the new level of 125 zone ....
Monthly increase of max 11% has happened in previous months ... -> max this month 20% (super max)
July opening of 108 has happened --- 108 *1.20 = 129.6 ( super max wick )
Possibility movement scenario ===
1. break the red line goes up ---> retest the red line ==> finally shooting to 125 zone
2. forming triple top --> touches the red line ==> goes down to grey zone ( s/r zone )
no very safe option strategy possible until breakout or reverse happen
if breakout call spread might be good ...
retracement till 112 possible don't lose nerve of steel ...
