My last post-learning about patterns got a very lively response. I realized that this topic is interesting to you.
In the messages, I was also asked to talk about the "Harmonic Patterns" or, in other words, the Gartley patterns, which got their name thanks to the first who discovered them on the charts - Harold Gartley.
What do you need to know about these...
Let's say you're new to trending. You have a deposit - for example, $ 10,000 - which you are ready to invest in earnings. And you come to the market with one thought - how to make more money!
The first question that you should ask yourself before starting trading is: "How not to lose the money you already have?"
Risk management will help you with this....
the weekly chart of this market shows that it will experience with a high probability an uptrend in the coming days but it is also necessary to be vigilant of reversal of this market towards the opposite one.
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Unfortunately the break happened on a Friday. Will be looking to enter this trade next week as I do not want to hold over the weekend in this type of macro environment.
First of all in terms of market structure, we had an uptrend with defined and multiple swings. What we look for. Then we stopped making higher lows and began ranging. We thus have seen 2/3 ways of...
Still not very clear but looks like we got a possible long term top formation here. Broke the support, few failed retests as well. If it’a real, we should see rejection and drop happen at any moment. So in other words, even though there is room to that blue zone, it should actually not even come close any more and simply drop from this very moment.
Maybe not the most popular trade idea given what is occurring with Turkey geopolitically, but a good set up nonetheless.
Been in a downtrend with multiple waves, and we hit a support/flip zone which can be seen by going further back or on the daily chart.
A double bottom indicates a possible exhaustion of the trend as no new lower lows have been made.
1h: Awaiting a break below the consolidation for Bearish continuation.
Turkey has been under pressure from Trump and it seems that the economy will not recover anytime soon.
Note: The currency have been in consolidation for the past 6 months which was a retracement from the sharp down movement from August 2018.
For now we wait. Although we have ourselves something like an ascending triangle, still, we need a confirmation break through one of the highlighted areas, before examining a further directional move.
The chart is straight forward.
Please see the chart for levels, targets and the scenarios.
Don't forget your stop-loss