Double bottom forming after bullish 123 move. Formation also happens to be forming on the potential second shoulders of an inverse head and shoulders pattern which is forming at the lower level of a bottom trendline in an ascending triangle. These are all pointing toward more upside.
If Initial target is achieved, consideration should be placed in moving stops to...
Gold has a daily uptrend structure and, on the 4H, has now retraced into resistance that could (and has been - to a degree) acting as support.
If the orange zone can be violated, a 123 move will be complete and we can begin to look for longs on retracements into structure up toward the previous high and perhaps upto the 1360 mark for second targets.
An idea might be to wait for traders to get onboard the obvious head and shoulders forming here and watch if price drops lower with some momentum into areas where obvious stops are placed, and get into a short on a retracement into structures above toward the 1.31 mark.
Ofcourse I could be completely wrong and miss the aggressive entry on the head and shoulders,...
All on higher timeframe Head and Shoulders pattern completion.
1Target as higher timeframe has seller control.
Stops can be tighter for some but rules say to place under technical low.
This pair has just broken past a solid resistance in the form of a 4H head and shoulders pattern to the left so my thought is that we are headed to the next level just below 132 flat.
We have a nice trend on the 1H and has recently seen a double top where price was unable to push through. This signals a potential relief for me and if the yellow line is broken and...
EURGBP has started a downtrend (structurally speaking)
I believe our ultimate destination, aslong as the downtrend holds below the 90 level, is 87.
As a result I will only be looking for bearish opportunities down to 87. The yellow zone shows my area of interest.The zone contains the 89 flat level which also aligns with a nice S/R flip zone + the completion of...
This pair hit some daily resistance and has now broken out of a consol before forming some higher highs and higher lows. My prediction is that we will be testing the 145 mark so I am on the lookout for shorting opportunities.
There are multiple shorting reasons aligning near the 148 mark :
Bearish bat completion
Upper zone of a downtrend...
Pair is down on daily and has come into previous trend structure on 4H where it has been met with a great S/R flip zone + the 50 EMA + aggressive break of the trendline.
Stops are half ATR above the consol that was just broken.
This pair looks to have resumed its downtrend and I am looking for a retest of the formed bottom.
Bat pattern, ABCD, 1618 extension have formed within previous trend structure.
Dont trade patterns in isolation but do take them with other confluences in trend continuation situations like this one.
4 HOUR (see screenshot)
Price has failed to hold above...
1. Daily tells me we are headed to 128
2. Downtrend channel
3. Double top at the highs of channel (1 hour) which happens to be at around 130 flat
4. Nice pinbar (4H) signalling rejection of prices above 130
Not entered yet, waiting for a small pullback on the current candle
Stops are placed 1ATR (1H) above the initial test of double top (=Pinbar on...
I trade 2 different strategies , one for trending market (BC) & one for consolidation (SHS).
A special situation has occurred here where I have a signal from both strategies to long.
As I trade both of these as separate entities with separate risk allocations, orders have been placed for both strategies. Unfortunately, the entry requirements for the strategies...