Let me know if this analysis confused you. Comment at the bottom; I like to know. The entire structure is on a bearish trend; there is an ascending channel that is shaded red, from that you know that my bias is looking for a shorting opportunity. As long as the market movement is kept within 1.1736, the bearish trend is considered very strong. Failure to do so,...
Regarding the overall trading setup, I'm waiting for a Buying opportunity on the EURUSD. EURUSD is on a sideway bounce setup, so I can wait for a buying at the blue solid line(0.9739) and shorting at the red solid line at(1.0082) for a trading opportunity. Aggressive traders can wait for buying opportunities within the Demand Zone /Blue Box at 0.9843.
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We have a potential Bearish Shark Pattern that is complete at 0.6466; for all trading patterns, a final chart confirmation is required. What matters more to me in this setup is the 5-0Pattern completion. One of the side reasons is that the completion of the Bullish 5-0 Pattern happens within the Buy Zone.
A Bullish Gartley Pattern has standout. Usually setup like this will have a V-Bottom than a retest. I still prefer a retest before engaging on the trade. You make your own call, don't follow blindly.
This Bat Pattern looks ideal but not ideal for me, but I've bigger plans for this trading setup. A candlestick confirmation on the pattern retest is required before any trade is possible.
Finally, patience might just pay off. If the current candle closes as it is, there's a high chance for me to look for a shorting opportunity, once market open. What makes is better is a Bearish Crab Pattern materialised on the 1-hourly chart. Guess we can just wait and see.
This trading setup is what matters. The 5-0Pattern setup that gives traders who are looking for a buying opportunity to engage the trade.
This kind of trading setup often worries me. Consolidation before completion, could the shark pattern have missed it by a bit? Let's see!
A Bearish Bat Pattern setup could be an opportunity for counter-trend traders to latch on to the trade. The earliest I would consider engaging in this trade is 10 am (GMT +8) as I must wait for the candlestick pattern to close. For this setup, I wouldn't mind if i touches the arrow and reverse because that could bring in the AB=CD traders to join in the fun....
A retest on 0.8709 could allow me to engage this trade that has already show a RSI Divergence on the setup. Patience is the key for setup like this.
A Potential Head and Shoulders pattern could reverse and turn at 0.6364. I will be waiting for the confirmation signal before engaging in this trade.
A Bearish Bat Pattern gives the counter-trend traders a shorting opportunity at 0.5860. Not only is this a Bat Pattern, but the completion of the Harmonic Patterns lands within the resistance level on the 1-hourly chart.(you can check the link under "related-ideas" of the trading view)
A sideway bounce setup is on the 1-hourly chart. This is one of the best setup for counter-trend traders, for them can wait for shorting opportunity on the red zone and buying opportunity on the blue zone. With that said, trading confirmation is necessary.
A Potential Bearish Butterfly Pattern is looking to complete at 147.95. A candlestick pattern confirmation is still as important as looking for a trading opportunity. Do note that on the higher timeframe, I'm still looking for a buying opportunity.(check out the related article at the bottom of the tradingview post)
With all the BOJ intervention, USDJPY still stands strong; by the end of this week, at max next week, it will be back at the previous level. So, counter-trend traders, if you are looking for an aggressive kind of trend reversal trade; think twice before you act.
A Bearish Shark Pattern completes at 1.1650 which coincide with my 4-hourly chart, sideway bounce setup, a classic trading setup that I've been trading on most of my trading life. With that said, a candlestick pattern confirmation is still required.
A Bearish Deep Gartley is a great setup for trend traders to hop in on a shorting opportunity at 1.01285. What is important is waiting for the right pattern and candlestick confirmation before engaging in the trade. There's a resistance level on the 4-hourly chart that provides a potential shorting opportunity and a Potential Deep Crab Pattern on the 1hourly...