I will be using an example on EURAUD to share how to draw a perfect Shark Pattern. This is a currency pair which i personally lost money on last week because I did not spot this big authentic Shark Pattern. Scrolling through tradingview over the past few months, I realize 2 big mistakes that people are making while trading Shark Patterns. 1. They think Cypher...
Woke up to see a huge spike in GBPUSD. Using just pure volume analysis, I can see huge effort to push up, but price failed to close much higher than yesterday's high. In my opinion, the path of least resistance is down towards the low of the daily channel. I entered short. EP: 1.3260 - 1.3265 SL: 1.3310 TP: 1.3050-1.3080
I foresee a double bottom forming on GBPJPY. That is also the level where a bullish shark pattern completes. Whether I will be entering this super big counter trend trade, it depends on the volume activities when it reaches the 147 level. I will want to see abnormally high volume coming in before it reaches the PRZ. Will keep you guys posted.
I see a bearish shark completing on GBPNZD. The PRZ is at 1.8680. This is a nice setup. 1. Selling volume the last time it came to this level (Black) 2. Retest with pin bar I will enter if the next hourly candle closes weak with above average vol. EP: Around 1.8680 SL: 1.8730 (50) TP: 1.84
Had a great ride on AUDUSD last week, pocketing over 200 pips. (See related idea). Post NFP, I see the sellers still dominant in the H4 timeframe. We could see a shark pattern playing out where I will look to short around the PRZ level of 0.7960. I hope to see some form of extreme volume exhaustion move before this PRZ level before executing my short. Any...
This is a head and shoulders lookalike pattern on BTCUSD. Price has retraced back to the 4476 zone which was a strong resistance back in Aug 2017. At yesterday's close, it closed at the lows with increase in volume. With that, I will no be surprised to see BTCUSD heading lower, towards the low in Sept 2017 around $3000. I have no positions in BTCUSD, just...
Will not be surprised to see a pullback upwards for EURUSD. 1.1970 is a shark pattern PRZ short level for EURUSD. Will be monitoring the volume around this level for potential short opportunity. EURUSD is currently bouncing off H4 support nicely and the path of least resistance should be upwards for now. Look out for abnormal volume (Black Color, Ultra High)...
In this last quarter of 2017, I expect oil prices to weaken. $41.20 will be a lvl I am interested to go long at. Meanwhile it is a long waiting game which I might consider looking for setups to go short. $41.20 is the PRZ of the bullish shark pattern, one of the most reliable harmonic pattern which is also the least understood. If you guys want to know more...
This is an update to my EURAUD idea I posted a week ago. Initially was looking for a retest of resistance to short, however I changed my mind and updated the idea to short much higher (See related link) During NFP, the level I was looking out for was touched. This setup is great due to the following reasons. 1. Exhaustion vol at PRZ 2. Pattern Completion This...
Read about US stopping QE over the weekends. I am not a big fan of news but this caught my attention. More QE = Weak dollar No QE = Strong dollar? Buyers are buying in high volumes of USDCHF around 0.9460. Even if we do not see a full bloom bull in the USD, I will not be surprised to see USD strengthen over the next few weeks. 1.03 is a nice daily range profit target.
This is a bearish bat pattern completing on EURAUD. Last week, price has touched the PRZ and price failed to close higher. This morning, price started to drift lower with increase in volume breaking previous low. I will personally be waiting for a retest of a resistance level before going short on this. Likely a high probability setup. EP: 1.5070 SL: 1.5120...
I see a bearish shark completing soon in GBPAUD. There should be one more move up towards 1.71 before we even consider taking a short. I hope to see a low volume breakout to the upside before reaching 1.71. That will confirm the weakness before we go short. The safest confirmation will be to see a mid/high volume, high spread candle closing on the lows after...
EURUSD bull resumed late last week. Looking at the crazy amount of transacted volume around 1.2050 last week, I suspect more sellers should be queuing to sell EURUSD around that level. Putting in harmonics, that is also a level where traders could sell on an ABCD pattern. How to execute the trade 1. Look for a pinbar with heavy volume (Climax Volume)...
Hi guys, was flipping my charts around and saw an interesting setup on AUDUSD. This is a bearish shark which is about to complete very close to $0.81. This is how I will trade this. How to trade the bearish shark setup on AUDUSD? 1) Wait for price to hit PRZ level around $0.8090 -$0.81 2) Lookout for volume divergence around this level (Price hit $0.81 but...
This is a setup based on selling off the channel highs. These are the rules I use before I enter a trade. At channel highs/lows 1. Look for unusual volume (Black Volume) - This signifies big players have come in. 2. Wait for a retest of the high or a false breakup with low volume 3. Enter after a low/mid volume high spread bar closing on the lows if you are...
This is what I see on GBPNZD. A nice bearish bat completing at 1.8770. Will be watching high impact news on NZD very closely. This trade could happen right after a high impact NZD news. Will be watching out for the following before executing my trade. 1. Ultra high volume bar before reaching PRZ 2. Weak breakout above 1) 3. Wait for mid/high volume bar...
Look at the weekly chart of bitcoin. (I am not invested in this btw, just practicing my analysis) 2 weeks ago, price finally had a week of extremely high volume which closed at the lows. This gave me a clue that some big traders have likely cashed out and there should be further correction in the upcoming months. I am not sure how many people will be killed if...
This is an update to my GBPUSD analysis I talked about last week. GBPUSD has hit top of daily channel with excessive volume(See daily chart). This likely suggests that buyers could have cashed out since price has not moved up for the past 2 days. I see this formation as being weak and I will be looking for short opportunities above 1.3570. What I will look...