USDJPY is teetering on breaking the bottom support of a gigantic triangle that has been forming since 2014. If this plays we could see a 20% drop . The trade is simple. place stop loss above previous high.
The USDCHF pair is providing signs of downward price action in the coming weeks. The price has been trading in an upwards channel since early August. However, prices have recently broken the bottom support and bounced off it on a retest.
A few patterns and indicators give us confidence of future downward price action.
Channel support break and retest
Expecting GBP to fail the current resistance level with a head and shoulders, at a retest of the rising wedge support level. This move could set up a possible cup and handle entry for a second test of the 1.256 level. This lines up well with what would be the .50 retracement level.
Been in this trade from 0.6325. Retrace just provided another entry. First Target is provided by the butterfly formation. If price breaks above 0.6449, it will confirm a cup and handle formation, this gives us a second and final target around the 0.662 level.
Sharing a current trade of mine. The Butterfly, Elliot wave extension and head and shoulder formation give us healthy targets at the 1.634 levels. Likely in subwave one of wave 3.
For those looking to join the action, getting short at 3 might be a good trade. I do not like trading 5th waves so I rarely suggest them.
Pretty good possible Gartley pattern on EURCHF. We are currently attempting to hold resistance.
Two possible targets present themselves. The first is provided to us by the Gartley in confluence with the -.236 fib extension.
The second target is prior resistance.
Just recently started applying harmonic patterns to my utilized skillset, couldn't ignore this glaring possible butterfly in BTCUSD. if we breakout of the current triangle we may prices as high as 14k before a major retracement. Lets hope for the best, but manage our risk along the journey.
If ETH rejects from its current levels, which in my opinion is high in probability as it heavy historical and fibonacci resistance, we could see price fall to support before testing $260 again. Should price break above in a second test, we would have a confirmed cup and handle with substantial upside. I am currently shorting ETH as a result of this resistance,...
Right before I went to bed last night I couldn't help but notice a smaller falling wedge had formed inside the larger wedge I had been tracking. This fractal presented a must take entry. As you can see LTC is currently doing about 15% on the day after breaking out. This could keep riding provided BTCs bull run continues. Possible exits are based on trendline...
Just a simple potential roadmap for LTC/BTC. We are currently attempting to hold support at some pretty historically relevant levels.
Nothing special here gals, simple fib pivot pulls, historical resistance, and trend lines.
LTC ought to find and hold some support at current level at 50 retracement. but this may be temporary, setting up for an ABC correction...
While bitcoin stalls the bigger alts are seeing movement. ADA is lagging behind but if we have breakout of triangle we could see some big price action provided bitcoin behaves itself.
First trade is already in progress.
My plan provided the market geometry still makes the trade viable is to switch short at my target as it is pretty heavy resistance, then switch...