On the chart we have three pitchfork's, the pink one is a standard fork and has its upper parallel being tested, the blue fork is a modified Schiff which found resistance on its upper sliding parallel. Then there is the dashed gray pitchfork of which the medianline is being tested, all at a single point of confluence where a bat pattern formed its...
Most people are seemingly bearish on this pair and I don't blame them, even my own analysis did show some mixed feelings
but the bias for bull is stronger. Its a medium probability trade with very good risk-rewards potential so I took the trade.
Target is price structure + blue medianline.
Cheers & goodluck
First of all sorry for the cluttered view, I tried to make it as clean as possible.
On the chart we have several pitchforks to indicate where price is headed.
The sliding parallel which has been projected more than once keeps on being
respected by price. The smallest(black) pitchfork still holds value as its
warningline(black dashed line) formed a...
The chart says it all, except that like we all know there is a bearish bat on the daily timeframe, my advise is to not just trade it for the sake of being a nice pattern. Your total analysis should built a strong case to take the trade in either direction.
Good luck !
yes yes, I am switching from one pattern to the next sorry ! :) on the hourly we have a seemingly ascending triangle, the buys will be more reliable than the sells as pressure is up.
I hope you can make some pips !
Possible symmetrical triangle on the EurJpy, the breakout potential is very nice as the outer parallel lines(yellow trendlines) would be target.
On second view, it might also be a bullish flag.
Goodluck ! :)
AUDUSD is showing a possible long setup at around 0.730, do note that we have somewhat of an ugly bat on the chart
which I decided not to display due to C slighly extending A and PRZ D would be at 7225 which would invalidate this trade.
I recommend to observe the hourly chart should price hit 0.730 and search for reversal signals like double bottom +...