olly_price

olly_price Updated 

A nice descending triangle with 7 touch points. My backtesting has shown me that often the oscillations get closer as the triangle gets closer to its apex, and we see here that this behaviour is very strong. The key here will be the open of next weeks trading, where we will see whether it will break above the descending line and ruin the triangle or if the market...

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Quite a late entry into a daily bat pattern, which we could gain a few pips on nonetheless. Even if it does stop out we still have a potential movement into a large cypher pattern which could provide a large number of pips.

olly_price Updated 

Will be looking to enter a short position at 8.84658 if the cypher pattern holds up. Stop loss is based on previous structure as indicated by the red line. Take profit is based on Fibonacci levels. Unfortunately the risk/reward isn't the best I've ever seen, but I will still be looking to take this trade. Fundamentals Aren't any particularly...

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Bat pattern to continue what could be a consolidation in this pair. Buy at 111.995. Profit targets indicated by green box. Stop loss based on previous structure.

olly_price Updated 

Possible continued strength of the USD against the GBP. Fundamentally I can see this happening over the coming weeks. Neither countries are posting outstanding economic results, but the USD has the added bonus that the Fed are currently in a rate hiking cycle.

olly_price Updated 

CD leg with a 1:1 ratio with the XA leg falls into the blue region shown on the graph (which is also a confluence of the 0.786 retracement and 1.272 extension, so will look for this as an entry point . Stop loss is based on previous structure support as shown by the horizontal red line. Not only is this a nice Gartely, but we also have the entrance point on...

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I opened this trade at the break but forgot to post - still time to profit. Excellent structure to create profit targets and to support the break from the wedge.

olly_price Updated 

Ascending triangle with 5 hit points, so I am waiting for a break out at the 6th, 7th or 8th. Ascending triangles are bullish, but the very good previous structure on both sides suggests to me that it could break out either way, so I will be open to trading either break (looking for a close outside of the triangle). Profit targets are obviously at the previous...

olly_price Updated 

Falling wedge with 5 hit points, approaching a 6th and final one for a strong breakout. Excellent previous structure support (indicated by the horizontal black line) asking for a rebound into the upside. I think that this falling wedge will accentuate the rebound off the support line. Major bullish divergence on the RSI occurring in the oversold region. ...

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We have what looks like a double bottom here. I entered this trade at 1.2762 but forgot to share, but there is still room to enter. RSI shows bullish divergence below the oversold point, which is a strong signal. My initial profit target is based on structure.

olly_price Updated 

Falling wedge with 6 hits (currently). Looking for a 7th hit and will be watching closely for a breakout on the 8th. The length of this wedge suggest to me that there could be a strong breakout.

olly_price Updated 

Nice cypher pattern just completed in the most recent candle. SL is based on strong previous structure. Profit target based on Fibonacci levels.

olly_price Updated 

Very good XA:CD 1:1 ratio falling into 0.786 and 1.272 confluence. Enter the trade at 2.02724. This lands at the support level of the tramline as indicated on the chart by the black lines. Stop loss based on previous structure.

olly_price Updated 

Good bat pattern on the daily USDEUR chart to trade over the next several weeks. My fundamentals are pretty neutral on this pair so will be nice just to see how the pattern plays out. Buy at 0.8790. Stop loss based on a very solid piece of previous structure support. Profit target based on Fibonacci levels.

olly_price Updated 

We've had 5 hit points on this falling wedge. Given this number and the fact that the market is very near the apex of the triangle expect a break into the upside on the next hit, but it could of course be on hit 7. Green lines indicate the profit targets. Second one is most likely and the third one will be a really good hit. Massive risk/reward on this trade.

olly_price Updated 

Technicals We have a Gartely pattern set up here. I am looking to go long at 0.03697, which falls between the 0.786 retracement and 1.272 extension along with 1:1 ratio between the AB and CD legs. There is also a divergence on the Relative Strength Index from a heavily oversold condition, supporting a spike from around the current price. Fundamentals...

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From what I usually see with triangle patterns I expect this to break to the downside, resulting in a trend continuation. SL and TP indicated on the graph. TP is just an initial target, I will most likely hold the position for longer and try to ride this trend if it continues. I like to trade wedges and triangles, check out my other wedge/triangle trades below...

olly_price Updated 

There are a number of ways this trade could play out: 1. Triangle and long-term resistance breaks at touch point 7 of the symmetrical triangle. Would place an initial profit target at $34.80 and then at $38, and if this target was reached I would consider holding this position for a prolonged period of time. 2. Triangle breaks at touch point 6 to move into a...