westbellisyfx

westbellisyfx

In recent market movements, gold has shown a notable development, finding support at the critical price level of 1945. This occurrence not only signifies a flip zone but also marks a resurgence of buyer interest, propelling the precious metal toward the pivotal 2000 mark. While this upward momentum is promising, seasoned traders would advise a prudent approach....

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Today, I wanted to shed some light on EURUSD a fascinating phenomenon known as the upward channel, which can provide valuable insights for our trading strategies. An upward channel, also referred to as an ascending channel, is a technical analysis concept frequently observed in the forex market. It represents a price pattern characterized by the formation of...

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Let's explore the rising wedge pattern on EURCAD (): The rising wedge on EURCAD () is characterized by a series of higher highs and higher lows, with the upper trendline acting as resistance and the lower trendline acting as support. As the price moves within this pattern, it becomes increasingly squeezed between the converging trendlines, indicating a loss of...

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On the lower time frame, a head and shoulders pattern has been spotted on EURNZD (). This pattern is a popular chart pattern used in technical analysis to identify potential trend reversals. It is important to wait for a clear breakout before considering long positions, especially for those who are conservative. Additionally, on the higher time frame, price has...

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CADCHF is consolidating with triangle patterns, which are characterized by converging trendlines that create a contracting range of price movements. Such patterns are labeled as A-B-C-D-E and can occur in various wave correction degrees. Triangles are typically regarded as corrective patterns that occur within larger trending moves. They represent periods of...

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Structure Bearish and continuation pattern bearish flag

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BASE CHANNEL The base channel is the most important channel of wave principle because it defines the trend and also helps us to differentiate IMPULSIVE MOVE and CORRECTION MOVE • The base channel contains the start of the Impulse move of wave one and the end of wave two corrections. HOW TO DRAW BASE CHANNEL 1. The first line is the base channel which is drawn...

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Elliott Wave triangles are corrective patterns that consolidate the previous trend. Elliott Wave triangles consist of five waves labeled a-b-c-d-e. There are 3 ways of trading Triangles potentially in Elliott Wave. 1. Conservative Entry 2. Aggressive Entry 3. Supper Aggressive Entry. Conservative Entry approach, we wait for the triangle to complete(A, B, C, D,...

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The Money Wave is the holy grail of the Elliott wave. The money wave is the third wave of an Elliott wave structure. The third wave starts at the completion/end of wave 2 and aggressive entry can be upon a clear reversal candlestick while more positions can be added upon the breakout at the end of wave 1. Targets are 161.80% or 200% of wave 1. It might...

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Triangle is found in the position of wave 4, wave B of A-B-C correction, or in wave X in double zig-zags (W-X-Y) or triple zig-zags (W-X-Y-X-Z). Triangles usually tell that the price will move in the dominant trend once more. We have four types of triangles: 1. Barrier Triangle: Wave D ends at the same endpoint as wave B. 2. Contracting Triangle: Trendlines...

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All traders' behavior is embedded and reflected in the movements of market prices, as a trader you must always endeavor to take a step back and try to separate yourself from the noise. This is best achieved by considering the history of price and current live price action to try to measure where the next prices are most likely to be heading. This is why PRICE DATA...

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Bearish Flags usually occur as markets fall from a base and pause in a downtrend. Bearish flags can be easily spotted as they make HH and HL within the flag area. A clear breakout downward gives us confirmation to trade these patterns as the price continues in the same direction of the trend. Flags are potential chart patterns Trade: After higher high tops and...

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Wave 3 is the longest among the impulsive moves. Which is why some call it Money Wave. Wave 3 moves fast with strength, and the direction of the trending price when price is within a third wave. Invalidated/Stop loss: If price moves beyond the invalid level our wave count is wrong. If the wave count is correct then price should not go beyond the invalidation point.

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Elliott Wave triangles are corrective patterns that consolidate the previous trend. Elliott Wave triangles consist of five waves labeled a-b-c-d-e. There are 3 ways of trading Triangles potentially in Elliott Wave. 1. Conservative Entry 2. Aggressive Entry 3. Supper Aggressive Entry. Conservative Entry approach, we wait for the triangle to complete(A,B,C,D,E)....

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EURJPY shows an obvious continuation pattern on one-hour timeframe, High timeframe was a clear bearish market structure downward.

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EURAUD present to us a reversal chart pattern on a major resistance level, which the bear will push the market downward this week but we all need to be conservative on this pair

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HOW TO DRAW A DOWNWARD TRENDLINE You look for two minimum obvious Lower Highs, connect it from your left Lower High to your right Lower High you have a Downward Trend line. HOW TO ENTER A TRADE IN A DOWNWARD TREND WITH TRENDLINE: You need to connect a minimum of two LOWER HIGHS in the Downward trending market, upon the third touch of the Trendline look for...

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Chart patterns: These are graphical shapes that form often in forex with price movement from one direction to another. Chart patterns are different from Candlestick patterns. Chart patterns give us signals of where the price movement will go next. As a trader, you need to be able to spot the Chart patterns on your tradingview platform because they’re potential...