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AB-CD

XRP → Resistance retest before correction BINANCE:XRPUSDT over yesterday evening bought back the previously formed fall, but faced strong resistance, which delimits the descending channel. A correction could possibly form... After a strong rise (on D1) XRP is going into a correction, the remarkable thing is that the correction is within a descending channel, or flag, the essence of which is the continuation of the trend. Let me remind you that the global trend is bullish. Technically, on the local , a false resistance breakout and correction may be formed, for example, to 3K or 0.5 fibo before the market starts to form the potential for a breakout of the channel resistance in order to continue the growth. Support levels: 3000, 0.5 fibo (2.900) Resistance levels: 3.144, 3.2 The liquidity formed in the zone 3.14 - 3.2 may not let the coin up the first time. In the short term, I expect a false breakout and correction to the targets indicated on the chart. Regards R. Linda!
Short
by RLinda
5
LONG TERM BULLISH - AB=CDAs illustrated, im visualizing what could be an AB=CD Pattern as a continuation structure. We saw a strong bullish weekly candle that shows momentum and strength to the upside, and this might be our clue. Keep in mind inflation data is likely to come in hot during JAN, which might lead the yellow metal to re-test its ATH within the next couple of weeks. Also, geopolitical conflicts are escalating, which leads to nations to protect their economies by hedging gold. Lastly, with China continuing its purchasing of Gold since mid NOV, the demand for gold continued growing. It is likely we see $3.000 within the next couple of months. -- GOOD LUCK!
OANDA:XAUUSDLong
by PersaGold
GBPUSD🗝️ LEVELS TO WATCH 👀AND WHY🤔🐲Hello Awesome Traders! I trust you're having a fantastic trading week so far. Let's dive into an exciting opportunity presented by GBPUSD on its 1-hour chart. This setup is worth exploring as it offers potential for profitable trades. GBPUSD has formed a double bottom pattern around the 1.2529 level, with striking similarities between the first and second bottoms. Examining the CD leg, we observe two sets of equal downward swings, indicating symmetry in length. This setup is conducive to buying low and selling high, offering opportunities for traders. For pattern enthusiasts, there are two notable formations: a flat AB=CD pattern and a dragon pattern. These patterns provide additional confluence and increase the setup's reliability. I've drawn a trendline marked as 'E,' which the price should ideally break with a surge in volume to confirm market participation. Targets: For intraday traders, consider targeting the 62% Fibonacci retracement level of the AD leg at 1.25944. Another target to watch for, especially for those eyeing the dragon pattern, is the 78% Fibonacci retracement level of the AD leg at 1.26125, which aligns with the 127% extension of the CD leg. Trading Strategy: Swing traders can monitor the chart over the next few days for potential long opportunities. Keep an eye on price action and volume dynamics for confirmation before entering trades. Set appropriate stop-loss orders to manage risk effectively. For intraday trades, consider taking partial profits at key Fibonacci levels to lock in gains. Happy trading, and may the pips be with you!
Long
by TradeChartPatternsLikeThePros