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USDJPY-Weekly Market Analysis-Oct22,Wk2In my analysis of the USDJPY Daily Chart, the Bearish Crab Pattern still stands. At this moment it is a Bearish Crab Pattern checkback, which means it is at its best possible price for interested traders to engage this trade with the best Reward:Risk that is possible that happens on the Crab Pattern. Personally, I'm not that crazy about that because of the prolonged consolidation. I'm more interested in the buying opportunity as I believe that USD still have room for appreciation.
Long
by RaynLim
4
EURUSD-Weekly Market Analysis-Oct22,Wk2If you had read my overall analysis(check out the Related Ideas within TradingView) on EURUSD, you might get a bit confused with this analysis. How could we look for a buying opportunity where the overall trend is bearish? In fact, we can, there are ebbs and flows of the market, so within the bearish trend, there are bullish movements within; what is important is that you have to know if you are trading with or against the trend. This Deep Bullish Gartley Pattern has been violated, there is a break and close below of X, but with NFP(Non-Farm Payroll) just happening last Friday, I like to give EURUSD some leeway(but leaning towards not engaging it. Some of the further movement I need to see is an immediate reversal( bullish ) with a double bottom combined with RSI Divergence.
Long
by RaynLim
NZDJPY - Bullish SharkTo those who trade based on currency correlation, this is one setup you have to look at. On the surface, the NZDJPY and NZDUSD both have a Bullish Shark Pattern on the 1-hourly chart, but if you look closely at the 4-hourly chart, you will be able to see the future of these two pairs differs from one another. On the NZDJPY, the Shark Pattern is more direct, in and out of the setup. However, on the NZDUSD setup, there is a potential trading combo setup. Check out the related ideas at the bottom of my tradingview post to learn more.
Long
by RaynLim
NZDUSD - Bullish SharkProbably "the most important" Bullish Shark Pattern of the week. I'm waiting for the market to fulfil the Shark Pattern at 0.5583; for that to happen, a 3-bar reversal has to be seen. What is more important than the Shark Pattern is the fulfilment of the 5-0 Pattern. The market shouldn't break and close beyond the red box that marks 5-0 Pattern, and when that happens, I'm going to head in for a shorting opportunity and might just ride the wave down on a Bearish Flag Pattern that could form on the 4-hourly chart. You can check the related ideas at the bottom of the tradingview post on the potential bearish flag pattern.
Long
by RaynLim
GBPUSD-Weekly Market Analysis-Oct22,Wk1Last Friday, I shared this analysis in Tradingview; the comment I received is lovely yet scary. The reader felt that the Bat Pattern had completed and seemed like he had engaged in the trade. Oh nooo!! First of all, no matter who the analyst was, never follow their trading ideas blindly. Secondly, for the Bearish Bat Pattern to be valid, the market has to touch the furthest end of the PRZ; in this example, it's at 1.1251 and touches the opposite end of the PRZ for it to be valid. Engaged in advance of the pattern completion can risk riding on an invalid setup or put yourself at a major disadvantage when you enter too early. Some of the obvious disadvantages is a lopsided Reward is to Risk; you risk more and earn lesser than other traders who engaged in the same trade. While others can shift their stop-loss to entry, you could only reduce your risk. With that said, in this bearish setup, my analysis remains unchanged.
Short
by RaynLim
EURUSD-Weekly Market Analysis-Oct22,Wk1The EURUSD is on a Bearish Trend on both Daily & 4-hourly charts. The key resistance level on the Daily chart is at 0.9900, and on the 4-hourly chart, we have a Bearish Shark Pattern that completes within the sell zone(supply zone) at 0.9866. Last Friday, we did an aggressive short on the 1hourly chart based on a potential double top setup that has an RSI Divergence with it. Currently, the setup is a double top with a retracement pull-back. Normally, it is a perfect opportunity for traders to engage in the trade, I don't quite like the current candlestick pattern confirmation. I leave that to you. Related Ideas is at the bottom of the tradingview chart.
Short
by RaynLim
2