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USDJPY - Bullish BatA Bullish Bat Pattern emerge on the USDJPY 1hourly chart within the Buy Zone. That's what I like about this setup. What I don't like about this setup is that there's a lot of ebb and flow of the market on the USDJPY 1hour chart. It shouldn't be the case for this pair, but either way, the upward movement most likely will be a rocky path(closing in to the profit, retrace, closing in to the breakout, retrace again.) Having that said, it is still a nice setup. Get ready for a bumpy ride if you are into this trade.
Long
by RaynLim
GBPUSD - Bearish GartleyBefore we go into this chart, there is 2 setup in the 4-hourly chart(UTC +2). A Bearish Shark Pattern and Bearish Gartley Pattern are complete close to one another. It could be a challenge to spot that Gartley Pattern, give it a try as the chart wasn't as clean as this one. The reason I'm sharing the 1hourly chart Gartley Pattern is that it is much cleaner and it will complete before the 4-hourly chart. The Bearish Gartley Pattern is complete within the sell zone and what's nice about this setup is that if the market violated the Gartley Pattern, it will also violate the sell zone.
Short
by RaynLim
USDMYR Exchange RateLong shadow candles appear on the daily chart. Well, before you say anything, yes the candle isn't close yet, but it's a pretty good exchange rate. If you had earned from trading and the denomination is in USD, it is a good time to withdraw some profits. 4.2240 indeed is a great zone for profit-taking. You will be surprised, at how much more $$ it will bring you when you time your withdrawal. However, it is not a good time to pay using MYR for your USD commitment, SGD will be a better option(if you had stored SGD in advance). Never underestimate the importance of business planning from shifting your cashflow from 1 currency to another.
Short
by RaynLim
AUDCAD - Bearish Shark CheckbackIf you had read my previous analysis, this is how Shark Pattern works, when the Shark Pattern hit its stop loss, it may present you another trading opportunity of a further entry price. The problem with most trader is the hesitance to engage the trade, and I can understand that, you just got stop out. You aren't certain if this should be the trade to take. The Shark Pattern could present as much as 3 entry price to engage the same trade. It is common that a trader can feel distraught when they get stop-out 3 times within the same trade. But once you get comfortable with the Shark Pattern, it brings you more profits and losses in the long run. What I love about this Bearish Shark Pattern is that this is the last possibility of the Shark Pattern on this setup. I got stung out on the previous Shark Pattern, but luckily for me the Stop-Loss is only 39pips. Well, that's possible because of my background on structure trading for the past 17years. What about you? Are you comfortable tading the Shark Pattern?
Short
by RaynLim
2
AUDCAD - Bearish Shark checkbackA Bearish Shark retest on the AUDCAD gave me an opportunity to reverse my trade. You see, I was in a Bullish Trade(you can check out the related ideas titled AUDCAD - Bullish Bat at the bottom of the @TradingView post) The market seems not able to close beyond Point D of the Bearish Shark Pattern on the 1hourly- chart for an extended period of time. I've been receiving comments and DMs if AUDCAD appreciates because of Gold and Oil. Well, it is not, the AUDCAD appreciated because I've longed it! ;P Well, jokes aside, over the years, the correlation between the currency pairs has been weakened. If you are still treating AUD like the Gold movement, you are trading like 10years ago. I've learned that during chaotic market conditions, it is best to trade via technical analysis. If I'm wrong about this trade, I get stopped out, and I will wait for the next trading opportunity. It's that simple. Check out the link at the bottom for our upcoming event or invitation to our community.
Short
by RaynLim
GBPAUD - Double Bottom PullbackWe have a double bottom pullback trade on the GBPAUD. What's so special about this trading setup? Well, on the higher timeframe, the Daily Chart, there is a Bullish Crab Pattern check back. Although the formation is complete beyond the PRZ, it sits nicely at the level and acts as a new support level. If you are familiar of the Crab Pattern, you should know that it is quite normal. On the current timeframe, the 1-hourly chart, the market has a Double Bottom followed by a pullback. No doubt this gives the best Reward: Risk, it is also a high-risk trade as the probability of it hitting the stop-loss is high. Before you ignore this trading setup, what if I tell you that the potential profit is 386pips, in fact, that might not even be the level that I would take any profit off, and just that it creates more than 5:1 of returns. Now, would you be interested?
Long
by RaynLim
5
GBPUSD-Weekly Market Analysis-Mar22,Wk4Don't feel bad if you have missed the Bearish Shark Pattern movement, especially if you have deliberately avoided it. I believe you would have regretted if you had long instead of shorting the Shark Pattern because you saw the news that the Bank of England had planned to increase the bank interest rate. It is important that you know to stay out of news trading, and now you have seen why. It's indeed a pity that by avoiding the news, we had missed 84pips of market movement. But, I actually feel good about it. Trading doesn't require us to take unnecessary risks, remember that. Because we are patient, there is a Bearish Deep Gartley Pattern complete at 1.3206 for us to consider to short the GBPUSD on this setup. How have you managed the BOE rate released? Comment down below and share it with us.
Short
by RaynLim
6
EURUSD-Weekly Market Analysis-Mar22,Wk4EURUSD is on a Bearish Trend, and if you are on plan to long EURUSD like I did, you are in a counter-trend trade. If you have a long EURUSD base on the Bullish Shark setup(link at the bottom), the target2 based on the textbook case has fulfilled its final target level, not for me. I'm waiting for one of the two different trading opportunities to have an additional trading idea to engage on the counter-trend move. Opportunity 1.) A Double Bottom setup that touches 1.1019 but does not close below 1.1001 OR 2.) A Bullish Deep Gartley Pattern(depends on where Point C reverse) completes within the Buy Zone. So, what are your trade plan for this?
Long
by RaynLim