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Askforex100

Bitcoin, is it time now?On 25Nov2021, I share that a potential drop of Bitcoin to $51417.16 and I did not discount the fact that it can go lower. There are comments stating is not possible and stuff. Don't get me wrong, this is not a bashing report but I just like to put it out there that everything is possible and as a trader/analyst we have to see all potentials. If our faith is too strong, we start to form bias sentiment that doesn't do us any good in any form of investing or speculation. You can watch closely if today market breaks and close below the blue box, if it does, you have to see it is a strong candle or reversal candle to decide to buy on spot or wait for a day or two.
BITSTAMP:BTCUSDLong
by RaynLim
7
USDCAD - Bearish ABCD PatternThe market setup for this week is interesting. We have a couple of setups that work on the lower timeframe and we have seen a couple of AB=CD pattern setups and complete. USDCAD has an AB=CD pattern setup on the 4-hourly chart that works on the 1-hourly chart as well. What I would like to see in this Bearish ABCD pattern is that it touches 1.2812 which is also the previous Resistance Level on the 1-hourly chart. A Double Top with RSI Divergence would sweeten the deal.
Short
by RaynLim
2
GBPUSD-Weekly Market Analysis-Dec21,Wk1If you had watched the video analysis, you would have seen how the wick of the candlestick touches the Bearish Parallel Channel and reverse. That's when you know you have plotted the trendline or channel accurately. Within this 1-hourly chart, from X to A leg, there is an AB=CD Pattern hidden within the setup. Are you able to spot it? This is a quick check on your proficiency in the Harmonic Patterns. 1.3377 Is the completion of the Bearish Deep Gartley which happen to complete within the sell zone of both the 1-hourly and 4-hourly chart. It is a great opportunity for a trend trading opportunity.
Short
by RaynLim
Bitcoin, where to buy?Hey, Bitcoin supporter out there. You might be planning to buy on the next Dip, so exactly how low can it go? It depends if you are looking from the trading perspective or investment perspective. Trading perspective, one will prefer a more accurate price so they can trade from the low and profit from the difference. However, if you come from the Investment perspective and you had plans to buy Bitcoin at $63,000, at the current market price of $57,775.65, you are getting a great discount, more than $6000 discount. If you have joined us 2-3 live sessions ago, you would have remembered that I've said that there is an AB=CD Pattern complete at $64,000. At that point, we do not know what causes it, but we know there is a potential for it to have a retracement. If you are looking from an investment perspective, between $54,045.67-$49,539365 is an area you can look out for the opportunity. If you are looking from a trading perspective, between $50,917.72-$51.417.16 will be a good level to wait for candlestick pattern confirmation for a buying opportunity. If the market break and close below $49,539.65, it will send Bitcoin to $48,319.28 and even $44,845.89 before any movement towards the upside. Understand the market you are involved in, the risk it may occur and be Prudent in your Investment, Trading or Speculation.
BITSTAMP:BTCUSDLong
by RaynLim
4
NZDUSD - Descending TriangleIt is common for an analyst who shares 2 trading strategies within a single chart to have an opposing view or strategy. Well not for NZDUSD on the 4-hourly chart. There is a Descending Triangle that offers breakout traders to look for a shorting opportunity once the market break and close below 0.6980. Conservative traders can wait for a retracement and engage the trade. Harmonic Pattern Traders can wait for the market to retrace back to 0.7155 to engage the trade through the Bearish Shark Pattern setup. One must be aware that a Shark Pattern can offer up to 3 different entry prices. Yes! Three. What's more important is to plan your trade and trade your plan.
Short
by RaynLim
GBPUSD - Type2 Bullish BatA Type 2 Bullish Bat Pattern completed at 1.3420. Why is it important to know if it is a Type1 pattern or a Type2 pattern? Well, a Type 2 pattern simply means that the Harmonic Pattern has reached Target1(at the minimum), this means that some of the traders who were on it, has already got off the ride, lesser traders in that direction means weaker movement. You have to be able to accept that the movement might be slower than the Type1 setup and the movement may even go against you. Of courses there are other indications that would suggest if it is a good idea to engage it and I've used those filters, all is left to do is a candle confirmation at the completion price. If the market reverse from the current price, we could expect a Bearish Deep Gartley Pattern complete at 1.3503. This is also a Great Zone to short the market because the Price Action Traders may hop on the bandwagon and the structure trader may head in for a short at the Resistance as well.
Short
by RaynLim
3
Double Top Retracement ZoneIf you are a Double Top trader, you would know that it is not about the strategy but where it was formed. One of the struggles that traders have is, "Where is the end of the Double Top Pattern?" There are ways you can learn to identify the potential completing zone or you can wait for the Double Top to complete. Yeap, "Wait for it!!" You can then look for a shorting opportunity when the market passes 61.8% retracement and does not close above the 100% mark, in short, previous high/ violating the previous high. In this case, the first target would be the immediate low. I will exit the trade on the candle body and not at the lowest wick. Leave some tips for the waiter right? Another important filter I will need to have is an RSI Divergence. This will be something I will be creating, 1) A Weekly Education Content and at the end of the trading Week, a meet the trader session and LIVE discussion on the topic of the week. What do you think?
Short
by RaynLim
2
USDCAD - Key ResistanceUSDCAD reached the key level of resistance in the daily chart. With a pin-bar or a long shadow, the candle do get me interested in shorting it. Wait, an RSI Divergence as well? I'M ALL IN!!! Let see how it goes. While we have this kind of feeling when we spotted a trading setup that meets the analysis we have done days and weeks ago, we have to remember those losses as well. Know your stats and manage your risk well. How much would you risk for a trade like this? Comment down below.
Short
by RaynLim
USDJPY-Weekly Market Analysis-Nov21,Wk3USDJPY Flag Pattern stands, but it took a turn and change to the flag pattern with retracement and not the high and tight flag pattern. Base on the 4-hourly chart, it has broken and closed above the channel, but it does break and close below the channel too, however, there's nothing to be worried about. If you are waiting for a more conservative approach, you can wait for the Inverted Head and Shoulders trading setup that completes at 113.46. While this Head and Shoulders doesn't meet my trading setup, look left of 113.46, it happens to be a rather good support level for a trend trading setup.
Long
by RaynLim