USDJPY - Bearish GartleyIsn't it great to have the target hit, exited from the previous Bullish Bat and here we have a Bearish Gartley Pattern within the Sell Zone? And it is consider as a trend trading setup on the 1-hourly chart.
Askforex100
NZDJPY - Head and ShouldersDepends on how you read your Head and Shoulders. I'm waiting for the right shoulder to form at 76.26, which is near the zone of a Bullish Shark Pattern in the 1-hourly chart.
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.
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.
AUDCAD - Bearish BatA Bearish Bat Pattern is complete at 0.9191 on both 4-hourly and 1-hourly charts to provide a Trend Trading setup.
However, if the market slide towards 0.9050 instead, we have the Bullish Butterfly to catch the move on a Counter-Trend trading opportunity.
So which Harmonic Pattern setup would you prefer?
USDJPY-Weekly Market Analysis-Dec21,Wk1In an unlikely scenario, I'm waiting for the USDJPY retrace back to the parallel channel touch and reverse heading towards the Bullish Shark Pattern that completes at 112.36 to provide a potential entry price for my long-term trade towards the upside.
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.
EURUSD-Weekly Market Analysis-Dec21,Wk1On the Daily and 4-Hourly Chart, the EURUSD has displayed a Bearish Trend and on the 1-Hourly, an Uptrend. This is my prefered setup as I could potentially sell at the High and exit when the price went lower.
I'm waiting for a retest at 1.1322 or preferably a Double Top with an RSI Divergence to engage the trade.
EURJPY - Bullish Bat Bullish Bat Patten touches the D Point completion with strong Bearish Candle and a warning sign at Point C. Is this the kind of setup you will be interested in?
I'll be waiting for the 5pm(GMT +8) candle close for trading confirmation.
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.
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.
GBPJPY - Bullish Bat152.65 is the complete price of the Bullish Bat Pattern, so why didn't I engage in the trade?
Because it forms up too early. Yes! You hear me right. There are many rules to validate a Harmonic Pattern. And it's impossible for you to figure them out.
I'm waiting for the retest at 152.65 for a counter-trend trading opportunity on the Bat Pattern and that will still consider as a Type1 trade.
USDJPY - Head and Shoulders PatternUSDJPY is one of the rare charts that has all three Major timeframes, namely the Daily, the 4-hourly and the 1-hourly chart in Bullish Trend.
While the 4-hourly chart has a Bearish Head and Shoulders setup, at this moment the structure holds.
Trend Traders or traders who are looking for a buying opportunity can wait for a Double Bottom with RSI Divergence forms at the projected completion of Head and Shoulders to engage the trade.
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.
EURUSD - Bearish SharkBefore we go into the Shark Pattern, the EURUSD has a Bullish AB=CD Pattern on the daily chart and it's making a check back. This could just be 1 of the better setup that counter-trend traders can wait for a buying opportunity.
Trend Traders have to be slightly patient as 1 opportunity you can hop on is the Bearish Shark Pattern that completes at 1.1451 within the sell zone of 1.1432-1.1465.
GBPJPY - Bearish GartleyA Bearish Gartley Pattern forms within the double top retracement within the longer-term Bearish Trendline.
To sweeten the deal, the confirmation ends with a long shadow candle/pin-bar completing the Gartley Pattern.
The downside of this is that the RSI has not reach the overbought zone and the closing price of the long shadow candle can throw traders off the scale of Reward:Risk.
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?
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.
NZDJPY - Bullish ButterflyIf you had joined us last night, you would have seen how we use the Double Top Retracement zone and project a Bullish Butterfly completion that hit our final target level.
The market sort of did a rebound after it "woke up" from the ungodly hour.
Check out the live stream and you can see how the analysis was done at , you could watch from the start and learn how the zone was plotted.
www.tradingview.com
AUDCAD - Bearish SharkA Bearish Shark Pattern complete at 0.9232 on the AUDCAD 1-hourly chart. If you are looking to ride on the buying trend, a buy entry when the candle touches the blue trendline as long as it never breaks and closes below the trendline or the immediate candle low price.
Personally, I won't be looking at that, and that is because there is only a 30pips profit potential heading towards the Shark Pattern.
What's your trade plan in tackling this trading setup?
AUDUSD - Bullish ChannelThere are two Harmonic Patterns, namely the Gartley Pattern and the Bat Pattern on the Daily Chart, but what I want to put my focus on is the Bullish Parallel Channel.
The three timeframes, the Daily, 4-Hourly and 1-Hourly chart respected the Bullish Parallel Channel which gives the counter-trend traders an opportunity for a buying opportunity. The potential target level will be at 0.7545 as a type2 Gartley Pattern is formed.
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.
GBPUSD-Weekly Market Analysis-Nov21,Wk3On the Daily Chart, GBPUSD has finally broken and closed below the support level and has been deemed Double Bottom, Mission Impossible. A key resistance level at 1.3428 works on all 3 major timeframes, namely the daily, the 4-hourly and the 1hourly chart.
You can wait for a double top setup on the 1-hourly chart the engage for a shorting opportunity.
If you are looking for a counter-trend trade, the ABCD pattern that forms at 1.3314 and if it happens to touch the bottom of the Bearish Parallel Channel would give you an advantage to long.
