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CADNZD - Potential Bullish Reversal CADNZD is showing signs of a potential bullish reversal based on the formation of a Bullish Bat Harmonic Pattern (XABCD) with Point D coinciding with a Potential Reversal Zone (PRZ). This zone is further supported by key factors including a significant support area, a 4-hour trend line, and a bullish divergence on the RSI indicator. Bullish Bat Harmonic Pattern: The Bullish Bat Harmonic Pattern (XABCD) is a technical pattern indicating a potential reversal in the price trend. In this case, the completion point (Point D) aligns with other technical factors, increasing the probability of a bullish reversal. Potential Reversal Zone (PRZ): Point D serves as the Potential Reversal Zone (PRZ) where traders anticipate a shift in market direction. This zone is reinforced by the convergence of multiple technical indicators, strengthening the bullish bias. Key Support Area and Trend Line: The presence of a key support area and a 4-hour trend line further validates the potential reversal at Point D. These levels act as additional support for the bullish outlook, suggesting a favorable risk-reward scenario for long positions. Bullish Divergence on RSI: The bullish divergence on the RSI indicator provides further confirmation of the impending bullish reversal. This divergence indicates that despite downward price movement, the momentum is shifting in favor of the bulls, supporting the bullish scenario. Trade Setup: Entry: 1.2170 Stop Loss: 1.2110 Take Profit Levels: TP-1: 1.2230 TP-2: 1.2287 TP-3: 1.2340 Conclusion: Based on the analysis, a bullish bias is suggested for CADNZD, with a potential entry at 1.2170 targeting the specified take profit levels. Traders should closely monitor price action at Point D and manage risk accordingly.
Long
by trading_jupiter
POTENTIAL BULLISH DRAGON TO BEARISH BATA double bottom has been presented to us which appears to be a bullish dragon if it breaks above the downward sloping resistance line. To strengthen our argument, the double bottom also shows us classic bullish divergence on the MACD and the RSI oscillators which implies higher price action. This all makes sense if we forecast a bearish bat as it has already made the 50% retrace on the last swing and it perfectly aligns with our tail for the 88.6% retrace. This means our ideal first target would be where the neck pivoted at around $168 and our second target is the 88.6% retrace at around $195 If Bitcoin decides to continue lower, the set up will most likely fail since the price correlation is stronger
Long
by diegochuw
Trade Idea: Gold ShortHarmonic Pattern: The BAT pattern is a harmonic pattern that often indicates a potential reversal in the market. In this case, the formation of a BAT pattern on Gold suggests a possible reversal to the downside. Technical Indicators: Confirmation: Look for additional technical indicators or chart patterns to confirm the potential reversal signaled by the BAT pattern. This could include overbought conditions on oscillators like RSI or stochastic, bearish candlestick patterns, or a break below key support levels. Trade Setup: Entry: Place a sell limit order at the completion point of the BAT pattern. The completion point typically occurs at the D point of the pattern, which is defined by Fibonacci retracement levels. Set the sell limit order slightly below the D point to ensure entry into the trade once the reversal is confirmed. Stop-loss: Set the stop-loss order above the recent swing high or above the X point of the BAT pattern to protect against potential losses if the price reverses unexpectedly. Ensure that the stop-loss level is placed outside of the potential reversal zone defined by the BAT pattern. Take-profit: Determine the take-profit target based on key support levels, Fibonacci extensions, or a favorable risk-reward ratio. Consider scaling out of the position as the trade progresses to lock in profits. Risk Management: Position Size: Calculate your position size based on your risk tolerance and the distance between your entry point and stop-loss level, ensuring that you only risk a predetermined percentage of your trading capital per trade. Risk-Reward Ratio: Aim for a risk-reward ratio of at least 1:2 or higher to ensure that potential profits outweigh potential losses. Conclusion: With the formation of a BAT pattern indicating a potential reversal to the downside for Gold, a short position presents a favorable trading opportunity. However, always conduct thorough analysis, practice proper risk management, and remain vigilant for any unexpected market developments.
OANDA:XAUUSDShort
by MAAwan
AUDUSD Potential Short Opportunity Bearish Bat Harmonic PatternThe AUDUSD pair is currently exhibiting a potential Bearish Bat Harmonic Pattern (XABCD) formation, coupled with its proximity to a significant resistance level. This suggests a possible reversal in trend momentum, with bearish indications expected to strengthen from Point D onwards. Harmonic Pattern Analysis: The Bearish Bat Harmonic Pattern (XABCD) is emerging on the AUDUSD chart, indicating a potential reversal of the current uptrend. The completion point (Point D) of this pattern aligns closely with the key resistance level, adding further confluence to the bearish scenario. Entry and Stop Loss: We recommend taking a short position at 0.65200, anticipating the reversal from Point D. A stop loss should be placed at 0.65900 to mitigate potential losses in case of a breakout above the resistance level. Take Profit Targets: TP-1: 0.64520 TP-2: 0.63820 TP-3: 0.63128 Rationale: The decision to enter a short position is supported by the confluence of the Bearish Bat Harmonic Pattern and the key resistance level. This setup suggests a high probability of a bearish reversal, with potential downside targets identified at various support levels. Risk Management: It's crucial to adhere to proper risk management principles when executing this trade. By maintaining a disciplined approach to position sizing and adhering to the specified stop loss level, traders can effectively manage their risk exposure. Conclusion: Based on the technical analysis, a short position on AUDUSD is recommended, with entry at 0.65200 and a stop loss at 0.65900. Take profit targets are set at 0.64520, 0.63820, and 0.63128. This analysis aims to capitalize on the anticipated bearish momentum following the completion of the Bearish Bat Harmonic Pattern and the resistance level confluence.
Short
by trading_jupiter
2
BAT/USDT Ready to Breakout of Descending Channel? 👀🚀💎Paradisers, let's dive into the recent market dynamics of #BAT, which have been quite intriguing. 💎Following a retest of the support within a descending channel, #BasicAttentionToken seems poised to challenge the resistance zone above. If #BAT breaks out of the descending channel, it might retrace to retest the newly formed support at the resistance level. 💎If a breakout doesn't occur, there's a high chance that #BATUSDT will rebound from the support area around $0.245. A successful bounce here would suggest strength and indicate readiness for another attempt to break through resistance. 💎If TSXV:BAT manages to breach this resistance level, it could signal a shift toward bullish sentiment, potentially leading to further upward movement toward our target resistance zone. 💎However, if BAT fails to rebound from the support area and drops below it, the price could head towards the Demand Area. Historically, BAT has shown resilience and the ability to bounce back from this zone to reclaim support. 💎Yet, if BAT finds no support even in the Demand Area, it could raise concerns about a bullish reversal. A candle closing below this level would invalidate the bullish outlook, suggesting further downward movement.
Long
by MyCryptoParadise_Simon
Wheat Holding at the PCZ of a Bullish Bat Aligning with SupportWheat 2 years after topping out at the PCZ of a Bearish Shark that initiated a downtrend in 2022, has now come back to the top side of the range wheat traded in between the years of 2016 and 2020 before ultimately confirming the bottom at the PCZ of a Bullish Deep Gartley in 2019 and breaking free to the upside of the trading range in late 2020. Now that wheat has found its way back down here at this previous resistance zone, we can see that it has formed a Bullish Bat structure on the way down which aligns with the old resistance and that it is currently attempting to be supported by the 200-period moving average on the 2-week timeframe. We can likely assume that as the Baltic Dry Index continues higher, wheat will regain it's 2021 highs along with many other agricultural goods and that this will have an inflationary effect overall. In the related ideas section I will leave a setup for BDRY which is the ETF that tracks the Baltic Dry Index and I will also leave the DBA which is an ETF that holds the futures contracts for various different agricultural goods such as corn, wheat, sugar, and more related items. I will also leave setups for two Dry Bulk and Containership Charterers. Lastly I will provide my harmonic Inflation Rate projections.
CBOT:ZW1!Long
by RizeSenpai
1
EURUSD Profit Opportunity with the Crab Harmonic PatternEURUSD is currently displaying characteristics indicative of a Crab Harmonic Pattern (XABCD) formation. This pattern is observed alongside a significant trendline, adding further confluence to our analysis. Key Levels and Fibonacci Retracement: Point D of the Crab Harmonic Pattern coincides with a key resistance level, accentuating its significance. Additionally, Point D aligns closely with the 0.618 Fibonacci retracement level, strengthening the case for a potential reversal. Trade Setup: Based on the analysis, we recommend initiating a short position upon confirmation of bearish momentum at the identified entry point of 1.06626. This entry aligns strategically with the projected reversal from Point D of the Crab Pattern. Risk Management: To mitigate potential losses, a stop loss is advised at 1.06913. This level provides a reasonable buffer to withstand potential market fluctuations while preserving capital in case of adverse price movements. Profit Targets: We propose three profit targets to capitalize on the anticipated bearish momentum: Take Profit 1 (TP-1): 1.06344 Take Profit 2 (TP-2): 1.06048 Take Profit 3 (TP-3): 1.05760 Conclusion: In conclusion, the analysis suggests a compelling trading opportunity based on the formation of a Crab Harmonic Pattern and key technical levels. However, it is essential to exercise prudent risk management and closely monitor price action for timely adjustments to the trade plan. This technical analysis report serves as a guide for informed decision-making in the dynamic forex market environment. Disclaimer: Trading forex involves inherent risks, and past performance is not indicative of future results. Traders should conduct their own research and seek professional advice before executing any trades.
Short
by trading_jupiter
CHFJPY Bearish Momentum Detected at Key Resistance LevelsThe CHFJPY pair is currently exhibiting a significant technical pattern known as a Bat Harmonic Pattern (XABCD). This formation is characterized by specific Fibonacci ratios between its key points, indicating potential trend reversals. Key Points of the Bat Harmonic Pattern: - Point X: Represents the starting point of the pattern. - Point A: Marks the initial leg of the reversal. - Point B: Indicates a retracement from the initial move, usually between 0.382 to 0.618 Fibonacci retracement levels. - Point C: Marks a move against the initial trend, typically retracing 0.382 to 0.886 Fibonacci levels of AB leg. - Point D: The completion point of the pattern, typically forming around a 0.886 Fibonacci retracement of XA leg. It often coincides with other technical indicators such as key support or resistance levels. Trendline Confluence: In addition to the Bat Harmonic Pattern, the CHFJPY pair is also adhering to a trendline, reinforcing the significance of the potential reversal from Point D. Bearish Momentum Expectation: Given the confluence of the Bat Harmonic Pattern and the trendline, we anticipate a bearish momentum to initiate from Point D. This point holds substantial importance as it aligns with a key resistance level and coincides with the 0.786 Fibonacci retracement level. Trade Setup: - Entry: We propose entering a short position at 169.010, aligning with the anticipated bearish momentum. - Stop Loss: To manage risk effectively, a stop loss is recommended at 170.110, allowing for a buffer against potential adverse price movements. Take Profit Levels: To capture potential downward movements, we suggest the following take profit levels: - TP-1: 167.900 - TP-2: 166.830 - TP-3: 165.700 Conclusion: In conclusion, the CHFJPY pair presents a compelling trading opportunity with the formation of a Bat Harmonic Pattern alongside a trendline confluence. With an entry at 169.010 and appropriate risk management measures, traders can position themselves to capitalize on the anticipated bearish momentum toward the suggested take-profit levels.
Short
by trading_jupiter
NZD/USD: Solid Technical Case for Both Buyers and SellersWe have an interesting technical picture unfolding on the NZD/USD at the moment. From the daily timeframe, it is evident that the currency pair has been underwater for the majority of this year. In fact, year to date, we are lower by -6.6%. Further Selling? Favouring bears at this point is the downtrend shaped by a series of lower lows and lower highs since topping at $0.6369 and the fact that this week saw the unit push through bids at ascending support taken from the low of $0.5512. As you can see from the chart, price is testing the underside of the ascending base, as we write. Bullish Recovery? Evidence is also building for buyers. The pair is on the verge of finishing the day with a bullish outside reversal candle off a Quasimodo support level from $0.5860. Couple this with a neighbouring potential reversal zone (PRZ) derived from a harmonic bat pattern between $0.5792 and $0.5854, and buyers have a reasonably solid basis to begin considering a bullish scenario. Conservative Approach? Nevertheless, many traders will likely adopt a conservative approach in this market. For buyers, commitment may be thin until a close back above the ascending support-turned-potential resistance is seen. Similarly, sellers are likely to be reluctant to pull the trigger until the harmonic bat pattern’s PRZ is cleared.
by FPMarkets
Bullish H&S on DXYDaily DXY sitting on high volume node, rejecting lower prices. Moving higher will form reverse H&S pattern with neckline in 102. Measured move will test high volume node on 104. Confluence with VWAP from July low and October high. Added confluence with Fibonacci retracement levels from said Jul Low to Oct High and Oct High to Dec Low. Jul Low, Oct High, Nov Low, Dec High and Dec Low also form XABC bat pattern suggesting break out. Move to 104 will begin forming new reverse H&S neckline with Left Shoulder the Nov Low, Head the Dec Low and Right Shoulder the expected retest of the current 102 neckline. On the event of break out from the 104 neckline, expected measured move to 106 as high volume node with Fibonacci confluence. Prediction: Breakout from 102 to 104, retest of 102 and rejection, test 106. Trades: Long 102 ( Profit:104, Loss:101.5, R/R:4 ) (Expected) Short 104 ( Profit:102, Loss: 104.5, R/R:4 ) (Expected) Long 102( Profit:106, Loss:101, R/R:4 )
CAPITALCOM:DXYLong
by lethelex
USDJPY Analysis: Bearish Fib-3 Bat Retest Analysis: - Trading Setup: Bearish Fib-3 Bat Retest - Entry Zone: Identified at Bearish Bat Retest or Key Resistance Zone - Signal Confirmation: Supported by RSI Divergence - Trading Expectation: Expect potential stop-outs on lower time frames Trade Plan: - Short Opportunity: Aggressive traders may consider shorting USDJPY at the identified retest zone - Risk Management: Plan trades in advance and adhere to rules that invalidate the setup Your Thoughts? Are you considering a short position on USDJPY? Share your insights and trade plans in the comments below! 📉 Remember to trade responsibly and manage your risks effectively! Trading involves inherent risks and requires careful analysis.
Short
by RaynLim