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Bearish Flag

Ranging Gold MarketHey guys, I trust you are in good health and enjoying your weekend with your loved ones. An interesting week we had and more interesting weeks ahead, with volatility growing each day as we head into spring 2021. This spring season is extra important, as most developed countries have been vaccinating their people and the expectation is that these economies can get out of their lockdowns soon & governments can make up the balance of the damage. These events will have a major impact on markets - the equities and goldmarket in particular. On the technical side, we have a nice inverse H&S pattern on the daily chart with targets 1785 (38.2 fibo retracement level from 1960) and 1805 (gap closure). Also the daily RSI is above 50 since months and the latest COT is superbullish with an increase in net long positions of +22k contracts. The daily chart is currently in a bullchannel . Bears want this bullchannel to turn into a bearflag targeting 1680 and 1650 from the supply zone . If bears succeed to bring the price to 1650, they will have a break of the April 14th 2020 low and more downside is expected in the goldprice with potential bearish targets 1550 and 1450. Ofcourse before that, bulls will try to turn 1680 into a triple bottom , if they succeed they will have setup a major support zone which will function as a platform for a potential rocket to 2100. For the coming week I am planning to buy the 1735-1740 zone with targets 1785 & 1805 and will start selling after the gap gets closed. We might go a bit higher around 1808. For the gaptraders it is important to know that the gap indicates a supply zone, so I am expecting strong bearish PA after the gap gets closed. I will be looking to rebuy the 1680 zone with targets 1820 & 1850 (50 & 61.8 retracement level from 1960). All too early for now, but one can dream right? :) In short, a ranging market for the coming weeks and a lot of pips to scoop. Keep the scooping blue 😏, Cesaro
OANDA:XAUUSD
by CesaroPelucci
GBPUSD-Weekly Market Analysis-Mar21,Wk4GBPUSD is in a sideways consolidation. This setup allows us to trade within the zone(green box). The setup is safer when we are shorting from the top of the green box, than buying from the bottom of the green box, and the reason for that is the previous bearish trend which coincides with the starting point of Point X on the Bearish Shark. However, if you are an aggressive trader, buying within the box can work as well and in the long run as long as you aren't flustered nor overtrade, you will be profitable.
Long
by RaynLim
EUR/USD LONG [BEARISH FLAG]EUR/USD has been in an uptrend since last May. Previously it had formed a bearish flag that continued the uptrend . Currently I see another possible bearish flag forming that could once again indicate a big buy that is about to happen. The price is currently touching the bottom trend line which indicates a reversal to continue the bearish flag, and adding to the confluence the price is also at a important support level which the price is failing to break . Therefore I expect the price to increase until the upper trend line completing the bearish flag pattern . The expected movement of the price is shown by the grey path drawn.
Long
by wookyu2001
📚 What To Look for When Charting Here is a chart of EURCAD. There were various opportunities available both short term and long term. Once you can identify chart patterns, you can easily anticipate where price will go next. A great chart pattern that I always use is flags - Bull Flags and Bear Flags. In the chart you can see that many times price impulsed and then created a flag and then carried on with the move. Flags can be found both in higher timeframes as well as lower time frames. Be sure to look out for them!
Education
by WicktatorFX
12
Bearish flag on WKHS heading below $10NASDAQ:WKHS Workhorse has had some quite bad news in the last couple of days, including the loss of a $6 billion vehicle contract, offered by UPS to one of WKHS competitors. What could have been a massive push to the company's vehicle orders is now gone. Well almost, because Workhorse management want to meet with UPS to discuss the matter. Though I would be very surprised that changes anything to the outcome of the contract awarding. From TA perspective, buying a stock that has lost half of its value within a few days is tempting, but not always a good idea. I see it forming a bearish flag before continuing the dip, which could lead the stock below $10. The RSI is also showing a big weakness. BUT, don't get me wrong, I don't recommend to short the stock as the risk-reward ratio is not great, but I prefer waiting for the bottom to buy, then ride the stock back up.
NASDAQ:WKHSShort
by fbits10
2
Bear Flag & a Head and Shoulders for GBR?Since my previous post on GBR, we've clearly seen the price breakdown from what appeared like a bullish pennant or potentially a bull flag, but the bearish divergence was/is too strong... Currently, it appears as though the price is breaking down from a bear flag with a head and shoulders pattern noticeable. I have placed a blue human head and body icon to represent the head of the H&S pattern. It could be an ascending triangle with a fake-out to the downside occurring now, the higher low trajectory has been negated at the upward sloping support of the pattern, in the next several trading sessions it will be more apparent. The RSI is trading in a descending triangle creating a series of lower highs. The DMI is showing a bearish cross where I've placed the red finger point downward.
G
by ScotianBot
📚 What To Look for When ChartingHere is a chart of EURCAD. There were various opportunities available both short term and long term. Once you can identify chart patterns, you can easily anticipate where price will go next. A great chart pattern that I always use is flags - Bull Flags and Bear Flags. In the chart you can see that many times price impulsed and then created a flag and then carried on with the move. Flags can be found both in higher timeframes as well as lower time frames. Be sure to look out for them!
by WicktatorFX
14