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Candlestick analysis

USDJPY-Weekly Market Analysis-Sep21,Wk1On Thursday 26Aug21, I've shared a Bearish Shark setup on the USDJPY. I've also launched a poll in my telegram group you can access via my tradingview post at the bottom of this post. Many if not all the people who participated have voted the EURJPY over the USDJPY setup. Both of them are Shark Pattern and both of them are bearish setups too. The only difference is that the EURJPY setup is a Trend Trading setup and the USDJPY is a Counter-Trend setup. To be honest, I have the same view too, but lucky for me, I didn't cherry-pick. I engage both of them and USDJPY is 10pips shy away from its first target (TP1), while EURJPY has its retest at the entry price. We can have our preference but when the setup form, we shouldn't have our confirmation bias. The link to both Bearish Shark analyses is at the link at the bottom. At this moment the concern I have is this potential inverted Ascending Triangle which may sabotage my Shark Pattern trading setup. I've set my alert on the ascending trendline and the alert will trigger only when can candle touches the trendline and alert me when the candle close. This is how trading should be and not aimlessly staring at the chart. If the candle respected the trendline and reverse at that point, I may exit my Final Target early and may reverse my trade(going long). This solely depends on how the candlestick closes and interact with the trendline. There is other Harmonic Patterns on the 4-hourly chart but to keep it clean I've removed them. If you are interested to check what setup is there, you can check out the link at the bottom.
Short
by RaynLim
2
GBPUSD-Weekly Market Analysis-Sep21,Wk1It's sad to miss 130pips worth of profits which translate to $1,300USD/lot trade on the Bullish Bat Pattern I've shared on last Monday, which some of you have received that information even the day before the market open. Well, I don't want you to jump into all the trade ideas I've shared but rather to read them, analyse them and make your own judgement call. There is an emerging bearish crab pattern on the GBPUSD 4-hourly chart as we are speaking. On the 1hourly chart, the flag pattern doesn't hold as nicely as its distant relative, EURUSD. I've included its chart within the tradingview link of this post to save you time in searching for it. From the flag pattern, GBPUSD has transformed into a nightmare of many proficient traders, the sideway increase volatility. And because they have experience in the market, most of them is going to let this set-up slide, because 9/10 times the market isn't going to respect the trendline, sometimes it went beyond it sometimes it doesn't even touch it and its reverses. From this you can imagine how frustrating it can be. Not for me. I will observe how the market move and should this be the 1 time that it works, it can bring a fantastic Reward:Risk.
by RaynLim
1
AUDCAD - Bullish FlagA Bullish Flag may just form up on the AUDCAD 1-hourly chart. The 15minutes chart may provide a possibility of a 61.8% retracement after the double bottom has formed. Although with the current candlestick formation, it is unlikely for a retracement to happen, if it does it will give me a better fill. The current entry gives you a 1.4:1 Reward:Risk, if a retracement happens, it will easily give you a 2:1. Well, for me I engage half of my position, so when the market run without waiting for me, I still can earn some and when it retraces I can wait for candle confirmation to engage the second half.
Long
by RaynLim
SPX: Doing a new record high again! How to proceed?Hello traders and investors! Let’s see how the SPX is doing today! We did a new record high today, and it looks like we have a top formation in the 1h chart. This might bring a pullback, but not a reversal. The 4,480 was the previous ATH, and now it is working as support for the index. If we lose this support, the 21 ema is there to hold the price in the short-term. Beyond this point, we have an open gap , which is exactly where the 38.2% Fibonacci’s Retracement is , and a sharper pullback might lead the index to that point. However, since the index triggered the Piercing Line pattern we have been discussing, the mid-term trend is clearly bullish, and short-term pullbacks in the 1h chart hardly will affect the momentum. We would need a clearer bearish structure. The only thing that is messing up with our reading is the volume , which TradingView has no data since Aug 20. I hope they will correct this soon. The volume in the 1h chart was always unreadable, but if this spreads to the daily chart, we can’t study SPX properly through TradingView. Anyway, let’s focus on the points mentioned in this analysis for the short-term. Since it is a bull trend, pullbacks are opportunities to buy. If you made this far, remember to follow me to keep in touch with my daily analyses, and support this idea if it helped you! Have a good day.
SP:SPX
by Nathan_The_Finance_Hydra
3
EURUSD-Weekly Market Analysis-Aug21,Wk4On the daily chart, EURUSD has broken and closed below the immediate support, however, it is still not a good enough confirmation for me because there's another level of support, looking left. On the 1 hourly chart, 1.1704 is the critical level that many traders will be looking at. For counter-trend traders, a break and close below 1.1704 will encourage them to engage for an aggressive buy as a support & resistance trade or double bottom trade. The trend-following or the trend traders will be hoping for the opposite and a bearish flag pattern.
Short
by RaynLim
NZDUSD - Supply Zone and Resistance LevelThere's no need for thousands of lines to make a trading work, it can just be a simple line and a small box if you know how to read the price chart, naked. Naked trading is what I've been doing for years but never really use that term. It simply means trading without indicator, just base on candlesticks. The black rectangle box is the aggressive trading zone for traders to jump on the bandwagon. Conservative traders can wait for the retest on the red line for a shorting opportunity.
Short
by RaynLim