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Candlestickpattern

Expansion PatternsAUDCAD has a unique setup that I'd not seen before. We have shark patterns from the Weekly chart to the 1-hourly chart. This is a clear sign of sideway increase volatility, a situation I DID NOT trade when I started trading 18years ago, not until I found the Shark Pattern trading strategy 12years ago. I'm more comfortable waiting for the Shark Pattern form up on the 1-hourly chart at 0.8902. Not only because it was the lowest timeframe, which means lesser initial risk on the trade and the completion of the Shark Pattern lands on the Key Support level on the 1-hourly chart.
Long
by RaynLim
BluetonaFX - 05/06/2023 AUDUSD RANGE SETUP UPDATEHi Traders! PLEASE SEE LINK TO ORIGINAL IDEA BELOW. Our AUDUSD range zone is working perfectly. Since we had the pin bar morning star reversal candle to get back inside the range zone, the bullish momentum looks to be heading to the range resistance at 0.68183. This was a great setup as the potential reward was far greater than the risk. We will continue to see if there is enough momentum to carry upwards to the resistance of the range zone. Please do not forget to like, comment and follow. Thank you for your support. BluetonaFX
by BluetonaFX
2
BluetonaFX - AUDUSD RANGE SETUPHi Traders!, We are back inside the range zone on AUDUSD. After multiple breaks of the range zone, we have not continued with the direction of the break, which tells us that both buyers and sellers are currently undecided long term as to where to go from this area. We have highlighted the range zone on the chart. Resistance to the zone is at 0.68183 and support is at 0.65664. From analysing the price action on the chart, we recently had a pin bar morning star candle after a range zone break at the 0.64583 level. The pin bar morning star is a strong reversal candle pattern, therefore a push to the upside of the range may be on the cards here. As long as we are above 0.65664 there are opportunities for long positions and with a look to exit near the top at 0.68183. To the downside, to look for a continuation, we must break and close below the pin bar morning star candle at 0.64583. We will keep an eye on this in the next few days and will give you a progress update. Please do not forget to like, comment and follow. Thank you for your support. BluetonaFX
by BluetonaFX
2
Did you miss NVDA's move? What now?NVDA's gap up on a stellar earnings report should NOT have been a surprise, as the chart has been showing strength since January when I mentioned it in my Morning Reports. It was completing the bottom at that time. The trend upward was showing pro traders in control of price after Dark Pool quiet accumulation. It has 64% of the shares held by institutions, which is normal for a giant-cap stock. It should actually be a Dow 30 component rather than INTC but, alas, that won't happen for a while. NVDA stair-stepped upward. This is probably one of the hardest trendline patterns to see without rectangles drawn around the step, but one of the most important to recognize professional buyer dominance. What now? The gains are now extreme. And the pros are taking profits. That means there is very high risk for buying at this moment. CAN it move higher? Of course! Euphoric retail buying can easily drive prices upward further for a short period of time. Just remember that without institutional buying at this level, any upside from here may be short-lived.
NASDAQ:NVDA
by MarthaStokesCMT-TechniTrader