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Thoughts on EURUSD (Bearish possibility)Hello again! From my point of view, there could be 2 possibilities for the eurusd to enter in a short position. I mostly see EURUSD bearish. The best scenario is option 2 as there was a big consolidation and it made a rectangle pattern with a fake breakout. There's also a bullish trendline that was broken these week. If the market goes up but shows one indecision candlestick, I would recommend a bearish position on 1.02344. But if the market goes downwards, breaks the support and retest it within 2 closed candlesticks below the support, I would consider to enter a bearish position on 1.01230. We just have to be patient. Past weeks I haven't really trade as the markets are moving kind of sideways and I haven't seen any clear harmonic or chartism patterns.
Short
by pinoso
Thoughts on GBPUSD Hello again! There's a rectangle pattern spotted on GBPUSD. Interestingly, the price where the TP of the rectangle pattern is been determined coincides with an AB=CD pattern and if it goes further, it will hit to a bat pattern. I'm not gonna talk about the supports until it actually goes there. THe resistance as entry point of the rectangle pattern could be restested, so I will recommend to enter a short position if it hits and the market respects the resistance. If the price doesn't give retest, just wait for the price to get to the supports for a bullish position.
Long
by pinoso
Follow-up on EURUSD (Bearish position possibility)Yesterday we theorize 2 possibilities for the market to go bearish on EURUSD. Now we have the first possibility invalidated, meaning that the price may look for our second possibility. We have to wait for the price to retest and it hasn't retested the resistance yet, so it could be a good opportunity to sell. I have also placed the reason why I think it will retest. There's an ideal bullish AB=CD pattern with 0.782 : 1.27 ratios. So the zone is very similar between 1.0703 and 1.0710. We just have to wait and we have 2 targets. The proper M pattern TP which is the 1.06419 and the other target will be the rising wedge target (remember that our analysis on the second possibility is also based on the rising wedge. For the moment, we discard the possibility 1, although we will save that zone as there was some ratios that can mean something in the future.
Short
by pinoso
Thoughts on EURCHFPreviously we traded EURCHF because of a harmonic pattern on mother's day. It made a M pattern and now it is retesting the resistance. Down there, we have a trend line that was broken. Technically speaking, neither of them gave the proper retest, and neither of them has completed their target, so both of them are valid. Right now the M pattern is in the entry point. I'm going to wait for the price to give me bearish candlesticks patterns in order to enter. Right now I see the market bearish. If everything goes as planned, we may expect the price to bounce at the trend line.
Short
by pinoso
1
Thoughts on GBPUSDBefore the details, there's something undeniable and is the fact that the price has been bullish for the time frame that we're analyzing and the it makes sense for that time frame for a head and shoulders to be formed. At this moment, there may be a possibility to go bearish because of the head and shulders. But we have to wait for the rest as shown in the analysis. The ideal retest I'd like to see is at 1.24820. We're just going to operate until the first TP. If the pattern is right, we will also see a bullish opportunity, but I'll take about later when we see market move downwards. But for starters, there could be an ideal AB=CD pattern at the first TP of the head and shoulders. There will be also an ideal Gartley pattern but that has exceded the 0.786 entry. It'll react at 0.886 in that case the entry price could be at 1.2383.
Short
by pinoso
Thoughts on USDCADHello again! Here we go with USDCAD. First of all if we look at a major time frame, we can see a Butterfly pattern. Now this is not as strong as other butterfly pattern, so I based the entry point with the break of the bearish channel right before it started to react. I'm expecting a bullish movement here and I think the price is just gonna move a bit upwards and it is coherent with both patterns. If it breaks the SL, then it surely will not go up. Operate with lower risk as we have strong news this week.
Long
by pinoso
Thoughts on EURCHF (Neutral at the moment)This chart is harder to know what the market will do as it is in a consolidation. But, I'll give my point of view of what will I trade in case it gives me any opportunity. There's a flag pattern that inside the consolidation, which is usual and it could be a bearish possibility that is in theory happening at this moment. But the thing is, the market is also near to the break in case this is a double bottom pattern (W pattern) and it will look to go bullish. So I think it is key to see there the market does the retest first. If it goes up and retest 1.0335, I would most likely go bullish. If it goes down and retest at 1.0305, I would most likely go bearish. But it depends on how the market reacts. If you ask me where I'm inclining to believe that the market would go I'd say bearish because it hit first the flag pattern. That's why I recommend to wait for any retest. If not retested, then discard and wait for the consolidation to end.
by pinoso
Thoughts on EURAUDI think I would take definitely the sell if it gives me the retest and show me bearish candlesticks. There's an M pattern that in theory is developing. In case it doesn't retest and go bearish from this point, I could have a bullish opportunity because of the bat pattern. So we have different scenarios: 1. If it gives the retest at 1.50236, we can take a bearish position and expect the price to hit TP1 at 1.49255 primarly and if it continues we expect it to go to the TP2 at 1.48424. 2. If it gives the retest at 1.50236 we can go bearish until 1.49255, but if it also gives retest at the TP1 1.49255 we can go bullish until 1.50050. 3. If it goes bearish form this point and restest at 1.49255 we can go bullish until 1.50050. 4. If it doesn't respect anything and doesn't give any candlesticks pattern that any potential price could be retested, just discard everything and don't enter any position. I strongly recommend to wait for candlesticks before entering any position on EURAUD. Being said this, at the moment we wait.
by pinoso
Thoughts on GBPUSD (Bearish possibility)Although the market is consolidating, the market is moving on a price range and making a rectangle pattern. We just have to wait for the price to give us the entry whether is a sell or buy. I'm inclining to believe that gbpusd will go for a short position and mostly because we've been in a bearish market this past months, but we just have to wait for the price to tell us what it's going to go. Target would be the green lines depending what the market does in the future. Do you have any other ideas? Let me know on the comments.
by pinoso