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Cheminacci

Riding EURUSD Up To Form a Bearish GartleyEuro recently tested and retested an order block near the 1.0800 level. Upon this rest it has began the formation of a larger bearish gartley pattern on the 4 hour chart with a potential reversal zone between 1.1250 and 1.1300 (the 1.27 retracement of the BC and .786 retracement of the XA legs respectively. Entries for a buy would take place 1.09, with target 1 at 1.1150 and target 2 at 1.1300. Stops below 1.0830. For bearish entries upon the completion of the pattern formation. Entries would be at 1.1300 With stops above 1.1380 (the 1.618 retracement oc the BC leg as well as the .886 of the XA leg). Target 1 would be at 1.1100 and Target 2 at 1.0975. (Chart isn't the cleanest right now, but I've been keeping my eye on a lot of things. My apologies)
Long
by cheminacci
3
Bearish Cypher and Shark Patterns Play Off SPX500 Order BlocksThe SPX500 is forming a bearish shark pattern with a potential reversal zone at 2800 which also coincides with with a previous order block on the 4 hour chart. After further analysis, it was observed that this shark pattern is within a larger cypher pattern with a completion below 3000 which lines up with another order block level. For this trade I believe that the SP500 with move up to complete the shark pattern, retrace down and then move further up to complete the larger cypher pattern near 3000. 3000 is a very strong resistance number and may see the market retrace down to 2650 for a first target and potentially even 2460 as a second target. I chose a neutral sentiment for this idea because I feel that this could be a great play on the way up, and on the way down.
FX:SPX500
by cheminacci
Gartley-Bat Forming As Ripple Looks to Retest The .4000'sAfter breaking out of a consolidation wedge a few weeks ago and breaking a SIGNIFICANT support level at .4200, XRPUSD dropped down into the .2400's as it retested the lows. After a push back up, the pair has begun to form a bat pattern and a gartley pattern within the same region. I believe that Ripple is headed to .4000 as it seeks to retest the .4200 level which was former support. And is also within the potential reversal zone for the Gartley pattern. It's likely after that push upwards, the pair may also retest the consolidation shelf in the .4400 levels, This region is within the potential reversal zone for the bat pattern.
BITFINEX:XRPUSD
by cheminacci
Bitcoin Looking To Recover Riding With a SharkBTCUSD took a major hit over the last 3 weeks as discussed previously. After breaking recent lows and venturing down into the 5800's, the pair has been consolidating for the past week. It appears that BTC is finally ready to break out of this region for a retracement and a retest of previous structure levels. I noticed this morning that there was a potential shark pattern forming at the lows, whose completion and potential reversal zone were around 7300-7500. (Which was a level of consolidation and SIGNIFICANT Fibonacci confluence. I believe that BTC is going to make a push up to 7000 this week, run into some minor resistance, and will continue to push upwards to 7300. At the completion of the shark pattern I expect to see potential retracement down to the 6600s.
BITFINEX:BTCUSDLong
by cheminacci
1
Bearish Crab Pattern Forming on Dollar Index (DXY)After a few months of growing strength it appears that DXY may be preparing to slow down as it retests structure once again. A bearish crab pattern has began to form with lovely confluence, and a tight potential reversal zone centered around 97.87. Target 1 94.44 (.382 retracement) and Target 2 at 92.32 (.618 retracement). This movement could also help provide some insight on the movement and potential reversal of the various USD pairs as well.
TVC:DXYShort
by cheminacci
3
EURUSD In Wedge Looking To Retest LowsEURUSD broke through a structural low 2 weeks ago at 1.1554. From that point it began to form a consolidation wedge as EURUSD loves to do prior to moving down more. With this break in structure the trend has become bearish on the daily chart. The market could potentially break up to retest some minor highs, and then reverse to move down towards 1.1250 (Target 1 at the 1.272 extension) in an effort to retest the structure low at 1.1120. If this level is broken the market will fall further to 1.0925 (Target 2 at the 1.618 extension)
Short
by cheminacci
4
BTCUSD Looks To Make Significant Retracement Before Going HigherBTCUSD made a significant move up over the last 2 weeks from the 6500's, most recently breaking throught the 7800 level last week. After the break through 7800 it attempted to retest the 8600-8900 range but failed. After noticing an extremely overbought RSI and a developing double top I conducted some fib analysis. It seems there is major fibonacci confluence near the previous consolidation zone. (Blue box). I also noticed that there was bullish bat pattern beginning to form with a completion that resides within the confluence zone between 7200 and 7600. Because of the failed break in resistance I believe the market is headed to this level. It also seems that the move down to form the bat pattern could be the beginning of retracement wave 3 from an Elliot wave theory stand point. If entering into a bearish position, stops would need to be above the 8500 level, with target 1 around 7400. IF looking for a bullish position on BTCUSD I would suggest waiting until after the market retests this potential reversal region.
BITFINEX:BTCUSDShort
by cheminacci
Bearish Shark On BTCUSD If...Theres a potential bearish shark pattern forming on BTCUSD IF the 10000 level is broken. (Which I think will be happening within the next few days). 10000 is the over-under for hype on BTC. Above 10,000, "It's going to the MOOOOON!", Under 10,000 "Cryptos are horrible, they're worthless!".... Its a pretty signicant number. Though this is a bearish pattern...I am technically "neutral" on this trade idea because I'm both bullish and bearish on this chart. Bullish in the immediate future, and Bearish after BTCUSD retests the previous highs.
BITFINEX:BTCUSD
by cheminacci
Potential Bearish Shark Entry Within USDJPY ChannelOver the past 2 weeks USDJPY has been extremely bullish. This move has been taking place within a large channel on the daily chart. Within the channel a local trend line has formed and USDJPY is currently approaching it. After the recent bullish rally, the market is seeking to retest a previous structure level at 110.50. The move developed into a shark pattern whose potential reversal zone centers around this previous structure. I believe that there are two potential entries for this pair, depending on how the market decides to go forward. The first entry would be near 110.50 which would be the retest of the upcoming structure. If the market breaks 110.50, the second possible entry would be at 111.35 which would be another retest of structure as well as a move off of the 1.13 extension. Potential targets would be 108.00 for entry 1, and 107.50 for entry 2.
Short
by cheminacci
EURUSD Major Turning Point Within Daily and Weekly ChannelOver the last 3 years EURUSD has been "dancing within a massive consolidation wedge that have become more of a channel on the Weekly chart. After some recent analysis I noticed that a major gap in the market has yet to be filled. This gap however is at a retest of previous major structure levels, as well as at the top boundary for an ascending channel on the daily time frame. I believe that the volatility from upcoming events will push EURUSD down to fill the gap, but may also continue further to retest the lower channel boundaries.
Short
by cheminacci
Gap Still Needs To Be Filled on EURUSDWe recently had a major gap in the markets after the first rounds of the French Election process. On EURUSD the pair gapped up nearly 200 pips. Price came down quite a bit over the last week, BUT the gap hasn't been filled yet. The market doesn't like holes, and it doesn't like uncertainty. Euro's been consolidating within a 100 pip range, but I believe that the next round of French elections will trigger a drop in EURUSD, filling the gap. This trade has a great risk reward ratio, and comes after multiple retests of the highs. Entry at 1.0910. Stops above 1.0950. Targets at 1.0850's, 1.0775, and 1.0730.
Short
by cheminacci
3
Bitcoin Setting Up For Retracement Before Going FurtherBTCUSD has been on a bullish trend for quite a while now and it seems to be no end in sight. HOWEVER the cryptocurrency is extremely overbought with an RSI of 85, and it is approaching some levels of Fibonacci confluence. Being that previous structural highs have been broken, the pair still has room to move up, BUT it must retrace first. It appears that BTC will pull back into the 1280s (.382 retracement) after testing the 1.27 extension of the previous impulse leg. After which, it may extend up to 1700 for target 1 and potentially 1923 for target 2. Keep in mind that cryptocurrencies are still extremely volatile, and any trades on these pair should be watched closely.
COINBASE:BTCUSDLong
by cheminacci
EURUSD Likely To Retest Channel LowsWithin the large consolidation wedge that EURUSD has been in for the last 2 years, there's been quite a bit of movement that has presented a wide array of opportunities. Over the last month Euro broke out of an ascending channel after the Brexit announcement, confirming a new downward trend within a descending channel. EURUSD has approached the top of this new channel and looks like it is preparing to retest previous lows. Entry in the 1.1190s, Stops above 1.1280 with Target 1 at 1.0950 (retest of recent low), Target 2 at 1.0870 (1.272 extension and previous support) and Target 3 in the 1.0770s (1.618 extension and previous support levels).
Short
by cheminacci