Episode578 CADJPY - Bullish CrabAs much as I like to prize this Crab Pattern as the ultimate setup for the week, this Bullish Crab Pattern has a major warning sign.
Trained Harmonic Pattern traders can comment at the bottom.
The reason I would still consider this a Crab Pattern is because the levels converge at 104.08.
The better setup this week is the Bearish Crab Pattern on the USDJPY Daily Chart, check out the link at the bottom.
Countertrend
USDJPY-Weekly Market Analysis-Sep22,Wk5Monetising on the idea that USDJPY has a completed Bearish Crab Pattern on the Daily Chart, I'm waiting for this odd-looking Bearish Shark Pattern to complete at 145.27.
Normally, I wouldn't have factored in the fact of BOJ intervention that makes the chart an odd-looking one, but because the level of the PRZ within the shark pattern converges, I'm going to observe how the market reacts at 145.27 before engaging the trade.
BTC SHORT? Maybe I have been looking at these charts for too long but this looks good to me. If nothing more then part of it completed. Technically it's too soon to consider this because if you look up still plenty of room, but without some retracement is unlikely to me. We are also about to enter2nd MM Killzone. We just tapped the ceiling so, tapping the floor seems logical. I am just messing around not risking much on this trade. Don't have to risk much if it even half is right. As of now we are still very much in an uptrend and we technically made a higher high which makes this trade about absurd and against the trend which is not the best thing to do in most cases. I opened the position cause something on a volume footprint chart that was out of place. It indicated to me we could reverse soon. This probably is not the smartest trade, but I have never been great at following the crowd. Even funding rates are positive and predicated rates are positive.
24500 Is a massive supply zone or resistance if you prefer. It has a ton or orders stacked there. 25000 is the heaviest looking at it from a market maker view. There is almost no support below volume or limit order wise. Below 23600 is empty at the moment it would move through there with haste if it gets there.
If this has already started by the time this is published you can always find a pull back and enter the new downtrend I believe is going to form. Lets see how it plays out. My long that just completed played out wonderfully. Wish I had published that one. I only published it private cause I had my personal levels on it I have since removed.
We just 10 seconds ago enter KZ2 I mentioned earlier. Lets se what happens and who gets taken out. Good luck. Looks like it already started, sorry for late post, but it could very well come back close to entry a few times yet. Oh and I know that's not the traditional way to use FIB levels, it's something I use just to mark areas of value. I use the volume profile more. Set TP at higher volume locations.
GBPAUD - Bullish BatThe overall trend of GBPAUD is a Bearish Trend. You must know that the bearish trend is pretty strong with the current market condition.
However, there is a counter-trend trading opportunity; a bullish bat pattern has been completed, and at this moment, it is having its retest. You can wait for a 3-bar reversal pattern before engaging the trade.
USDCAD - Bearish Deep GartleyA Bearish Deep Gartley Pattern check back. What!?! It's rare, but it does happen.
I"m waiting for the candlestick to close and confirm a long shadow for my aggressive trade. This trade could potentially give me a lower risk and higher returns, if you know what you are looking for.
NZDUSD - Bullish SharkThat is why the Shark Pattern and the Crab Pattern is the toughest harmonic pattern to trade. And that is also why we must ensure that our students are well-versed with Harmonic Patterns and have profited from other Harmonic Patterns before we teach these bad boys.
We are back into the waiting phase; I'm waiting for a 3-bar reversal pattern to engage the trade.
CADJPY - Bearish BatCounter-trend traders, this is another trading opportunity, a Bearish Bat Pattern completes on the daily chart.
It will be a busy Monday for traders. Share this with your friends, so they won't sleep through Monday and missing lots of trading opportunity.
What I love about this setup, there are RSI Divergence on the lower timeframe.
GBPUSD-Weekly Market Analysis-Sep22,Wk2Aggressive Counter-Trend Traders, you might have an opportunity to engage GBPUSD on a buying opportunity.
Why is that an aggressive move?
That's because there is no structure or support looking left.
At the minimum, wait for a 3-bar reversal before engaging in the trade. Your first potential profit taking level will be at 1.1576.
USDJPY - Bearish BatAfter weeks of waiting, the Bearish Bat Pattern on the USDJPY has finally been completed. Counter-trend traders, this could be your chance to engage.
However, there are 2 warning signs I must point out.
The completion of Point D exceeded the little red box known as the PRZ. A more conservative way is to wait for the 3-bar reversal to happen.
Lastly, tonight(depending on which city you are in), there is a US ADP report, and this Friday is Non-Farm Payroll week.
AUDCAD - Bullish SharkAs mentioned yesterday in our private channel(check the link at the footer) that today will be an active day for traders.
I've engaged in this counter-trend trading opportunity, the Bullish Shark Pattern. If this setup fails, there is another level of opportunity, as we know that shark patterns can be tricky.
Please do your own analysis and do not follow blindly.
GBPAUD - Bullish 5-0PatternFirst, before the 5-0Pattern is completed, it has to reverse at 1.7063 to show respect for the Bearish Shark Pattern completion.
Would I take the trade?
You bet I will!
I will observe if the market will respect 1.6993; if it pauses and reverses, I know I have my Bullish 5-0 Pattern.
The 5-0 Pattern is vital for my longer-term trading plan.
USDJPY - Resistance LevelIf you read my last week's analysis, you should know that there is a potential Bearish Bat Pattern on the daily chart(the link is within the tradingview article).
If you are looking for a counter-trend trading opportunity, the Bat Pattern might not be the best setup, and that's because I don't like what I'm seeing(consolidation before the Point D completion).
I'm more inclined to wait for a shorting opportunity at around 137.56, which happens to be the 1hourly chart resistance level. First of all the initial risk isn't great; furthermore, it is a more important level of resistance.