Get started

Countertrend

EURUSD-Weekly Market Analysis-Oct22,Wk2If you had read my overall analysis(check out the Related Ideas within TradingView) on EURUSD, you might get a bit confused with this analysis. How could we look for a buying opportunity where the overall trend is bearish? In fact, we can, there are ebbs and flows of the market, so within the bearish trend, there are bullish movements within; what is important is that you have to know if you are trading with or against the trend. This Deep Bullish Gartley Pattern has been violated, there is a break and close below of X, but with NFP(Non-Farm Payroll) just happening last Friday, I like to give EURUSD some leeway(but leaning towards not engaging it. Some of the further movement I need to see is an immediate reversal( bullish ) with a double bottom combined with RSI Divergence.
Long
by RaynLim
NZDJPY - Bullish SharkTo those who trade based on currency correlation, this is one setup you have to look at. On the surface, the NZDJPY and NZDUSD both have a Bullish Shark Pattern on the 1-hourly chart, but if you look closely at the 4-hourly chart, you will be able to see the future of these two pairs differs from one another. On the NZDJPY, the Shark Pattern is more direct, in and out of the setup. However, on the NZDUSD setup, there is a potential trading combo setup. Check out the related ideas at the bottom of my tradingview post to learn more.
Long
by RaynLim
Educational Series: Trading with the MACD (Part 4)Using the MACD for counter-trend signals is likely to lead to losses and more difficult trading experiences than you would like. With the downward channel indicating a downtrend , and if you were to look for MACD crossover below the zero line, to signal a buying opportunity... The first 7 buying signals show price climbing briefly/slowly to the upside but reverses strongly. Only in the last example, as price bounces off the support of the channel and a brief shift in fundamentals led to the trade climbing to the TP level. Remember : Countertrend trades have a 70% chance of failure. If you are relatively new to trading, look for trend-following trades first. In fact, even if you are an experienced trader, trend-following trades should still be the primary/idea set up.
Education
by JinDao_Tai