USDJPY-Weekly Market Analysis-Aug22,Wk4It is a joke to read that; "The US Dollar dipped on CPI data"; or "The US Dollar dipped on inflation". If you have been following us, you should know that the Buy Zone(Blue Box) has been there for a long time.
Yes, the dollar is still bullish; some may argue that it is due to Yen's weakness, but you can check other Dollar pairs and compare on its daily chart.
The dollar is far from the bearish move; however, counter-trend traders can wait for a 3-bar reversal at 138.35 at Point D of the Bearish Bat Pattern.
Countertrend
XAU Quick Short 1760Short off XAU from upper 1790 zone.
The overall trend is still biased toward a long entry, although a prime entry point for longer-term bullish entry comes in at the 1760s zone rather than higher prices of the upper 1790s.
The pullback may provide the liquidity needed to break the 1800 key level
USDJPY-Weekly Market Analysis-Aug22,Wk2With no mistake, USDJPY is on a Bullish Trend, but that doesn't mean we can't look for a counter-trend trading opportunity. We have a Bearish Crab Pattern completing at 135.58 on the 1hourly chart.
On the 4-hourly chart, there is a potential Bearish Bat Pattern that has the potential of completing at 136.59.
Knowing that this is a counter-trend setup, a candlestick confirmation is required against a strong bullish trend.
GBPUSD-Weekly Market Analysis-Aug22,Wk2 A retest of 1.2026 on the 1hourly chart, not only it would give us a retest or to some a double bottom with an RSI Divergence, if you look at the bigger timeframe, the daily chart, you would see a potential Head and Shoulders Pattern that give an opportunity to long on this counter-trend trading setup.
EURUSD-Weekly Market Analysis-Aug22,Wk2A Bullish Butterfly form at 1.0045 could be an opportunity for counter-trend traders to wait for a counter-trend trading opportunity that completes at that price. However confident you are in the trading setup, it is important to wait for candlestick confirmation before engaging in the trade.
LONG EURUSD on Daily ChartEntered a long position on EURUSD @ 1.02499. EURO has obviously been up against strong headwinds, getting battered all the way down to parity with USD recently, so this one is a counter-trend trade. Technically, my system has printed an EwoT (entry without a trigger) and a close above 1.02936 would be the technically valid trigger.
Area of resistance around 1.0410, some 150 pips away.
BTCUSDT HIGH RISK SHORT OPPORTUNITY ALMOST SAME AS THE SOL TRADELooking at the markets I understand it's an attempted short squeeze but I don't see it going much higher without retracement. You see the wicks are showing exhaustion and this is a very risky play with no confirmation for maximum gain. Potential reward is great but it is risky, especially going against the trend like this. I am monitoring the volume footprints to make a final decision. This is not my normal trade style but I see opportunity I like to take it. Remember your risk tolerance and don't use over 2x leverage if you have to use any at all. Could use an ABC reversal pattern for confirmation but not the best entry. Not necessarily a reversal either more a retracement or counter trend trade.
Not financial Advice just a fun idea. A DeDen play basically but a looks promising. Let me know what you think. Is it too risky? Like any trade make it your own and modify it to fit your trade strategy and style and for heavens sake use a SL.
Good Luck
-NFA
KUCOIN:BTCUSDT
GBPAUD - Bullish BatA Bullish Bat setup is here for sideway, counter-trend, and harmonic pattern traders.
Two things to note, the market has not retraced to 1.7366 to validate the setup and Point C touches Point A candle body, which always bothers me.
Despite of that, what I like about this setup is its profit factor and the RSI Divergence.
EUR/USD – Stuck In A Descending ChannelHi Traders,
As we are noticing a bounce in the forex market and as we are thinking the bulls might be coming back to start doing some damage control, we have to remember to zoom out to see what the real trend is.
When in doubt, zoom out.
On (EUR/USD), In the daily time frame, the price has been stuck in this descending channel since the end of January. Price has been making lower lows and lower highs since the beginning of 2022.
Now, if you were a swing trader and managed to catch that double top at the end of January as a short entry and rode this pair down all this way, you would have made yourself 12% over a period of 100 days. That would be incredibly good and there are a lot of traders that have capitalized on these opportunities to go short that the Euro has given us this year.
For those of us that have not had any short positions and have only missed every possible entry, well, never fear as the markets always have endless amounts of opportunity. If we jump into the 4-hour time frame, we can see that the bulls are showing their horns at the moment. However, back on the daily, it still looks like we are in bear territory.
Now, I like to see a clear bounce off of the support and off of the resistance channel bottom and top to signify and validate a clear channel. Look how many taps we have had on the bottom and the top of the channel. Let's count them out.
Four taps on the bottom.
Six taps on the top.
We can safely say that we are stuck in a channel.
I also like to see the price respect the middle zones of the channel. Notice how the price has done so.
Every time it touches the middle of the channel, it respects that area and treats it as Support and Resistance on the way down.
So, it's all very well and good that we have identified a bearish trend and price stuck in this Daily descending channel. What good is it to us? Well, we have to look for opportunities right? Either to sell or to go long. Right now, there's no point in selling the channel bottom is there? Haha, on the 4-Hour we might see a pattern that we can use to go long. However, on the Daily, we are waiting for the price to close today above the line of resistance I have drawn. Perhaps upon a retracement to that line, we can carry this pair north to the channel top.
Please remember that we need to see a reason to buy and by buying, please remember we will be going counter-trend. So our reason has to be solid. We can use the channel top as a target as we can see previously that when the price touched the bottom of the channel at the beginning of previous months, by the end of the month, the price had reached the top of the channel. This is by no means an accurate strategy that one should employ, I'm just pointing interesting things out. Please trade them at your own risk. However, I would just suggest rigorous amounts of back-testing first.
One more interesting thing to notice – Volume. Look how it has been sloping downwards along with the channel. The lower price got, the less buying and selling there was and the less amount of power it took to push the price down. Should we be looking for a pop sometime soon? Things that make you go hmmm.
On that note, I bid you all a great Tuesday and I will be seeing you all in the next one.
The Vortex Trader
CADJPY - Bearish BatCADJPY has a potential Bearish Bat Pattern that completes at 106.77. A candlestick pattern confirmation is important, and that's because there's a Potential Bearish Butterfly Pattern on the Daily Chart. There's no need to be over concern about that; as long as you are following the trading rules, it will be fine.
USDJPY-Weekly Market Analysis-Jul22,Wk4USDJPY is on a strong Bullish Trend. However, counter-trend traders can wait for a retest at 139.11 to engage a shorting opportunity based on the Bearish Crab Pattern retest at the HOP level.
A retest at the HOP level also means I'll be getting a RSI Divergence.
EURUSD-Weekly Market Analysis-Jul22,Wk4The Bullish Deep Crab Pattern on the Daily Chart might not form up, and even if it did, it might not be ideal. However, if you have long based on the counter-trend trade on the Bearish Parallel Channel, congratulation is in place.(check out last week's chart at the bottom of the tradingview link).
Alternatively, you can wait for the Bearish Shark Pattern on the 4-hourly timeframe to complete, hitting the first target and waiting for a buying opportunity on a 5-0 pattern setup.
In trading, being patient is important.