USDCAD - Bearish ABCD PatternThe market setup for this week is interesting. We have a couple of setups that work on the lower timeframe and we have seen a couple of AB=CD pattern setups and complete.
USDCAD has an AB=CD pattern setup on the 4-hourly chart that works on the 1-hourly chart as well. What I would like to see in this Bearish ABCD pattern is that it touches 1.2812 which is also the previous Resistance Level on the 1-hourly chart. A Double Top with RSI Divergence would sweeten the deal.
Countertrend
AUDCAD - Bearish BatA Bearish Bat Pattern is complete at 0.9191 on both 4-hourly and 1-hourly charts to provide a Trend Trading setup.
However, if the market slide towards 0.9050 instead, we have the Bullish Butterfly to catch the move on a Counter-Trend trading opportunity.
So which Harmonic Pattern setup would you prefer?
EURUSD-Weekly Market Analysis-Dec21,Wk1On the Daily and 4-Hourly Chart, the EURUSD has displayed a Bearish Trend and on the 1-Hourly, an Uptrend. This is my prefered setup as I could potentially sell at the High and exit when the price went lower.
I'm waiting for a retest at 1.1322 or preferably a Double Top with an RSI Divergence to engage the trade.
GBPJPY - Bullish Bat152.65 is the complete price of the Bullish Bat Pattern, so why didn't I engage in the trade?
Because it forms up too early. Yes! You hear me right. There are many rules to validate a Harmonic Pattern. And it's impossible for you to figure them out.
I'm waiting for the retest at 152.65 for a counter-trend trading opportunity on the Bat Pattern and that will still consider as a Type1 trade.
EURUSD - Bearish SharkBefore we go into the Shark Pattern, the EURUSD has a Bullish AB=CD Pattern on the daily chart and it's making a check back. This could just be 1 of the better setup that counter-trend traders can wait for a buying opportunity.
Trend Traders have to be slightly patient as 1 opportunity you can hop on is the Bearish Shark Pattern that completes at 1.1451 within the sell zone of 1.1432-1.1465.
GBPJPY - Bearish GartleyA Bearish Gartley Pattern forms within the double top retracement within the longer-term Bearish Trendline.
To sweeten the deal, the confirmation ends with a long shadow candle/pin-bar completing the Gartley Pattern.
The downside of this is that the RSI has not reach the overbought zone and the closing price of the long shadow candle can throw traders off the scale of Reward:Risk.
NZDJPY - Bullish ButterflyIf you had joined us last night, you would have seen how we use the Double Top Retracement zone and project a Bullish Butterfly completion that hit our final target level.
The market sort of did a rebound after it "woke up" from the ungodly hour.
Check out the live stream and you can see how the analysis was done at , you could watch from the start and learn how the zone was plotted.
www.tradingview.com
GBPUSD-Weekly Market Analysis-Nov21,Wk3On the Daily Chart, GBPUSD has finally broken and closed below the support level and has been deemed Double Bottom, Mission Impossible. A key resistance level at 1.3428 works on all 3 major timeframes, namely the daily, the 4-hourly and the 1hourly chart.
You can wait for a double top setup on the 1-hourly chart the engage for a shorting opportunity.
If you are looking for a counter-trend trade, the ABCD pattern that forms at 1.3314 and if it happens to touch the bottom of the Bearish Parallel Channel would give you an advantage to long.
Gold - Bearish GartleyDo you dare to short Gold?
If you do, $1866.73 is a good price you can consider engaging the trade on a Bearish Gartley Pattern formation.
However, a 3-bar reversal pattern is required on the daily chart as a minimum requirement for me to engage the trade base on the Daily Chart and with an RSI overbought or RSI Divergence.
GBPUSD-Weekly Market Analysis-Nov21,Wk2I'm waiting for a double bottom to complete at 1.3446 for a buying opportunity, as long as it never breaks and closes below 1.3419, it will be alright for me to head in for a buying opportunity.
I'm into this double bottom trading opportunity, partly is because on the daily chart the market is showing a sideway bounce setup, and this is 1 of my favourite trading setup.
EURUSD | Perspective for the new week In the wake of a stronger than expected US labour market report for October 2021, the Euro appear to be taking a bounce from fresh annual lows under $1.1520. Despite citing a Double Top pattern with a successful Breakdown of Neckline confirming a reversal pattern, I am looking forward to taking a "quick" countertrend in the coming week with my eyes still on the long-term expectation of a Bearish momentum evolving.
Tendency: Uptrend (Bullish)
Structure: Supply & Demand | Reversal pattern (Double Bottom)
Observation: i. Since the beginning of September 2021, the Euro recorded a 3.39% drop against the Dollar and this is represented by the prior leading price action (Bearish Impulse leg).
ii. And since hitting bottom around $1.15200, the Bearish momentum appears to fizzle out as Buyers find what looks like a Demand level at this zone in the last 6 weeks to incite a Correction phase.
iii. It is also appropriate to note here that finding a bottom in a zone ($1.15200 area) that has a memory as far back as 2017 for the demand for Euro might not be a coincidence and seems to be a very good opportunity to take a "quick" countertrend😊.
iv. With recent structure and considering the Double Top pattern identified on the Weekly chart, I suspect that this potential correction phase will stall at the Neckline zone to incite a risk of further decline for the Euro.
v. Double Bottom: We do have a highly bullish technical reversal pattern forming at this juncture in the market with structure revealing a change in trend and a momentum reversal from the prior leading price action (major downtrend).
vi. Even as we await a confirmation which will happen if the price breaks out of resistance level @ $1.16750 (Neckline of potential Double Bottom) which equals the high between the two prior lows; I am willing to take a long position at a break and stay above of $1.16100 with an opportunity to add to the existing position at a Breakout/Retest of Neckline in the coming week(s)... Trade consciously!😊
Trading plan: BUY confirmation with a minimum potential profit of 150 pips.
Risk/Reward : 1:4
Potential Duration: 5 to 12days
NB: This speculation might be considered to make individual decisions on the lower timeframe.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
EURJPY - Bearish GartleyIf you are waiting for a ranging trading opportunity or a sideway movement, a Bearish Gartley pattern should be what you are looking for.
The Gartley Pattern is not the best setup we have identify and that is because Point C has touched Point A and that is a huge red flag for harmonic pattern traders.
USDJPY-Weekly Market Analysis-Nov21,Wk1The blue line that you have seen on the daily chart within this chart has turned to a red line that you can see on the current 1-hourly chart.
Counter-Trend Traders can wait for a shorting opportunity at 114.25 on a Bearish Shark Pattern as a counter-trend setup. I will be waiting for the market to consolidate at 114.25 before I engage the market.
GBPUSD-Weekly Market Analysis-Nov21,Wk1On the daily chart(related ideas at the bottom), the market is showing a Bearish Channel. Shorting became great idea for traders who are looking for trend trading opportunities.
On the 1hourly chart, traders can wait for shorting opportunity once the market has retraced back to 1.3741.
Counter-Trend traders can wait for a double bottom trading opportunity when the market touches 1.3672 and not close below 1.3668.
GBPAUD - Bullish Butterfly checkbackA bullish butterfly pattern checks back and it retests the previous candle wick that complete the butterfly pattern with RSI Divergence.
If this is for you. a Deep Gartley Pattern and Shark Pattern formed on the daily chart for a buying opportunity.
Based on the daily chart it is a trend trading(buying) opportunity for trader.
NZDUSD - Bearish GartleyIf you have been following our Live Session, you would have known that the Bearish Gartley Pattern was spotted.
What's so special about this setup is on the 1-hourly chart(right) has a Bullish Bat Pattern setup and its entry zone is at the completion of the Bearish Gartley Pattern's 1st Target.
How cool is that?
EURUSD-Weekly Market Analysis-Oct21,Wk5On the daily chart, EURUSD has broken and closed below the support. However, the 1-hourly chart, it presents a different view.
There are 2 potential development over here
1) A sideway bounce setup that gives selling opportunity on the red line and buying opportunity on the blue line 43pips opportunity on the 1-hourly chart is not too bad.
2) If the candle breaks and closes above 1.1666, then a Bullish Flag Pattern would complete. However, it is a rather weak Flag Pattern caused by the retracement move on the 1st move. What intrigue me is the completion of the assumed Flag Pattern ends before the Key Resistance Level at 1.1683.
Let's see how this trade pans out.
EURUSD - Bullish Flag @ Low Price(*This idea is not meant to be any kind of advice. Trade on your own Risk!*)
Here is the summary of the indications:
Low Price
Daily Broadening Wedge
Above weekly Support
Bullish Flag Pattern
Target is at the height of the bullish flag pole
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Hi Traders!
The setup of this idea is that the market is at a relatively low price at the moment.
Now, it is going up.
If you zoom out towards the daily chart, you can see that the market is moving in a Broadening Wedge,
from which it lastly touched the lower Trendline.
However, now we are in a Bullish Flag Pattern.
Simultaneously, we are above the major weekly Support.
The target would be the next major Resistance at around 1.17400.
This target is also at the height of the bullish flag pole - the distance, which
is typically used for the Bullish Flag Pattern.
If you have any questions, another point of view or something to add, please comment!
Thanks and successful Trading :-)!