EURUSD-Weekly Market Analysis-Oct21,Wk1EURUSD is having a sideway bounce across all 3 timeframes. I"m waiting for a buying opportunity on EURUSD Bullish Bat retest within the blue box which is also known as the PRZ(Potential Reversal Zone).
Countertrend
GBPJPY - Bearish SharkA Bearish Shark Pattern as a countertrend trade form up on both GBPJPY and EURJPY 1-hourly chart. As we know the shark pattern can have as many as 3different entry prices, these 2 patterns only have one. And both of them has RSI Divergence. That's one thing I love about these setups.
Comparing the 2, EURJPY would be a much-preferred pair as it forms upon structure. We have also learned that cherry-picking don't do us much good. I'll engage both trading setups.
I'll include the link to the EURJPY for your reference.
EURJPY - Bearish SharkA Bearish Shark Pattern as a countertrend trade form up on both EURJPY and GBPJPY 1-hourly chart. As we know the shark pattern can have as many as 3different entry prices, these 2 patterns only have one. And both of them has RSI Divergence. That's one thing I love about these setups.
Comparing the 2, EURJPY would be a much-preferred pair as it forms upon structure. We have also learned that cherry-picking don't do us much good. I'll engage both trading setups.
I'll include the link to the GBPJPY for your reference.
AUDCAD - Bullish Deep Gartley @ XA Bullish Deep Gartley Pattern complete at X might be a Harmonic Pattern that traders may forego. Well, for me this is 1 of the best setup as I got the lowest risk possible and highest return.
And to make things even better, I've engaged a single target short with 2unit when the candle break and close outside of my channel as a potential bearish flag formation.
In a way, this trade is risk-free for me. If you decide to engage the trade, you have to observe how the candle react when it approach this region.
EURJPY - Head and ShouldersA potential Head and Shoulders formation on the EURJPY, I will be waiting for a candlestick confirmation at 129.00 on the daily chart for a buying opportunity.
If the market further extends, it may stretch to the Bearish Shark Pattern.
EURUSD-Weekly Market Analysis-Sep21,Wk3Last week, I've shared with you a Bearish Shark and Bearish Crab Pattern. If you have engaged the trade, that would give you 83pips of profit, which is 830USD/lot traded and you have not reached the first target yet.
If the market retest 1.1800, that is an opportunity for you to engage for a shorting opportunity.
I will be waiting for a double top when the market retest at 1.1776-1.1750 for a buying opportunity.
USDJPY - Bearish CrabThe Bearish Crab pattern meets the X point of the Bearish Bat pattern. By 1000(UTC +3) or 1500(GMT +8) could be the decision point for those who are seeking to short this pair.
USDJPY - Bearish Bat PatternA Bearish Bat Pattern pose as a counter-trend trade on the 1-hourly chart gives trader to short against the weak Ascending Triangle on the 4-hourly timeframe.
Depending on how fast the retracement move is going to happen, the Target2 maybe just seated on the retest of the trendline of the Ascending Triangle on the higher timeframe.
GBPJPY - Bearish GartleyA Bearish Gartley Pattern that can only form up on 1230(UTC+3) or 1730(GMT+8) for a sideway consolidation shorting opportunity.
The thing about harmonic patterns, it has specific rules.
GBPUSD - Bearish BatWell, the market might bounce off from the sideway Increase Volatility and the 1st level it stretches to might be the Bearish Bat setup which is a more stable trading setup compared to the 1 I'm in(sideways increase volatility trendline within the buy zone{blue box}).
CADJPY - Bullish SharkIf the 2 bearish candles didn't appear before the market close, the Head and Shoulders formation is an almost perfect setup.
Now we need to have the awareness that the Bullish Shark Pattern may form and that will weaken the Shark Pattern.
At this moment it is still too early to make any decision, it will be critical when the candle break and close below Point B.
2nd Target for the Head and Shoulders is at a Risk-Free setup. In fact, the stop-loss has locked 16pips of profit and that is the Worst Case Scenario for this trade. The Best Case Scenario will bring you a 217pips(approx. 2,170USD/lot) potential.
Now, that's why Patience is Virtue!
EURJPY - Bearish SharkDo you remember the Bearish Shark setup that I've shared on 15 March 2021?
Well, I don't remember the exact date, but tradingview does. That's 1 thing I love about tradingview.
It helps traders to differentiate the real trader apart from those who just do screenshots that are favourable to their desired outcome.
For those who have engaged on the Shark Pattern on the weekly chart, right now it is giving you 338pips(approx. 3,380USD) of running profits, from a 579pips(approx. 5,790UDF) retracement.
Check out the link at the bottom of the tradingview post.
At this moment there are 2 potential scenarios on its daily chart. A bullish bat completing at 126.00 as a trend trading setup or a Bearish Shark Pattern completing at 133.46 as a counter-trend trade.
USDJPY-Weekly Market Analysis-Sep21,Wk2Last week, I've shared with you that USDJPY is going to have a Bullish Shark Pattern set up within the 5-0 Pattern and the price to engage on the countertrend setup is 109.73(you can check the link within the TradingView chart and you can find the chart link at the bottom). The final target for the Shark Pattern brings 53pips of profit which is approximately 530USD/lot traded.
USDJPY has just completed its Bearish Flag Pattern. I'm waiting for a double bottom, which means the market has to retest and touch 109.62 for a double bottom buying opportunity. This will put the trade setup to be a counter-trend trade and an RSI Divergence will be my minimum criteria to engage the trade and the first target will be at 109.88.
GBPUSD-Weekly Market Analysis-Sep21,Wk2Two weeks ago, we spoke about the Bullish Bat setup for a buying opportunity, at this moment the setup has brought a total of 238pip, which is equivalent to 2,380USD/lot traded. If you like to catch on the bull run, a retest on the trendline(blue) can create an opportunity for you to engage the trade. The immediate previous high can be your Target1.
Counter-Trend Traders can wait for the Bearish Deep Crab Pattern confirmation at 1.3910. Usually, for Deep Crab Pattern, I will wait for consolidation and retest before engaging the trade.
EURUSD-Weekly Market Analysis-Sep21,Wk2Two Harmonic Patterns Converge at 1.1892. I'm waiting for a retest at that level for a shorting opportunity on the Bearish Shark and Bearish Crab Pattern.
Both Shark Pattern and Crab Pattern is a counter-trend setup and it is more likely for this pattern to consolidate, retest and retest before the actual move.
Once the market retest the Bearish Channel, it will be a great idea to shift stop-loss to entry.
CADJPY - Head and ShouldersA confirmed Head and Shoulders formation on the 4-hourly chart with an RSI Divergence gives an opportunity for trend reversal traders to engage in a counter-trend trade.
The 1-hourly chart trendline has greatly improved our entry price by 63pips and I've engaged the trade at 87.13 when the candle touches the trendline and has a 3-bar reversal with a bullish engulfing candle.
EURUSD - Bounce off at upper Channel Line + DivergenceHi Traders!
The market is in an Uptrend.
This statement is supported by the fact,
that the SMA 50+200 are crossing bullish right know,
which is also called a "Golden Cross".
So now, as the market is going up, we have to see when it's going to be over.
So we here have some indications why the market is goint to end soon:
Price moved really far until now
The market is reaching a Daily Resistance
The MACD shows some kinds of Divergence
As we're in an Uptrend, don't set your TP too far away.
Thanks and successful Trading :-)!
CADJPY - Bearish BatA Harmonic Pattern that is fit the criteria of a counter-trend trading setup on the CADJPY has been established.
This is not your usual Bat Pattern but a Fib3 Bat or some called it the Alt Bat which works fine with me.
I'm waiting for the candlestick confirmation to decide should I be shorting the Bearish Bat Pattern on every hour candlestick close.
GBPAUD - Bullish Gartley @ XBullish Gartley Pattern form at X is 1 of the pattern that I will watch closely. I'm waiting for a counter-trend trade on this Gartley Pattern setup.
Trade has already engaged but stops is placed below the bearish flag completion with buffer.(you can check out the link at the bottom to access the training on my secret formula in placing stop-loss)
GBPJPY - Bullish Butterfly ExtensionWe have a Head and Shoulders Pattern and it's completion come into the Bearish Shark completion. Well, it gives a 1:1 Reward:Risk but we are looking at 140pips of risk.
WOW!! Not for me man!
So instead of buying at 1unit, I'm going to wait for the butterfly pattern setup, a bullish butterfly completing at 151.05 for a counter-trend trading opportunity off the 15minutes chart but a trend trading on the 4-hourly.
For this setup, I would rather miss the trade than to put myself in a 140pips risk.
USDJPY - Bullish SharkA bullish shark pattern form within the 5-0 Pattern has just strengthened the buying opportunity for traders who are already looking to go long.
I'm waiting for a candle confirmation on this ranging market and will treat this as a counter-trend trade.
Tutorial | How To Use RSI To Find Turning Points ... or NOT!Hey Speculators - Happy Friday - welcome to another video tutorial, and thanks again to the @TradingView Editors for featuring my last post, which I've linked here, and is related to the topic on hand for today. That topic is how, and when, to not fight a trend.
I'd suspect many traders are familiar with the Relative Strength Indicator (RSI), used to measure overbought and oversold conditions. In this video, I discuss what I look for when using RSI to filter trade signals and identify when strong is REALLY strong. The inverse would hold true as well (you know, weak, or really WEAK), but we all know markets never go down. :)
RSI Settings for this video
5 Period
Upper 88
Lower 12
USDJPY - Bearish SharkA bearish shark pattern is about to happen on USDJPY as well. Sometimes these happen to the Yen pairs, 1 after another and it is really your trading rules to decide if you cherry-pick them or you engage them anyway.
What's the difference between these 2 Shark Pattern setup is that this is a counter-trend setup.
Traders who have the in-born mindset of how high can it go or buy low and sell high would prefer the USDJPY Shark Pattern setup.
Which is your favourite?
Let me know in the comment segment below.
