AUD/USD W pattern completion ideaAUD/USD has been bullish for almost all 2020, and from a weekly perspective it formed a W pattern when retesting the broken multi-year resistance trendline. Usually after a W formation I expect the price to go up and retrace to retest the previous resistance as new support. Also the price failed already twice to break the 0.774 ceiling. therefore I expect it to fall down in the next weeks until it hits the 38.2% level of the fibonacci taken on the impulse. But I wouldn't be surprised if the price goes further down around the 61.8% fibonacci level where there is also a confluence of previous resistance.
Countertrend
EURUSD - Structure TradeThe bearish bat pattern has hit the target2 for the textbook case, as for us it's only our 1st target(we don't do it every time, only when it fits our criteria).
If you have missed the previous trade, at this moment within the sell zone it's the area you can consider. Pro-Traders you may like to consider a zone for your additional shorting opportunity.
USDCHF - Quick Multiple Timeframe AnalysisHi Traders!
The market is in a longterm Downtrend.
Here are the screenshots for the weekly, daily, H4 and H1-Timeframes.
If something is unclear, please don't hesistate to ask in the comments!
Weekly Timeframe:
(Correction: Next Weekly Support, not Resistance)
Daily Timeframe:
H4-Timeframe:
H1-Timeframe:
We recommend to trade carefully, because this is a counter Trend Trading Idea.
Thanks and successful Trading :)!
CADJPY - 5-0 Pattern PTL(1Jan2021)CADJPY has this beautiful 5-0 pattern that respected the HOP(Harmonic Optimal Price) Level and hit a bullish trend within the PTL(Profit Trend Line). Late boomers that didn't get to engage the trade can consider to long once the candle touches the trendline but not breaking and closing below 80.55.
USDCAD - Bullish Bat(1Jan2021)I'm waiting for a retest on the USDCAD for buying opportunity on the bullish bat pattern checkback as a countertrend trade.
What's nice about this setup is that the recent candle has a break and close above the previous structure high, with that, there's also a chance that the market may not retest on its previous low. Let's see how it goes when the market opens on Monday.
GBPUSD-Weekly Market Analysis-Jan21,Wk1On both the 4-hourly chart and the daily chart I've observed a break and close above the previous high, what's interesting is that the new structure break looks weak, a situation like this has the potential to open up for a bigger drop.
For that I'm waiting for a break and close below the red line on the 1-hourly chart, preferably closing below the blue trendline to engage my trend reversal trade.
EURJPY - Counter trend playThis would be a counter trend play but we are reaching the top of the Daily Range High limit so it wouldn't be uncommon to see a pull back here at least.
We would then be looking at a 2:1 trade at best with a 15 pip stop. This is somewhat limiting as we'd like to give it more room topside, but were trapped with the average DRH below which may pause any down move.
Interesting one to watch.
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GBPUSD-Weekly Market Analysis-Dec20,Wk4On a mid-long term, GBPUSD looks pretty bullish on the daily and 4-hourly chart. For counter-trend traders who are looking for a shorting opportunity, you can wait for a shorting opportunity within the grey box, the candle should not break and close above the grey box for a valid countertrend trade or for harmonic patterns traders, the AB=CD pattern check back.
NZDUSD - Bearish GartleyWell, if my previous(link at the bottom) post doesn't convince you that nowadays in the market correlated relationship no longer works the way it was, well, have a look at this. We have a Bearish Gartley Pattern on NZDUSD but we have a Bearish Butterfly Pattern on AUDUSD, how does that work for you?
The market has been volatile but it's not exactly crazy that cause the movement to be irregular. You might learn of market correlation from your mentor, but it's important to keep the information up to date.
I'm waiting for a shorting opportunity on this trading setup for a counter-trend trade.
AUDUSD - Bearish ButterflyWhile it may be kinda early to see this as a Butterfly Pattern, it is good to know that there's a potential for that to happen. Having the Bearish Butterfly Pattern form up at 0.7700 it gives an additional selling pressure for the setup as price action traders will be attracted to engage this trading setup.
GBPJPY - Bearish ButterflyI know a lot of traders has these rules of not getting overexposed in a single currency, I am not against those thoughts, but you have to ask yourself if you are trading a fixed pair or you are free to choose what you feel like trading.
If you are trading a fixed pair, just like me, my take on this is, if the trade setup within your rules and not against the fundamental analysis then you have to take it.
You see in this trading setup we have a Bearish Butterfly that broke the previous high, previous structure or you may even call it a break and close above the previous structure, while GBPUSD(link at the bottom) has a Deep Gartley Pattern setup within the consolidation zone without break previous structure.
I'm waiting for candle confirmation to engage this counter-trend trade.
USDJPY-Weekly Market Analysis-Dec20,Wk5An ABCD Pattern is not usually the setup I'm looked at, but when it is spotted, there's a good reason to look for a trading opportunity, once the candle has show confirmation of its trend.
At this moment, we have an inverted ascending triangle and it is perfect for counter-trend and breakout traders to look at this trade.
If the trendline is not broken, I'll wait for a buying opportunity and if it breaks and closes above the resistance line, I will wait for a retracement to engage the trade.
GBPUSD-Weekly Market Analysis-Dec20,Wk5On 16Dec, we have identified the ABCD pattern during our live session and right now, we have a Bearish Deep Gartley pattern that forms up within the consolidation zone of the ABCD pattern.
No doubt, this is a counter-trend setup, it is a stronger setup then the week before as there is more indicator line up to support the pullback trade.
The aggressive trader can wait for the pullback of 1.3580 to short the market, the conservative trader can wait to engage the market at 1.3608.
For me, it depends on the candle formation at that level.
EURJPY - Sell ZoneA counter-trend trade setup at a sell zone where RSI is oversold. This is considered as an aggressive trade, but aggressive trade if done right, gave the best Reward is to Risk Ratio. Trade has engaged, let's see how this trade goes.
What I love about this trade setup it's the indecision candle in the sell zone or better known as supply zone.
GBPJPY: Sideway BounceHaving a sideway bounce setup before market close for Xmas, pose 2 possibilities, a break and close above or a reversal trade.
The opportunist can look for a shorting opportunity as it gives great Rewards and the conservatives traders can wait for a bearish engulfing as a further confirmation to engage the trade.
Which is your profile?
Gold - Head and ShouldersGold(XAUUSD) has been pretty choppy, it makes it difficult for trend traders. For those who have a bias on bullish gold may find it difficult to short this trading setup even it is a great head and shoulders setup with RSI Divergence.
Trade Engaged and looking for the opportunity to long Gold once it has reached my target profit area.
USDJPY - Counter Trend Trading & Trend Continuation TradingHi Traders!
The market is in an overall Downtrend.
We are going to start the Multiple Timeframe Analysis with the Weekly TF.
Then, we'll analyse the Daily, H4 and H1 Timeframes too.
Here is the screenshot of the Weekly Timeframe:
As you can see the main thing here is the falling Wedge.
The market is moving in between those two descending Trendlines.
Why is this Wedge so powerful?
Because the price respected this Wedge more than the monthly Support:
Here we can recognize the bearish Breakout of the Support in-between the Wedge.
After the Breakout it started a consolidation.
If we have a bearish Breakout of the Consolidation Box, we expect the Target of 101.000.
At this Level the market has moved up fastly the last two times.
Let's move on to the Daily TF:
This movement of the price can be devided into four pieces:
The price moved in the falling Wedge
The price moved in the descending Triangle
The price broke out of the weekly Support and formed a "neutrale" Triangle
(it is neither ascending nor descending)
The price moves in the consolidation box.
Now we have two possible scenarios that the price could take:
- Scenario 1:
The price jumpes off the Support and reaches the blue dotted line.
This line represents the Level of Breakout.
The idea is here to trade the Retracement Movement to make the Retest.
- Scenario 2:
It is also possible, that the market breaks out bearish.
Than the Target would be the Level 101.000.
It is important to trade here the Retest of the bearish Breakout to avoid a False Break.
Let's move on to the H4-TF:
Here, the price moves in a Parallel Channel.
We have two possible Trading Setups here:
The Counter Trend Trade
In this Setup, we buy the bullish Breakout of the Parallel Channel.
The reason is to profit from the Retracement Move.
The Trend Continuation Trade
When the market finally reaches this orange Area, we are going to wait for a Trend Reversal (Candlestick) Pattern.
Then we sell the price with the Trend towards the Bottom of the big main Consolidation Box.
Lastly the H1-Entry-Timeframe:
Here we explain the details for the Setup for the Counter Trend Trade.
As you can see the price is now in a Triangle.
So, we can have two Entries:
- Entry 1 is at the bullish Breakout of the H1-Triangle.
- Entry 2 is the bullish Breakout of the Parallel Channel.
The SL for Entry 1 is below the recent low.
The SL for Entry 2 is depending on how the price gets to make this Breakout and the SL could be below one of these potential higher Lows.
The Target is the Area around the blue dotted Breakout Level.
We recommend to trade with a small risk if you counter trend trade.
Thanks and successful Trading :)!
EURJPY - Fib Retracement TradeOn the daily chart, the candle consolidates at the head and shoulders completion and end off with a long shadow candle, such candle formation shows a weakness in the continuation of a bull run. Hence, I'm waiting for a pullback into the Fibonacci retracement zone at 38.2%-50.0% for a shorting opportunity.
USDJPY-Weekly Market Analysis-Dec20,Wk4On the 4-hourly and daily chart, the USDJPY is going for a bearish run, however, countertrend and harmonic patterns traders you can wait for a countertrend trade of a bullish bat pattern for a buying opportunity. Think twice before you engage the trade as target2 gives you only 40pips of potential profits and we have not factored in the spread.
MRNA, price trend reversalThough MRNA has been generally overbought in the past few weeks, the market seems to be rejecting the low prices of the upper 130's. Fundamental speculators valuation is near 150, so we can expect a distinct bounce back in the upcoming days, and in addition to this, we expect good news regarding the FDA approving their vaccine as new public health data comes to light.