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USDCHF on the way to go above 1.0 once again USDCHF is on bullish trend since mid February. It formed double top above 1.0 and then went down. When U look at the chart it seems like that any short attempt for this pair is stop by strong bullish movement. I market on the chart inverted H&S formation plus double bottom which is holding pair above one of the Daily GAPs. To me this pair is preparing to go above 1.0 level and reach another highest high which is around 1.0333. I would consider this trade as the mid/long term with quite nice risk/reward ration close to 3:1.
Long
by Krystiannwk
DAILY: Long GBPUSD - Short/Medium Term PlayHi, my first idea here. Please feel free to share where you think I can improve. Thank you! I believe in using fundamentals to set my direction and technicals to time my entry. Fundamentals: Long GBPUSD - The 4 rate hikes in 2018 and 2 more in 2019 is almost fully priced in. The USD has enjoyed its bull run, but I believe it's time for it to come to an end. - GBP strength has firmed Thursday after Carney expressed stronger conviction on inflation in the UK. Hawkish sentiments within the BoE continues to materialize, signalling greater possibility of an impeding rate hike. GBP still looks undervalued after the selloff that begin in Mid april. Technicals: Enter now if risk appetite is high, or enter when price closes above 1.3340 out of the inner upper bollinger band - Small green/red arrow indicates upward/downward trend exhausting, big green/red arrow indicates upward/downward trend beginning - Downward trend has exhausted > 29 June the pair shot from below the 2nd outer bollinger band to inside the inner bands - Upward trend is about to begin > bullish divergence between price action and RSI Conclusion: Bag your winners quick - As kathy lien always emphasizes: dont be too greedy. I typically stick to a 2:1 risk ratio and do a T1-T2 approach. - Set stop loss near recent lows
by nicktaybangyi
We broke below the rimline of an inverted cup and handle.Something to be aware of. I have mentioned a potential inverted cup and handle awhile back maybe 3-5 ideas back...well with the latest drops we broke under that inv c&h's rimline which triggered a steeper fall. This is an incredibly deep cup and if it were to reach 100% of its projected target it could send us all the way to 4-.4.1k We have seen many normal cup and handles recently that have not reached 100% of their target however but we have also seen ones for example tron who have far exceeded their breakout target. So it's very much worth being aware of. At the same time there is a slight chance we could see a triple bottom form with February and April's lows and go skyrocketing back upward...or even just a double bottom with April's low. Definitely a difficult time to decide to be bull or bear...so in these instances it's best to follow the higher high/higher low principle as well as the lower low/lower high. By going by that principle alone it's not the wisest to enter right now...If you are hoping to potentially catch the double or triple bottom it may not be a bad idea to enter with a tight stop loss though. However it's best if you make your own decisions because this is not meant to be taken as financial advice. Good luck in whatever you choose and may the probabilities be on your side.
BITFINEX:BTCUSD
by DrDovetail
3
I haven't given up on the Adam and Eve Double BottomI know I have been focusing on other chart patterns recently while we are still inside the handle of Eve's Cup but I wanted to post this as a reminder that the A&E Double Bottom is still very much valid and I haven't thrown in the towel on it despite us dipping all the way down to $7090. As long as we see a nice bull run in the coming weeks I still firmly believe we can trigger the double bottom. Here is what it currently looks like on the 1 day chart. I also have a feeling like many of the cup and handle patterns I saw in April that the double bottom is actually the deepest part of a larger cup and handle as well. Time will certainly tell if that is indeed a valid fractal or not.
BITFINEX:BTCUSD
by DrDovetail
2
Breakout from falling wedge confirmed! Target 9.5-9.6k and UP!As I said in the last idea as long as we could flip the buy/sell line from resistance to support on the 50ma we would confirm our breakout from the falling wedge, and this is exactly what has just happened. There are a few potential price targets we could reach from this breakout with the safest guesstimate being around the 9.5-9.6k range. What's more by reachung that price range we will also beak the slanted neckline of both the adam and eve double bottom and the eve's cup and handle pattern which if that were to occur then are next destination is 15k! I accidentally called the falling wedge a rising wedge in the last idea and it is too late to edit that but I'm sure most of you could infer that I was talking about the falling wedge consider the few ideas before it I was referring to it properly. Brainfarts like that can occur because even though I know the wedge itself is falling I'm focused on the fact that the priceaction will be rising out of it and sometimes accidentally say rising when I mean falling. Anyways breaking up from this wedge is Huge because it can allow us to break the neckline of the double bottom and shoot to 15k possibly as soon as June. My new mantra is "To the Moon In June!" There is a slight chance that because that neckline is so pivotal that we may see a slight bit of resistance again once we connect with it and we may see a slight bounce downward from there but I believe at most it will only form a new higher low and then bust through it the 2nd or 3 rd time it tests the neckline. For this reason it may be wise to maybe set a limit sell around $9477 with a stop buy set up a pip or 2 above the slanted neckline of the double bottom/c&h combo. If we break above it and then make are way to 15k....it likely won't stop there folks. Let's remember that we broke up from a much larger falling wedge on the weekly chart all the way back at the beginning of April that had a projected upward target of around 18.8k I highly anticipate we not only reach that by this quarter or next...but that we will climb even slightly higher than that and may see aroun 25k or so before the next big downtrend occurs. Of course, along the way we will experience some sideways consolidations and retracements that create higher lows but I don't foresee any major downtrends again until late July at the earliest and more likely not until september. Of course this is just my impression I could be wrong so make your own decisions and dont consider me a financial advisor or this financial advice.
BITFINEX:BTCUSDLong
by DrDovetail
6
We already reached the neckline of the adam & eve on 5/5!A very important update on bitcoin! I would have posted this much sooner, but as murphy's law would have it, just as everything reached the neckline, and the turned back towards the downside, my computer's hard drive failed and the day prior to that I broke the lcd screen on my phone essentially locking me out of my crypto accounts. Phone took 2 days to fix, but my computer has been having all its data backed up on it for the past 5 days in a row and micro center still hasn't finished backing it up yet. So for now I've had to resort to using a lenovo tablet that's memory can't handle more than a webpage at a time and trying to move trendlines around on a chart takes 10 times as long because it keeps moving the wrong trendlines. Because of these technical difficulties, it took me way longer than it should have to go back and reevaluate the double bottom trendlines and come to an exciting and very encouraging realization. The Adam portion of the double bottom's left trendline is actually a notch or 2 higher than the tip of its right trendline. Because of the height difference between the 2 lines, the neckline of the double bottom is actually on more of a downward sloping angle than originally thought. Due to this, the curving pink eve trendline has already converged with the neckline of the double bottom on May 7th, but the price action actually already broke above the neckline 2 days prior to that on Cinco de Mayo. The price action did not stay above the neckline long enough to trigger the double bottom breakout however and is likely now just forming a handle to attach to the eve portion of the double bottom's cup like exterior. Eve seems to be multi tasking taking on the roles of both a cup and handle and a double bottom at the same time. The question now is just how deep and how wide Eve's handle will go before it breaks upward and back above the neckline to trigger both the cup and handle and the double bottom. One guess I have is the longstanding horizontal grey line that has acted both as strong resistance and strong support in the past. It sits just below the 9,000 mark, and that is around the exact same area that the projected price drop of the recently triggered head and shoulders pattern had us dropping to as well. On top of that we can see that the 4hr stoch rsi now has plenty of room to go back upward and that the standard rsi would just then hit oversold conditions upon reaching that zone. All a perfect recipe for a huge rebound bounce. Hopefully you followed my opinion from a few ideas back on limit selling a few pips below the psychological resistance of 10k with a stop buyback set up a pip or 2 above the 1day chart's 200 MA that was sitting as strong back up resistance just above the 10k resistance. If so you'd be sitting pretty right now, and could buy back in comfortably once this handle's downtrend is finally over for a nice profit. It's exactly what I was planning to do myself but having both my trading devices break on me back to back days prevented me from getting my limit sell in on time. Next time I will be better prepared and will always expect the unexpected. One thing to never expect however is for what I share here to be financial advice, for it never is and your financial advisor I am not. Choose your own path and make your own decisions if you choose to base any of your decisions on any of my ideas you do so on your own accord and at your own discretion. I wish you luck and in my next idea I will go into details about the hidden cup and handle fractal I'm seeing throughout many alt coins right now and how it lends feasibility to the entire price action of 2018 from bitcoin being potentially inside one big cup and handle pattern Stay tuned for that one and as always, be excellent to eachother and thanks for reading!
BITFINEX:BTCUSDLong
by DrDovetail
8
potential BTC rising Wedge bullish breakout Seeing a lot of bullish momentum here as the last 4hr candle closed well above the rising wedge we were currently in. The current 4hr candle has shown a lot of bullishness too so odds are very good that we may have a successful bullish breakout from the wedge. One thing to keep a close eye on however is the stoch rsi levels...it is currently at overbought levels and will have to come down sooner than later...however following breakouts from chart patterns price action can stay at overbought conditions for more prolonged and extended periods of time than normal..so I wouldn't be surprised if we still had a little further up to go before we start to go sideways again or dip a little. Be prepared for a small drop to happen sooner rather than later though. The eve line/double bottom neckline convergence date was recently pushed back to May 9th when the eve trendline's trajectory needed to be widened slightly but as of now it is still on target for the 9th. Also even though we closed well above the rising wedge on the last candle, keep in mind you always want to see the following 4hr candle close above the wedge as well as a confirmation of the breakout...this current candle still has the ability to suddenly do a 180 degree turn and dip back into the wedge before the candle closes 3 and a half hours from now so just be prepared and try not to let FOMO cause you to buy way too much right before a potential dip...instead laddering in fractional amounts is much wiser. ..Of course this advice is only meant to be for myself not financial advice for others for a financial advisor I am not. Good luck and thanks for reading.
BITFINEX:BTCUSDLong
by DrDovetail