EURJPY - Potential Long position from Head & ShoulderHello all
I still have Short positions open, however if the following happens, I will close them and look to go Long.
If I get a bullish candle at support of the right shoulder - even on the 1hour chart, I will be going long.
I expect with the extension of trade tariffs by trump, a short term risk off sentiment.
Thanks for looking
Duncanforex.com coming soon
Engulfing Candle
Bitcoin: Facing A Retrace?The shorts have been squeezed relentlessly since the 6K resistance, and with 9K within reach, it appears price is poised to correct. How low can it go? This article will attempt to answer that question in a proportional sense. The mistake not to make at such a level is to go into "hope" mode, especially after buying into this move based on a smaller time frame signal.
First, it is important to address an important variable overlooked by most (especially the internet analysts). Short interest. Andrew pointed out an important change compared to the behavior we were observing over the previous couple of weeks. It is decreasing while price is not pushing its high. This change in order flow, along with the appearance of a bearish engulfing candle may signal the beginning of a minor corrective structure.
Do NOT misunderstand. I was not bearish when Bitcoin was pushing lows 6 months ago and I am not about to become bearish now. This is about recognizing and adjusting to new information as the market delivers it. Many have asked if this is a signal to get short, and our answer is still the same: we do NOT short these markets. What we are interested in is where the next correction can possibly complete in order to provide a new swing trade opportunity for a long.
On this chart, which I often share in our chat rooms, there are new levels that are "in play". This means they are proportional to the price history that has taken place since the low in December. IF a corrective structure unfolds, these levels offer a REASONABLE reference point to anticipate new buying opportunities for swing trades specifically. The low 7Ks intersect the current bullish trend line, while the low 6Ks happen to align with the .382 retrace that is proportional to the entire bullish structure since the December low. It is important to REALIZE that this is NOT a prediction, only a point of reference.
Mindset is everything when it comes to timing markets effectively. We maintain an open and flexible mindset which means we accept that ANYTHING can happen. Bitcoin may not retrace to 7K and form a shallow consolidation that can squeeze to higher prices. This is the opposite of being "predictive" or "opinionated" or absolute in any way. Since the environment is now strongly bullish, it even makes sense to lean toward the aggressive side with setups that are much more risky. We just took such a trade off of a setup on a 12 hour chart, but exited quickly for a smaller loss.
In summary, Bitcoin is poised to go higher in the long term but that does not mean it won't correct slightly over the short term. It is important to put these potential corrections into perspective and for us that means in line with recent price structure, NOT based on chart structure from 18 months ago. The objective is to WAIT for setups that offer attractive reward/risk, it is not about "ACTION" or any other impulsive reason. Being passive and flexible is what allows for adjustments better aligned with the order flow or market intent. For this same reason, we are taking partial profits and reducing risk in many of alt coins in our portfolio. Buy wholesale and sell retail, it may be imperfect and imprecise, but it yields results. We prefer to be green over being right.
Bitcoin : Bearish Engulfing Candle- A Correction Coming In.Bitcoin is in a correctional momentum for now and created a bearish engulfing candle stick. A close below the red line will confirm a correction towards the next support first at around 7038 USD and after that 6500 USD.
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Bearish engulfing candleBTC has a choppy market, it makes me a little bit skeptic when i am looking at candle stick patterns. but on the other hand it can be used in higher time frames, i think at least!
so in the weekly time frame it seems we have a bearish engulfing candle it does not fully engulf the previous bullish candle but it covers it pretty good. with that in mind; considering upward wicks and also unstopped recent months of bullishness we can say that it is a bearish engulfing candle.
also we have broken the daily upward support on RSI and it really worked well on my previous analysis. on the other hand we have a bearish divergence on the daily time frame on rsi and also on 4 hourly rsi.
if you are in a spot market i think that is wise to sell btc to usd and if you are on leverage account i think you should wait to things look very bearish and then short on a nice price based on situation.
Double top and bearish engulfing pattern and price in overboughtA good shorting opportunity
bearish engulfing pattern formed after wipro announced it's result
i have also checked the delivery percentage which was less.
if price is decreasing and delivery percentage is less then it indicates very less interest of people to accumulate
also price is in overbought region as per RSI indicator.
and lastly it looks like a double top has been formed after a uptrend in price which could mean that trend is about to reverse
USDCHF Trade IdeaThe trend is currently bullish so I am looking for buying opportunities
Using the 21 MA I spotted a bullish engulfing candle pattern just completed
Buying @ market price 1.00008 with
Sl below the candle pattern @ 0.99737 and
Tp higher up around resistance @ 1.00568
Always exercise good risk management
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Short AUDUSDWe are short AUDUSD and see a bearish engulfing pattern identified by the candlesticks with black arrows, however there could be a potential counter attack if the resistance level of 0.713 is breached. However we expect the downtrend to continue despite better than forecast Australian retail sales (0.8% actual vs 0.3% expected). This is because the RBA don't appear to be inclined to raise rates in the near term having held having held the cash rate to 1.5% on the 02.04.19. Strong US data starting with today's non farm payrolls and unemployment rate could lead to further downside for AUDUSD.