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Gartleypatern

🦘📈 AUDUSD: Double Bottom - Get Ready for a Bullish Rally! 🚀📈Traders, buckle up for an exciting bullish setup in the AUDUSD forex pair on the 4-hour timeframe. We have a compelling opportunity to join the uptrend as price forms a double bottom pattern, paving the way for potential profits. Let's dive into the technical analysis and uncover the enticing prospects this trade offers. The key to this setup lies in the formation of the double bottom pattern. This pattern serves as a powerful bullish reversal signal, indicating a shift in market sentiment. With the current setup, we have an opportune moment to enter a long position, setting a tight stop loss just below the key support level. Adding to the bullish case, the moving averages are now acting as support and are poised for a potential bullish crossover. This convergence of the moving averages enhances the reliability of this setup, providing additional security and boosting confidence in the potential upside movement. Our initial objective is to secure some profits as price reaches the neckline of the double bottom pattern, located at 0.71200. This level serves as a significant resistance zone, and a breakout above it would validate the bullish scenario. Traders can consider taking partial profits at this level to lock in gains and reduce exposure. But the excitement doesn't end there! We can set our sights on a larger target based on a harmonic pattern analysis. The completion of a harmonic Gartley pattern at point D awaits around 1.25200. This target aligns with the projected upward move in the pattern, providing traders with a compelling opportunity to ride the bullish wave. Confirming the upward momentum, the RSI indicator has broken above the 50 level, indicating a continuation of the rally. The sustained RSI reading around this level further supports the bullish bias and provides additional conviction for traders to consider joining the uptrend. So, traders, prepare yourselves for an exhilarating ride as AUDUSD embarks on a potential bullish rally. Seize this opportunity, keep a close eye on the price action, and manage your trades with precision. Remember, taking partial profits along the way can help secure gains and optimize your risk-to-reward ratio. Let's capitalize on this promising setup, leverage the bullish formation, and navigate the forex market with confidence. Get ready to embrace the bullish surge in AUDUSD! 🚀📈 Don't forget to press the like button if you think this insight was helpful 🚀🌟💪
Long
by Thomas_Zito
7
📉🌩️ Fundamental Storm Ahead! Prepare for a Bearish MoveWe can notice the formation of a bearish Gartley pattern, a reliable harmonic pattern signaling a potential reversal. Adding to the bearish sentiment, we witnessed a bearish engulfing candlestick pattern, providing further confirmation of the impending downward move. Moreover, both the oversold RSI and bearish divergence support this bearish narrative. Now, let's identify the potential reversal zone for an optimal short entry. It's a crucial area where the bears are expected to take control. The first take profit level sits at 1.24888, representing the 0.382 Fibonacci retracement of the entire wave from point A to point D. As the downtrend continues, our target lies at 1.24100, which aligns with the 0.618 Fibonacci retracement level. If the market conditions allow, we might witness an even deeper correction towards our second target, which coincides with the lower points of the harmonic pattern. This presents an intriguing opportunity to capture additional profits. When considering the fundamental aspect, it's essential to note that the Federal Reserve has recently increased interest rates. This move has the potential to boost the value of the US dollar. If the dollar appreciates as expected, it could adversely impact GBPUSD pairs, leading to a substantial correction. I'd strongly suggest entering a short position from here Dont forget to press the like button if you think this insight was helpful ! 🐻📉💪
Short
by Thomas_Zito
5
SMH Weekly Update (post split)I'm updating my prior SMH weekly chart, since we had a 2 for 1 split in SMH last week and it totally messed my chart up. Key points (dates are all weekly): 3/27: 131.79 (most recent peak) 4/24: 118.57 ( most recent low) -10.03% off the peak 5/1 close: 124.38 -5.6% off the peak Gann confluence line 1: 121.71 -7.6% off peak Gann confluence line 2: 114.46 -13.1% off peak The green trend lines indicate an apex forming right along the Gann rays (salmon colored lines) suggesting a directional resolution is near. After extending to the purple point D, which is almost a 1.218 Gartley extension, support appears to be holding at the 121.71 Gann Confluence support line. This line is also the top ridge of the Ichimoku cloud which can also serve as support. Should SMH rise off this support, then we would have had a 7.6% correction off the most recent high. Should current support break down, we would see a target of Gann support 2 which is 114.46, or 13.1% off most recent peak. Pros for upside breakout: A possible rate cut currently being predicted by SOFR futures as early as June or July. Banking turmoil could also call for a pause or cut. A reduction in rates would also signal easier monetary conditions which would benefit growth oriented stocks for a near term spike. Pros for a breakdown: Further hawkishness in the FED, combined with Bank Solvency fears. Seasonality: from 2004 to 2023 the SMH has finished the month of June higher only 42% of the time, the worst month in the year. Observation: The 12 month RSI, while positive at 57.16, is declining from a near term double top, and showing some weakness in trend. I would watch for continuing weakness in SMH momentum on the daily chart, as well as the breadth inside the SMH holdings. You can do this with flipcharts on the Barchart.com site. Presently, while I see a few stalwarts, I am also seeing a lot of breakdowns inside the SMH ETF. For example, MCHP, a very well run company with solid financials, just reported good earnings beats, yet it sank below its 200 day MA and has a weak daily RSI(9) of 42.11. Personally, I would not long any semiconductors until late summer and signs of turmoil have resolved.
NASDAQ:SMH
by UnknownUnicorn13101
ALGO Short Setup After a Little CorrectionOKX:ALGOUSDT We do not like to open position through the C point to D point but there is a solid increase possibility. If you like risk you can open position by targeting the D point or near D point is more meaningful. We use moving averages by targeting these kind of positions. Anyway, the main position is short setup which completes at D point is also a shifter rally point. Two side of position needs to trigger with a price action as you know. May the force be with you.
Short
by MonkApe
GOLD Update (weekly chart)Do you see how well those Gann fans squared work? -- Gold consolidates at the Gann confluence and either flags to resume is present path along its Gann ray, or it puts in a reversal at the Gann confluence (the crisscrosses of the fan lines). It most often resumes its path along the fan rays. I currently have two possible paths for gold. The first possibility is a fallback from the current level to around 1951.5 on 8/23/23 (downward sloping red arrow). From there. I could see an upward resumption to 2035.5 by 12/26/23. I have two questions about this scenario: 1) Will gold this year follow its historical seasonal tendencies? I'm speaking of gold in US dollars. If gold follows its historical seasonality, it should sell off during the summer months. Historically (from 2004 to 2022) the percentage gold has closed higher each month is as follows: May (47%), June (42%), July (63%), August (63%), Sept (42%). The fourth quarter has historically been bullish for gold. Given this pattern, we would see a selloff around May and June. 2) Is there anything "normal" about this year? We have escalating financial banking stress, potential budget standoffs, geopolitical tensions, and geopolitical forex coalitions being formed. None of these augment well for stability. The second possibility, shown by the upward sloping arrow, is that given current macro tensions, gold will continue its current path and reach 2237 by 12/26/23, and 2407 by 4/29/24. This scenario makes the most sense, from a macro event perspective, as well as the "geometric construct" of the chart -- the current trend should continue to follow along the current ray, which is also aligned to the purple colored Gartley 1.618 extension (which ends at 2407) which is drawn from a starting point of September 2018 (which coincidentally, happens to be the last belt tightening period of the FED). The current point & figure objective is 2596 and is taken from the stockcharts.com P&F chart using a three box construct and based on ATR 14 (you should always use ATR on a P&F chart for commodities like gold). I am in the camp for the second scenario, I believe gold should be around 2237 by year end and around 2407-2596 by April of 2024.
COMEX:GC1!Long
by UnknownUnicorn13101
BTCUSDT Bearish Cypher to Bullish Gartley Potential BTCUSDT Bearish Cypher to Bullish Gartley Potential based on Fibs For fun and although technical, by no means have any bias for your own trading decision. Mid point play out for Cypher confirmation from B 0.5 Fib to C. C to D would be a 0.618 fib resistance level and 28,500 a natural known resistance. Bullish Gartley enter, X to A the Cypher C to D given D is the top. A to B would be the Fib 0.618 from X to A. Given support around B various nPoc's, B to C to nPoc at approx 28425.00. C to D, D various nPoc's support around 27,300. D then reaching back to retest top of the range at 28425.00. For fun would be see how this plays out.
by hmaroudas
USDCAD Bullish Gartley Pattern Near Strong DemandAnalysis of #USDCAD Today we have a potential long opportunity on USDCAD. I have spotted a bullish harmonic Gartley pattern completed near a strong demand zone. To enter this setup, we can enter now at D leg completion or we can wait for a confirmation of the pattern near the demand zone. The target will be the normal FIB 38 level or the next level of resistance Don't forget to manage your risk properly and adjust your position size accordingly. If you find this analysis helpful, please hit the like button and leave a comment with your thoughts. Happy trading! 📈💰
by TheTradersAvenue
31