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Necklinetrader

USDCAD | Live position reviewQuick one! I have come to notice the indecision phase that is currently emanating from a demand zone around 1.26 area which has a strong memory for buying power. And this phase appears to be evolving into what looks like a reversal structure as the price continues to reject 1.25750 (3 times). Risk Disclaimer: Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Long
by darcsherry
Morning review of Live positions | XAUUSD, GBPCAD, GBPUSD This is a follow-up detail of the pairs I published yesterday (see link below for reference purposes). We have one break even, one stop-loss and 3 running trades. Let's see! Risk Disclaimer: Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
by darcsherry
1
GBPUSD | Live position reviewThis is a follow-up detail of the video I published on this pair during the weekend (see link below for reference purposes). It appears as though the price is about to break out of the neckline at $1.32 which shall be our confirmation for bullish momentum. Risk Disclaimer: Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Long
by darcsherry
3
GBPUSD | Perspective for the new weekA reversal pattern was identified on the 4H time frame as the pound appears to have bounced up to erase previous losses in recent time. Tendency: Uptrend (Bullish) Structure: Supply & Demand | Trendline | Reversal pattern (Inverse Head and Shoulder) NB: This speculation might be considered to make individual decisions on the lower timeframe. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Long
by darcsherry
AUDCAD | Perspective for the new weekThe scope of a very strong bearish momentum on the daily time frame and a reversal set-up (double top) within the major supply zone at C$0.92400 shares a confluence with the bearish trendline to signal a selling opportunity for us in the coming week(s). Tendency: Downtrend (Bearish) Structure: Supply & Demand | Trendline | Reversal pattern (Double Top) Observation: i. Despite a long term bearish momentum identified on the higher time frame, the last 30 days witnessed a consistent rise in the value of the Aussie over the Canadian dollar but the momentum appears to be thinning out and this can be identified on the chart as a double top structure. ii. Attempts made by buyers to break above C$0.924 was met with strong resistance during last week's trading session to insinuate that the bullish trendline may no longer be strong enough to hold price action above it. iii. It is worthy to note here that, the reversal set-up (double to pattern) awaits confirmation at the breakdown of key level @ C$0.91600 to incite the risk of a decline in price value in the coming week(s). iv. In this regard, I shall be waiting to take advantage of selling the Aussie anywhere below the key level @ C$0.916000... Trade consciously!😊 Trading plan: SELL confirmation with a minimum potential profit of 200 pips. Risk/Reward : 1:3 Potential Duration: 3 to 8days NB: This speculation might be considered to make individual decisions on the lower timeframe. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Short
by darcsherry
EURJPY | Perspective for the new weekIt has been a choppy situation for EURJPY since mid last year as the price keeps juxtaposing between JY128 and 132.5 zones to emphasize the indecision in this market. With a very simple set-up floating on my screen right now on the 4H time frame, my expectation going into the new week remains bullish considering the rejection of the JY128 level which has a strong memory for buying power (see daily and weekly time frame). Tendency: Uptrend (Bullish) Structure: Supply & Demand | Trendline | Reversal pattern (Breakout) Observation: i. A visual representation of a trend after connecting a series of prices with a line drawn over pivots highs shows the prevailing direction and speed of price in the last 2 weeks. ii. Price action came back to the JY128 level during last week's trading session and was immediately rejected resulting in the appearance of bullish engulfing candles that broke out of key level on Friday to set the tone for another possible bullish wave in the coming week(s). iii. I look forward to the breakout of the bearish trend line to confirm the buyer's strength. iv. The early hours/days of the new week might see a drop in price into the key level or new demand level identified around the JY129 area to incite a Trend continuation. v. Hence, above the key level at JY129.350 remains a comfortable level to take a long position on this pair... Trade consciously!😊 Trading plan: BUY confirmation with a minimum potential profit of 300 pips. Risk/Reward : 1:4 Potential Duration: 3 to 8days NB: This speculation might be considered to make individual decisions on the lower timeframe. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Long
by darcsherry
EURCAD | Perspective for the new week | Follow-up detailsSince my last publication on this pair, the price moved over 350pips in our direction before the retracement began ( see link below for reference purposes). And I expect the retracement to culminate at a level between 50 and 78.6% before the rally continues hence my previous bias still holds (see link below for reference purposes). Tendency: Uptrend (Bullish) Structure: Supply & Demand | Trendline | Reversal pattern (Double Bottom) Observation: i. Following the bearish run that lasted 5 months, the CAD recorded a 6.20% growth against the Euro and it appears the Euro is gaining traction following the strong impulse leg that began on the 27th of January 2022. ii. Double Bottom: The appearance of this reversal pattern at this juncture (C$1.41) in the market revealed a change in trend and a momentum reversal from prior leading price action as selling momentum continued to reduce. iii. So, I am looking forward to the retracement to test the neckline which is also the key level or within C$1.425 & 1.435 to hop into the potential rally in the coming week(s). iv. Please note that the above key level remains a comfortable area to buy the euro with an opportunity to add to the existing position at breakout/retest of C$1.462... Trade consciously!😊 Trading plan: BUY confirmation with a minimum potential profit of 400 pips. Risk/Reward : 1:4 Potential Duration: 5 to 12 days NB: This speculation might be considered to make individual decisions on the lower timeframe. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Long
by darcsherry
GBPNZD | Perspective for the new weekThe GBPNZD pair seems to be on the edge of a cliff and it appears to be on the verge of tumbling down into 50 to 78.6% retracement in anticipation of a bullish trend continuation. How do we take advantage of this counter-trend opportunity without getting our fingers burnt? Tendency: Downtrend (Bearish) Structure: Supply & Demand | Trendline | Reversal pattern (Double Top) Observation: i. Since November 2021, the Pound recorded approximately 9% growth against the Kiwi to set the tone for bullish momentum. ii. The visual representation of a line drawn under pivot lows reveals the prevailing direction and speed of price action in the last 3 months. iii. However, multiple rejections of N$2.05 since January 28th signals the possibility of price action transposing into a correction phase that might dip into 50 to 78.6% retracement before the rally continues. iv. The multiple rejections at N$2.05 evolves into a double top look-alike which is an extremely bearish technical reversal pattern that forms after action tests a new high two consecutive times with a moderate decline between the two highs with confirmation of structure at a break below a support level at N$2.025. iv. Coupled with the reversal pattern, we also witnessed a breakdown of the bullish trendline during last week trading session to give credibility to my bearish bias. v. In this regard, below the key level at $N2.025 remains a comfortable area to take on a short position as I strongly anticipate a breakdown/retest of this level in the coming week(s)... Trade consciously!😊 Trading plan: SELL confirmation with a minimum potential profit of 500 pips. Risk/Reward : 1:4 Potential Duration: 7 to 20 days NB: This speculation might be considered to make individual decisions on the lower timeframe. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Short
by darcsherry
AUDUSD | Perspective for the new weekThis will be my first long term perspective on this pair as I have waited a whole 2 months to identify a double bottom structure within a strong demand zone that has held price "supported" since July 2020! The strong memory for buying tendency at $0.7000 is a clue for an opportunity to buy the Aussie in the coming week(s). The Aussie advanced for a third consecutive week and is currently trading at around the $0.717 area - my key level, as lack of demand for the USD looms despite the dismal ruling mood. Tendency: Uptrend (Bullish) Structure: Supply & Demand | Trendline | Reversal pattern (Double Bottom) Observation: i. From the weekly perspective, it is obvious that the Aussie has been on a decline (12.63% drop) since February last year. ii. And the price is back to the $0.7 area two consecutive times (December 2021 and January 2022) resulting in the appearance of a double bottom structure in a zone that has a strong memory for buying power. iii. The double bottom pattern is a technical analysis charting pattern that describes a potential change in trend and a momentum reversal from prior leading price action which has lasted for a whole year. iv. Even as we await a confirmation which will happen if the price break above the resistance level which is the neckline at $0.72750; Above the key level at $0.71700 remains a comfortable area to take advantage of the bullish bias identified with an opportunity to add to our exiting position at a breakout/retest of the bearish trendline. CAUTION: Considering the long term bearish momentum on this chart, it is advisable that we remain conscious with our positions as any break below the demand zone at $0.7 will negate the bullish narrative... Trade consciously!😊 Trading plan: BUY confirmation with a minimum potential profit of 350 pips. Risk/Reward : 1:4 Potential Duration: 15 to 25days NB: This speculation might be considered to make individual decisions on the lower timeframe. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Long
by darcsherry
2
EURAUD | Perspective for the new weekWill the market risk appetite continue to take its toll on the ‘Aussie’ as a reversal setup evolves? The Euro continued to exhibit strength since November 2021 and a Breakout of Key level structure during last week trading session could be an avenue to look for buying opportunities in the coming week(s). Now, what are my expectations? Tendency: Uptrend (Bullish) Structure: Breakout | Supply & Demand | Trendline | Reversal pattern (Double Bottom) Observation: i. It is no doubt that the overall perspective on this pair is bearish with the bearish trendline going as far as April 2020. ii. However, since price tested A$1.535 in November 2021, the price has continued to finder higher lows which culminated in what looks like a successful breakout on the 26th of November 2021. iii. Following this breakout, the price touched A$1.615 to respect the bearish trendline on the 2nd of December 2021. iv. The bearish momentum following the touch of A$1.615 appears to have reduced as we continue to witness rejection of the A$1.56 area to confirm a Demand zone is mature. v. And if we look closely, we will notice that the rejection within the demand zone shares a confluence that respects the new Bullish trendline to signal a possible reversal set-up. vi. A visual representation of a trend after connecting a series of prices with a line drawn under pivot lows shows the prevailing direction and speed of price in the last 3 months. vii. Now, the appearance of a Double Bottom within the identified Demand zone which also shares a confluence with the new trend describes a possible change in trend and a momentum reversal from prior leading price action with confirmation at Breakout of Key level (A$1.5800) which is also the neckline of the pattern. vii. The early hours/days of the new week might see a drop in price into the key level to incite a Trend continuation. viii. Hence, it is appropriate to state here that, above key level @ A$1.5800 remains the most comfortable place to open a long position with an opportunity to add to our existing position at a breakout/retest of A$1.59500 level... Trade consciously!😊 Trading plan: BUY confirmation with a minimum potential profit of 400 pips. Risk/Reward : 1:3 Potential Duration: 5 to 12days NB: This speculation might be considered to make individual decisions on the lower timeframe. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Long
by darcsherry
4
EURCAD | Perspective for the new weekMy perspective on this pair is going to be the opposite of the majority in the market as my research reveals that the big wigs are doubling down their position against the new week. Technically, with the strong support @ C$1.415 area; I foresee a short term gain for the Euro which might be a retracement of the overall bearish momentum or a possible move for an outright north in the coming weeks. Tendency: Uptrend (Bullish) Structure: Supply & Demand | Reversal pattern (Double Bottom) Observation: i. It has been a Bearish run for the Euro since mid-September 2021 where the CAD recorded a 6.20% growth in the last 4 months. ii. I am of the opinion that prices have found a bottom. Why? Well, since the price touched the C$1.451 area in November 2021, we have witnessed multiple strong rejections depicting buying power from this area. iii. The highest point buyers have moved the price from the demand level is C$1.46 area (over 400pips move); this feat is recorded on the 20th of December 2021. iv. Immediately price touched C$1.46, a downward spiral occurred which evolve into a Double bottom pattern within the same demand zone (during the previous week trading session) which based on past experience I have considered a strong area for the buyers. v. Double Bottom: The appearance of this reversal pattern at this juncture in the market describes a possible change in trend and a momentum reversal from prior leading price action. vi. In this regard, a breakout/retest of key level @ C$1.43 (neckline) will be a comfortable area for us to open a long position on this trade in the coming week(s). NB: It is appropriate to state here that this is a counter-trend trade hence the need to be highly alert during the course of the trade as any bearish momentum could send the price crashing. .. Trade consciously!😊 Trading plan: BUY confirmation with a minimum potential profit of 350 pips. Risk/Reward : 1:4 Potential Duration: 10 to 15days NB: This speculation might be considered to make individual decisions on the lower timeframe. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Long
by darcsherry
1
EURUSD | Perspective for the new weekHappy New Year! I welcome you to another new year with an against all odds expectation as I look forward to a Bullish expectation if the price successfully completes the reversal set-up identified on the Daily time frame (despite everyone looking for sell opportunity). Technically, the Euro continues to lurk around respected Demand level with high hopes of shooting above Key level @ $1.31 Price action remains stuck in a tight range as participants wait for additional catalysts such as economic data from the EU and U.S., Non-Farm Payrolls report for signals. Tendency: Uptrend (Bullish) Structure: Supply & Demand | Reversal pattern (ascending triangle) Observation: i. Since the beginning of the last year 2021, the Euro recorded a 9.4% decline against the Greenback to express an emphatic bearish momentum. ii. The bearish momentum appears to have found bottom @ $1.12 in November 2021 which can be evident in the character of price action in the last 3 months. iii. Since hitting bottom @ $1.12, we have noticed a gradual bullish momentum as the price continue to find higher lows but met with a strong resistance level @ $1.138 area hereby transposing into an Ascending Triangle formation. iv. Ascending Triangle: the resistance line runs parallel while the support line is rising and to avoid false breakout at $1.138, we might want to wait for confirmation in the form of a retest of this level to go long. v. However, it is worthy of me to note here that the above key level @ $1.131 appears to be a comfort zone for me to long with hopes of adding to my existing position at Breakout/Retest of $1.138 area. NB: Considering the long-term Bearish momentum, it is appropriate that we remain conscious as this narrative on a Bullish bias might be a correction phase that might incite a downtrend continuation but till then ... Trade consciously!😊 Trading plan: BUY confirmation with a minimum potential profit of 250 pips. Risk/Reward : 1:4 Potential Duration: 5 to 15days NB: This speculation might be considered to make individual decisions on the lower timeframe. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Long
by darcsherry
2
AAVE Inverse Head and Shoulder PatternBINANCE:AAVEUSDT Hello Traders, AAVE is forming inverse head and shoulders pattern on a daily timeframe which is a short term bullish reversal sign. Prices have been fluctuating between 160-300 since November. AAVE formed left shoulder and head during December and finally formed the right shoulder in 2022. Left neck is lower than the right neck which is one of the main characteristics of head and shoulder pattern. AAVE tested resistance zone of 280-290 lately but couldn't break above it. It made a partial decline forming the right shoulder and we know that partial declines or partial rises are usually a sign of the change in the trend. Volume has shaped U pattern which also pretty common in head and shoulder patterns. Even though there are strong signals and confirmations of a bullish trend I would suggest to wait for the final confirmation of price breakout above the resistance line (red line) and the right neckline (blue line). If the price breaks and trades above these 2 lines open a long position. Using our measure rule (distance between the lowest price in head formation and the highest price on neckline) for inverse head and shoulder patterns, my price targets are: 1st price target is $360 for the next 15-30 days. 2nd price target is $450 for the next 15-30 days. I will share an update if I see any reversal signs. Good luck and trade smart! (not a financial advice) Please like and share if you like my idea.
Long
by faridisayev
1
AUD/USD NEW YEAR GIFT CONFIRMED!As predicted AUD/USD is set for a huge decline. As per my analysis on 11th December, I was waiting for a bearish engulfing after a re-test of the neckline. Given the risk off sentiment in the equity markets, AUD is set to further decline and complete the bearish engulfing pattern on the daily chart. Setting up a perfect 7:1 profit to loss ratio. Here are the details of my trade. Stop loss 110 pips @ 0.72255 Take profit 740 pips @ 0.64000 I have attached the description of my analysis on the 11th of Dec below. You may also wish to refer to my previous post my directly viewing my idea on AUDUSD. " A perfect set up is being displayed in the AUD/USD chart The set up started more than a year ago in July 2020. Forming a head and shoulder with almost identical shoulders. Everything in the set up has been going perfectly, this pattern is also obvious in the weekly chart. It is typical for the bars to re-test the neckline which adds more credibility to the pattern. Just as planned, the price is flirting with the neckline, Monday's bar should confirm the rejection. (Remember, wait for a clear rejection, ie bearish engulfing or similar) If price breaks above neckline, it will be a bullish sentiment. The RSI further confirms it, to me it looks more like a retracement rather than a divergence. Although there is a support region around 0.7000, it does not seem significant given the strength of the pattern. (18 months) Trade profits a great 6:1 ratio (TP/SL). The TP is obtained by projecting the height of the head from the neckline and reflecting it downwards. Set the stop-loss slightly above the neckline to weather any spikes from news. It is rare for such perfect set ups to be present in the daily and weekly charts. Don't miss in. In addition to the technical analysis , the Aussie dollar looks sluggish due to the economy and current relationship with China. Happy trading and share your comments! :) "
Short
by UnknownUnicorn7338697
1
AUD/USD NEW YEAR GIFT A perfect set up is being displayed in the AUD/USD chart The set up started more than a year ago in July 2020. Forming a head and shoulder with almost identical shoulders. Everything in the set up has been going perfectly, this pattern is also obvious in the weekly chart. It is typical for the bars to re-test the neckline which adds more credibility to the pattern. Just as planned, the price is flirting with the neckline, Monday's bar should confirm the rejection. (Remember, wait for a clear rejection, ie bearish engulfing or similar) If price breaks above neckline, it will be a bullish sentiment. The RSI further confirms it, to me it looks more like a retracement rather than a divergence. Although there is a support region around 0.7000, it does not seem significant given the strength of the pattern. (18 months) Trade profits a great 6:1 ratio (TP/SL). The TP is obtained by projecting the height of the head from the neckline and reflecting it downwards. Set the stop-loss slightly above the neckline to weather any spikes from news. It is rare for such perfect set ups to be present in the daily and weekly charts. Don't miss in. In addition to the technical analysis, the Aussie dollar looks sluggish due to the economy and current relationship with China. Happy trading and share your comments! :)
Short
by UnknownUnicorn7338697
13
NATGAS a head & shoulder at the top 🦐NATURAL GAS after the bull run is losing momentum. The price on the daily chart is creating a heads and shoulder and according to Plancton's strategy if the price will break below the neckline and satisfy the A ACADEMY rules we will set a nice short order. ––––– Follow the Shrimp 🦐 Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure. ⚫️ Black structure -> <4h structure. Here is the Plancton0618 technical analysis , please comment below if you have any question. The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger.
OANDA:NATGASUSDShort
by InkyGrip
34
EURUSD > Possible Head and Shoulder Pattern!!Analysis on #EURUSD In my last EURUSD post, I expected to see the bottom here and indeed we did see a bottom but I am still not involved in any trade here especially not before NFP. as you can see we kinda have a reversal pattern some might classify it as a head and shoulders pattern, I do too. if the market move and closes above trend line resistance I will then look for a bullish trend continuation entry if the rules are met similar to my post on GBPUSD I explained why I don't think it is a good idea to sell dollars, you can read all about it in my GBPUSD post like and comment will be hugely appreciated, thank you so much for your support. Check today analysis below⠀ >>“ Success is a journey, not a destination"
by TheTradersAvenue
17
GBPCAD | Perspective for the new weekPrice action has been a little choppy since it broke below key level @ C$1.70500 and the inability of sellers to break below C$1.68000 in the last 48days gives credibility to the Demand zone indicated on the chart. Current market momentum signals are in alignment with a reversal setup in the short term for the Pound in the coming week with eyes focused on a possible break above the Key level. Tendency: Uptrend (Bullish) Structure: Breakout | Supply & Demand | Trendline | Reversal pattern (Double Bottom) Observation: i. Since the beginning of September 2021, the Pound recorded a 5.19% decline to find a bottom at C$1.67000 area in the last two weeks which is evident on the chart with two consecutive testing of this area. ii. This is easily identified by drawing a line over pivot highs hereby revealing the prevailing direction and speed of price in the last two and half months. iii. It is important we take into consideration that since price test C$1.67000 level, price continued to find higher lows which culminated in a Breakout of Bearish Trendline and Key level (Neckline) during last week trading session. iv. The appearance of a Double Bottom within a zone that has established Demanding power as far back as December 2013 (see weekly and monthly chart) could be a significant clue to go Long in the coming week(s): v. Technically, the formation of a Double bottom pattern after a major/minor downtrend is regarded as a set-up that describes a change in trend and a momentum reversal from prior leading price action. vi. Breakout of the Neckline @ C$1.70500 confirms completion of a reversal set-up that signals the beginning of a potential uptrend. vii. This been said, above key level remains a comfortable area to get involved in a Long position in the coming week... Trade consciously!😊 Trading plan: BUY confirmation with a minimum potential profit of 400 pips. Risk/Reward : 1:4 Potential Duration: 10 to 20days NB: This speculation might be considered to make individual decisions on the lower timeframe. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Long
by darcsherry
3
XAUUSD | Perspective for the new week | Follow-up detailsIt is over 10,000 pips in our direction since my last publication on this pair ( see link below for reference purposes) and it appears the price is at a juncture in the market where a correction phase is anticipated. Right now traders will need to see what happens over the next couple of weeks before having a strong conviction on the yellow metal and this indecision time is expected to be represented on the chart as a correction phase in the coming week(s). In this regard, I envisage that the price of Gold may reverse to downtrend movement provided the support level of $1,850 was finally broken to the downside during last week trading session. Tendency: Downtrend (Bearish) Structure: Breakdown | Supply & Demand | Reversal pattern (Triple Top) Observation: i. Since the beginning of November 2021, Gold recorded an enormous 6.68% growth to hit a "temporary" peak at $1,877 before the emergence of lower highs on the chart. ii. It appears that the current buying pressure in the market is unable to push the price above $1,870 and this could signal the beginning of a correction phase. iii. The appearance of a Triple Top look-a-like which can be seen on the chart as a formation of three peaks moving into the same zone @ at approximately $1,870, with pullbacks in between can be considered complete after the price broke down pattern support @ $1,850 on Friday, hereby indicating a possible further price slide in the nearest future. iv. With signs of Bearish momentum building around the Key level @ $1,850; the early hours/days of the new week might see a price climb into the new Supply level identified around $1,855/1,865 to incite further decline. v. Below the Key level remains a comfortable zone for my fellow conscious traders with an opportunity to add to our existing position at a Breakdown/Retest of $1,840... Trade consciously!😊 Trading plan: SELL confirmation with a minimum potential profit of 3,500 pips. Risk/Reward : 1:4 Potential Duration: 5 to 12days NB: This speculation might be considered to make individual decisions on the lower timeframe. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
OANDA:XAUUSDShort
by darcsherry
CHFJPY H EAD & SOULDERS PATTERNCHFJPY has formed Head and Shoulder Pattern on 4H chart and is about to make Lower Lows. Trade idea is also shown and confirmed by RSI indicator. Above the shoulders we have strong resistance around 124.50-125.00 and Head and shoulders completed. We can expect movement forming the right neckline to strong support between 122.00-123.00. Price has broke another horizontal structure The formation has been confirm also by breakout of parallel channel. Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carry a high-risk level. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and such sites. Furthermore, one understands that the company carries zero influence over transactions, needs, and trading signals. Therefore, it cannot be held liable nor guarantee any profits or losses.
Short
by legacyFXofficial
GBPCHF | Perspective for the new weekSince my last publication on this pair, we witnessed a surge of 170pips in our direction before the bears eventually came in (see link below for reference purposes). Despite the heightened risk of a more disruptive Brexit outcome from the ongoing EU-UK tensions over the Northern Ireland protocol and contrary to expectations of the majority, I do have an underlining feeling that the Pound might sneak to the upside a little in the coming week(s) before the decline resumes again. Hence with the appearance of a Double Bottom structure that is awaiting confirmation, we should anticipate a counter-trend opportunity in the meantime. Tendency: Uptrend (Bullish) Structure: Supply & Demand | Reversal pattern (Double Bottom) | Trendline Observation: i.Since mid-October, we have witnessed price action spiral down to a bus stop around Fr1.22800 a couple of times in the month of November 2021. ii. The visual representation of a resistance trendline drawn over pivot highs reveals the prevailing direction and speed of price action in the last 3 weeks. iii. And since hitting Fr1.22800(twice), I have observed that sellers are meeting strong resistance from the buyers at this zone making this level a Demand zone to reckon with and in addition evidence of a Breakout of Trendline is beginning to happen in the last couple of days. iv. The appearance of an evolving Double Bottom within this Demand zone which has a memory as far back as February 2021 for buying potential might not be a coincidence. v. Double Bottom: Technically, this is a charting pattern that describes a change in trend and a momentum reversal from prior leading price action. vi. Following the major downtrend that lasted 3 weeks, the appearance of a Double Bottom at this juncture signals a reversal and the beginning of a potential uptrend in the coming week(s) especially when a Breakout/retest of Neckline @ Fr1.24000 is confirmed. iv. Even as we await a confirmation which will happen if the price break above the Key level @ Fr1.24000 (Neckline); for me, buying opportunity should present itself above Fr1.23650 with an opportunity to add to our existing position at Breakout/retest of Neckline NB: Please note that this is a temporary counter-trend opportunity within a Bearish perspective... Trade consciously!😊 Trading plan: BUY confirmation with a minimum potential profit of 150 pips. Risk/Reward : 1:4 Potential Duration: 3 to 10days NB: This speculation might be considered to make individual decisions on the lower timeframe. Watch this space for updates as price action is monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Long
by darcsherry
2
CHFJPY | Perspective for the new weekThe Swiss have been Bullish in the last 8 weeks and I suspect a temporary correction is evolving with anticipation of a rally continuation in the coming week(s). Therefore, we shall be looking for the completion of the reversal pattern sighted on the Daily chart to take advantage of a counter-trend opportunity this new week. Tendency: Downtrend (Bearish) Structure: Supply & Demand | Reversal pattern (Head & Shoulder) Observation: i. After hitting a peak @ JY125.500 at the beginning of this month, I observed that buyers lost momentum as this is evident in price action afterwards and this is assumed to be "quick sells" from participants who took advantage of the last Bullish run. ii. Since the beginning of the month of November 2021, price continued to find lower highs which evolved into a Head and Shoulder look-a-like structure. iii. Technically, the appearance of a head and shoulders pattern describes a specific chart formation that predicts a bullish-to-bearish trend reversal. iv. Noticing a baseline with three peaks at this juncture in the market, where the outside two are close in height and the middle is highest requires a little more patient before a decision is made. v. Below key level @ JY123.500 remains my yardstick for the bearish expectations; In this regard, we shall be awaiting confirmations for entry if the price falls below the support level @ JY123.500 (Key level) to signal Bearish tendency in the coming week(s). vi. However, it is worthy to state here that the early hours/days of the new week might see price climb to test the Supply level I have identified around @ JY123.500/124.500 to incite further decline. NB: Considering the fact that it is a Bullish trend from a long-term perspective it is appropriate that we remain conscious with locking profits at appropriate zones to avoid unexpected spikes that could incite rally continuation ... Trade consciously!😊 Trading plan: SELL confirmation with a minimum potential profit of 200 pips. Risk/Reward : 1:4 Potential Duration: 7 to 15days NB: This speculation might be considered to make individual decisions on the lower timeframe. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Short
by darcsherry
3