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Patterntrader

AUDUSD Daily 12/29/19AUDUSD Long Idea All time frames above the daily are very bearish On the daily time frame we have seen a bit of a bullish trend which is likely a higher time frame retracement. Last week price action broke back into this range and is looking to reach the next resistance level around 0.70300 Ideally we want to see a test of support, 38.2% level, and bullish setups around 0.69300 which would be perfect to enter on and then target toward the top of the range.
Long
by ForexLeague
EURCHF, 1h, AB=CD and potential ButterflyIf we start by looking at the underlying trend we are on a daily basis in a bullish trend BUT we may have a "Bearish reversal" - that is, a turn is in progress. It is not yet confirmed there though. At the current time resolution (1h) we do have a confirmed. Both of these tell me I should be careful about taking extended goals and also handling my trades aggressively. A "AB=CD" pattern has just been completed along with RSI Divergence - which in itself may be enough for some to take a trade. But since we have a Butterfly pattern just below, I chose not to take this trade - partly because of that but also considering the possible downward trend that has begun. (I rarely choose to trade against trend). Awaiting further testing of the entire PRZ and confirmation that we get a direct response before I possibly take a trade myself. ALWAYS do your own analysis.
Long
by Henrik-SMCTrading
XAUUSD, 30min, potential Bat patternWe see a retracement up on Gold (XAUUSD) and the B point of the potential Bat pattern is passed - which makes the pattern "live". If we look at, for example, a Daily timeframe (which may be too high timeframe to coincide with a trade on the 30min timeframe, but ...) it is in a down movement right now where the price just closed below a triangle preceded by a downtrend. We are early in the C-D movement even though BAMM can already be noted - so for those who have it in their plan and want to take a aggressive BAMM trade, the time is now. Otherwise, we await test of PRZ and confirmation of price going down again.
FX:XAUUSDShort
by Henrik-SMCTrading
NZDJPY, 1h, potential patterns - Gartley and BatDuplicate patterns are in progress in NZDJPY 1h timeframe. Looking at 4h timeframe, we see that we have a slight upward trend, although daily shows something else. So little caution and possibly even further confirmation may be desirable. The Gartley pattern is the first to be complete and therefore traded upon given confirmations after tested PRZ. Should the Gartley pattern "fail" and price continues to decline, we'll look at the Bat pattern in the same way. We see quite strong movements back and forth generally so that a Fib. retracement 38.2% could be reached on respectively patterns are not at all unreasonable. Awaiting test of PRZ for further decisions.
Long
by Henrik-SMCTrading
GBPUSD, 1H, potential Bat patternBat patterns with good ratios and momentum down to the D point. GBPUSD is In a downtrend, looking at Daily Time Frame, so we use a tight SL and realistic price targets, since most likely only a pullback is to wait. We also have a strong daily support level just below PRZ, which means I'm expect price movements down there before we see a turn. In other words, PRZ is not as strong in setups like this, but is still important to measure and keep track of when the pattern is valid and if it can handle price movements below without being stopped out, alternatively, invalidate the pattern for an entry when the price get up to PRZ again. The prize must test the entire PRZ. If the price goes down and tests the support level - it should not close below the intended SL level.
Long
by Henrik-SMCTrading
EURNZD, Daily, a structure trade.Some might allready have taken a trade on the previous test of the structure forming this consolidating zone of range bounde movement. I did not, for reasons not having to do anything with the setup, and therefore (following my plan) I´m waiting for a new setup. We might not see a complete doubletop so a entry just below, from this ongoing pullback, after a candlestick confirmation or likewise might become a trigger point. With a double top we will probably also see RSI Divergence as another confirmation. SL just above the structure and at least a target down at a structure that has been a proven turningpoint several times, even though the "zone" bottom is lower. A second position could be at that bottom or a trailing stop - looking for the bottom to break. Allthough, my bias is bullish, since we have a bullish trend and this is a typical bullish flag - so I´m holding my targets within the zone.
Short
by Henrik-SMCTrading
AUDJPY, 15min, potential Bat patternWe are in an underlying down trend, which means that you should be a little extra restrictive with patterns like this. The bat pattern is relatively deep (B-point), which also speaks for smaller profit target(s). PRZ coincides with a smaller support level which can speak for at least a 38.2% recoil to make a small profit. If you run 2 positions you have to be tight with SL and maybe even trail it to protect at least a smaller profit for this 2nd position - it is all up to one's own rules for trade management.
Long
by Henrik-SMCTrading
AUDJPY, Structure tradeAUDJPY has been moving between 2 levels for a while now and once again we can see reaction from the resistance. Just as a additional confirmation I used Bollinger bands on 1hr to confirm that it was over extended there as well. Looking at the lower TF, 15min, we can also see that we have a RSI Divergence. You could go for 2 positions here taking the first one off, and moving SL to BE, hitting the first structure and then let the second position run, either to next support level or with a trailing SL.
Short
by Henrik-SMCTrading
AUDJPY, 1h, Head&ShoulderThis H&S isn´t perfect but since we also have a structure level that will be tested at the same time as a break of the H&S neckline will occur - makes it really interesting to me. There is couple of ways to set SL and targets and I´m using the last lower high, + couple of pips, as SL in this setup. For targets I´m looking at a 1.618%-ish move of the right shoulder leg as a first target and second is an equal move down of the same leg. Break of neckline and structure will alert me for a possible execution.
Short
by Henrik-SMCTrading
AUDUSD, 1h, potential AB=CD patternOne of the most basic and "simple" patterns. However, it should preferably not be traded as the only affirmative factor. Here we have structure that coincides on the same level as the AB = CD pattern 1: 1 point (D point). In addition, we are also awaiting confirmation of RSI. A first target is structure that coincides with 38.2%. Should the AB = CD 1: 1 pattern not stop at the D-point, we have a possible Bat pattern just below which becomes the next point of interest.
Long
by Henrik-SMCTrading
EURNOK, 4H, AB=CDA really nice 1:1 AB=CD pattern was just completed on EURNOK 4h. The only "warning" is the "fast" fall down to the D-point = Tight SL. RSI is oversold as well but the more restrictive can wait for it to break up over 20 (or 30 for those who use that). The risk is that you miss a large part of the movement. As always - your plan and what you have tested is what determines how you should take a trade. For that reason, that is according to My plan in these conditions, I only place 1 position in this case - ie. half the risk of a "normal" trade with 2 positions.
Long
by Henrik-SMCTrading
2
GBPJPY, 1H, Bat and Deep CrabGBPJPY has just landed both a near to perfect Bat pattern as well as a Deep Crab pattern - both completing at the same levels. Right now we are watching at a first reaction from the PRZ, that I´m personally not involved with, but will probably see a retest of the complete zone before we hopefully get another (Type 2) reaction. We have no clear trend so standard targets is recommended once involved in this trade. Depending on wich pattern your plan let you trade you can have the SL tighter (using the Deep Crab as descission point).
Long
by Henrik-SMCTrading