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Patterntrading

Rectangle Top (bullish)CURRENT CONFIDENCE = 68% TARGET (EXIT) PRICE = 9.723198 HKD BREAKOUT (ENTRY) PRICE = 9.685407 HKD DISTANCE TO TARGET PRICE = 0.21% (206.8 pips) Tickeron AI shows that thee Rectangle Top pattern forms when the price of a pair is stuck in a range bound motion. Two horizontal lines (top: 1, 3, 5) and (bottom: 2, 4) form the pattern as the pair bounces up and down between support and resistance levels. Depending on who gives up first ­ buyers or sellers ­ the price can breakout in either direction. This pattern is commonly associated with directionless markets. Usually, the pattern performs better when there is a strong uptrend leading into the formation.
Long
by AlTorress
EURUSD LAloha,with the dollar (DXY) weakening, Euro could be a temporary long at least to the 50ema on the daily...we'll see what happens there: either a continuation long (a pattern will show us), or a rejection back to form a running channel for clearer direction. Placed the entry right above the 50 ema on both the 15 min and 1hr. First trade of the month. Another entry could be in the works with this ascending wedge continuation squeeze. 4HR: hovered on the 50ema after a bull run with the greater trend showing a higher low. 1HR: broke out of descending wedge/channel and squeezed up and over the 50 ema to just hover like the 4hr. 15M: bull flag. descending wedge, pullback, all very similar phrases can describe what is happening here but in my honest opinion, they all point to the similar long bias with a probability of it making a deeper pullback for a loss.
Long
by Reid_Hicks
2
1Hr EURUSD to go with my previous Daily analysisEURUSD is falling to retest the shoulder of the Reverse Head & shoulders pattern i analyzed on the daily chart. If price holds above this Right “Shoulder”, we could see the pair rise to new Monthly Chart highs. The monthly chart shows a head & shoulders, indicating Bearish momentum. However, if we break to the downside, we could see the EURUSD at all time lows over the next few years. The number that EURUSD should reclaim to continue Bullish momentum, would be the 1.20697 area. I’m short term bullish, as price (on the Weekly) is pulling back from a very bearish drop (from the 1.20697 area. I’m long term bearish, awaiting a high enough retracement back to the current high. Once the current highs are retested, I’ll await a bearish signal to enter short on the daily. I wouldn’t expect to be taking profits for at least a year, as this bullish bounce (that created the Right “Shoulder” of the pattern) that’s happing right now, took out more than a years worth of selling (on the weekly). Ultimately, this move could be a spike into more selling pressure to come, or it could mean there’s reversal is on the way & this current Weekly Reverse Head & Shoulders could see the EURUSD making new highs. The monthly chart is in an uptrend, seeing that the current low is higher than the previous. Those last 2 elements put together would be more powerful than a short set up. So, if I do end up shorting, as price moves up, it may only be for quick profits. Any sign of bullish momentum on the weekly chart & I will reverse to long term Long.
Short
by BillionaireTomBoi
EURCHF Daily Analysis 2/23/20Eurchf Short Idea All significant timeframes have been very bearish as that seems to be the case with most eurxxx pairs. Because this is such a steep trend and price action has just been falling we have limited options. Price action could keep this bearish momentum and continue falling into our monthly support level around 1.04000 We see a long awaited pullback to a key prz level and key resistance. From here we could look to enter on signs of a bearish trend continuation. Either way we are looking to short and target down toward our monthly support around 1.04000
Short
by ForexLeague
XAUUSD Daily Analysis 2/23/20Gold Long Idea We can see that gold has been very bullish on all significant timeframes and is not showing any real signs of slowing down. With this trend in mind we are looking to capitalize on natural market pullbacks. Ideally a nice retracement to broken resistance, that would be now tested as support with plenty bullish confirmations would be enough to enter on. Look to target back toward the monthly resistance level around 1675.000 and potentially even higher toward our weekly resistance around 1800.00 for a longer term trade.
FX_IDC:XAUUSDLong
by ForexLeague
1
USDCHF Daily Analysis 2/23/20UCHF Short Idea From a trend analysis perspective we have some mixed signals as the monthly and daily trends are both bearish and the weekly and 4hour trends are both bullish. How price action reacts to this level of support will determine our next move. We’re looking for this play out 1 of 2 ways: Price action bounces from current support at 0.97750 and we will look to target the resistance zone at the top of the range around 0.98500 We see price action break the lower support and retests as resistance. Upon a confirmed retest/lower high we will look to target lower toward the next major support level around 0.96300
Short
by ForexLeague
1
NZDCAD Daily Analysis 2/23/20NZDCAD Neutral idea NCAD has been very bearish as expected from previous analysis. We finally reached our weekly support around 0.84000 From this level we are waiting on confirmation before making our next move We could see price action bounce from this level and start retracing. A good short term target would be 0.85000. Look for confirmation at this level Or We could see bearish momentum continue and look for price action to fall below our major support zone
by ForexLeague