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Patterntrading

EURCHF 4hour Analysis 11/24/19EURCHF Short Idea Although higher time-frames show us this pair has been in a strong bearish trend we have been trapped in a giant range between 1.10500- 1.08400 area and have not moved outside of these areas in a long time. However, current price action looks to be establishing a lower high and could find it’s way back down to the 1.08400 area My reason for this is because on the daily timeframe we have multiple candles showing us exhaustion and on this 4 hour time-frame we can see an ascending wedge forming at the top of a bullish push. This often suggests a bearish push is imminent but we will watch and see what happens at market open. Ideally to enter on this setup we would like to see a strong bearish engulfing candle push down and out of this pattern and through the three moving averages. Then a quick retest of the moving averages would be decent confirmation to enter and target lower.
Short
by ForexLeague
2
XAUUSD (GOLD) 4hour Analysis 11/24/19Higher time-frames have been very bullish for gold but the daily trend has been in a slight downtrend presumably from the steady dxy bullish trend. Last week we saw gold test our daily 38.2% fib level and pushed up to test resistance/structure at 1477.50 where it failed to break and push higher. After that test we have been seeing strong bearish setups indicating that there is bearish pressure still present, we will look to target the 38.2% once more around 1450.00-1447.00 and see what the market tells us once price reaches this area!
FX_IDC:XAUUSDShort
by ForexLeague
(USD) DXY Daily Analysis 11/24/19As we have known for a while DXY (USD) has been steadily bullish and recent price action from last week has confirmed this trend is not yet over! We saw a double bottom form around 97.15 and price action pushed higher breaking minor resistance and tested it as support before pushing up again with a high volume bullish candle. Our next minor level of resistance is around 98.40 (blue line) which if broken we could see price action push up toward our higher time-frame resistance level, our monthly zone around 99.50. Keep this in mind for all USD pairs, this thing is bullish so trade accordingly!
TVC:DXYLong
by ForexLeague
NZDCAD Daily Analysis 11/24/19Higher timeframe analysis for NCAD has been more bearish but on this daily time-frame we have seen a strong bullish trend that is not quite ready to drop. Last week the major weekly resistance level was broken and is now being retested, price action also failed to reverse at our 38.2% fib level so we will look toward our next key fib level, the 61.8%. If we see strong bullish setups off this weekly support we will look to target toward the 61.8%, monthly resistance and 200 ema around 0.86350 which is over 120+ pips away. Be careful around that confluence area as it is an important zone that may show bearish volume and favor the overall higher time-frame bearish trend!
Long
by ForexLeague
USDCHF Daily Analysis 11/24/19USDCHF Long Idea This pair has been bullish on higher time-frames but has been recently trapped in a daily range between 0.98500 and 0.99000. Sticking with the trend our bias will remain bullish but we will only look to enter after resistance at 0.99000 has been broken and retested as support. Look to enter after the 38.2% has been tested and price action shows strong bullish setups, we will target the daily resistance level around 1.01000 about 100+ pips up!
Long
by ForexLeague
NZDUSD Daily Analysis 11/23/19NU Short idea This pair has been holding a steady bearish trend on high time-frames. At the current level we have seen multiple rejections from the major resistance zone & daily 38.2% fib level around 0.64400 which means that a strong bearish move could be imminent. For us to have enough confirmation we always look for bearish setups but in this scenario there are two relative minor support levels we want to see break (in blue). A break of the first support level will confirm the first broken higher low, ideally after that has been broken a retest followed by strong bearish setups will give us confidence to short to the next support level around 0.63250. Once this level has been broken that will confirm a break of a higher time-frame lower high in which case this thing is more than likely to dump! We’re looking to target our weekly support around 0.62750 which is about 125 pips from where price current is!
Short
by ForexLeague
NZDJPY Daily Analysis 11/23/19NJ Short Idea The overall trend on higher time-frames have been steadily bearish. Recent price action on the daily has been trapped in a range between the daily 50% and 38.2% fib levels. In favor of the trend we’re looking for NJ to push lower and break the range and monthly support, when this happens we want to see a retest of broken support turned resistance with significant bearish setups before we can enter short and begin to target lower support levels. If momentum is strong and the lower trendline is broken we will be targeting the next significant support level around the 67.00 area which is also around the 0% fib
Short
by ForexLeague
Facebook, Holding between ranges. FB- Canary Jones Market Climate: Neutral. Hold. Going-Long. Industry: Internet Services Indicators: None Patterns Identified: Rising Channel Broadening Wedge Facebook stock price has for the better of eight years remained trading within a highly respected bullish rising channel. Similar to other major securities or blue chips currently on the S&P 500 or the Dow Jones, Facebook has recently broken beyond major resistance signifying a continued confidence in the integrity of both the security and of overall US economic health. During this breakout, volatility has significantly increased both abroad and domestically. This can be seen by the developing broadening wedge synonymous to the expansion of market volatility. Canary Jones analysts have identified the broadening wedge of Facebook as a potential consolidating structure. Although the price has re-trended back into the original rising channel, the price has also exited and entered on other occasions. Yet, the stock continues to respect the prevailing macro trend. Although Facebook user activity has remained a challenge for the company to retain high usage and greater amounts of screen time, Facebook has directly taken actions to prevent its consumers from spending exorbitant amounts of time on its platform. This has slightly made Facebook a less attractive advertising alternative to other existing platforms such as Google ads, YouTube, and even now Amazon.com. Facebook’s continuing dominance of online social media has also for the most part created a negative consumer consensus that directly impacts their willingness to continue use for prolonged periods of time. Additionally, a string of data breaches and questionable ethical activities has simultaneously disrupted consumer image of the company and its brands. Facebook’s stock price is currently trending between both the consolidating wedge, and the macro rising channel. This crossover has lead Facebook bulls to being indecisive of both direction and reasonable entry. Facebook bulls should consider entry on the supports of either the rising channel, or the broadening wedge so long as confirmation of candlesticks is also evident.
NASDAQ:META
by CanaryJones
#headandshoulders - How to use it, and how not!Good morning, from my side (cause I do see it happening again and again), a little reminder of how Head & Shoulders is looking like and how you should draw it. Too often misused and misunderstood, I don´t wonder why most of the trader´s or technical analyst youngsters are not successfull trying to trade this. The same rules apply to an inverted Head & Shoulders. It always was and will always stay a reversal pattern formation and using it differently (wrong) is weakening breakouts and targets. I hope you enjoy this and leave me a like. ______________________________________ Warm regards, Neru
BITSTAMP:BTCUSD
by Gl4diator
11