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Patterntrading

EURUSD BUY As we can all see, this a bullish pennant potentially forming. Price is currently at a very strong Support Line, so we'll be looking for bulls to be taking charge very soon. You can drop down to the 1H/2H or even the 4H for a strong Confirmation to be buying (INTRADAY TRADES). However, if you're like me.... You'll also enter at the break and retouch of the bearish trendline for this will be a very high probability trade. As nothing is promised. If price does decide to break bullish . We'll be looking for a retest and looking to be selling. However as price is still over the 20EMA on the monthly timeframe I'll be expecting a bullish break.
Long
by Spokentrvth
BTCUSD - Long-Term Potential Gartley Pattern but DON'T DO THIS!I'm not a Crypto trader at all, but if you follow my work then you know that I like to stay sharp by performing technical analysis on random charts. (Which is a very good exercise that I recommend by the way). Here on bitcoin is a potential Bearish gartley pattern. Typically I don't pay any attention to these pattern until price approaches the "B" leg, but I figured I'd share a longer-term idea today. Now before you ask NO! NO! NO! You should not have the mindset of "well Akil since we know it's a gartley, shouldn't I just trade the C leg up in advance of the D completion?" NO! A POTENTIAL Gartley is just that, POTENTIAL. There is absolutely nothing that says the pattern will actually complete, so unless you have another reason to buy which happens to line up with the pattern projection, then you're doing nothing more than throwing money at the wall and hoping it sticks. Akil
BITFINEX:BTCUSDShort
by Akil_Stokes
33
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