GBP-USDGBPUSD is currently traded at 1.22250. The market created a support area at 1.2200 and that is also a demand area. In a 4-hour timeframe market makes a pennant breaks with high momentum and now retests the support and demand zones.
Pennant
Pennant - GJHere I have GBP/JPY on the 1Hr Chart in what looks to be a Pennant Pattern!!
We've had 2 tests of the Falling Resistance and 2 tests of the Rising Support! There is still room for price to play in the "Pinch Point".
As of now I have a Bullish Bias on this idea because price was in a Uptrend prior to entering this pattern! Along with GBP showing strength across the board!
-BUT-
GBP is heavy with news this week so if news is bad, there is potential for a Bearish Break!
Fundamentally:
GBP -> Claimant Count Chance (Tue), CPI (Wed) and Retail Sales (Fri)
JPY -> "Clear News Week"
**Chart Patterns are known to fail 1/3 of the time so BEWARE OF FALSE BREAKS!!
SUSHI bullish flagSUSHI did a huge move last week and took a week for correction.
Now the bullish flag is broken and SUSHI will have a next leg up, in my opinion.
Trade setup is in chart with proposed target and stop-loss.
Check also my long-term view for this crypto in the link below.
USDCAD ready for lift offCanada employment is growing but at a gradual pace compared to labour force and job vacancies. Growth has been revised down by BOC.
On the other side, US economy remains strong compared to the rest of the world.
First target at around 1.435 and there is a double top at 1.47. Ultimately, it can be triple top on the upside.
The August 2023 Deja Vu? Fractals🔄🔄🔄 The crypto market often takes us on a rollercoaster ride, and it's during moments of similarity that we can draw valuable lessons. The current situation in the crypto space is strikingly reminiscent of August 2023 when Bitcoin (BTC) traded within a range but only made local highs without attempting to revisit the lows. This eventually led to a local dump. Today's chart seems to echo the past, and it's essential to be prepared for various scenarios – both upward and downward. Let's delve into the similarities and potential outcomes. 📈📉
The 2023 Recap:
In August 2023, Bitcoin found itself in a range-bound situation. It repeatedly marked local highs but showed reluctance to retest the lows. This pattern created a sense of complacency that the price would only continue to rise.
The Present Resemblance:
Fast forward to the present, and the chart appears eerily similar to that of August 2023. Bitcoin is once again caught within a range, and it's been marking local highs without revisiting the lows. This scenario is fueling both bullish and bearish sentiments.
The Dual Scenarios:
As history has taught us, it's essential to be prepared for both scenarios. In this situation, there are two possibilities:
Upward Movement: The price could eventually break out of this range and embark on an upward journey. Local highs might turn into strong support, leading to a bullish rally.
Downward Correction: Conversely, a failure to revisit the range's lows could lead to a local dump, where the price corrects to more attractive levels.
Trading Strategy:
Vigilance: Keep a watchful eye on Bitcoin's price action and how it interacts with the range boundaries.
Risk Management: Implement strong risk management practices, especially given the market's volatility.
Stay Informed: Be aware of the fundamentals and any news that could impact Bitcoin's price.
Conclusion:
The crypto market is a realm of repeating patterns and unexpected twists. As you navigate the current situation, remember the lessons from the past and prepare for both bullish and bearish scenarios.
The key to successful crypto trading lies in vigilance and adaptability. Stay informed, trade wisely, and may your strategies lead to success.
❗️Get my 3 crypto trading indicators for FREE! Link below🔑
XAU Optimal Trade entry
In past two week price is created the Higher High and Higher Low, Showing the behavior of Bullish sentiment.
From Wednesday to Friday price created a pennant pattern and break the pattern to buy side.
Price hit the order block area, pullback are expected.
Current price is consolidating in the previous Asian Range (Friday), the ideal position for entry in long position, as the previous low for the exit point
ETH Flag Pattern: Quick Short then $2KHi Traders, Investors and Speculators of Charts📈📉
As you know, we're trading in the opening moments of a new bullish cycle. Often when quick increases happen, pullbacks and corrections are sure to follow, even during a bull market this is natural.
ETH formed a flag, and this gives the opportunity to take either a long or a short. Watch the video for a quick setup with conditions and an easy to understand explanation.
Remember, support and resistance zones are great to watch for possible long and short opportunities during brief pullbacks!
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BINANCE:ETHUSDT
Pennant - AJHere on the Daily Chart I have AUD/JPY showing signs of a Pennant pattern!
Lower Highs into Higher Lows until a "Pinch Point" where price will need to break Bullish or Bearish. Pennants can break either way but the direction of the Market usually has an influence on where price will go after the break.
Price has tested the Falling Resistance and Rising Support twice already, so I am waiting to see what the Third test of either Trendline will bring! Price currently is on its way up so I suspect we will get a third test of the Falling Resistance shortly!
*Chart patterns are known to fail 1/3 of the time so BEWARE OF FALSE BREAKS!
UPL IS SOON TO CRASH DUE TO THIS PATTERN...TECHNICAL INDICATORS -
SYMMETRICAL TRIANGLE BREAKDOWN -
UPL had formed a very strong symmetrical triangle (with almost 8 CONTACT POINTS) recently and broke it down recently indicating a strong downmove to come in near future
REVERSAL FROM 50D & 100D SMA -
On daily timeframe, it had recently reversed from these two sma simultaneously again indicating downside pressure
REVERSAL FROM STRONG SUPPORT-RESISTANCE LEVEL -
It had also tested and reversed from an old and time tested level which earlier had acted as support and now working as resistance level
PROFIT TARGET -
Its profit target is 544.95
FUNDAMENTAL INDICATORS -
LOWER SALES & PROFIT MARGIN COMPARED TO PEERS -
On the last quarter (jan-mar), UPL had delivered a lacklustre sales and profit margin comapred to its peers Tata Chemicals, Vishnu Chemicals, Tanfac. All its peers delivered positive growth whereas it has posted profit growth in negative (-4.06%). It is also creating downside pressure on the stock
Insmed Incorporated (INSM: NASDAQ)Insmed Incorporated (INSM), a biopharmaceutical company, is showing positive developments in its product portfolio. The company reiterated its 2023 guidance, expecting revenue between $295-305 million, with strategic plans to expand the use of its ARIKAYCE product.
Encouraging Phase 2 data for its TPIP drug, used in pulmonary hypertension treatment, highlights its commitment to developing effective therapies. Investors are eagerly awaiting the Phase 3 ASPEN Trial results for Brensocatib in Q2 2024, which could significantly boost the company's growth.
Market sentiment is bullish on INSM, particularly if the stock stays above the $22.50-$23.00 range, with an upside target set between $32.00 and $33.00.
What is a Bearish Pennant Patterns?Imagine a rollercoaster: first, a steep drop (downtrend), then a brief pause (consolidation) before another drop.
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This pause creates a symmetrical triangle of highs and lows, indicating market uncertainty. When prices break out below this triangle, it signals a likely continuation of the downtrend.
1️⃣ The Downward Journey:
A clear, steep downtrend sets the stage, indicating prices are likely to fall. Think of it as the initial dive on the rollercoaster.
2️⃣ The Pennant Pause:
Consolidation forms a triangle, showing market indecision. This is akin to the rollercoaster momentarily leveling out before the next plunge.
3️⃣ The Breakout Moment:
A swift breakout below the triangle confirms the downtrend. It's like the rollercoaster taking a sudden, sharp drop.
🚀 How to Ride the Bearish Pennant:
Step 1: Spotting the Pattern
Look for a well-defined downtrend followed by consolidation forming a triangle. The triangle's upper line is resistance; the lower one is support.
Step 2: Timing the Breakout
Be patient; wait for a rapid breakout below the triangle. High trading volume confirms the breakout's strength.
Step 3: Making Your Move
Enter a short position right after the breakout or when the breakout candle closes. This aligns your trade with the downtrend momentum.
Step 4: Planning Your Exit
Set a profit target based on your risk tolerance. Implement a stop loss above the breakout candle's highs to guard against false breakouts.
Pro Tips for Success:
✅ Stay in the Downtrend Lane:
Only trade bearish pennants within a downtrend. Avoid it during uptrends or sideways markets for optimal results.
✅ Don't Jump the Gun:
Wait for the breakout confirmation to avoid falling for false signals. Patience pays off!
✅ Volume: Your Secret Weapon:
Strong breakouts occur with high volume. More participation means stronger market conviction.
✅ Plan Your Exit:
Have a clear exit strategy. Acknowledge that breakouts might fail, and be ready to exit if the trade goes south.
Mastering the bearish pennant pattern requires a blend of technical expertise, patience, and disciplined execution. Think of it as your guide to mastering market dips and making strategic moves.
Happy trading!
Bitcoin Bullish PennantI believe this pattern to be in play a "Bullish Continuation Pennant" with targets accordingly as set out on my chart!
My thoughts on BTC short termJust my thoughts on bitcoin short term, if it continues up the channel and nothing too wild occurs in the news or geopolitical landscape. I would like to hear your thoughts!
BTC rejection of bullish pennantBTC had a really strong rejection with that large wicked red candle. The RSI is fading with a consolidation. I might have to update the potential pattern if it doesnt break up or down soon. This candle is a bad sign for bulls but we could get bullish news any day now with looming ETF among other things.
BluetonaFX - GBPUSD Bear Pennant PatternHi Traders!
GBPUSD is in a bear pennant pattern and is heading for the 4-week low at 1.20372 in anticipation of the FOMC press conference later today.
Price Action 📊
The market is currently in the bear pennant pattern and is showing bearish signals with lower highs and lower lows; additionally, there has been a break and a close under the 20 EMA. We are now looking for a momentum break to break and close below the support trendline to target the four-week low at 1.20372.
Fundamental Analysis 📰
The US economy expanded at a 4.9% annual rate from July through September as Americans defied higher prices and rising interest rates. Economists have also said the US economy expanded last quarter at the fastest pace in nearly two years—more than twice the 2.1% annual rate of the previous quarter. The FOMC press conference is later today, so traders are eagerly waiting to hear what their statements are on the current US economic improvements.
Support 📉
1.20943: TRENDLINE SUPPORT
1.20372: FOUR-WEEK LOW
Resistance 📈
1.21836: 20 EMA
1.22008: PREVIOUS DAY'S HIGH
Risk ⚠️
No more than 2% of your capital.
Reward 💰
At least 4% of your capital.
Please make sure to click on the like/boost button 🚀 as your support greatly helps.
Trade safely and responsibly.
BluetonaFX
BNB: Manipulative Moves in TriangleBNB has become the focal point of attention lately, caught within the confines of a significant triangle. What makes this setup intriguing is the consistent formation of equal lows at the bottom, an enticing prospect for market makers. These stable lows create an ideal opportunity for market makers to trigger stop losses hidden beneath these levels and propel the price higher.
The Art of Manipulative Moves:
Cryptocurrency markets are rife with manipulation, and BNB is no exception. Its current state, stuck within a giant triangle, provides an ideal playground for manipulative actions. Market makers can exploit this pattern by creating false impressions, triggering stop losses, and generating volatile price movements.
Exploiting the Imbalances:
Moreover, on the weekly chart, there are lingering open imbalances waiting to be addressed. Market manipulators might seize this opportunity to rectify these imbalances, a move that could potentially fuel further upward momentum.
Trading Strategy:
Caution and Vigilance: In an environment marked by manipulation, caution and vigilance are your best allies. Stay alert to sudden price movements and be prepared for unexpected volatility.
Solidify Your Strategy: Reinforce your trading strategy, incorporating robust risk management practices and stop-loss orders to protect your positions.
Stay Informed: Keep a keen eye on the market and stay informed about news and events that could influence BNB's price.
Conclusion:
BNB's current situation within the giant triangle is a testament to the complexities of the crypto market. While patterns and setups offer valuable insights, it's crucial to acknowledge the presence of manipulative forces. As a trader, your ability to adapt, remain vigilant, and navigate these manipulative maneuvers will be your strongest asset.
Remember, in the crypto world, knowledge is power. Stay informed, trade wisely, and may your journey in this dynamic market be filled with success.
❗️Get my 3 crypto trading indicators for FREE❗️
Link below🔑
TOTAL2 is About to Explode!The crypto market is abuzz with a significant phenomenon - the shrinking of the total market capitalization, excluding Bitcoin (BTC). Contrary to what one might expect, this contraction often precedes a major pump in the world of cryptocurrencies, signifying the potential for exciting price movements. 🌌💥
Unpacking the Market Cap Contraction
Market cap contraction is a fascinating occurrence, one that hints at the complex dynamics of the cryptocurrency market. When we talk about the total market capitalization excluding Bitcoin, we're essentially looking at the collective value of all cryptocurrencies other than the big BTC.
The Compression Effect: A Precursor to a Pump
Why does contraction matter? It's because, in crypto, this phenomenon frequently acts as a precursor to a "pump," a substantial increase in prices. When the total market capitalization of altcoins starts to shrink within a defined range, it often indicates that the market is preparing for a major move.
Anticipating the Upward Surge
For crypto traders and enthusiasts, keeping an eye on this contraction is vital. It suggests that exciting price surges could be on the horizon for the world of altcoins. Such periods of compression often lead to increased trading activity, resulting in significant price movements.
Trading Strategy: Positioning for the Pump
As this exciting market cap contraction unfolds, cryptocurrency traders should consider crafting trading strategies to harness the potential pump. The market dynamics may offer numerous opportunities to capitalize on these upcoming price surges.
Conclusion: Crypto's Dynamic Landscape
Understanding the nuances of the crypto market is crucial, and the market cap contraction phenomenon is one of its fascinating aspects. As we navigate this period of compression, let's remain vigilant, prepared, and ready to embrace the opportunities that a potential pump can bring.
🚀 Crypto Insights | 💡 Trading Strategies | 💰 Market Analysis
❗See related ideas below❗
Share your thoughts and insights 💚🌐💚
BTC pennant?BTC forming a pennant formation at $34,000 zone.
pending for a breakout above $35,000 for a further rally to $40,000
OR
a breakdown below $33,000 to $30,000
lets see.
DYODD.
Surfing the Waves of Shiba Inu's ConsolidationShiba Inu is currently undergoing a consolidation pattern that is approaching a descent to the 50% retracement line with an approximate $0.00000745 price target. This greets the support line of what may be a several week long symmetrical pennant and an opportunity for a short-term trade that garners notable profits.
Significant buy back at this level will most likely cause the asset to retrace back to the 78.6% Fibonacci level ($0.00000790). Significant resistance at this level will most likely result in a support touch at 61.8% ($0.00000763) before returning to a resistance range around $0.00000780. This completes the M pattern and places us several days from a potential breakout or breakdown around the second week of November.
With a total increase in value of +24.65% during this uptrend, a high volume breakout can take Shiba Inu's price to 0.00000927 while a high volume breakdown can diminish its value to 0.00000599.
COINBASE:SHIBUSD
GBPNZD - Triangle & Wedge Breakout TradeWe've got a triangle, wedge, pennant pattern forming here on the GBPNZD and in this video i want to show you how I use the anchored volume tool to project the levels that price is likely to go to once we breakout from the pattern.
If you have any questions or comments about the idea, or if you just want to share your own views, please leave it in the comment section below.
Akil
Descending Triangle, Hidden Pennant GUGBP/USD has been falling since July 14th and now is looking like its trapped within what looks to be a Descending Triangle or Pennant considering the current Low is higher in the Support zone then the Previous.
The Descending Triangle made of Lower Highs into the Support Zone should typically give us a Bearish Break where price continues LOWER!
-What makes this a special case to me is the possible presence of a Pennant!
The Pennant is made up of Lower Highs into Higher Lows, consolidating into a "Pinch Point" where eventually price will break Bullish OR Bearish.
-Typically the break will happen in the direction price was heading prior to entering the pattern BUT there is potential for price to play within the Pinch Point until giving a Proper Break!!
**Patterns are known to fail 1/3 of the time SO BEWARE OF FALSE BREAKS!!!
-Fundamentally, USD & GBP have:
Employment Cost & Consumer Confidence (USD) - Tuesday
ADP Non-Farm Employment, JOLT Job Openings, Federal Funds Rate & FOMC Statement and Conference (USD) - Wednesday
Monetary Policy Statement, Official Bank Rate Votes, Bailey Speaking (GBP) and Unemployment Claims (USD) - Thursday
Average Hourly Earnings, Non-Farm Employment Change & Unemployment Rate (USD) -Friday
**With the heavy news week, ANYTHING CAN HAPPEN!!
My gut is giving me BEARISH vibes with the analysis of this chart and I believe USD could be finding support after its stunning comeback later in the week last week!!
