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Bitcoin analysis(BTCUSD ) on 4 hour chart __There is an inverted head and shoulders pattern (black color) __ Exceeding the descending channel and forming an ascending channel (red) __ He ​​broke through the neckline at 55134 and scored the first goal 56780, then the second goal 58514, correcting it to 56999 and returning back. __ He ​​now has three Buying Goals: (green clip) 1) = 58514, which is the same as the second target previously 2) = 59559 3) = 60720, which is the fourth and last target __ May reverse at 59559. __ Do not forget that it is difficult to exceed 61,455 on the daily chart in the Wyckoff stage
BITSTAMP:BTCUSD
by wmforex
Could the Bears Push the CAD/JPY to the 81.16 Level?💡 Trade Idea 📈 Sell Order CAD/JPY @ 81.16 🎯 Target Profit 80.61 🛑 Stop Loss 81.31 ❌ Do not risk more than 1 % of your account on each trade 🙂 Good Luck ! Description: The price was trading withing a wedge formation after showing a head and shoulders on higher time frame indicating a potential reversal from upward movement to a downward one. The price managed to break the trendline, by posting a bearish candlestick signaling a potential downward movement.
Short
by CollegeofPips
4
ORB Nr4 CANDLESTICK PRICE ACTION DAILY STRATEGYStep #1 How to Identify the ORB Nr4 The ORB pattern is defined as a trade taken at a fixed value of the opening range. The Opening range Breakout trade is more effective if taken after an inside day that has its daily range smaller than the previous 3 days, which is where the Nr4 stands for. You have three candles followed by another candle with a daily range narrower than the previous three days. Note #1: The 4th day doesn’t necessarily need to be an inside day, it only needs to have its daily range smaller than the previous 3 days. However, inside days tend to produce a higher success rate. The ORB Nr4 pattern can be the best candlestick patterns for intraday trading too. You simply have to apply the same rules outline in this guide on your favorite intraday chart What if we told you that, 40% of the time the first trading hour can tell you what is the high and the low of the day. Our candlestick patterns strategy incorporates this price behavior so you can better manage your risk and set your targets. Basically, you can become a proficient trader. Like with all our trading strategies we’re going to give you first the trading rules by going through an actual live trade example that uses the best candlestick patterns mentioned through this PDF guide. Step #2: Identify the best candlestick patterns and mark the high and the low of the 4th candle When you search for the ORB Nr4 candlestick chart pattern keep in mind two things: The Daily range of the 4th candle needs to be narrow and smaller than the previous 3 candles. The 4th candle price range also needs to be inside the candle number 3. The ORB Nr4 pattern in the chart above is a bullish candlestick patterns because it leads to a bullish move. Narrow daily trading ranges suggest contraction. And contraction always leads to expansion. This is kind of a general rule because the markets do move from periods of contractions to periods of expansion. This is the reason why this ORB Nr4 candlestick pattern is so powerful. Step #3: Switch to 1h TF and Buy if we break the high, Sell if we break the low of the Nr4 candle. Our trade is taken the next day after the Nr4 pattern showed up. In order to have a clear view of the short-term price action we need to switch our focus to the 1 hour time frame. Note #2: Only Buy or Sell if the breakout happens during the first 5 hours of the new trading day. We use the Opening Range Breakout technique to time the market and have an effective trade entry. Trades based on the ORB – Nr4 candlestick chart pattern will show you a profit instantly. Now, if the trade is not showing you a profit right away than your trade becomes more vulnerable. As a general rule, if after the first trading hour your trade is not in the green, you can safely close the trade at the market. Of course, you can only do that if your stop loss hasn’t been triggered in the meantime. Step #4: Place SL below NR4 day low, Step #5: Take profit using a trailing SL below each 1h candle low/high For buy trades, hide your stop loss below Nr4 day low. The ORB – Nr4 pattern tends to precede strong trend day activity, so your stop loss should be rarely hit. Our take profit strategy is fairly easy and it’s slightly modified from the original strategy highlighted in the “Day Trading with Short Term Price Patterns and Opening Range Breakout” book written by Toby Crabel. Even though the ORB nr4 pattern tends to lead to trend trading days we’re more conservative and want to quickly take profits. We would trail our SL below each 1h candle low and wait for the market to reverse to take profits.
Long
by Tradingstrategyguides