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Pricepatterntrading

Oil set to break its consolidation?Today's focus: Oil Pattern – Ascending Triangle Possible targets – Downside 69.73, Upside 76.50 Support – 71.49 Resistance – 74.05 Hi traders, today we’re looking at oil after yesterday’s fast move down that snapped a three-day winning streak. Could this be the start of a move that breaks out of the current ascending triangle pattern? Sellers have some support to beat, and if it holds, it could hold the price in the consolidation until 74.05 is beaten. We will be watching to see if yesterday’s selling was more than one session and if price could be set to make a new move lower. Thanks for stopping by. Good trading, and have a great day.
EIGHTCAP:USOUSD
by Eightcap
US30 Analysis, can support hold for buyers?Today's focus: US30 Pattern – Support point, descending triangle. Possible targets – Downside 31,840 Upside 31,160 Support – 33,033 Resistance – 33,705 Thanks for checking out today’s update. Today’s analysis is over the US30 daily as price sits around support in a descending triangle pattern. Yesterday price broke lower after buyers failed to beat Monday’s high. The debt ceiling issue continues to look like the key issue, with price reacting negatively after no ground was made on Tuesday. This could continue to drive momentum, and bad news could equal downside risk, while a deal could give buyers plenty of drive. This week’s meeting minutes are another factor; traders will be looking for more clues on rates and how the Fed is seeing inflation atm. We are also hoping to hear more about how the banking issues are factoring into the Fed’s view. Thanks for stopping by. Good trading, and have a great day.
EIGHTCAP:US30
by Eightcap
Bitcoin holds breakout and retakes 30KBitcoin is back above 30K in today's session extending yesterday's breakout. Hard to look past Bitcoin today as buyers hit 30K, a price level not seen since June 2022. The move started yesterday as Bitcoin buyers broke above 28,600 resistance, and the move was held at the close, which is a great sign as it's the first set in confirming the move. Today buyers jumped back into gear, breaking yesterday's high and moving back into the 30K Handel. In under two days, just over 7% of value has been added to its price. The breakout looks to have confirmed an ascending triangle pattern, and these are quite common continuation patterns seen in up trends, so it's a good sign to see this as it could suggest that the current uptrend has further to run. If we do see further upside, we will be looking at 31,800 as a possible level of resistance. If we do see a new reaction lower in the short term, we would like to see the breakout point become support which is a sign of buyer strength. US CPI is due tomorrow, if we did see a surprise jump to the upside in US inflation, this could impact Bitcoin on the short term, but we hope that it would only be minor as Bitcoin has been running its own race so far this week ignoring yesterdays rally on the USD. Good trading.
EIGHTCAP:BTCUSDLong
by Eightcap
GBPUSD: Buyers pushing a new breakout? Hi traders and TradingView community, today we are looking at the GBPUSD as price has started to show signs of a new breakout. Looking at the GBPUSD, buyers continued to hold at the demand and support area with multiple saves. Sellers made their last push yesterday before buyers flooded back, forcing an engulfing type of candle and halting the minor downtrend. After yesterday’s close, we could see a descending triangle start to form. These patterns can be reversal-type patterns, but as always, we need to see confirmation with a new move out of the pattern. Today we have seen a rejected move lower from sellers that has now turned into a test/break of the pattern. This is a good sign and could be the beginning of a new breakout for the GBPUSD. We want to see buyers hold the break and close out today’s session outside the pattern, and that could tell us that buyers are looking to start a new upleg. If price closes back inside the pattern, that could be seen as a false break, and we would need to see a new move to confirm a break. It’s also a small warning that buyer strength is not as strong as first thought. If we do see a new upswing on the GBPUSD, 1.2170 and then key resistance are the possible areas that could test buyer strength. Good trading.
Long
by Eightcap
3
Analysis of bitcoin price pattern and targetThe rising wedge on $BTC is hard to ignore, therefore may appear as too easy of a play. That is suspect, but we must not overthink things. When we were ranging in June - July, I expected to at one point hit lower 17k zone. I didn't expect the rally, but am still of the opinion it is / was a bear market rally and not a turn-around of a bigger trend. So that 17k level remains - for me - on the charts. In that context, the rising wedge becomes interesting. If wedge plays out and drop is +/- equal to the 10 - 15 June drop, it'd take us to the levels I drew out in June, which is lower-end of 17k. Breakdown out of this wedge happened today and now we're hovering above the 4H 200EMA. I think we'll find some support there & maybe go up to find the bottom line of the wedge flipped to resistance. This activity could push us back to the 4H 200EMA EMA. Once we lose it for support, further breakdown is more likely, with targets set at a new low.
by mapav
3
BTCUSD are we close to seeing some direction? Hello TradingView community, today’s video update focuses on BTCUSD as price remains fixed in a pennant consolidation pattern. With the Medium-term trend and possibly the longer-term trend lower, you could lean toward this being a potential continuation pattern, but as noted in the video, we defiantly think it’s essential to wait for a clear breakout before thinking about picking a direction. Short term Support 29,000 Short term Resistance 30,300 This pattern can also be seen on ETHUSD as well, and we’re also keeping an eye on that coin as well. Good trading.
EIGHTCAP:BTCUSD
by Eightcap
How to Find Legitimate Head and Shoulder PatternsHey Guys! I just wanted to post a quick tutorial on how to find legitimate Head and Shoulder patterns. In this lesson, I explain the 5 rules that a Head and Shoulders pattern must abide for it to be legitimate. Here's the rules: #1 Both necklines must be parallel. #2 The main neckline cannot be broken out of surpassed before the right shoulder's price level is reached. #3 The Head and Shoulders must be relatively flat. #4 The top neckline can only be adjusted to a wick between the main pivot and the last correlating major pivot. #5 The prior trend must be in the opposing direction. (which is up in the case of a "short" Head and Shoulders Pattern ) That's it! I hope this helps! Have a great day! Ken
Education
by TradingForexPriceAction
1
Mandatory Price PatternsHey Guys! When it comes to price patterns, there are many. I mean, look up "price patterns for trading" on google and you'll find countless variations. Just like in the movie "A Beautiful Mind", where Russel Crowe's character locates patterns in Russian Codes; a price action trader, can find endless variations of patterns on their charts. However, these variations actually deter the trader from their sole purpose of trading. Which is to make money. Period. With so many patterns multiplied by the different time frames that a trader utilizes in their trading, it is bound that there will always be multiple price patterns on the chart at any given time. What does that do? It confuses the heck out of the trader. That said, price patterns are a foundational element of price action trading, and is necessary to trade at higher levels. But it is not the amount of patterns that a price action trader must master. If the price action trader can master the Double Top/Bottom, and the Head and Shoulders patterns at the initial level. Out of my experience, these 2 patterns alone are more than enough to extract consistent profits from the markets. Simply put, it's about quality over quantity. That's it! Hope this provided some insight into price patterns! Have a great day! Ken
Education
by TradingForexPriceAction
6
How to Find Legitimate Double Tops & Double BottomsHey Guys! I just wanted to post a quick tutorial on how to find legitimate double tops and bottoms. In this lesson, I explain the 4 rules that a double top/bottom must abide for it to be legitimate. So for example: For a legitimate double bottom: #1 The 2nd bottom's price must reach the 1st bottom's wick low price level. #2 The 2nd bottom's price cannot close past the 1st bottom's wick low price level. #3 There must at least be a 10 candle range between the the bottoms. (including the 2 bottom's candles) #4 The prior trend must be in the opposing direction. (which is down in the case of a double bottom) That's it! I hope this helps! Have a great day! Ken
Education
by TradingForexPriceAction
4
EUR/AUD Long - Target pattern highs- Daily - Slight descending channel with a double bottom at the 3rd touch of the pattern. Leading up to the double bottom there was another descending channel which price impulsed out of and in the next flag correction, I was looking for buys. - 4hr - After the impulse out of the descending structure, a bull flag formed with a double bottom that I was looking for signals for an entry. - 1hr - As price approached the double bottom within the flag, price formed another descending channel and I set my order on the break of the pattern.
Long
by ThePoisedTrader
AUDJPY - Potential Short Sell Trade Opportunity Set UpTaking a look at the intraday price action on AUDJPY we have seen a potential Sell trading opportunity present itself. As you can see from the 1 Hour chart, we have a liquidity gap drive lower on the 21st September 2020 around the 76.32 level marked with an orange arrow. This level could have additional order flow resting here as the sellers who originally drove price lower could look to protect their positions. With that said, we also can see a potential bearish 3 Drive pattern getting created with the first 2 drives already developed. Convergence is key in increasing your trading probability so if we can see price rise around the 76.32 level again and also converge with the 3rd drive of the 3 drive pattern together, this could cause price to react and potentially reject lower. If price does what we would like it to do and starts to look like it could meet this point of possible convergence, then we will be going down to our lower timeframes and watching price carefully before we take any action. What we want to see is a rejection first and then hopefully any additional signs for confirmation in the form of a micro bearish price pattern, structure or inner trend line break to the downside as this can help increase our probability for a short trade. No rejection, no trade and we let it go.
Short
by DavidVillagra
1
FEDERALBNK - Bullish Trend Expected to reach at 96.9 FEDERALBNK - Bullish Trend, Monthly - Previous bearish Trend - Monthly Stop Loss 75.70 - It is downtrend for short time, right now it is at resistance level ~ 84.95 - The expected target is about 110 price Weekly - Downtrend channel of about 17 pips - Expected to cross at 85, if weekly close is above 85 then it is BUY - The next immediate target is at 105.5, with the strict stop loss @ 75.7 - Risk : 8.7, Rewards : 21.1 R:R => 2.42:1 - Ideally you shall wait to cross 85 on weekly chat and then enter Daily : - Previous uptrend - Short descending triangle at 78 to 83.6 - The immediate target is ~96.9 with stop loss is at 84 - the R:R => 3:1 Resistance Levels - 96.90 - 105.5 - 122.5 Weekly Pivot Points : - 87.77 - 90.28 - 94.77
BSE:FEDERALBNK
by avinashsawant
HIGHGROUND High Ground Enterprise BULLISH THREE WHITE SOLDIERS Definition This pattern indicates a strong reversal in the market. It is characterized by three normal or long candlesticks incrementing upwards. The opening of each day is slightly lower than previous close and prices progressively close at higher levels. This staircase like behavior signals the reversal of the trend. Recognition Criteria 1. The market is characterized by a prevailing downtrend. 2. Three consecutive normal or long white candlesticks are observed. 3. Each candlestick opens within the body of the previous day. 4. Candlesticks progressively close at new highs, above the preceding day.
HLong
by avinashsawant