AVGO - 3 months RECTANGLE══════════════════════════════
Since 2014, my markets approach is to spot
trading opportunities based solely on the
development of
CLASSICAL CHART PATTERNS
🤝Let’s learn and grow together 🤝
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Hello Traders ✌
After a careful consideration I came to the conclusion that:
- it is crucial to be quick in alerting you with all the opportunities I spot and often I don't post a good pattern because I don't have the opportunity to write down a proper didactical comment;
- since my parameters to identify a Classical Pattern and its scenario are very well defined, many of my comments were and would be redundant;
- the information that I think is important is very simple and can easily be understood just by looking at charts;
For these reasons and hoping to give you a better help, I decided to write comments only when something very specific or interesting shows up, otherwise all the information is shown on the chart.
Thank you all for your support
🔎🔎🔎 ALWAYS REMEMBER
"A pattern IS NOT a Pattern until the breakout is completed. Before that moment it is just a bunch of colorful candlesticks on a chart of your watchlist"
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⚠ DISCLAIMER ⚠
The content is The Art Of Charting's personal opinion and it is posted purely for educational purpose and therefore it must not be taken as a direct or indirect investing recommendations or advices. Any action taken upon these information is at your own risk.
Rectangle
NZDCAD: Bullish Trend Continues 🇳🇿🇨🇦
Last week, NZDCAD corrected to a key daily horizontal structure support.
This morning, we see clear sign of strength of the buyers -
a bullish breakout of a narrow horizontal range on an hourly time frame.
It looks like the pair returns to a global bullish trend and a correction is over.
Goals: 0.8435 / 0.845
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GOLD (XAUUSD): Support & Resistance Levels For Next Week
Here is my latest structure analysis and important key levels
to watch on GOLD next week.
Resistance 1: 2315 - 2327 area
Resistance 2: 2375 - 2387 area
Resistance 3: 2426 - 2450 area
Support 1: 2265 - 2286 area
Support 1 and Resistance 3 compose a wide horizontal range on a daily.
Consider the underlined areas for pullback/breakout trading next week.
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ICP Desc. Triangle Breakout + Rectangle, Targets $16.3 and $20BITGET:ICPUSDT broke out of its descending triangle and has successfully retested the resistance.
The triangle target is $20 🎯
Not the cleanest breakout, and lacking volume. Also, a case could be made for a rectangle pattern with a $14 resistance, so the safe play would be to wait for a daily close above that level.
The rectangle offers a second target: $16.3 🎯
This is also a previous resistance and could offer a good area to secure some profits.
Not Financial Advice
CADCHF: Accumulation & Indecision 🇨🇦🇨🇭
CADCHF is stuck between 2 key horizontal structures.
The price formed a narrow range where trading volumes are currently accumulating.
Depending on the reaction of the price to the boundaries of the range,
I see 2 potential scenarios.
If the price breaks and closes above 0.6532 the resistance of the range,
it will be the important sign of strength of the buyers and with a high
probability growth will continue.
Next goal will be 0.657
If the price breaks and closes below 0.659 - the support of the range,
a further decline will be expected, at least to 0.647.
Wait for a breakout, it will give you an accurate and reliable confirmation.
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Arbitrum Rectangle + Elliott Wave: Targets $1.6 or $1.93TL;DR Potential local bottom at $1.07, potential targets at $1.6 and $1.93
Arbitrum is still trading in its rectangle.
After a recent rejection from the resistance, today it retested $1.07.
If it holds, it would mark a perfect Wave 2 end (61.8% of Wave 1).
In turn, according to Elliott wave theory, this would set the Wave 3 target to $1.6 or $1.93.
🎯 $1.6 is also the rectangle breakout target, and a High Volume Node (HVN), so lots of confluence there.
I see two potential strategies for a long entry:
The safe play would be to wait for a daily close above the resistance trendline, targeting W3 targets 1 and 2.
The higher risk/reward play would be entering now, with a somewhat tight SL below $1.07, targeting the rectangle resistance first, then W3 targets 1 and 2.
In both cases, watch the $1.45 area because it is a previous support and HVN.
➡️Not Financial Advice⬅️
BITCOIN (BTCUSD): Important Decision Ahead ₿
Bitcoin is currently testing a wide daily resistance cluster based on the all-time high.
Because the long-term trend is bullish, there is a great chance that the market
will break it and update the high.
A daily candle close above the underlined structure will confirme the violation.
Bullish rally may continue then.
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BTC(BITCOIN) is ready to go up
* 1D
BTC is currently trying to break through the upper trend line of triangular convergence, and if this section is supported, it can rise to TP1, the mid-term downward trend line.
If it breaks through the mid-term downward trend line and supports it, it is expected to rise significantly.
Swing trading idea on TATAMOTORSTATAMOTORS has been trading within the channel pattern for quite some time now. With the formation of hammer at the support level indicates an ideal entry point for a short swing with target at next resistance level. Entry can be held just above todays high that would provide an ideal risk reward of 1: 2.5. There are quite a lot of stocks that has given entry at key support levels unfortunately, I couldn't name it all here as I study every stock individually.
If you like this idea, please boost this idea or leave a comment down on what you think. Otherwise happy trading :-).
GBPCAD: Important Breakout 🇬🇧🇨🇦
GBPCAD is trading in a strong bullish trend on a daily.
For the last 2 weeks, the pair was consolidating within a horizontal range on a daily.
With the yesterday's bullish movement, the price successfully violated the resistance of the range.
It confirms the strength of the buyers and indicates a highly probable bullish continuation.
Next resistance - 1.755
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CRUDE OIL (WTI): Your Trading Plan For Next Week
WTI Crude Oil is trading in a bearish trend on a daily.
For the entire month of May, the market is consolidating within a horizontal range.
I believe that a bearish trend will continue after a violation of the support of the range.
I am waiting for its breakout to sell the market.
A daily candle close below 75.5 will confirm a violation.
A bearish wave will be anticipated at least to 72.5 level then.
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USD/CAD (dollar-canada): as textbook as it getsObserving the Monthly-timeframe movement on USD/CAD, it could be inferred that the price has rejected the upper barrier of the rectangular range as mapped on the graph and formulated a new top. From here, in the upcoming long run, we are anticipating for the price to keep declining and, eventually, reach the lower boundary of the channel as indicated on the graph.
USDJPY: Important Bullish Confirmation 🇺🇸🇯🇵
Update for USDJPY.
The pair perfectly violated a resistance line of a horizontal range on a 4H time frame,
after a retest of a key daily support.
I think that the pair will keep growing today.
Next goal - 157.5
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USDJPY: Your Trading Plan For This Week 🇺🇸🇯🇵
USDJPY broke and closed above a key horizontal daily resistance last week.
After a breakout, the market retested a broken structure and started to consolidate.
I see a horizontal trading range on a 4h time frame.
To buy the market with a confirmation,
I am looking for a bullish breakout - a candle close above the resistance of the range.
It will give me a strong intraday signal.
A bullish continuation will be expected at least to 157.5 level then.
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