Colgate repeating channelColgate has produced a repeating pattern, a channel that will most probably lead to a bearish break.
Repeatingpattern
EurAud Waiting for retracement to go long towards the fib retracement 61.8 inline with the trendline that I have in place.
so im expecting a short around that area depends on price action, once it goes short im expecting a breakout.
as you can see I have a cross there which shows that the market is repeating itself, creating the same pattern but towards the downside.
EURUSD: 2nd Bullish Wave Before Major Bearish Trend?Another interesting repetitive pattern is about to take place.
In late June, just like in early November, EURUSD established a strong bearish trend and fell from the top of a major falling channel.
The price found support and retraced which led to a range.
As seen in the previous pattern, the range consisted of 2 bullish waves before it resumes the major bearish trend.
As of current, the price has found support at the bottom of the current range and has started to show signs of a rebound.
For day trader, look for buy opportunity at the current low and aim to take profit near the range high.
Otherwise, wait patiently for the 2nd bullish wave to form and look for sell opportunity at the range high, preferably between 1.1066 to 1.1095
EURUSD: Weekly Forecast 7th- 11th October 2019EURUSD turned out as expected of my previous forecast as it started to range after the retracement from the new low.
The repeating pattern shows that the price is expected to range in the coming week.
Traders can look out for a selling opportunity at the top of the range, stop loss placed just above 1.1020.
However, the distinct difference between the current pattern and the previous two is that the current one is trading at the bottom of the range.
This could mean a potential reversal may take place thus taking partial profit at the demand zone around 1.0920 is highly recommended.
EURUSD: Awaiting Next MAJOR TrendIf you are reading this forecast, bookmark it and revisit on the 3rd week of October.
If you have missed 2 great trends which were shown in my previous 2 forecasts on Gold and US30(check out related ideas below), here's the next one you don't wanna miss!
The chart is pretty much self-explained already.
EURUSD has hit a new low last Tuesday during the European session and price has retraced significantly.
Based on the repeating patterns whenever price retraced from a new low, here's what's gonna happen:
1. The price will undergo a period of consolidation.
2. Past patterns show that the consolidation will take about 2 weeks before the next major movement.
3. Watch out for the key supply zone between FR38.2 and FR50 to place a sell position.
So, just be patient and wait for the RIGHT TIMING to execute.
Gold: Awaiting Major ReboundThe gold has been consolidating (with some new highs) for the past one month since it first broke above 1500.
Previously, the gold has also consolidated for a month and a week since it first broke above 1400.
Which also means, we are 1 more week away from a major bullish wave which could potentially break 1600.
The price has dipped for the last 2 trading days which has probably led to a major stop out of buyers.
Wait for patiently for the price to dip a little lower into the demand zone and/or the bottom of the 3-month rising channel to buy.
Gold: Break of Rising Structure, AgainThe gold has consolidated for more than a week since it broke new high at the beginning of last week.
The price has made another attempt to break new high as it broke the top of the consolidation but came down quickly as it lost its buying strength at the previous high of 1555.
There's a repeating pattern which shown the price fell as much as 300 pips once it broke below the rising structure (break of a rising trendline/bottom of a rising channel etc).
Also, the gold price was already seen resisted at the to of a 3-month rising channel since it reached the highest price of 1555.
The recent fakeout is very likely to cause a big amount of buy orders to be trapped and that's an indication that the price may continue to fall further.
Traders may look to look for short-tern/intraday sell at the moment, stop loss set about 30-50 pips just above 1543 would be sufficient and targetting the demand zone around 1530.
USDCHF: Repeating Bearish HarmonicsAn interesting repeating bearish harmonic pattern has presented itself and the bearish trend has just begun.
According to the past development of the bearish trend after the completion of the bearish harmonic pattern, the price will fall steeply with shallow retracement and very little support.
Sell USDCHF whenever the price retraced to the previous low in the smaller timeframe (H1 and below)
As for now and should the price starts to retrace, look to sell at 0.9860, stop loss set at, or above, 0.9882.
