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Rsioverbought

USDJPY - Resistance LevelIf you read my last week's analysis, you should know that there is a potential Bearish Bat Pattern on the daily chart(the link is within the tradingview article). If you are looking for a counter-trend trading opportunity, the Bat Pattern might not be the best setup, and that's because I don't like what I'm seeing(consolidation before the Point D completion). I'm more inclined to wait for a shorting opportunity at around 137.56, which happens to be the 1hourly chart resistance level. First of all the initial risk isn't great; furthermore, it is a more important level of resistance.
Short
by RaynLim
EURUSD-Weekly Market Analysis-Aug22,Wk4EURUSD is on its bearish run on all 3 major timeframes, the daily, 4-hourly and 1-hourly timeframe. Check out the bearish channel drawn on 10Jul, link at the bottom of the TradingView post; you can observe that when you drew the channel correctly, you can see the market respect the channel by stopping and reversing at the end of the channel. That is when you know you did your analysis right. If you are trading off the lower timeframe, the 4-hourly chart, you could wait for the market to pause and reverse at 1.0138 for a trend trading shorting opportunity. Never underestimate the accuracy of structure trading and basic chart pattern; once done right, they are the most powerful trading setup.
Short
by RaynLim
2
EURUSD-Weekly Market Analysis-Mar22,Wk1If you have engaged the EURUSD trading ideas on Friday, you would have earned 106pips(1,060USD/lot) from Bullish Bat, and have your stop-loss at entry and attained a risk-free trade . Trend Traders can wait for a shorting at 1.1307. You may wonder, hey, you were long on the 4-hourly chart, why look at short on that 1hourly chart. If you have checked and compared the trade you would know that by the time the Bearish Butterfly Pattern form on the current timeframe, it would have passed the Target 1 of the 4hourly chart Bat Pattern. The 1hourly Butterfly Pattern could be a retracement on the 4hourly chart. Besides, a lot of Harmonic Pattern Traders took off major position on the first target, when that happens, a retracement is expected. However, if this is too confusing for you, stick with a single timeframe trading, and if you are looking to excel, look for a trading coach.
Short
by RaynLim
2
Do We Short Yet?!?NO!! It's gone Ape-S**TT!!! Melting Up; Short here = Suicide. Could get a Measured MOVE from the Breakout point 4593; +249 push to 4842?!? Watch these Indicators for a pivot. Near-term Short entry for a technical pullback at WT crossover when RSI overbought and a 5-wave EW in RSI appears; NOT before! Do not hold this short for long term, purely a day trade from Nov ATH price pushback, roll into longs when WT signals! Expect Strong R at the ATH 4744; then moving higher to new ATH: likely get firm pushback after an exhaustion gap appears; perhaps 12/08 the way it moves will arrive in a few hours, fgs, FOMC dovish position could spark final ATH move. This is not investment advice! Estimates given are not guaranteed to be valid projections, trade at your own risk and with great care!! GLTA!!
SP:SPXLong
by DaddySawbucks
11