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Trading Idea: Shorting GBPJPY Amid Conflicting Signals from JapaThe recent statement from Japan's Finance Minister about possibly giving up FX intervention due to its ineffectiveness, which seems to suggest acceptance of the yen's continuous weakness, directly conflicts with recent BOJ communications. Considering this, shorting GBPJPY becomes a highly volatile decision. Nonetheless, a trade is a trade. If this trade goes well, profits are expected within 2 hours. If not, that's part of the game. Trade Setup: Short GBPJPY Entry : 202.97 Stop-Loss : 203.21 Target 1 : 202.60 Target 2 : Open Strategy: - Volatility Consideration : Acknowledge the high volatility due to conflicting statements from Japan’s Finance Minister and BOJ. - Risk Management : Set stop-loss at 203.21 to manage potential losses. Profit Targets : Target 1 : 202.60 Target 2 : Keep open Remember to breathe and prepare for the next trade. What’s your take on this situation? Do you see a different angle or strategy? Share your thoughts and insights below!
Short
by RaynLim
Trading Idea: Classic Support and Resistance vs. Harmonic PatterSometimes, the classic Support and Resistance trade is more effective than Harmonic Patterns. It may seem simple, but trust me, it isn't. First, you have to plot it the right way, and even then, different analyses will view the trend differently. For example, I’ve recently got into shorting USDCAD. Key Points: - Support and Resistance: Often more reliable than Harmonic Patterns if plotted correctly. - Different Perspectives: Proper plotting can lead to varied interpretations of the trend. - Current Trade: Shorting USDCAD based on my analysis. Strategy: - Plan Your Trade: Always plan your trade meticulously and do not follow anyone blindly. My Entries: Shorted USDCAD: 1.3692(13) ISL: 1.3740(-48) TP1: 1.3666(+26)0.54 TP2: 1.3640(52)1.08 Remember, effective trading requires careful analysis and a well-thought-out strategy. What’s your take on the effectiveness of Support and Resistance trades compared to Harmonic Patterns? Share your thoughts and strategies in the comments!
Short
by RaynLim
GPCR alert! Ready...steady...moon! GPCR is showing strong potential with recent movements indicating a bullish trend. If you're eyeing growth opportunities, GPCR could be a valuable addition to your portfolio. 💡 Medium/long-term target: $78 easy Get in early and watch your investment grow! 📈 Recent Performance: GPCR has shown consistent growth, reflecting solid market confidence. Bullish Indicators: Technical analysis reveals bullish patterns, suggesting further upward movement. Market Potential: With advancements in its sector and strategic developments, GPCR is poised for significant growth.
NASDAQ:GPCRLong
by oTokyou
1
Bitcoin Dominance: Elliott Wave and Harmonics ComboBitcoin Dominance ( BTC.D) is giving a fantastic trading setup. It's preparing a BIG Bullish Swing. From an Elliott Wave point of view, a bullish Impulse Wave is about to start. In this case I'm talking about Super-Cycle (C) (turquoise). Moving on to Harmonic Patterns, there are two: The smaller one is the Bullish Shark, which is preparing its completion. The second one, and the bigger view, is the Cypher Pattern, which will commence one the Shark is done. So, bottom line: BTC.D is gonna start flying, and will push the Crypto market into a fantastic Bull Cycle. Bitcoin Dominance ( BTC.D ) Technical Analysis: * Elliott Wave Impulse: Super-Cycle (C) (turquoise) * Harmonic Pattern: Bullish Shark * Harmonic Pattern: Bullish Cypher * Double Bottom * Bullish Divergence * 88.6% Fibonacci Retracement * 61.8% Fibonacci Extension * Demand Zone Conclusion: Bitcoin (BTCUSD) is and always will be the one and only driver of the Crypto Markets.
CRYPTOCAP:BTC.DLong
by Lionheart-EWA
14
XAUUSD: Harmonic Patterns and Upcoming Movement Potential"Last week, we observed a bullish movement in XAUUSD, breaking through the previous week's high and reaching a strong resistance area that proved difficult to surpass. A bearish harmonic pattern formed on the hourly chart last Friday night, hitting all its targets. Currently, the XAUUSD chart shows a double top pattern on the daily timeframe and a descending price channel. The price touched the lower neckline and exhibited a slight rebound from that area. We are likely to see a slight upward movement, followed by a potential downward reversal after reaching 2320, which is the lowest price of the previous week's broken candle. There is a potential for a bullish Shark harmonic pattern if the price reaches the range between 2182 and 2170, from which we might see a probable rise towards critical areas at 2340. A strong zone starts at 2230 and ends at 2242. A daily candle closing below this zone gives a high probability of the price reaching lower levels. If the price closes above the descending channel, a slight upward movement is possible before returning to continue within the channel. A strong upward move requires a decisive breakout of all the difficult areas identified in previous analyses. Price levels have been marked on the chart to provide traders with a clear impression of the key levels where the price might react. These levels are determined based on my proprietary strategies, which have proven to be highly effective through experience. Note: The harmonic pattern is incomplete, and thus, the probability of its success or formation is not strong. It is important for the price to break the B point to complete the pattern."
FOREXCOM:XAUUSD
by AlmheiriAli
EURNZD - Seize Profitable Opportunity with Anti-Shark PatternEURNZD is currently exhibiting the formation of an Anti-Shark Harmonic Pattern (XABCD) coupled with the presence of a significant Trendline, indicating potential bearish momentum on the horizon. This analysis delves into the technical factors influencing the currency pair's movement and proposes strategic entry and exit points for traders to consider. Pattern Identification: Anti-Shark Harmonic (XABCD) with Trendline Confluence The observed Anti-Shark Harmonic Pattern (XABCD) on the 1-hour time frame suggests a potential reversal in the prevailing trend. This pattern comprises distinct points: X, A, B, C, and D, with Point D marking a crucial juncture for market participants. Additionally, the convergence of a Trendline further emphasizes the significance of Point D as a potential turning point. Key Levels: Resistance Identified Point D aligns strategically with a key resistance level, reinforcing the likelihood of bearish pressure manifesting from this point. Traders should remain vigilant as price action nears this critical area, as it often serves as a catalyst for significant market movements. Entry Strategy: Entry: 1.80900 Stop Loss: 1.81370 A prudent entry point at 1.80900 aligns with the anticipated bearish momentum following the completion of the Anti-Shark Harmonic Pattern. To mitigate risk, a stop loss set at 1.81370 provides a buffer against adverse price fluctuations, safeguarding capital in the event of unexpected market developments. Take Profit Targets: TP-1: 1.80400 TP-2: 1.79900 TP-3: 1.79436 Strategically positioned take profit targets offer traders opportunities to capitalize on potential downward movements. These targets, set at 1.80400, 1.79900, and 1.79436 respectively, correspond with key support levels where price action may encounter barriers or exhibit signs of reversal. Conclusion: In conclusion, the technical analysis of EURNZD on the 1-hour time frame indicates a favorable setup for bearish trading opportunities. With the formation of an Anti-Shark Harmonic Pattern and confluence with a Trendline, coupled with the proximity to a key resistance level, traders are advised to consider short positions with careful risk management. By adhering to the outlined entry, stop loss, and take profit levels, traders can navigate the market dynamics with greater confidence and precision.
Editors' picks
Short
by trading_jupiter
17
NZDJPY Trend Reversal OpportunityOn the 1-hourly chart, it looks like a regular shorting opportunity with Key Resistance Level retested at the almost perfect, but potential BOJ Intervention zone, so for traders of all kind to ''try their luck!!'' However, on the Grand Scale of things, and it is a Type2 Bearish Shark Pattern on the Daily Chart. After I'd include the buffer, I the market hit Price Action Level at 94.00, hence, I'd to push my SL 10pips away, but making it 94.10. Let see how the market moves before the New York Session ''opens''
Short
by RaynLim
INJ, when next pump? Be carefulThe price of INJ is at the top of the parallel channel on the weekly chart. This is probably not the best time to buy INJ, I would wait a for a small pullback. Rather buy INJ in March / April and buy some other coins because INJ is going to go sideways. From the Elliott Wave perspective, we are waiting for the final wave (5). We are in wave (4). Let me know what you think about my analysis, and please hit boost and follow for more ideas. Thank you, and I wish you successful trades! Injectvie Labs is the research and development company that first began contributing to Injective Protocol. Eric Chen is the co-founder of Injective Labs. Prior to founding Injective, he worked as a cryptographic researcher and trader at a major crypto fund where he led innovative market neutral trading efforts in the blockchain space as well as investments into prominent companies such as 0x, ChainLink, and Cosmos. Chen has extensive knowledge about blockchain protocols and traditional finance along with a native understanding of both eastern and western blockchain-based protocols and communities. Albert Chon is the CTO of Injective Labs. He graduated with a Bachelor’s and Master’s degree in computer science from Stanford University and was a software development engineer at Amazon. He is well known for pioneering a new Ethereum standard that is used by a number of major projects today and co-founded Injective Labs with Eric Chen. Let me know what you think about my analysis, and please hit boost and follow for more ideas. Thank you, and I wish you successful trades!
Long
by Xanrox
7
Bitcoin (BTC) Price Analysis: Preparing for the Bearish AbyssIn this technical forecast, we delve into the darker recesses of Bitcoin's potential price journey. We observe a concerning configuration on the BTCUSD chart where the currency is currently grappling with critical support levels. Current Dynamics: The price has recently retracted from a peak, teasing the possibility of a significant downtrend. A descending channel formation can be seen, indicating a tightening bearish grip on the market momentum. Worst Case Trajectory: Should the price break below the sturdy support zone, indicated by the green rectangle, we may see an accelerated drop. The price could tumble toward the lower boundary of the channel, a line that has historically acted as a gravitational pull during bearish trends. Key Levels to Watch: Immediate support resides within the green rectangle zone. If this fails, the descent could be sharp and unforgiving. Further support is hypothesized by the extended yellow trend lines, outlining a worst case range that could spell distress for bulls. Projected Pathways: The worst case scenario envisions a stark descent, followed by a period of consolidation below the current support. A relief rally might attempt to reclaim lost ground, but the overarching trajectory remains bleak in this hypothesis. Conclusion: While we must tread with caution, preparing for a bearish eventuality is prudent. Investors and traders should brace for volatility and consider the historical behavior of the market during similar patterns. Vigilance is key as we watch for potential support breaches that could confirm this grim forecast.
BYBIT:BTCUSD.PShort
by Oak_the_trader
2
GBPUSD Analysis: Trend Continuation TradingTrade Strategy: Trend Continuation - Key Level (1-hourly chart): Retest at 1.2419 - Additional Setup (4-hourly chart): Bullish Shark Pattern at 1.2141 Analysis: - Approach: Identifies potential opportunities for trend continuation trading - Key Level: Looks for a retest at 1.2419 on the 1-hourly chart as an entry point - Additional Setup: Considers stretching the target to 1.2141, the completion of a Bullish Shark Pattern on the 4-hourly chart Trade Plan: - Entry Point (1-hourly chart): Consider entering a short position on a retest at 1.2419 - Upsize Trade Management: Utilize Upsize Trade Management to extend the target to 1.2141 - Risk Management: Implement effective risk management techniques to safeguard trades Insights: GBPUSD exhibits potential for trend continuation trading, with a retest at 1.2419 offering an entry point on the 1-hourly chart. Additionally, consideration of stretching the target to 1.2141 aligns with the completion of a Bullish Shark Pattern on the 4-hourly chart. Employ prudent risk management practices to navigate market volatility. 📉📈 Exercise caution and prioritize risk management when trading GBPUSD based on trend continuation setups!
Short
by RaynLim
Potential SHARK Harmonic pattern forming on Natural Gas📈 Keep an eye on Natural Gas! 🦈 Potential SHARK Harmonic pattern spotted 📉 This pattern, known for signalling trend reversals 🔄, is gaining attention as it shows distinct Fibonacci ratios and price swings. If confirmed, it could mean significant price movements ahead. The pattern involves four key points: the initial impulse leg, a corrective retracement, an extension leg, and a final reversal leg. Traders are watching closely as price action approaches the projected reversal point 🎯. Confirmation of the pattern often comes with additional technical indicators aligning with the reversal signal. In the Natural Gas market, factors like supply and demand dynamics, geopolitical events, and weather patterns play a crucial role. Traders are combining technical analysis with fundamental insights to assess the pattern's validity and potential outcomes 🌍💡. Stay alert and keep your risk management strategies in check! Whether the pattern leads to a bullish 📈 or bearish 📉 reversal, traders with a keen eye on harmonic patterns and market dynamics will be ready to seize the opportunities 💼💰.
CAPITALCOM:NATURALGASShort
by ghostysellsdonkeys
AUDUSD Analysis: Bullish Shark Pattern- Trade Strategy: Bullish Shark Pattern - Key Level: 0.6454 (Retest Level) - Challenge: Strong Bearish Movement Analysis: - Importance: Highlights the difficulty of trading a Bullish Shark Pattern amid strong bearish pressure - Technical Analysis: Identifies a Bullish Shark Pattern on the AUDUSD chart - Challenge: Requires a 3-bar reversal and candlestick confirmation for a viable buying opportunity Trade Plan: - Entry: Consider a conservative entry at the retest level of 0.6454 - Confirmation: Wait for a 3-bar reversal and candlestick pattern confirmation before entering - Risk Management: Implement effective risk management techniques to protect against potential losses Insights: Trading the Bullish Shark Pattern on AUDUSD requires caution due to the strong bearish movement. Conservative traders should wait for confirmation signals before entering the market, prioritizing risk management to mitigate potential losses. 📈🦈 Exercise patience and diligence when trading the Bullish Shark Pattern on AUDUSD!
Long
by RaynLim
NZDJPY Analysis: Bullish Combo Trade SetupTrade Strategy: Combo Trade (Bullish Deep Gartley + Bullish Shark) Key Levels: - Bullish Deep Gartley Pattern: 4-hourly chart - Bullish Shark Pattern: 1-hourly chart - Trading Zone: Coincides with Bullish Shark completion Analysis: - Importance: Utilizes a combo trade strategy for enhanced risk management and profit potential - Technical Analysis: Identifies a Bullish Deep Gartley Pattern on the 4-hourly chart and a Bullish Shark Pattern on the 1-hourly chart - Trade Management: Enables a reduction in stop loss and potential expansion of profit targets Trade Plan: - Entry: Consider entering at the confluence of the Bullish Deep Gartley completion and the Bullish Shark completion within the trading zone - Risk Management: Utilize effective risk management techniques to reduce stop loss and protect profits - Profit Taking: Extend profit targets based on the combo trade setup and trading zone alignment Insights: The Bullish Combo Trade Setup combines two harmonic patterns, providing an opportunity for enhanced risk management and profit potential. Traders can capitalize on the confluence of patterns to optimize their trading strategy. 📈🦈 Keep an eye on NZDJPY for potential bullish movements based on the Bullish Combo Trade Setup!
Long
by RaynLim
GBPUSD Analysis: Support and Resistance Trade SetupTrade Strategy: Support and Resistance Key Levels: - Support at 1.2435 (1-hourly chart) - Resistance at 1.2534 (1-hourly chart) Analysis: - Importance: Utilizes support and resistance levels for trading opportunities Trade Plan: - Buying Opportunity: Look for buy entries near support at 1.2435 - Shorting Opportunity: Consider shorting near resistance at 1.2534 Insights: GBPUSD presents support and resistance trading opportunities on the 1-hourly chart. Traders can consider buying near support and shorting near resistance levels for potential profits. 📈📉 Stay alert for trading opportunities based on support and resistance levels in GBPUSD!
Long
by RaynLim