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GBPNZD Long Trade SetupHello Traders After a drop for about 2000 pips without a decent correction, I think it's time for a bigger correction. The last low can be the end of the drop and what we have after that can be a reversal structure. I'm waiting for a trade setup to place a pending order. I plan to move SL to BE when the last top is broken since there is a chance for another downward impulse under the blue trendline. I don't target any specific level. When I see the end of the next impulse, I'll book my profit. Trade with care. Bulent
Long
by WaveAnalysis
Short setup for DAX30 Hello Traders !!! Hope you are doing good. I've been actively trading for 8 years now and in all my experience I have never seen the market being so out of place so this is why my favorite action now a days is to wait for the best moment to get in the market. I recommend using lower exposures. DAX as I see it is under a key area that has been resistance turned into support and now is resistance again. So i will monitor the price action inside this area and what i will do is to sell DAX from inside those levels with a target of 12250 but this is only if resistance holds in place. If it breaks above that, i will not buy. I will wait for the price to move higher and cover the gap at 13500 and from there open a sell with target back down to the area mentioned on the chart @ 13000. Patience is the key in today's market. Please share your ideas and your thoughts in the comments so we can grow together. Best of luck
XETR:DAXShort
by opentrader08
Current topping patterns on the S&P 500 (Not much upside left?)The 2 hour chart above shows two key shorter-term patterns on the S&P 500 I've been watching. They are also visible on most other time frames up to the daily chart. The first pattern is the Island Reversal that has held as the top of this (bear?) rally so far. Despite all the good news surprises, Fed stimulus, and hopes for a "V" shaped recovery, we are still below February highs on the S&P 500, and unable to rally over the Island Reversal from early June. The second pattern is the Megaphone/Broadening Top we've been creating the last few weeks (blue lines). Recent rallies have been getting bigger, but are capped by this pattern and unless the pattern breaks out to the upside there isn't much upside to expect, even on hopeful days like we're seeing today so far. Don't be surprised if we again revisit the bottom of that pattern. And if price level eventually breaks down out the bottom of the pattern it might suggest an upcoming bottom break of the multi-year Megaphone pattern I've been tracking.
SP:SPXShort
by MystryBox
17
GBPUSD LONGIt looks like the GBPUSD might have a short burst upwards due to it breaking the LTF (Low Time Frame) trend line. The resistance met on the up side of the trend line meant that the price is rejecting a down trend which indicates that an LTF upward trend will follow. The yellow lines indicate LTF areas of Supp. and Res. whereas the red indicates HTF areas of Supp. and Res. The pink trend line at the bottom was met with a double bottom which suggests that a short-term reversal of trend/correction is going to take place. My stop loss was created with the average true range indicator and so was the take profit.
Long
by Keanureeves
*EURCAD* market analysis for intra-day with harmonics!! ;)For this trade it is long term up trend however we are looking for a short since there is a head and shoulder formation and a break downwards.However i would wait for it to break nearest zone and retest since that would show that the over all trend is changing and also the tp level i measure is base off the neckline to the head i put it above the round number for a higher chance to hit tp. The entry condition would be there a 3 bar reversal or bearish engulfing with a lower close below the nearest zone for entry. ;) Feel free to comment would love to hear others opinion
Short
by justinchen363