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👑 GOLD KEY🗝️ LEVEL TO WATCH👀 AND WHY🤔Greetings, Traders! Here's a quick update on the Gold market: 📉 Pattern: Double Bottom 📊 Current Status: The price confidently trades above the Neck Line Breakout at 2023.779. 🎯 Near-Term Targets: Target 1: Aiming for the 100% retracement level at 2032.606 Target 2: Aspiring towards the 162% retracement level at 2038.067 Traders, stay vigilant as the market unfolds. Adjust your strategy based on real-time conditions, and, as always, implement robust risk management practices. If you have any queries or need further insights, feel free to ask. Wishing you successful trades! 🚀🔍 🤔 Why these levels? These levels aren't just targets; they also signify potential reversal zones. Let me explain: 100% Retracement (Target 1 - 2032.606): This level marks a complete retracement of the initial downswing that formed the Double Bottom pattern. Traders often expect a reaction or a pause in the upward movement around this level. 162% Retracement (Target 2 - 2038.067): The 162% extension is a common Fibonacci level used in technical analysis. Some traders view this as an extended target where the price might show additional strength or face resistance.
OANDA:XAUUSD
by TradeChartPatternsLikeThePros
META CUP & HANDLE PATTERN META is trading a cup and handle pattern on its daily chart. The price is trading above the Breakout: 236.86. ST: 219.96 62%: 328.86 79%: 353.24 127%: 425.89 162%: 477.46 William J. 0’Neil developed and popularized in the 1980s the Cup and Handle pattern. Cup and Handle patterns are continuation patterns, and they usually form in bullish trends. They also form in all markets and in all time-frames. The “Cup” formation is developed as consolidation phase during price rallies from the round bottom formation over multiple weeks to months. The “Handle” part forms due to a price correction after “Cup" formation and before a clear breakout to the upside. Cup and Handle pattern structure show the momentum pause after reaching a new high in a U-Shape form, followed by another attempt to breakout. When this breakout from the rim of the cup fails it starts to fall back to build the 'Handle' structure. Usually, the handle structures are small, and the handle depth should not exceed more than 50% of cup depth. Entries When the pattern breaks out above the rim of the cup, a long trade is entered above the high of the breakout bar. Targets: 62-79%, 127-162% Cup height Stop A stop should be placed below the middle of the handle level.
NASDAQ:METALong
by TradeChartPatternsLikeThePros
5
AUD/CAD Double Top Reversal Pattern Analysis: 📉📈 Greetings, traders! Let's delve into the analysis of the AUD/CAD daily chart, which is showcasing a compelling trading opportunity: Pattern Identified: 📊 Double Top Reversal Pattern. Current Price Position: 📈📉 The price has broken below the Neckline at 0.88775. Trading Plan: 📉📈 Neckline Breakout: The breakout below the Neckline at 0.88775 suggests a potential bearish reversal. Targets: 🎯 Target the 100% retracement level at 0.86900 for a potential downside objective. Risk Management: ⚖️🛡️ Implement a sound risk management strategy, including the use of stop-loss orders to mitigate potential losses. Best of luck with your trading decisions! 🚀📊
Short
by TradeChartPatternsLikeThePros
AUDCAD RECTANGLE CHANNELHello Traders! Welcome! Today, we're examining AUDCAD and identifying a promising trading opportunity. The price has been moving within the boundaries of trendlines, with the upper trendline breakout at 0.89883 and the lower trendline breakout at 0.89382. Notably, the price has recently broken below the lower trendline breakout at 0.89382, suggesting a bearish scenario for the pair. Targets are set by measuring the height of the rectangle channel to 100%, resulting in a target of 0.88053. Stay tuned for updates and happy trading!
Short
by TradeChartPatternsLikeThePros
CHFJPY 3 DRIVES BEARISHHello traders and welcome! I hope you're all having a fantastic trading week. Today, let's take a closer look at CHFJPY on the 4-hour chart, as it's presenting a promising trading opportunity. On the 4-hour chart, we can observe the formation of a compelling 3 drives bearish pattern. Initially, the price seemed to ignore the bearish scenario, but subsequently, a double top formation has emerged. This double top formation is often indicative of a potential reversal, signaling a shift from an uptrend to a downtrend. Currently, the price is trading below the short entry level, marked at 171.104. This suggests a bearish sentiment in the market. The volume accompanying this movement indicates active participation from market participants, adding weight to the analysis. As long as the price remains below the short entry level (171.104), we can consider potential targets for the trade. Here are the Fibonacci retracement levels to keep an eye on: 62% Fibonacci retracement level (AD): 168.635 79% Fibonacci retracement level (AD): 167.807 100% Fibonacci retracement level (AD): 166.811
Short
by TradeChartPatternsLikeThePros
USDJPY ASCENDING TRIANGLE Hello Traders and welcome! Let's delve into USDJPY, highlighting an exciting trading opportunity. The price has recently surged above the breakout point of 146.379, signaling a significant move within the ascending triangle pattern. This breakout sets the stage for promising trading opportunities. Targets for potential gains are as follows: 62%: 148.263 79%: 148.787 Stay tuned for further updates, and may your trades be prosperous! Happy trading!
Long
by TradeChartPatternsLikeThePros
AUDUSD RECTANGLE CHANNELGreetings Traders! Welcome aboard! Today, let's explore AUDUSD for an exciting trading opportunity. The upper trendline breakout stands at 0.67286, while the lower trendline breakout is at 0.66480. Notably, the price has recently broken below the lower trendline at 0.66480, suggesting a potential bearish scenario. Targets are determined by measuring the rectangle channel's height to 100%, setting our goal at 0.65329. Stay tuned for updates and happy trading!
Short
by TradeChartPatternsLikeThePros
AUDCAD MULTI TIME FRAME ANALYSIS Hello Traders! 🌟 Today, we're diving deep into an exciting analysis of the AUD/CAD pair. Get ready, as we unfold the story this chart is telling us across various timeframes! 📈🔍 📊 Weekly Chart: We've spotted a fascinating rectangular channel, indicating a consolidation phase. A key point here is the price rejection at the lower trendline (around 0.85627). Currently, AUD/CAD sits interestingly at the mid-channel point of 0.90564, a critical area to watch. 📅 Daily Chart: Things get more interesting here! We see a Cup and Handle pattern (or a Double Rounded Bottom), hinting at a bullish future. This pattern is eyeing a breakout at 0.90567 – a level we should keenly observe. ⏱ 4-Hour Chart: Our analysis shows an ascending triangle, a typically bullish signal. The price is flirting with the resistance, also at 0.90567, mirroring the daily chart's breakout point. 💡 What This Means: The alignment of bullish patterns across multiple timeframes can't be ignored. If AUD/CAD breaks above 0.90567, we might see a strong upward move. However, always remember, the market can surprise us! 📈 Trading Strategy: Considering a long position on a confirmed breakout above 0.90567. Setting stop-losses wisely, perhaps below the recent low or the weekly lower trendline. Profit targets? Look towards previous highs or Fibonacci levels. 🚨 Risk Management: It's crucial in Forex trading. Manage your positions responsibly, and don't overexpose your capital on a single trade. 🌍 Keep an Eye on the Bigger Picture: Global economic news, especially from Australia and Canada, could sway our pair, so stay updated! That's it for today, traders! Remember, the markets are dynamic, and so should be our strategies. Trade smart, stay informed, and let's catch the next big wave together! 🌊💼 Happy Trading!
Long
by TradeChartPatternsLikeThePros
GBPJPY DIAMOND BOTTOM🎄 Hello Traders, Merry Christmas and Happy New Year! 🎉 As we embrace the festive spirit, let's also dive into an exciting trading opportunity that's shaping up in the Forex market. 📚 Introduction to the Diamond Bottom Pattern: What is a Diamond Bottom? It's a unique and relatively rare chart formation that signals a potential bullish reversal. This pattern is characterized by a broadening price range followed by a narrowing one, forming a diamond-like shape. Why It Matters: For technical traders, spotting a Diamond Bottom can be like finding a gem – it often leads to significant price movements if confirmed. 🔎 Analysis of GBPJPY's Diamond Bottom Pattern: Current Scenario: The GBPJPY has formed a distinctive Diamond Bottom on its hourly chart, hinting at a possible shift in momentum. Breakout Point: The key level to watch is the breakout point at 180.366. A sustained move above this level could signal the start of a bullish phase. Risk Strategy: As always, managing risk is crucial. Placing stops below the low prior to the breakout can help mitigate potential downside risks. Target Zones: Primary Target Zone: 62% Retracement: 181.202 79% Retracement: 181.440 Extended Target Zone: 127% Extension: 182.092 162% Extension: 182.573 🎁 Trading Insights: Confirmation is Key: Wait for a confirmed breakout above the Diamond Bottom for a higher probability trade. Market Context: Keep an eye on overall market trends and news, especially those affecting the GBP and JPY. 🌟 Conclusion: Opportunity Awaits: The Diamond Bottom pattern in GBPJPY offers a promising setup as we head into the new year. With careful analysis and prudent risk management, this could be a great way to start your trading year. Here's to a profitable and joyous trading journey ahead! 🥂
Long
by TradeChartPatternsLikeThePros
3
XAUUSD OVERVIEWWe all talk about the importance of trading psychology trade management, fundamental, are we short or long? I think above all this is to follow up. My first post about this idea was back in 17 dec 2022. Trading C&H Patterns for a decade and knowing how patterns react when certains levels are hit. XAUUSD is trading a cup and Handle Pattern currently at the 1833 above the Breakout: 1808.170 after hitting its first targets @62% 1930.601/79%: 1962.026. Like i mentioned am used to see price to have throwbacks after certain levels are hitted. XAUUSD don't stand out of the rest and still proving the odds for the second set of targets 127% 2057.654/162%: 2124.224 to be reached.
OANDA:XAUUSDLong
by TradeChartPatternsLikeThePros
4
👑GOLD🗝️LEVELS TO WATCH.👀AND WHY. 🤔 Hello traders, and welcome! Today, let's take a look at gold, presenting a great trading opportunity. As usual, I have identified a pattern, this time a price action reversal pattern called a "V top." The price has broken below the breakout point at 2033.85, accompanied by a surge in volume, indicating increased market participation. Setting the stops above the high preceding the breakout seems like a strategic move. Targets are established from the breakout to the V top, extending to the 38% and 62% levels as the initial targets.
FXOPEN:XAUUSDShort
by TradeChartPatternsLikeThePros
CUP & HANDLE William J. 0’Neil developed and popularized in the 1980s the Cup and Handle pattern. Cup and Handle patterns are continuation patterns, and they usually form in bullish trends. They also form in all markets and in all time-frames. The “Cup” formation is developed as consolidation phase during price rallies from the round bottom formation over multiple weeks to months. The “Handle” part forms due to a price correction after “Cup" formation and before a clear breakout to the upside. Cup and Handle pattern structure show the momentum pause after reaching a new high in a U-Shape form, followed by another attempt to breakout. When this breakout from the rim of the cup fails it starts to fall back to build the 'Handle' structure. Usually, the handle structures are small, and the handle depth should not exceed more than 50% of cup depth. Entrie When the pattern breaks out above the rim of the cup, a long trade is entered above the high of the breakout bar. Targets: 62-79%, 127-162% Cup height Stop A stop should be placed below the middle of the handle level.
BITSTAMP:BTCUSDLong
by TradeChartPatternsLikeThePros
7
GOOG CUP AND HANDLE PATTERNGreetings, traders! Welcome to another analysis session where we're diving into a promising opportunity. Today, our focus is on a noteworthy asset that has broken above a significant level. Let's delve into the details: - **Breakout:** 123.26 - **Stops:** ST at 119.69 - **Targets:** - 62%: - 147.8%: - 154.59 Observing the chart, we can discern that the price is currently navigating a distinct phase, forming upper and lower boundaries that shape a rectangle pattern. For those who've been following my analysis, you'll recognize my successful strategies for trading within such rectangle patterns. As you're here, why not pay a visit to my profile? Your support and engagement are greatly appreciated. Stay connected and don't miss out as we're gearing up to share an array of analyses spanning stocks, futures, and commodities. Stay tuned for more insights and updates. Your journey with us continues! Best regards, TCPLTP
NASDAQ:GOOGLong
by TradeChartPatternsLikeThePros
3