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NZDUSD RECTANGLE CHANNELGreetings, fellow traders! Let's shift our focus to NZDUSD, where an exciting trading opportunity awaits our attention. The pair has notably established two distinct boundary lines, effectively containing the price within a rectangular channel. Notably, the price has recently breached the lower trend line, marking a significant development. Key Points: - Lower Trend Line Breakout: 0.59885 - Targets: - 50% Fib Retracement: 0.57703 - 100% Fib Retracement: 0.55580 The intricate interplay of these elements presents a compelling trading scenario. Let's diligently monitor the progression of NZDUSD as it navigates this channel, keeping a keen eye on how it responds to these critical levels. Wishing you all a week filled with insightful trades and successful outcomes! TCPLTP
Short
by TradeChartPatternsLikeThePros
3
USDJPY CUP AND HANDLE PATTERN Hello traders! Let's explore USDJPY, where a cup and handle pattern has formed on its daily chart. Currently, the price is trading below the breakout level at 151.928. If we observe a breakout above this level, potential targets for this pattern could be: Targets: - 62% at 167.294 - 79% at 171.402 Keep a close eye on the price action around these levels, as they represent significant for potential market movements. Stay tuned for further updates on USDJPY! TCPLTP
Long
by TradeChartPatternsLikeThePros
USDCAD PRICE ACTION TRADING DOUBLE BOTTOMHello fellow traders, it's great to connect with you today. Let's dive into the analysis for USD/CAD. Upon reviewing the daily chart of USD/CAD, I've identified a potentially promising pattern - a double bottom formation. This pattern indicates a potential reversal of the downtrend and could lead to a bullish move in the pair. The key points to note are: 1. **Pattern Formation**: USD/CAD has formed a double bottom pattern, which is a bullish reversal pattern. This suggests that the downtrend may be losing momentum and the price could start moving upwards. 2. **Neckline Breakout**: The price is currently trading above the neckline breakout level, which is located around 1.32407. This is a positive sign as it indicates that the breakout has been confirmed and adds strength to the potential bullish scenario. 3. **Stop Placement**: To manage risk, it's wise to set stops just below the midpoint of the double bottom pattern, at approximately 1.32407. This level is crucial because if the price drops to this point, the validity of the double bottom pattern could be questioned. Managing risk is essential in trading, and this stop placement aligns with that principle. Now, regarding potential targets: 1. **First Target (100% AB)**: The first target for the potential upward move is set at 1.36813. This level is derived from the height of the double bottom pattern projected upward from the neckline breakout point. It represents a logical point where the price could encounter resistance based on the pattern. 2. **Second Target (150% AB)**: A more ambitious target is set at 1.38269, which corresponds to 150% of the AB height. This level provides a more extended target for those looking to capture a larger move. However, it's important to remain vigilant and be prepared for potential price reactions along the way. Please remember that trading involves inherent risks, and no analysis can guarantee a specific outcome. Always use proper risk management techniques and be ready to adapt to changing market conditions. If the price reaches your stop level or targets, it's essential to reassess the situation based on the most recent price action and adjust your strategy accordingly. Best of luck with your trading endeavors, and stay disciplined!
Long
by TradeChartPatternsLikeThePros
1
USDCAD PRICE ACTION TRADING INV. HEAD ANS SHOULDERS Hello Traders, and welcome! Today, we have an exciting setup to discuss involving the USDCAD pair. On its daily chart, an inverse head and shoulders pattern has formed, and the price is currently trading above the neckline breakout at 1.36534. We are looking to initiate a trade above the neckline breakout at 1.36534. After a successful breakout, it's essential to monitor for a retest of the neckline. Once the retest confirms the strength of the breakout, consider entering a long trade above the stop level at 1.35106. For your target levels, you can consider the following: - 62%: 1.40677 - 79%: 1.41701 Stay tuned and informed as this trade progresses. If you find this idea appealing and helpful, please show your support with a like. Additionally, consider following me to stay updated and not miss out on more trading opportunities like this. Wishing you a fantastic weekend and successful trading ahead! TCPLTP
Long
by TradeChartPatternsLikeThePros
1
👑 EURNZD 🗝️ LEVELS TO WATCH 👀Greetings, fellow traders! Let's dive into the exciting world of forex trading and explore a promising opportunity in the EUR/NZD currency pair. Our focus today is on EUR/NZD, which has displayed a compelling ABC bullish pattern on its daily chart. This pattern presents a potential pathway for traders to capitalize on. As we analyze this setup, we can observe that the price is currently trading above the critical level of support at EL: 1.77224. To manage risk, it's advisable to set your stop-loss just below point C at ST: 1.75311. Now, let's talk about potential targets. The ABC pattern suggests some interesting levels to consider: Target 1: Aim for the 62% retracement of the AB leg, which sits at 1.83435. Target 2: For a more ambitious goal, look at the 79% retracement of the AB leg, at 1.85685. Target 3: If the market really starts to run, consider the 127% extension of the AB leg, which is at 1.92064. Target 4: For those with an appetite for further gains, the 162% extension of the AB leg could be your ultimate destination, reaching 1.96628. Happy trading, and may the pips be ever in your favor!
Long
by TradeChartPatternsLikeThePros
1
EURGBP EXPANDING TRIANGLE PATTERNHello Traders, Today, we're focusing on EUR/GBP. I'm thrilled to share this analysis, especially since I don't often publish such insights. Let this be the inaugural one. On its daily chart, EUR/GBP is navigating through the 5th wave within an expanding triangle. Recent price movements hint at a potential reversal, underscored by the formation of a price action reversal pattern trap. Based on today's candlestick patterns, the price has surpassed the last two bars, signaling bullish momentum. For those considering entry, stops can be strategically positioned below today's daily candle, aiming for targets along the upper trend line. This setup is straightforward and easy to follow. Don't forget to like and follow to ensure you don't miss out on trading opportunities like this one.
Long
by TradeChartPatternsLikeThePros
2
AUDCAD RECTANGLE CHANNELHello traders and welcome! Let's take a look at AUDCAD, presenting a great trading opportunity. AUDCAD is currently trading near the Lower Trend Line Breakout at 0.85627, within a rectangle channel. A break below the Lower Trend Line Breakout at 0.85627 could target the 50% level at 0.80684 and the 100% level at 0.75825. However, it's important to note that rectangle channels are only considered valid when the price breaks above or below the boundary lines.
by TradeChartPatternsLikeThePros
👑 GBPJPY KEY🗝️ LEVEL TO 👀Hello Traders and Welcome! Today's Update on the GBP/JPY Pair: Previously, the analysis indicated an Inverted Head and Shoulders pattern, suggesting a possible turning point. However, the pair deviated from this pattern by breaking through the trendline resistance at 182.437. This breakout indicates the formation of a potential Dragon pattern. Trade Setup: In this setup, stop orders are placed above the breakout bar at 182.805. Stop Loss (SL): 182.805 Targets: 127% Fibonacci Extension of CD: 180.186 100% Fibonacci Extension of CB: 178.114 The Dragon pattern suggests a potential downtrend with these target levels.
Short
by TradeChartPatternsLikeThePros
USDCHF V BOTTOM TRADING Hello, traders! Let's examine USDCHF, as it appears to be presenting a promising trading opportunity. In our previous analysis, we successfully hit our targets while trading a double bottom pattern, as shown here: Now, let's assess the current situation. The chart illustrates a V-bottom pattern. V-bottom patterns are characterized by a rapid decline in price followed by a swift increase in price. The current price is trading at the breakout level of 0.91476. Our initial targets are positioned at the pattern invalidation level, which corresponds to 50% of its height. It's crucial to keep an eye on this setup, as it may lose its validity if the price drops below this level. What's intriguing to note is the surge in volume at the breakout level (0.91476). My stop will be placed just below the previous low before the breakout. Once we witness a clear breakout, after setting our stops, we'll be targeting the following levels: - 62%: 0.95133 - 79%: 0.96130 As you can see in the chart, the pair is encountering some resistance at the breakout point (0.91476). Nevertheless, it's important to remember that every pattern has its unique psychology, and V-bottoms have demonstrated scenarios like this before. If you find this analysis appealing, please show your support with a like, follow for updates, and have a wonderful weekend!
Long
by TradeChartPatternsLikeThePros
👑GBPJPY KEY🗝️LEVELS TO WATCH👀AND WHY🤔Hello, Traders, and Welcome! I hope you all had a fantastic weekend. As we gear up for the trading week ahead, let's kick it off with a fresh analysis. As we position ourselves in the current market, let's revisit a few of the previous patterns we have in place. The Diamond pattern plays a crucial role in this setup. Posted back in March, the chart illustrates a continuing Diamond pattern, with the price positioned above the 38% level at 181.042, which is considered a resistance level. While the 62% level at 186.658 has been hit, our main profit target remains above the 100% level at 195.794. Now, let's take a look at another idea posted back in May, the Cup and Handle pattern. The GBP/JPY chart above illustrates a Cup and Handle pattern with similarities to the Diamond continuation pattern. The price has found support at the 38% level of 178.540. Like with any price action pattern, we can use symmetry from the pattern's heights to project targets, finding the 100% level at 188.919, the same distance from the low Cup at 155.356 to the breakout at 172.136. Since we have identified a possible support level around 178, let's analyze further in the hourly chart, where we can identify a price action reversal pattern, the Inverse Head and Shoulders. ( On the hourly chart, GBP/JPY has formed an Inverse Head and Shoulders pattern. The critical level to watch is the NECK LINE BREAKOUT at 183.008, and currently, the price is trading below it. Here's the strategy idea: We will patiently await a long entry opportunity above the NECK LINE BREAKOUT at 183.008. To confirm this potential bullish scenario, we'll be looking for a surge in volume, indicating active market participation. After executing the trade, our protective stop will be positioned at the midpoint of the right shoulder, with a stop level set at 182.017. Our targets will be placed at two key Fibonacci levels: - 62% Fibonacci level: 186.095 - 79% Fibonacci level: 186.913 We may consider partial profit-taking within this zone. If the trend remains strong with no signs of reversal, we can aim for even higher targets at 127% and 162%. Wishing you a successful trading week ahead! TCPLTP
Long
by TradeChartPatternsLikeThePros
👑 EURAUD PRICE ACTION TRADING V-BOTTOM Hello Traders! We have identified a potential trading opportunity on EURAUD, where a V-Bottom pattern has formed, indicating a possible bullish scenario. EURAUD chart has formed a V-Bottom pattern, which typically follows a rapid decline in price followed by a quick upward move. The current price is near the breakout level at 1.65828. For Long Position. Consider initiating a long position if the price breaks out above the level of 1.65828 with confidence and a surge in volume, validating a potential bullish scenario. Place a stop loss at 1.65023 after a clear breakout. Target Zone 1: 62% of the V-Bottom pattern's range at 1.67446. 79% of the V-Bottom pattern's range at 1.67888. Target Zone 2: 127% of the V-Bottom pattern's range at 1.69162. 162% of the V-Bottom pattern's range at 1.70076. Ensure that the price breaks out above 1.65828 with confidence and a volume surge for pattern confirmation. Risk Management: Set a stop loss at 1.65023 to manage risk effectively. If you find this idea beneficial, please leave a comment and follow for more great setups! TCPLTP
Long
by TradeChartPatternsLikeThePros
3