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TSLA SYMMETRY TRADING ABC BULLISH Greetings, traders! Today, we're spotlighting Tesla, Inc. (TSLA) and delving into a technical analysis anchored by the ABC Bullish Pattern. Technical Overview: - Chart Formation: TSLA's daily chart showcases an ABC Bullish Pattern, a pivotal structure in technical analysis. ABC Pattern Explained: 1. A to B Leg: This initial phase, in the context of our bullish pattern, signifies an upward trajectory. Conversely, in a bearish setting, it would indicate a decline. 2. B to C Leg: Post the A to B movement, the price often retraces but doesn't fully negate the initial surge. This phase, representing a partial pullback, is the B to C leg. 3. C to D Leg: After this retracement, the price typically resumes the direction set by the A to B leg. In bullish scenarios, it often exceeds the A point's peak, making this the opportune moment for traders to enter, forecasting the pattern's culmination. Noteworthy Characteristics: - Forecasting Ability: The ABC pattern's symmetry, especially between the A to B and C to D legs, can be instrumental in predicting subsequent price actions. - Retracements: The B to C leg frequently resonates with renowned Fibonacci retracement levels, including 38.2%, 50%, 61.8%, and 88.6%. These levels offer traders valuable insights into potential pivot points and reversal zones. - Extensions: The C to D leg might correspond with Fibonacci extension benchmarks, aiding traders in establishing profit milestones. The provided targets, such as "62% of AB" or "127% of AB," presumably allude to these extensions. Trade Parameters: - Entry Point (EL): 225.87 - Safety Net (ST): 210.58 Anticipated Targets: - Primary Target (Target 1): - 62% of AB: 302.72 - 79% of AB: 327.61 - Secondary Target (Target 2): - 127% of AB: 399.05 - 162% of AB: 450.38 It's paramount to remember that while the ABC pattern is a robust analytical tool, its efficacy is amplified when combined with other indicators, in-depth fundamental analysis, and a stringent risk management protocol. Always be attuned to the inherent risks of trading.
NASDAQ:TSLALong
by TradeChartPatternsLikeThePros
2
👑 SPY 🗝️LEVELS TO WACTH👀Hello, traders! 👋 Welcome to another technical analysis. Today, we're taking a closer look at SPY. The chart illustrates a symmetry AB=CD pattern, which appears to be bullish on its daily chart. The price has reached an important support level at "D" 422.30000. The strategy is straightforward: we will buy above the entry level (EL) at 427.10000 with a confirmed upward trend. Our stop-loss will be placed below the cluster zones at ST: 418.12379. Our target levels will be as follows: First target at 62% of AD: 445.20349- 79% of AD: 451.35905 Second target at 127% of AD: 469.70833-162% of AD: 482.52695 If you find this analysis interesting and useful, please show your support by liking and following. Stay tuned for more analyses like this one!
SLong
by TradeChartPatternsLikeThePros
2
👑 NAS100 🗝️ LEVEL TO WATCH 👀 AND WHY🤔Hello Traders👋, and welcome! Today, we are having a look at indices. The NAS100 chart on the daily timeframe illustrates an AB=CD bullish pattern. This pattern exhibits perfect symmetry in the swing from AB to CD. As we can see, the price has broken above the long entry level (EL) at 14677.2, indicating a possible bullish scenario. Stops are set below point D (ST) at 14417.3, and targets are set at 62% of AD, which is 15353.4, and 78% of AD, which is 15611.1 to begin with. I hope you find this technical analysis useful. If you do, please support the idea with a like, and stay tuned for more analyses like this by following." TCPLTP
PEPPERSTONE:NAS100Long
by TradeChartPatternsLikeThePros
GBPAUD ABC BULLISH PATTERN Hello Traders! Let's Have a Look at GBP/AUD Presenting a Great Trading Opportunity The GBP/AUD pair is showcasing a promising trading opportunity. On its hourly chart, it has formed a symmetric ABC bullish pattern, which is a strong indicator of a potential upward trend. Here are the trade details: The price is trading above the entry level (EL) at 1.95613. Stops are set at 1.94869 to limit potential losses. Profit Targets: Target 1: 62% at 1.96699 Target 2: 79% at 1.97176 Target 3: 100% at 1.97786 If you appreciate this trading idea, please support it with a like, and don't forget to follow for more insightful trading alerts. Your support fuels our motivation to bring you more profitable opportunities. Happy Trading!
Long
by TradeChartPatternsLikeThePros
1
👑 EURCAD 🗝️ LEVELS TO WATCH👀AND WHYGreetings traders.👋 Today's spotlight is on EURCAD, revealing an enticing trading prospect. After a thorough review of the daily chart, it's evident that we're witnessing a quintessential Head and Shoulders reversal pattern. The crux of our observation lies in the price's decisive move below the neckline, pinpointed at 1.42850. The price didn't just breach this critical level but retraced to validate it, reinforcing its importance. With the price now operating beneath the breakout candle, we're anticipating a bearish journey ahead for the pair. For those contemplating a trade: Stop-Loss: Think about positioning it just above the preceding peak before the breakout or around the median of the right shoulder for an added buffer. Profit Targets: Set your sights on capturing gains equivalent to 62%-79% of the Head and Shoulders pattern's full height, starting from the point of neckline breakout. We value your insights. If this analysis aligns with your strategy and proves beneficial, we'd appreciate your endorsement. Share your thoughts or questions in the comments. Remember, risk management is paramount. Trade wisely. Wishing you successful trades. TCPLTP
Short
by TradeChartPatternsLikeThePros
2
AUDUSD RECTANGLE CHANNEL PATTERNHello traders, and welcome to another AUDUSD technical analysis. before we go ahed with the trading set up lets dive into Rectangle channel: Rectangle channels, also known as trading ranges or horizontal channels, are common chart patterns used in technical analysis to identify price consolidation or sideways movements in financial markets. They occur when the price of an asset moves within parallel horizontal lines, forming a rectangle-like shape on the price chart. Key Characteristics of Rectangle Channels: Structure: A rectangle channel consists of two parallel trendlines, one acting as the upper resistance line and the other as the lower support line. The price oscillates between these two trendlines, creating a trading range. Price Consolidation: Rectangle channels represent periods of price consolidation or indecision in the market. They occur when the market lacks a clear trend, and traders are unsure about the next direction. Breakout: The price within the rectangle channel is expected to break out eventually, signaling the end of the consolidation phase. Breakouts can occur in either direction, indicating a potential trend continuation or trend reversal. Volume: Volume plays a crucial role in rectangle channels. During the consolidation phase, volume tends to be lower as traders wait for a clear direction. As the breakout occurs, volume may increase, confirming the strength of the new trend. Trading Strategies for Rectangle Channels: Breakout Trading: Traders often wait for a confirmed breakout above the upper resistance line or below the lower support line to enter a trade. A bullish breakout signals a potential long trade, while a bearish breakout suggests a short trade. Range Trading: Some traders prefer to trade within the range, buying at support and selling at resistance. This approach works well in sideways markets but requires careful risk management. Measuring Targets: Once a breakout occurs, traders may use the width of the rectangle channel to estimate potential price targets for the new trend. The height of the channel can be added to the breakout point for a bullish target or subtracted for a bearish target. It's essential to combine rectangle channels with other technical indicators and analysis to improve the accuracy of your trades. Like all chart patterns, rectangle channels are not foolproof and may experience false breakouts, so risk management is critical to successful trading. TCPLTP identifies AUDUSD trading within a rectangle channel, and the price has recently broken below the LOWER TREND LINE at 0.65923, indicating a potential bearish move. Stop loss orders are an essential component of risk management in trading. They are used to limit potential losses on a trade if the market moves against the trader's position. The placement of stop loss orders is a crucial decision that can significantly impact a trader's overall trading strategy and profitability. In the context of the rectangle channel pattern, the stop loss is placed at the Mid level of the channel, which is at 0.67472. This means that if the price moves in the direction opposite to the trader's position and reaches this level, the trade will be automatically closed to prevent further losses. Here are some key points to consider about stop loss orders: Risk Management: Stop loss orders are an essential tool for managing risk in trading. They help traders limit their potential losses on any single trade and protect their trading capital. Volatility Consideration: The placement of stop loss orders should take into account the asset's volatility. A wider stop loss might be needed for highly volatile assets to avoid premature stop-outs due to price fluctuations. Technical Analysis: Some traders use technical analysis, such as support and resistance levels or trend lines, to determine the placement of their stop loss orders. These levels are considered as potential turning points in the market, and placing stop loss orders just beyond these levels can help avoid being stopped out by minor price fluctuations. Trade Size: The distance between the entry price and the stop loss level affects the trade's risk-reward ratio. Traders need to consider the trade size relative to their account size and risk tolerance to ensure they are comfortable with the potential loss. Trailing Stop Loss: Traders may also use trailing stop loss orders that move with the market to lock in profits as the trade moves in their favor. This allows them to participate in larger price movements while still protecting their gains. Psychology: Emotional discipline is crucial when using stop loss orders. Traders should stick to their pre-determined stop loss levels and not let emotions, such as fear or greed, influence their trading decisions. Overall, stop loss orders are a powerful tool that helps traders manage risk and protect their capital. Implementing an effective stop loss strategy is an essential part of any successful trading plan. Now, let's take a look at the potential targets for this trade: 50% Target: 0.64438 100%Target: 0.62913 150% Target: 0.61361 It's important to note that these targets are based on the technical analysis of the rectangle channel breakout. However, the actual price movement may vary, and it's always essential for traders to monitor the market and adjust their positions accordingly. Additionally, risk management should be considered when setting profit targets. Traders may consider taking partial profits at the 50% target to lock in gains and adjust their stop loss levels to breakeven or beyond to protect against potential reversals. As with any trade, it's crucial to have a well-defined trading plan and to stick to it, including setting profit targets and stop loss levels. Trading requires discipline and patience to effectively manage positions and maximize potential profits while minimizing potential losses. It's important to keep an eye on these targets as the price action unfolds. Remember to use proper risk management and adhere to your trading plan. Using the 50% target at 0.64438 as partial profit-taking is a common practice among traders. When a trade reaches the 50% target, some traders may choose to close a portion of their position to lock in profits and reduce risk. This strategy is often used to secure some gains while allowing the remaining position to run and potentially reach the higher targets. Partial profit-taking helps traders manage their trades more effectively, especially in volatile markets. By taking some profits off the table at the 50% target, you can protect your capital and have more flexibility to adapt to changing market conditions. Happy trading!
Short
by TradeChartPatternsLikeThePros
6
AUDCAD RECTANGLE CHANNEL Hello, Traders Today, we are focusing our attention on the AUD/CAD pair, which is presenting a fantastic trading opportunity. Upon analyzing its daily chart, we can observe that it has formed a rectangle pattern. The price has been oscillating within this pattern, bouncing back and forth between the boundary lines. Here are the critical levels to watch: - Upper Trend Line Breakout: 0.91156 - Lower Trend Line Breakout: 0.87403 Currently, the price is trading below the lower trend line breakout level of 0.87403. As we strategize our next moves, here are the proposed stops and targets: - Stop: Set at the mid-channel level of 0.89298 - Targets: - 50% Target: 0.85534 - 100% Target: 0.83658 We hope you find this insight beneficial. If so, please support this idea and follow us to ensure you don't miss out on more valuable content in the future. TCPLTP
Short
by TradeChartPatternsLikeThePros
2
👑 GBPJPY 🗝️ LEVELS TO WATCH AND WHY👀 Hello traders and welcome! Let's take a look at GBPJPY today. The British Pound Japanese Yen has formed a price action reversal pattern known as a double bottom on its hourly chart. The price has created two bottoms, with the first at 180.817 and the second at 180.899, with a peak at 182.320. We can draw our neckline breakout. Now, our trade setup is about to begin. I plan to execute it by waiting for a clear breakout above the NECKLINE BREAKOUT level, which is at 182.309, accompanied by significant volume. If this breakout occurs, we will execute a long entry position, considering the confirmed uptrend. After receiving a clear bullish confirmation, our stop loss will be set at the midpoint, approximately 181.608. Our target will be the height of the double bottom, measuring from its peak to the first bottom. Target 1: 100% of AB = 183.795 Target 2: 150% of AB = 184.539 Target 3: 200% of AB = 185.293 Target 4: 250% of AB = 186.031 If you like this idea and share the same bias, please let me know in the comments. Feel free to hit the like button to support the idea, and stay tuned by following for more updates.
Long
by TradeChartPatternsLikeThePros
1
🌟 👑 LEVELS TO WATCH 👀 & WHY Hello Traders, Let's turn our attention to the gold market, where an exciting trading opportunity is unfolding. We simply cannot overlook this promising setup. Here's the analysis I have prepared for you: On its daily chart, gold has formed an advanced harmonic pattern, specifically the 121 pattern. This pattern signals potential significant movements in the near future. Currently, the price is hovering near the short entry level (EL) at 1928.69, presenting a potentially lucrative entry point for traders. To manage risk effectively, consider setting protected stops at the following level: - Stop (ST): 1955.15 As we embark on this trading journey, let's first focus on Target Zone 1, with the following objectives in mind: - 62% of XC: 1833.05 - 79% of XC: 1800.49 If you found this insight helpful, we would appreciate your support with a like and a follow. This will enable us to continue providing you with quality analysis in the future. Thank you!
PEPPERSTONE:XAUUSDShort
by TradeChartPatternsLikeThePros
6
GOLD👑 (XAUUSD) KEY LEVEL TO WATCH 👀AND WHYGreetings, Traders! Welcome back to another insightful technical analysis, this time focusing on the fascinating world of gold, the XAUUSD pair. Our vigilant observations have led us to unravel the mysteries of this precious metal's price action. Let's jump right in and explore the intricacies without delay. Our journey begins with the emergence of the initial left shoulder back in February, marked by a price of 1959.74. Progressing onward, we encountered the pinnacle of this structure, the head, which reached its zenith in May, peaking at 2081.82. Completing this intriguing triad is the formation of the right shoulder, which reached its peak in July, reaching 1987.39. Now, a pivotal focal point commands our attention—the breakout level, a potential game-changer: the NECK LINE BREAKOUT at 1891.76. Envision this scenario—a bar confidently breaches the 1891.76 mark, accompanied by a surge in trading volume. This event serves as our trigger, setting the stage for the next phase. Following this breakout, a meticulous retest of the breakout level becomes paramount. With our groundwork laid, our gaze turns toward specific targets that vividly illustrate the bearish perspective. Let's outline these noteworthy targets: - Firstly, we pinpoint the 38% retracement level at 1821.37. This value is derived from applying Fibonacci principles, drawing a line from the neck line breakout (1891.76) to the summit of the head (2081.82). - Moving along the path, we encounter the 62% retracement level at 1776.36, further illustrating the potential downward trajectory. - Progressing with our analysis, we reach the 79% retracement level at 1743.62, presenting yet another checkpoint in this bearish narrative. - Finally, we culminate our journey at the grand finale—the 100% mark. This aligns with the identical distance between the neck line breakout (1891.76) and the towering altitude of the head (2081.82), completing our cascade of bearish targets. As we navigate the unfolding of events in the upcoming week, our vigilant focus remains fixed on gold, closely monitoring how price action aligns with our analysis. Stay tuned for updates as we observe how this intriguing scenario continues to evolve. Keep a watchful eye on gold and its unfolding price dynamics. Happy trading, and may the market be in your favor! Best regards, TCPLTP
FXOPEN:XAUUSDShort
by TradeChartPatternsLikeThePros
3
GOLD👑 (XAUUSD) KEY LEVEL TO WATCH 👀AND WHYMany skills are required for trading successfully in the financial markets. They include the abilities to evaluate a company's fundamentals and to determine the direction of a market trend. But neither of these technical skills is as important as the trader's mindset. The recognition of patterns and its body of knowledge of how to react and what to expect helps a trader's success. Traders are always analysing Trends and Reversals. Their eternal question for traders is Can the trend continues?. Knowing trends and trend reversals are critical for any trader’s success. Chart patterns classification of 'Continuous' or 'Reversal' patterns helps traders to identify specific patterns and expect their outcome from current price action. Traders move prices between key support and resistance areas (a tug of war) as their perception shifts between optimism and pessimism. This movement of price adhering to key support and resistance areas create chart patterns. Reversal patterns exhibit a total shift of trends from bullish to bearish or bearish to bullish in a single pattern structure. Examples of the reversal patterns are 'Head and Shoulders, Double Tops and Bottoms. A knowledge of reversal patterns helps traders to estimate the 'end of trends' to execute trades in a timely fashion for maximum gains. This knowledge also helps traders to time the trades in the opposite direction and to place smaller stop levels. Here I discuss one of the key reversal patterns Chart Pattern and present examples of them. GOLD has been trading an ABC Bullish Pattern from 1804.76, little I know about ABCS: One of the best ways to confirm symmetry in the markets is to check price and time using two or more cluster confirmations. Another key method to compute these patterns is to use percentage change of price between market highs and market lows. Symmetry is a science by itself, and traders take great advantage of knowing the potential turning points and levels using these methods. Symmetry is visible in all markets and in all time-frames. Symmetric rallies and declines give traders an advantage to determine the key turning points. A cluster of similar extensions and similar retracements at key price ranges, or some important levels provide insights into future significant resistance and support levels. In addition to knowing key turning points, the benefits of trading symmetric price and time cluster levels include low-risk trades. The ABC Chart pattern and its related AB=CD Chart Pattern are prime examples of "Symmetry" in the markets. These "Harmonic" patterns help traders to identify buying and selling opportunities in all markets and in all time-frames. The ABC and AB=CD patterns are first described by H.M. Gartley in his book 'Profits in the Stock Market." (1935). The main advantages of trading harmonic patterns are that they allow traders to determine risk vs. reward ratios beforehand as they forecast key market turning points and profit targets for traders. The ABC pattern (can be a continuous or reversal pattern) The key point in identifying an ABC and AB=CD patterns is to correctly detect the A, B, and C key inflection (Pivot) points in a chart while they are forming. These inflection points are determined from key swing highs and lows of various levels, and for its correction waves to determine distinct "swings." The potential C point is usually forecasted by the fib. retracements (0.38 to 0.618) of AB Swing. Once A, B, and C points (and AB, BC legs) are identified, a projection algorithm is applied to compute the Potential Completion Zone (PCZ). This PCZ area is where ABC pattern is expected to complete and may signal continuation of its trend in the first trend direction (AB). Following the completion of BC leg, the projections of AB and BC legs (using fib. ratios) The swing legs (AB and BC) in ABC pattern are generally in symmetrical proportions both in price and time with consistent slopes. The tractable CD leg has a harmonic relation with symmetry for AB and BC swings. The ABC bullish structures are formed after a prolonged prior down trend or consolidation trends. A Pattern Completion Zone (PCZ) is computed using AB swing and Fibonacci ratios (50-88.6% of AB). This PCZ area is where 'C' pivot is formed at the end of BC swing and to signal completion of ABC pattern. Trade Entry: After ABC pattern is completed, it is advisable to wait for the pattern to confirm a reversal signal using any momentum-based indicator or price confirmation mechanisms. I use various confirmation and trade entry methods, but one of the methods is price crossing 2-bar high after 'C' in ABC Bullish pattern or a 2-bar low after 'C' in ABC bearish pattern. Stop: A Stop is placed few ticks below C (in Bullish) or few ticks above C (in Bearish) levels. Targets: The ABC Pattern targets are computed using the AB and BC swings. The height pattern (AB) is used to project target levels from (-level using fib. ratios. The first target zone is (62-79% AB) from 'C' and second target zone is (127-162% AB). A secondary target level is set at 100% AB Level . In resume price has reached the 100% AB: 2040.55. Now what could we expect from price? As mentioned above The ABC Chart pattern and its related AB=CD Chart Pattern are prime examples of "Symmetry" in the markets. Gold on the daily chart the price resembles an AB=CD and the price is trading below the entry level 2012.36. Stops: 2068.32 Targets: 38% AD: 1928.00 50% AD: 1890.61 62% AD: 1853.38 79% AD: 1800.41 Let me explain more about AB=CD patterns below
FOREXCOM:XAUUSDShort
by TradeChartPatternsLikeThePros
13
👑 GBPNZD 🗝️ LEVELS TO WATCH👀 AND WHY Hello Traders! 👋 It looks like it's time to refresh the idea in the British New Zealand (GBPNZD) pair. Since my last idea didn't turn out as expected, but no worries, I've got you covered. The price on the hourly chart is currently trading within a rectangular channel between the upper trend line breakout at 2.05294 and the lower trend line breakout at 2.04003. Here's the strategy: For Long Position (Buy): Enter a long position above 2.05294. Confirm the breakout with a surge in volume. Set the stop loss at the middle of the channel, which is at 2.04659. Target levels: Target 1: 50% at 2.05939. Target 2: 100% at 2.06582. For Short Position (Sell): If the price breaks out below the lower trend line at 2.04003 with a surge in volume, consider a short position. Set the stop loss at 2.04659. Target levels: Target 1: 50% at 2.03381. Target 2: 100% at 2.02731. If you find this idea interesting, please leave a like to support it, and stay tuned for my future updates.
by TradeChartPatternsLikeThePros
1
👑 GBPNZD 🗝️ KEY LEVELS TO WATCH 👀Hello traders!👋 Welcome to another analysis. Today, we'll be diving into the GBP/NZD currency pair, which presents an excellent trading opportunity. The chart showcases a price action reversal pattern, "Inverse Head and Shoulders," on its hourly chart. Prior to this formation, the price had been on a prolonged downtrend. With this pattern emerging, there's potential for a change in direction. The price has broken above the neckline at 2.05029 confirming the pattern. I recommend placing stops at 50% of the distance from our right shoulder to the breakout. Profit Targets: at 62% (2.05692) and 79% (2.05861). Stay tune, there is a lot more to come in this pair shortly. If you find this analysis helpful, please support by liking and commenting. Your encouragement motivates me to provide more updates! TCPLTP
Long
by TradeChartPatternsLikeThePros
NZDJPY PRICE ACTION TRADING INV. HEAD AND SHOULDERS Hello Trader, I hope you've had a successful trading week so far! Let's have a closer look at NZD/JPY. It's displaying a price action reversal pattern, specifically an inverse head and shoulders, on its hourly chart. Currently, the price is trading near the neckline breakout at 86.939. Stops are set at the mid-right shoulder: ST: 86.550 Target 1: - 62%: 87.662 - 79%: 87.852 Target 2: - 127%: 88.413 - 162%: 88.815 All traders, if you find this idea valuable, please support with a like and follow for more insights! Best wishes for your trades!
Long
by TradeChartPatternsLikeThePros
4
CADJPY ASCENDING TRIANGLE Hello traders, and welcome to our "Trade Chart Patterns Like the Pros" analysis. Today, we're zooming in on CADJPY, which is showcasing an ascending triangle pattern. The ascending triangle is a bullish formation that usually forms during an uptrend as a continuation pattern. It is characterized by a flat resistance line and a rising support line. As the price moves between these lines, it narrows, and a breakout is imminent. The pattern is complete when the price breaks out of the triangle, typically to the upside. Breakout Level: 108.148 Once we observe a confirmed uptrend above 108.148, stops will be strategically placed below the low prior to the breakout. This approach ensures our trade setups are protected. Target 1: - 62%: 109.550 - 79%: 109.917 Target 2: - 127%: 111.051 - 162%: 111.862 Stay tuned for more trading insights and always trade responsibly! If you found this analysis helpful, please boost the idea and follow for more insightful updates. Your support is greatly appreciated! TCPLTP
Long
by TradeChartPatternsLikeThePros
7
EURCAD ABC BULLISH PATTERN Hello and welcome to an insightful journey into the world of trading chart patterns, where we'll explore how to analyze and leverage patterns like a professional trader. Whether you're new to trading or looking to refine your skills, understanding chart patterns can provide valuable insights into market trends and potential opportunities. The Power of Chart Patterns: Chart patterns are visual representations of market behavior, formed by the collective actions of traders. They offer a way to identify potential trends, reversals, and price targets. By recognizing these patterns, you can gain a competitive edge in the markets. Symmetry ABC Bullish Pattern on EURCAD: Today, we'll focus on a specific example: the Symmetry ABC Bullish Pattern observed on the EURCAD daily chart. This pattern consists of three distinct legs: A, B, and C. Leg A: The initial bullish move. Leg B: The corrective phase, often retracing part of the move from Leg A. Leg C: The continuation of the bullish trend, exceeding the high of Leg A. By identifying these legs, we can project potential price targets using Fibonacci extension levels. In our EURCAD example: 100% Target: At 1.50836 - representing a full extension of Leg A projected from the end of Leg B. 127% Target: At 1.52451 - a more ambitious target indicating strong momentum. 162% Target: At 1.54518 - the most aggressive target, suggesting significant bullish potential.
Long
by TradeChartPatternsLikeThePros
2