Bullish Shark Pattern on NZDUSD M15 ChartI love trading sideways consolidation breakout trades, but since I missed the initial move, I've been patiently waiting for a retest. Now, an even better opportunity has presented itself!
What's Happening?
- Bullish Shark Pattern : A Bullish Shark Pattern is forming on the M15 (15-minute) chart at 0.6046 on the NZDUSD.
Why is this Exciting?
- Combo Trade Management : This setup allows for a combination of strategies that can significantly reduce initial risk while increasing potential returns.
How to Approach This Trade?
1. Wait for Confirmation : I'll be waiting for a Magic Candle Confirmation at the pattern completion point before entering the trade.
2. Risk Management : Include our stop-loss buffer just below the pattern completion to manage risk effectively.
3. Potential Upside : With the pattern forming and the potential retest, this setup could offer a great risk-to-reward ratio.
Final Thoughts
Sometimes, missing an initial trade isn't a setback but an opportunity to find an even better setup. Patience pays off! 🎯
What’s your take on this NZDUSD setup? Have you spotted similar opportunities? Share your thoughts and let's discuss!
Happy trading, everyone! 🚀
TRENDLINERETEST
Building resistance in 58K level, possible SHORT lays aheadHi fellow traders,
Bitcoin DERIBIT:BTCUSD.P is declining a bit and making a nice downwards structure on the 1H frame. What we can see is building resistance on the 58K level.
We can see that the short-term foresight shows a possible resistance in the form of a trend-line rejection. Additionally, a possible rejection from the exponential moving average (50 period) lies in the same area of interest.
That building tension gives us a SHORT possibility whenever rejection is confirmed on a lower timeframe, looking forward to that sweet price-action :)
Happy Trading ^^
Nvidia - Still waiting for a correction!NASDAQ:NVDA is clearly overextended but still not bearish at all on the smaller timeframes.
If you watched my previous analysis on Nvidia, you know that I have been bearish for quite some time and totally wrong so far. But there was never ever any single sign of weakness so I did not take any trade betting on price to go down. Nvidia is still retesting resistance, it is still somewhat overextended and I still do expect a visible rejection away towards the downside.
Levels to watch: $140
Keep your long term vision,
Philip - BasicTrading
USDJPY Buy IdeaOANDA:USDJPY has been in bullish trend. With the recent intervention of bank of japan with over 3.4 trillion yen, It has seen strong move downwards strengthening yen. As, the price is trading at premium fib levels of 50-78% , It can retest ascending trendline and bounce up from there making it an attractive level to look for buying opportunities
Art of Trading - Trendlines 101First of all, I would like express my gratitude to all the followers and the support I have recently received from the community!
This one is for everyone who has recently started with TradingView or are existing users but are very new to the art of trading.
Today we'll be looking at "Trendlines" with a certain example that might leverage the importance of these lines.
Before we get started, I want to mention a couple of qualities that are very essential for trading,
-Patience
-Resilience
lack thereof which, the markets would definitely and repeatedly teach you!
So, what is a trendline? Any two closes connected by a straight line can be called a trendline. Usually used in higher TF's (timeframes)but can also be used on smaller TFs.
What is it's purpose? Once a certain trend has been established in a given TF and such line has been drawn, these can be used to identify supports or resistance where a probable bounce and continuation of the trend could occur.
If the market is trending upwards, a line connecting the lows of two candles, usually the first breakout candle and the lowest pullback candle, can be established as a support trendline (see illustration).
The same applies for a market that is trending downwards which will give us a resistance trendline.
Trendlines in my opinion will always be respected by a market, and also act as, for the lack of a better word, magnets, pulling the asset towards it. So when an asset is hovering around a support trendline, chances are that the asset is pulled towards it. If the trend is strong enough the asset bounces, it not it breaks through. Once broken through support becomes resistance and vice versa.
There will be of course instances when the asset breaks through a trendline but still closes above the trendline, faking participants out of the market, usually referred to as shaking out weak hands. But that's a topic for a different time.
Now that you are aware what Trendlines are, what can you infer from the illustration above? Leave a comment!
If you like this sort of posts, hit boost, so I can prepare more such content. I'm also only human, and still learning, and if you think the information I provide is erroneous, please let me so I can correct and learn together with you! Learning never stops! See you in the next one, peace!
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Also if you want me to analyse any asset, feel free to leave it in the comments or dm, I'll make sure to share my opinion on it!
AUDUSD Long Opportunity: Leveraging Bullish Patterns for StrateHello, fellow traders!
AUDUSD presents an enticing opportunity for long positions, backed by the confirmation of a Bullish Fib-3 Bat Pattern on the 4-hour chart and a Bullish Wedge Breakout on the 1-hour chart. Let's explore three effective ways to engage this trade:
1. Retest on Support Line at 0.6613 (1-Hour Chart)
- Strategy : Wait for a retest of the support line at 0.6613 on the 1-hour chart and enter a long position upon confirmation of support.
- Rationale : This support level offers a favorable risk-reward setup, providing a low-risk entry point for bullish trades.
2. Retest of the 1st Trend Line (1-Hour Chart)
- Strategy : Look for a retest of the first trend line on the 1-hour chart and initiate a long position if the price bounces off this trend line.
- Rationale : A successful retest of the trend line validates the bullish momentum, offering an opportunity to enter the trade with confidence.
3. Retest of the Fib-3 Bat Pattern at 0.6600 (4-Hour Chart)
- Strategy : Enter a long position at the 0.6600 level, which corresponds to the Fib-3 Bat pattern and serves as a significant price-action level.
- Rationale : The confluence of the Fib-3 Bat pattern and the key price-action level enhances the reliability of this entry point.
Risk Management
- Set appropriate stop-loss levels for each entry strategy to manage risk effectively.
- Consider position sizing based on your risk tolerance and overall trading strategy.
- Monitor the trade closely and adjust your strategy if market conditions change.
Final Thoughts
With a Bullish Fib-3 Bat Pattern and a Bullish Wedge Breakout in play, AUDUSD offers multiple opportunities for long positions. By strategically entering the trade using any of the outlined methods, traders can capitalize on the bullish momentum with confidence.
Happy trading, and may the markets be in your favour!
EURJPY Buy IdeaOANDA:EURJPY is in overall bullish trend, forming a strong ascending trendline. Recently, after a strong bullish move, It has been retracing towards discounted fibonacci levels. It might continue its bullish momentum from these levels after trendline retest where we can look for long opportunities.
Potential upside move in EURCADOANDA:EURCAD is showing potential reversal from current zone. It is currently trading in potential reversal zone of XABCD butterfly pattern along with ascending trendline retest and bullish divergence confluence. These evidences suggest a potential up move in EURCAD from here. We can look for buying setups.
Naukri: Breakout from Key Trend Line - Short Opportunity?Hello Traders,
Critical Zone Breakout from Supply Zone Indicates Potential Downside Momentum,
We have A Supply Zone, And We Breaked a Trend Line So, There is A Potential Move Downside.
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IMXUSDTIMXUSDT is trading in fine bullish trend and maintaining well the bullish trendline.
Whenever the price retest the bullish trendline buyers are attacking aggressively, which can be seen from the chart.
Currently the price is retracing to the inclining trendline and again it is being expected that the bulls are ready to attack.
if bulls take the charge this time too the next target could be 0.6550
GOLD 200 PIPS LONG OR 400 PIPS SHORT!!! Gold is on a downtrend at the moment as DXY(US Dollar) is showing signs of recovery after the big dip in March.
But anything can happen at the moment with everything going on with BRICS
Wait for either the breakout or retest of the trendline before you place trades.
If price breaks above the trendline buy the retest to 2030 but if price retests at the trendline and gives rejection wicks sell it to 1973.
Follow for more!
ETH Reach important resistanceHello friends.
after 1 week Rally , Etherum Reach its important resistance level , Near 1700.
i see a reaction to Trendline , pink line i drawn on the chart.
also MA200 is here too...
so i think ETH will fall to at least 1450 , where there are 1450 support level
and 50% fibonacci retracement level.
if the situation is permanent , Price will bounce from this level approch 1700 again.
hope have good investments and trades.
dont forget to have a Stoploss and control your risks.
GOOD LUCK.