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Bitcoin Patterns #2This is an update to a previous post attached below. White traingle Looking at the white traingle pattern it looks like BTC has broken down, with a confirmed retest. Bearish. The measure move (target) would be around $28540 as shown by red box. Yellow Parralel Channel The channel is playing out nicely so far, you can see it react well on smaller timeframes, especially the central line! Although we broke down from the triangle we have for tbe meantime found some support around the bottom of the channel. Blue line The thicker blue line is a longer term support/resistance begining in January 2021. We have yet to break back above it since May 2022, with multiple attempts.
COINBASE:BTCUSDShort
by Connix
JOE looks like a great setup here!Traders, I'm a bit over-weighted in my public portfolio rn, but I really do like this setup in the DeFi coin JOE. Bullish Indicators: *Hidden Bullish Divergence on RSI *Close to Bullish Triangle Exit *Above the 200 Day MA Bearish Indicators: *Under the June 4th Crash Level *Possible re-trace to bottom of triangle If I were to enter here, I'd have a Risk/Reward ration of 3/1 - pretty decent! My target would be that Pivot Low from Jan '22 And I'd put a stop limit just under that .27 cents level at .25 ish. The profit potential here of over 90% with no leverage on this setup is amazing! None of this should be construed as financial advice. This was an exercise in conjecture if I were to throw my remaining public portfolio cash at this trade. Best, Stew
CRYPTO:JOEUSDLong
by stewdamus
Bank of Baroda Breaks Out of Triangle Pattern: Bullish Momentum Bank of Baroda(stock symbol: BANKBARODA) has been trading within a triangle pattern since December 2022, but it has recently broken out of this pattern. During the triangle formation, the stock tested the lower trendline six times, and each time it tested, a substantial rally followed. On June 19, 2023, the stock broke above the upper trendline with decent volume, indicating a potential bullish move. Currently, the stock is retracing and retesting the upper trendline to validate the strength of the buyers. Traders looking for an entry point may consider observing candlestick patterns such as a hammer or engulfing candle that could serve as potential entry triggers. Setting a stop loss below the identified candle pattern can help manage risk. The initial target for Bank of Baroda is set at 201.60. If the stock continues to show strength, the second target is at 206.65, and the final target is at 215.85. It is important to note that Bank of Baroda can be traded in the equity or futures and options (FnO) segment. Please remember that trading involves risks, and it's always advisable to conduct thorough analysis and consult with a financial advisor before making any investment decisions.
NSE:BANKBARODALong
by JigarHathiyani
🪙📉 Gold: Double Top Breakdown - Get Ready for a Bearish Ride! Attention, traders! We have an enticing bearish setup in the Gold market on the daily timeframe. The key to this setup lies in the formation of the double top pattern, where price establishes two prominent peaks at approximately the same level. This pattern serves as a robust bearish reversal signal, indicating a potential downtrend ahead. As price stagnated below the neckline, which acted as a strong resistance, the bearish sentiment intensified. During this period of consolidation, a trend continuation triangle has taken shape. This triangle formation further reinforces the bearish bias, suggesting that the downtrend is likely to continue. As traders, we can leverage this setup and seek opportunities to profit from the downward movement. Looking at the indicators, the moving averages continue to show a bearish momentum. These averages not only act as resistance levels but also validate the bearish bias. The convergence of these factors further supports the bearish outlook, providing additional conviction for traders to consider entering a short position on Gold. With all these elements in place, it's time to seize the moment and enter a short position on Gold. The initial take profit level can be set around 1910, where we can secure partial profits and capitalize on the downward momentum. However, our ultimate target lies around the 1855 area, aiming to capture the potential continuation of the downtrend. As you navigate this trade, remember to take significant profits when approaching the target area, as it represents a crucial support zone. Please respect money management, dont place more than 2% on that trade also. Lets trade the trend ! happy trading !📉🪙 And don't forget to press the like button if you think this insight was helpful 🚀💪
OANDA:XAUUSDShort
by Thomas_Zito
8
Mid-Range Trade opportunity on JP MorganHere is a good trade opportunity on JP Morgan. I will wait for the breakout of the resistance level and then enter after a successful retest to the resistance level, and if it fails to break the resistance level and breaks the lower trend I will Exit and close the trade. 1- You can get around 11% profit easily. 2- It might take 1-2 months. 3- There is also a dividend declared by the company ( Ex-date: 5th July 2023). 4- This is one of the most reputed and large-cap companies, so it should be considered safe! 5- Follow the instructions on the chart carefully, Feel free to modify the trade according to your risk. Disclaimer: This is not a piece of investment advice and I am not a certified financial advisor, I just found an opportunity and thought it would be great to share it with the community, Invest at your own risk, and feel free to modify the trade according to your risk profile.
NYSE:JPMLong
by strange112
PARAGMILK Swing Trade SetupThis will be my personal trade Setup, This is not an advice of any kind to initiate trade according to this setup. This is for only for my learning purpose and maintaining my trading journal. PARAGMILK is in downtrend from 2018 and Forming Descending Triangle and broke trendline resistance with good volume. CMP is 112.30 Nearby Support is at 98. Nearby Resistance is at 128. Not Defining any targets or SL just posting views of stock charts which are looking good for trade setups. Always do your analysis and trust your own analysis.
NSE:PARAGMILKLong
by TradeInsights
Will the DOW break through or bounce back?The DOW is at an interesting level now. It nearly touches the upper side of a triangle. If it breaks through, there is a resistance zone waiting. What's next? Will the DOW break through the triangle and resistance zone or bounce back? Will this be a short chance while summer is looming? Disclaimer: The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations
CAPITALCOM:US30
by TraderXLII
📈 HOW TO: ASCENDING TRIANGLE PATTERN📍 What Is an Ascending Triangle? This pattern emerges when the price movement allows for a horizontal line to be drawn across the swing highs, while a rising trendline is drawn along the swing lows. These two lines together form a triangle shape. Traders actively monitor triangle patterns for potential breakouts, which can occur either upward or downward. Ascending triangles are often referred to as continuation patterns because they typically result in a breakout in the same direction as the prevailing trend that was present before the triangle formation. This pattern offers traders a clear entry point, profit target, and stop-loss level, making it a tradable opportunity. It is worth noting that an ascending triangle can be distinguished from a descending triangle. 📍 How to Identify and Use the Ascending Triangle Candlestick pattern To identify the ascending triangle pattern, you need to look for a period of price consolidation within an ongoing uptrend. During this phase, the price will exhibit a series of lower highs and higher lows, indicating a temporary balance between buyers and sellers. The upper resistance line of the pattern can be found by connecting at least two highs within the consolidation phase, while a rising trendline is drawn by connecting at least two higher lows. Confirming the pattern involves ensuring that the price was in a clear uptrend before the consolidation phase, the upper resistance line is horizontal or slightly slanted upward, and the rising trendline intersects with the upper resistance line. Additionally, analyzing candlestick patterns within the consolidation phase, such as doji, hammer, or engulfing patterns, can provide further confirmation of buying pressure. Once the ascending triangle pattern is confirmed, traders can set their entry and exit points. Typically, a long position is entered when the price breaks above the upper resistance line, indicating a bullish breakout. The height of the triangle pattern can be used to estimate a target price level, and a stop-loss order should be placed below the pattern to manage risk. 💥 Key Takeaways 🔹 Ascending triangles are considered a continuation pattern, as the price will typically break out of the triangle in the price direction prevailing before the triangle, although this won't always occur. 🔹 The trendlines of a triangle need to run along at least two swing highs and two swing lows. 🔹 A long trade is taken if the price breaks above the top of the pattern. 🔹 A short trade is taken if the price breaks below the lower trendline. 🔹 A profit target is calculated by taking the height of the triangle, at its thickest point, and adding or subtracting that to/from the breakout point. 🔹 A stop loss is typically placed just outside the pattern on the opposite side from the breakout. 👤 @QuantVue 📅 Daily Ideas about market update, psychology & indicators ❤️ If you appreciate our work, please like, comment and follow ❤️
Education
by QuantVue
3
📉🐻 Cracking the Code: EURUSD Bearish Setup 📉🐻Traders, get ready for an enticing opportunity as we unveil a compelling bearish setup on the EURUSD pair, observed on the 1-hour timeframe. It's time to crack the code and capitalize on a potential sell signal, driven by the breakdown of an asymmetrical triangle pattern. Our journey begins with the recognition of this pattern, characterized by lower highs and a relatively horizontal support line. The recent breakdown of this triangle pattern signals a shift in market dynamics, with the bears taking control. For optimal entry, we suggest waiting for a retest of the previous support level, now turning into resistance around the 1.07000 mark. This retest presents a favorable opportunity to join the downtrend at an optimal price level. To manage risk effectively, it is recommended to set a stop loss above 1.07100, safeguarding against unexpected market fluctuations. With risk under control, we can focus on our profit targets. The first target lies at the minor resistance level of 1.06545, providing an opportunity to secure gains along the way. The ultimate target is set at 1.06200, aligning with the bearish sentiment and offering further potential for profit realization. Trading with the trend can significantly enhance the probability of success, and in this case, the trend continuation pattern of the breakdown presents a high probability opportunity. Additionally, the bullish momentum observed in the dollar index further strengthens the case for a bearish bias on the EURUSD pair. Get ready to ride the momentum and embrace this bearish setup. Stay attuned to market developments and adapt your strategy accordingly as the trade progresses. Don't forget to press the like button if you think this insight was helpful !📉🐻💪
Short
by Thomas_Zito
1