TraderEngineering

TraderEngineering

CAKE is in a descending wedge pattern and currently flirting with breaking out. After last week's bull bar closing near its high, we had a slight pullback to the 30EMA and bounced back to the top of the wedge. We have yet to breakout let alone confirm a breakout. Until then, this is what we have for data: Key Points 1. The Descending Wedge Pattern is...

TraderEngineering

BTC has made contact with the top of the Weekly Bull Channel and has come up against some resistance. In my previous 4HR analysis, I showed the potential for a measured move from the 4HR Bull Channel to the Weekly Bull Channel Resistance, we have reached that price of about $38,000. Where do we go from here? Key Points 1. Bull Channel means we should always...

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Solana has broken out of the 4HR bull channel and is beginning to pull back to the channel top. Contact with the channel top is a crucial moment in deciding which direction the price is likely to go. A bull signal bar followed by a 4HR confirmation bar (bull bar closing near its top) is what we're looking for to remain long. A bear bar closing near its low below...

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BTC/USD broke out of the previous trading range to $35,000 and has been in a bull channel continuation pattern since. Just above this bull channel is the weekly bull channel resistance which happens to be a perfect measured move setup from the previous breakout level. The probability is in favor of a breakout to the upside to at least touch the Weekly channel...

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DXY has been rejected at the bull channel support, falling to 105.000 before closing last week. There is now a gap to the 200EMA, which given the rejection bar, seems like a probable target if you're already short. I would caution going full-on short just yet until we close below the 200EMA. If we get a bounce at the 200EMA, I would consider a long back up to the...

TraderEngineering

USD/JPY has finally touched the previous high of 152.000 with a strong bull candle that we'll call a Bull Capitulation. Immediately after that price target was hit, we saw a series of bear bars falling to the 30EMA. We have now been above the 30EMA for 69 days and after touching a key price range, have a high probability of falling below down to the bottom of the...

TraderEngineering

USD/CAD has had a hard rejection at the top of the Daily Bull channel. Unfortunately, we did not close the gap between 1.39 and 1.40. Instead, we fall back down to the 1.36500 area and still have some room to fall. I would start longing around 1.36, look for entries on the 1hr or 4hr chart and hold a position until the top of the bull channel. Key Points: 1....

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JPYX has been in a descending wedge holding pattern since July of this year and has yet to successfully break out toward the upside. This analysis predicts a pullback from the bear trend up to the Daily 200EMA around 792.0 and if penetrated, to the 807.0 area. Key Points: 1. JPXY is in a descending wedge pattern which is a bullish signal 2. Several bull candles...

TraderEngineering

BTC/USD has broken out of the $25,000 and $33,000 trading range, reaching $35,000 and nearing the top of the bull channel. Does this mean the next bull run has begun? Unlikely. I believe we are missing a few key events before we see a bull run to the next all-time high. BTC has yet to touch lifetime support as it has the last 2 out of 3 bull runs to new...

TraderEngineering

DXY finally broke out of the bull channel it has been in since July of this year. A strong bull response off of the 30EMA brought the price back to the bull channel. We are now waiting to see if the price can re-enter the channel, or if it fails and confirms a breakout to the downside. Key Points: 1. Bear breakout of the Bull Channel, waiting for...

TraderEngineering

USD/CAD has finally broken out of the bear channel/bull flag and closed near its high on the Weekly chart. Current price is at 1.38750 with a nice gap to fill at the bear channel high of 1.40000. This is an ideal Daily or Weekly scalp, placing your stop below the channel top of 1.37000 or the Weekly 9EMA. That creates a Risk/Reward Ratio of 2:1, which means your...

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CAD/CHF is showing no signs of a reversal on the Weekly chart. We currently have a descending triangle in a bear trend, signaling a continuation to the downside. Until we see a bull signal bar with a confirmation bar closing on or near its high, we should remain short. I would wait for a minor pullback at least to the Weekly 9EMA to short again, depending on how...

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USD/CAD had a fantastic bounce off of the bull channel bottom (1.36600) just below the 1HR 200EMA, leading to a 120 pip run to the top of the channel (1.37800). If you followed my last USD/CAD 1HR Analysis, this was the exact move I was after, which has now ended. Where do we go from here? Key Points when considering a long: 1. We're at the top of a bull...

TraderEngineering

USD/JPY has refused to fall below the Weekly 9EMA since July 28th. However, we are inching closer to the previous high resistance of 152.000, so we should be cautious longing in the coming weeks. JPYX is also hovering around a support area in a descending wedge and has the potential to pullback to the upside, dragging USD/JPY down or at least, holding it...

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USC/CAD may have established a new support with the Weekly resistance as shown in in my USD/CAD Weekly Analysis Idea from October 9th. We have several factors pointing to remaining long at this stage: 1. Currently in a Bull Channel 2. Weekly Resistance is starting to act like Support 3. We have a minor Bear Channel/Bull Flag on the hourly 4. Last weeks Weekly...

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FTM has been bouncing off and consolidating in its major support zone of $0.15-$0.20 since it made contact in June of 2022. After a quick bounce to the $0.60 area, the price has remained in that support zone. We have now had a third touch point on this support, and so far, the bull response is strong. Bitcoin has also been consolidating in its support zone of...

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BTC broke out of the bull channel to the downside last Tuesday in a mad dash toward $25,000, the bottom of the Weekly trading range. As the price curled up to test resistance and confirm the breakout, the price failed to fall lower and as the days ticked by, the bears gave up. This past Monday, we broke back into the bull channel hard and went all the way to...

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DXY refused to fall below 4HR 200EMA support last week and had a fantastic bounce to the upside. This bounce solidified the current bull channel we are in, with no sign of a reversal in sight. There is currently a gap between 106.672 and 109.000, which is the next weekly resistance zone noted from July 2022. How do we trade this? Probability shows that breakouts...