I'm still very much in the learning seat, so I would love any feedback regarding my pattern matching skills! I think this is a good bullish pennant match on the EUR/USD 1H chart, and is supported by a strong uptrend on the daily chart. Any traders considering taking this opportunity? Thanks for any feedback!
From my harmonic pattern analysis, there is a possible projection for longing in the market. If you feel that my trade is good by all means take it! Please do not place any trade if you are unsure about harmonics as you may not know how to do your risk management, SL, TP. But if you know how to calculate where your stops and take profits are, by all means, go! But ...
typical. The 5min break down didn't reach before turning around to scope a channel trade. But even that is changing scope. Here's an example of the 1H break going up. Volatility is low so 7515 looks likely.
Price has opened at the support trendline today
Stochastic is oversold and currently turning upwards from that area.
Weak CAD can be seen in both USDCAD and here, EURCAD.
Not too good R:R ratio, but this trade fits my technical strategy so I will take it.
Have less emotion, and be more patient.
Good luck comrades.
Here we have an at market Bat pattern on EURGBP. This is a 1H pattern against underlying trend but remember to follow your rules.
Will be shooting for a fixed 382 and 618 target on these. Gives us a pretty good RR too.
Heres another Bat pattern formation on NZDUSD 1H chart. Actually still valid to enter if you missed this, as we haven't broken below the X point yet, so better Risk Reward if you enter now.
Hoping for 2 targets on this bat pattern and in line with underlying market trend.
On a side note, Happy New Year everyone!
Here we have a 4H Bat pattern in yellow which I've been watching for a few weeks. However, when we go down to the 1H chart there is an at market Bullish Bat which would bring us up to the 4H completion zone. Gives us an opportunity to run for a third target with a great Risk Reward (4.7!)
My bias is continued Dollar strength and my higher time frame analysis has USD/CAD bullish.
The pair are reacting around the 1 hour support (green line).
i would go long here expecting a pattern similar to the one drawn in purple