Chart patterns are the foundational building blocks of technical analysis. They repeat themselves in the market time and time again and are relatively easy to spot. These basic patterns appear on every timeframe and can, therefore, be used by scalpers, day traders, swing traders, position traders and investors. There are 3 types of patterns, depending on how price is likely to behave after completion: reversal patterns, where price is likely to reverse, continuation patterns, where price is likely to continue its course and bilateral patterns, where price can go either way, depending on whether it breaks to the upside or to the downside.
The measurements of the chart pattern can be used to project the next price movement and what target to aim for. These patterns can either be traded aggressively (with less conformation) or conservatively (with more conformation) so the rules of entry and exit can vary. It's easy to calculate the reward / risk for them, which is important to know before entering a trade.
USDCHF coming into a range at the current market level. Parity level 1.000 remains the target for the bulls, double top currently present at 4hr with a triple top formation potentially taking place.. will be going short from there all the way to the supports located 0.994 and further down to 0.9900.
As shown in the chart, EU is reaching the bottom of an uptrend channel, if support is respected we can see it returning back to the top for a over 200 pip profit. Buy orders set, now we sit and let things play out.
-TK
Looking to Sell GBPUSD around the 1.30000-1.30400, wait for reversal candles in that zone.
First Target: 1.28500 (+150pips)
Second Target: 1.27300-1.27100 (270-290pips)
Previously I gave out a EUR USD short signal, now this could still be valid and may still hit TP... but I can see a really strong reason as to why I think bulls will now take over and push price higher, if you are in my original sell position you will be deep into profit anyway so move SL into profit to lock in that money.
From this chart we can see that the ...
EURCAD facing a break or bounce scenario providing good setups either way. A break and retest of the TL for long positions or the more favorable is a rejecting of this TL for a small intraday short position down to the previous low where I'll be looking for a double bottom to form in the yellow range highlighted.
Heavily manipulation on this pair around the 1.33500 region so keep stops fairly wide.
Going in big on this move with 50 lots currently running and they have been running for the past few hours, experiencing many spikes and wicks. The wicks are leaving an overall bigger picture, especially on the 4H timeframe.
Despite the big running position, I'll likely be ...
If you take a look at you can see the right shoulder has now been made from the heads and shoulders pattern, if you also look at the 4h chart you will also see a visible heads and shoulders. I had an earlier publication of the myself shorting the right shoulder from the yellow ob however that had been removed due to violating trading view terms.
Still holding the ...
Looking to Sell GBPUSD around the 1.30000-1.30400, wait for reversal candles in that zone.
First Target: 1.28500 (+150pips)
Second Target: 1.27300-1.27100 (270-290pips)
As we forecast uptrend for this day, so Forecast City suggests buy (limit) above S1=0.6705.
But the short term forecast is range bound, so we expect to reach the following targets:
TP3: R1=0.6755.
TP4: R2=0.6785.
Set the stoploss of these orders at breakout of S2=0.6685.
Stop and reverse:
If trend gets reversed, sell (stop) orders will be opened at breakout of ...
If you can not see how strong the support at 0.87310 is then you should really go away and learn some more.
We are looking for price to re test this price and bounce, we can see a good level of resistance at 0.89282 which again may act act as a wall and bounce, but we will keep a close eye on this pairing if it did try and test this resistance level.
To sum it ...
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