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.
I've taken a short on this pair with my premium group and looking for a move to the downside. The consolidation area has shown a bearish candle pattern.
Trade safe and good luck!
Pair is currently approaching a major structure level that has worked as good support and resistance level number of times in the past. Bearish butterfly that is potentially forming now, completes right at that level providing a nice shorting opportunity. RSI shuld be overbought at completion of the pattern to confirm sell signal. ATR based stops above the 1.618...
didn't see the bearish flag pattern, further, on the weekly, the pair is a huge bearish flag pattern with lower highs. probably wait for a retest of
1.33 before entering or see what price does within the next candle.
NZDJPY has shown signs of a reversal at this level for a while now. The daily resistance zone @ 76.500 is holding strong and we finally have a break of the 1hr bullish trendline with a lower low being made.
Price has now pulled back a little and is rejecting the 1hr 50ema from below. Price is also below the daily pivot level so that is a another potential...
Quick trade on collapse in USDCAD on no news (and whilst USD spiked vs other pairs)
Pair dropped 60pips and moved into extreme oversold status and a bullish Harami candle pattern on both 2 hourly and 4 hourly charts
Holding around 50day moving average
Gold has been consolidating in a multitude of wedge patterns on the 1hr/4hr timeframes after the big drop in early march.
This is a bearish continuation set up for me as price is using before it will continue downward. This is a risky entry at the top of the 1hr wedge with a nice wick rejection candle.
Stop loss is places above previous 1hr highs.
Targeting the...
A clear trend beginning to form between the two trend lines, backed up by the 1-hour chart as well as bearish 1-day view, looking to ride all the way to a previous a major support/resistance at 110.9
The level to focus on is 1.3526-1.3549, as this area includes two separate ABC targets from January and February.
A break above that resistance range is needed to assume that a more meaningful rally is perhaps developing.
n the downside if this pair breaks below 1.3170 then it will open door for 1.3000 area. if it breaks below 1.3150 then i will look for my entry...
The GBPRUB is really easy trading. Basically if it goes down max, like if u think that it goes down to the max that means that it will definitely will go upside but... but it can also go down because u need to always look at 30-1 min and understand which way it will go. About this trade I will say that it will go up because it was at same place for more then 24+...
Is Copper ready to break onto the 3rd wave to the higher cycle?..............Is the ABC move complete with C wave truncation to the lower cycle?.........Break for 3rd wave..strong moves expected with the break.
Here we have a key support and resistance level as show by purple arrows ( resistance ) orange arrows ( support ) When price comes to this level it normally fails to break it and price is currently sitting at this level using it at support.
Now look at the previous 4H candle that was formed and closed, it had a long lower shadow ( spike ) that tried to break this...
Hello all! Months and months of research, views, learning and reading and im finally in a better place for the forex market.
A beautifully executed trade and the power of indicators are truly amazing.
Now an author posted a short over the weekend and i kept a very close eye on this, the bearish divergence which was forming was almost wiped out with the little...
After being stopped out of my last GBPUSD trade we are at support and looking to get back in. Again we have a well defined stop level just below support at 1.32033.
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