Once you zoom out, you can see exactly how price is moving. We can see that price revisited the highs of the 2018 and couldn't push any higher.
We reached that area in a an ascending wedge which is often a reversal pattern.
Looking for bear flags to take this down!
Goodluck and trade safe.
hi everyone - haven't posted in a while but im back on the charts!
looking over the pairs NZDCAD has caught my eye, after breaking an ascending structure on the daily sitting nicely in the amber zone. price shows a clear 'scoop' (double top) with an element of structure that can be seen approaching the value area on the 4H. i am looking for an entry in the green...
This is looking really good over the coming weeks.
As we always say: "levels, be that support, resistance, trends or zones should be used as an area of interest, not a sole means to take a trade".
The current price has reached a key level, being a HTF level of resistance and a strong weekly trend.
At this level, there appears to be a very strong resemblance to a...
- GOLD has created a double top on the 4-hour timeframe.
- GOLD has rejected weekly resistance twice.
- GOLD retraced to the 50 FIB extension and lines up to the -68 extension perfectly for TP's.
- Gold created an evening star variation on the daily timeframe.
- GU has been ranging for a few weeks, set your TP within the range.
- GU reached monthly resistance and needs a deep pullback before it can break it.
- Friday's daily candlestick closed as a hanging man, which is a bearish reversal signal.
- GU is currently creating a double top on the 1-hour timeframe.
- We need to wait for GU to break 1.41000 (daily support) to...
We are currently testing 1.42 yet again on this pair.
A potential long term double top formation has occurred. Will this, coinciding with the 1.42 whole level be enough to turn the tide on this pair and put USD bulls back on top?
Always zoom out to the HTF and mark key long term levels - then scale down!
- EU has created a double top on the 4-hour timeframe.
- EU has reached monthly resistance but needs a deep pullback before it can break it.
- The DXY has created a double bottom showing signs of strength.
I predict EU will be bearish for the next few weeks, my bias is sells.
Let me know if you agree or disagree with my analysis in the comments.
- GU has reached monthly resistance, it's unlikely to break it without a deep pullback.
- GU has created a double top on the 4-hour and weekly timeframe.
- The DXY has created a double bottom and is showing signs of strength.
- GU hasn't had a weekly pullback in 6 weeks so it's due for a higher timeframe retracement.
I think this is the beginning of a long-term...
If the time between the two tops is the same as in 2013, and BTC ultimately tops according to logarithmic growth curves, I'm predicting this pattern to play out. It would give resistance around the 42K region which seems reasonable.
Following my DT entry yesterday, we have since violated the initial test but have not been stopped out.
Now we are setting up for a high probability Ascending channel. As long as your stops have enough breathing room from the DT entry, you still have a great shot at snagging those profits.
From our previous NZDJPY analysis, the pattern has changed a little bit. We have now seen a double top and bearish price action and we can now take this down to the bottom of the descending channel. We could still see some resistance at the daily level but once we break it, we can gain another entry on the retest of that level.
Like this idea for updates!...
The trouble with double tops is that, you don't know where exactly price will go. Have a look.
All you can do is take a controlled loss (aka stop-loss). If you can't afford it, don't take it (obviously).
Today was exciting!! USTech was heading south, whilst price on other US stock indices went madly north. The news said, that this was a about rotation. (Read...
This setup is only relevant if we can get that daily close below this neckline.
As i have already stated to TeePee Students; I want to hit a stop on this, and i will not trade it on a live account. all the reasons for this were shared in our live session earlier today. Targets (1.758 & 1.743) are fib ext targets (1& 1.618). i don't think the previous relevance of...
Within support we have a double top that has formed. We also have RSI divergence which is an added bonus for the short.Wait for a red kicker candle for confirmation of the short before entering a sell with around a 2/1 reward/risk.