This is a more- zoomed in idea of how my Hybrid ABCD Pattern (check my profile for that) will hopefully pan out, dropping to around $5100-$5300 area before the halving.
A DOWNWARD CHANNEL has formed, further supporting my hypothesis!
CHFJPY has broken down through a short term triangle so I’m looking to profit off of a quick and sharp decline as it has done in the past.
Tight aggressive SL for this trade so not recommended for anyone with a low risk tolerance.
SL - 109.886
TP - 108.463
My thinking here is that USDJPY has recently bounced down from a long term downtrend line and has now gone through the uptrend line that has shown strength over the last few months.
Whilst the SL is quite large. It was the nearest resistance to be found on the daily chart and there is still room to have a 2:1 trade risk/reward so criteria has been met.
August uptrend line has been broken on the daily and the price has bounced down from a long term downtrend so will look to place an aggressive tight trade with only 1% risk compared to the usual 2% but with a 4:1 profit ratio.
TP - 1.03618
USDCAD has shown brief consolidation at the long term downtrend line before providing a bearish pin bar which has lead us to the trade setup where we anticipate it reaching a previous floor that has been bounced up from twice.
SL - 1.32636
TP - 1.30558
My BIAS for USD/CHF for the upcoming week is mainly SELL.
My reasons behind this are
-We can see previous Lower Lows & Lower Highs with lows breaking below our most previous Higher Low.
-We will be looking now for price to break our previous LL for a 1:3 RR trade & then form new LL and LH then entering again with a 1:3 RR trade at our new LH.
•I will not...
After the successful launch of the COS token on Binance the market saw around 300% gains being one of the top traded coins on Binance from launch to date.
COS however is holding at a turning point.
Volume is becoming lighter and the sell wall seems to be growing rapidly. Delta Traders expect cos to re-trace back down to the 150-190 sats range in the coming...
as we can see here on the EUR/USD chart that the market has been trending with no direction and has been in a sideways direction. as of now, the market is having an unconditional amount consolidation with high uncertainty of where the market is going. however, because the market is testing a resistance area and hasn't been able to break past the 0.618 and 0.5 fib...
Looking for further downward momentum today, nice break of range and signs of further momentum.
GBP is in poor shape currently and on higher time frames we have no reason to believe this is near the end of the new lows.
I have done some analysis on the Eur/Jpy pair, looking at this I think that the price action will head down towards the support zone at 122.3880 it will test this zone and then head back up towards the trend line.
Once the price action has hit the trend Here is where I will be looking to enter the trade as a long term sell. An entry point at around 123.2465, SL...
Following the short on GBP/JPY which bagged over 200 pips there looks to be indication of a similar move on GBP/AUD possibly returning over double.
This pair has been stuck between the 1.87 and 1.73 area for over a year and a half now last month the resistance was retested however failed to break through resulted in price being stuck in a downwards channel....