Lower highs and lower lows --- broke under 200ema and retested as resistance, looks like we have room to go down further to the key areas pointed out.
TRADING IDEA --- NOT AN INVESTMENT OPPORTUNITY -- DO NOT TRADE THESE!
Would love to know your thoughts on this XRP chart pattern... as you can see with the arrows, clear heads and shoulders i.e. reversal/bearish.
But then, there's the lovely pennant, usually associated with an upcoming uptrend/bull market.
Which do you believe? what else would you add?
Hi, my name is Shooter_Forex .
DownTrend signal appears M (demand zone) + W1 (demand zone). Sell Limit
Note: If you want to sell at frame H4, you need a patience signal to appear. Good Luck !!!
I use the following methods:
1. Price Action
2. Supply Demand Zone
3. Risk management: Investment capital ( 4% / deal)
Previously I suggested the idea of a long for XAUUSD on H4. Didn't work out that well. I do believe this is a short on the daily with a nice pullback targeting previous lows. Bearish flag pattern formation on the weekly chart, favouring the upside, but on the daily we have a pullback in a clear downtrend.
Lower highs/lower lows.
Long term Gold is very much...
Price action suggests that this currency is heading for a BIG move to the down side.
S/L 130.000 T/P 126.000 Area.
Utilising multiple positions and/or trailing the stop loss from here could see huge profits.
Short term uptrend momentum, higher highs and higher lows --- two legged pullback just made. Very interesting. Go long now to target 200EMA. (approx 1760).
The long term trend is still a Bear trend here, but I would expect that the short term pullback of the move up is quite likely to play out now.
TRADING IDEA --- NOT AN INVESTMENT OPPORTUNITY. YOU ARE...
This one follows the last USDCAD setup.
After taking profits with 5R in the bank, prices have now reached support.
This trade would be aimed at the more advanced traders since it's a long order in a downtrend.
I simply just expect prices to bounce off the support back up to the resistance.
Let's see how this plays out.
Firstly, I identified the general downtrend then looked for key support and resistance levels.
These levels were dynamic and consistent with the downtrend.
The entry was set at the first level of resistance with the TP being closer to the support level.
The SL was set at a key level where previous support had turned into resistance.
Clearly identified the bearish trend and used the adopted shadow support and resistance technique to identify key buy and sell points.
The last week saw lots of bullish momentum pushing the Loonie up to the resistance level.
Hopefully, this week the bears can bring their momentum into the market so bring prices down to the support level.
Price just touched Weekly trendline, Daily Resistance and Daily 100MA. Now what we have here on the 4h is a rising wedge pattern showing bullish momentum is about depleting
Stops and Targets are made visible in the screenshot above. Have a profitable trading week!