The pattern on GBPUSD daily chart is more of a rising wedge. If this is the case, then cable could likely be ready for a short trade around 1.28 level. However, overall market sentiments is still bullish
The bearish nature of this rising wedge, a correction of the previous dump will end up in a bear break around 10/19.
Trading on both sides. I'll open a long position now with a tight stop, and I will close it around $ 8.800 and $ 9.100. Right after I'll double a short position.
Hit the like button, share it! Thanks!!!
eurnzd was in this consolidation period for a while now but there was some big moves on 4hr chart that I took notice of. Price rejected daily trendline and made a bear flag which worked and than price made another correctional move followed by a rising wedge which gives me 2 confirmations that markets are going go...
BTC is looking bearish at this moment in time. saw a yellow rising wedge occur and the retest of the pink resistance zone + another new rising wedge. Waiting for price come down to the trendline which is at the 9000 level.
cadjpy on the weekly doesn't show a lot apart form basic support and resistance but when I went down a timeframe, I saw daily trendline making lower highs and lower lows.
4hr/1hr timeframe showed me a rising wedge occurring while breaking out and making a head and shoulders pattern.
- Rising wedge chart pattern forming
- We are looking for price to drop dramatically as this pattern is an indicator for a bearish reversal
- Price is nearing the support zone which is also the 0.618 fibonacci retracement level of the previous elliott wave
- Price could reverse and continue long respecting the trend or break through the rising wedge, support zone...
On the chart today, price makes a consolidation period after the accumulation period.
Seems to be a lot of range movement between support and resistance and then price decided to create a rising wedge which created a minor resistance zone. Waiting for price to drop lower towards support and place a buy order then.
On the nzd/jpy I see a rising wedge pattern that has occurred + price has reached resistance zone as well.
price has respected this resistance zone for some time now so I am hoping that price will follow through again.
The bear market isn't over for me yet.
Price has formed a wising wedge in leading into an area of resistance.
The rising wedge is supported by RSI.
We also have some hidden divergence, suggesting a continuation to the downside.
After a successful break this currency pair looks like the price may retrace, this is due to the oversold and extended conditions the price is currently facing. The price is likely to retrace to around 147.400 before further bearish movements. I would keep everyone updated on my findings for this currency pair over the coming days.