I found that Gold has been in Overbought position, as indicated by the RSI indicator. Here Gold will experience a daily/weekly price correction, with a profit target of $1800 (Demand Zone) and at the point of position (approximately) the Daily Moving Average line (WMA-200).
Almost the same as what will happen with WTI (USOIL) , Brent (UKOIL) will experience a weekly price correction marked by the Overbought RSI indicator, and with a profit target of $73 in the Demand Zone.
It is important to wait for Candle Confirmation even on the most familiar currency pair and most familiar setup. The close of the current candle will determine if the Shark Pattern is valid. The Bearish Shark Pattern formed at 1.3177 and was confirmed once the candle closed at 1.3173. As this is a 1-hourly chart setup at 1700(GMT +8) or latest by 1900, it will...
Pairs like GBPUSD is the only few in the list that can give you a 50pips profit potential movement. It's important for me to see some form of market slowing down before engaging the trade. - A 3-bar reversal candle - a long shadow candle - a doji candle - railway formation If not I won't be engaging just yet. Just saying.
Quiet Mondy huh... Well, it depends on the kind of trade you are looking at and the kind of timeframe you are trading. Moments ago, I've engaged probably the last trade for this month. EURUSD, the Bearish Shark Pattern complete at 1.1224 on the Range Bar Chart.
If you have engaged the EURUSD trading ideas on Friday, you would have earned 106pips(1,060USD/lot) from Bullish Bat, and have your stop-loss at entry and attained a risk-free trade . Trend Traders can wait for a shorting at 1.1307. You may wonder, hey, you were long on the 4-hourly chart, why look at short on that 1hourly chart. If you have checked and...
Not Much in the way of indicators except your RSI is slightly overbought and that's about it but in General this Price Action is pretty Bearish and you'd expect a decent move down from here.
A Bearish Butterfly has formed on the AUDCAD chart, if you are an aggressive trader, you may consider engaging it. Butterfly Pattern is 1 of the most misunderstood level. Many traders are confused about its completion level and have been guessing the stop-loss level. If you are one of those people, don't trade the Butterfly Pattern until you got the right mentor.
Bearish Gartley forms in the 1hourly chart which give trend traders a shorting opportunity. However, ff you are bullish on Canada movement from tonight rate hike decision at 11 pm (GMT +8), it is probably not a good idea to leave the trade open past it.
NO!! It's gone Ape-S**TT!!! Melting Up; Short here = Suicide. Could get a Measured MOVE from the Breakout point 4593; +249 push to 4842?!? Watch these Indicators for a pivot. Near-term Short entry for a technical pullback at WT crossover when RSI overbought and a 5-wave EW in RSI appears; NOT before! Do not hold this short for long term, purely a day trade from...
A Bearish Shark Pattern complete at 0.9232 on the AUDCAD 1-hourly chart. If you are looking to ride on the buying trend, a buy entry when the candle touches the blue trendline as long as it never breaks and closes below the trendline or the immediate candle low price. Personally, I won't be looking at that, and that is because there is only a 30pips profit...
Do you dare to short Gold? If you do, $1866.73 is a good price you can consider engaging the trade on a Bearish Gartley Pattern formation. However, a 3-bar reversal pattern is required on the daily chart as a minimum requirement for me to engage the trade base on the Daily Chart and with an RSI overbought or RSI Divergence.
OXT is doing very well but RSI on the 1H, 4H are very high. Possible cool down before a potential next leg up (similar to the last pattern). What are your thoughts? Comment below and hit the like please. Thank you! Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis . Don't trade based on...
Bearish Bat Pattern on AUDUSD will set this pair into a counter-trend trade. Having the candle bash through and close above point D, I will need to see a pin-bar or known as a long shadow before engaging the trade.
It is not something new that you have a bullish setup on the USDCAD chart and a bearish setup on the CADJPY chart. This meant 1 thing, the Canadian Dollar, CAD, is on the move. If both setups is valid, I will engage both and not cherry picking. Any idea why I'll do that? Comment down below If you like to check the USDCAD chart, the link is at the bottom.
A Bearish Bat setup for a Harmonic Patterns as a trend trading trade. I didn't shoot this to my trade ideas community because there is some form of risk on this setup. The long shadow candle or a pin-bar that was highlighted with the yellow eclipse is the reason that probably you shouldn't engage in this trade. But I'm getting adventurous today, because base...
Well, a Potential Head and Shoulders on the USDCAD formation as a Weak Bearish Trend setup that meets my rule. In this round, the stop-loss has to be above the head with buffer. You are welcome to chime in the reason why I do that, instead of the usual right shoulder.
A Bearish Bat Pattern has formed up on the 4-hourly chart. I'm waiting for the current candle to close and may just go aggressive when that happens. This harmonic pattern is a counter-trend setup, hence when it reaches the blue box, you have to shift stop-loss to entry, well, at least I will.