Good afternoon traders,
Looking at an interesting setup in US dollar versus Canadian dollar with a triple top forming around 1.34 with a third attempt to trade above that level failing and pointing to a pull back lower for the pair. More recently we just had slightly weaker than expected Manufacturing data from Canada which failed to give any real boost to US...
will be taking a risk entry as a flag pattern has formed. Stop loss will be 20 pips making a risk to reward 2.5:1. will be a short term trade. This trade lines up for the third touch of trend line as well as a triple top. So alternatively when target is achieved will be looking for sell set ups. Any alternative views please feel free to share.
- Triple top pattern formed underneath resistance area.
- Price broke through and retested this area before pushing off of the 0.382 fib level
- Price is currently forming a bearish candle. Could be another possible retest of the resistance area. Price may be entering a state of consolidation.
- Wait for a confirmation candle.
I will wait for confirmation to short this pair in my sell zone. If this does go to plan, I may hold for longer as a potential triple top could be
formed. However, having said all of this I will be cautious as NFP is around the corner.
I'm looking at a possible triple top on EURAUD on the 3D time frame. I do this because I'm looking for position and then to trail down on a lower time frame.
There is some weakening of the 3D time frame trend and the critical zone at the peak probably creates a greater probability for the south.
Little bit of different setup this time.
I see it as potential double or even triple top with decreasing highers as the sign of potential trend reversal and rally down.
The fact that it is third top is little bit diminishing the risk/rewards ratio, therefore I will adjust and close the trade in the first signs of incorrect judgement.
Also it could very easily...
Tripe top on H1 if current candlestick closes bearish
Head and shoulders on H4/D1 where price is currently retesting the neckline
31.8 fib correction complete and confluence with my daily support now resistance of 1.7933
Bear market since mid October
Target 90 pips with 45 pips stop (1:2 risk/reward)
Over the next weeks or months I predict the price of Middleby (MIDD) could drop lower, following the confirmation of a possible double top or triple top pattern.
Like the idea if you agree and let me know what you think in the comments.
We have a triple top created on the EUR with great convergence with the RSI respecting a simple resistance at around 60%. If the triple top plays out and still fits my idea after market opening this evening, there is no reason this pair cannot fall to the 1.21500 supply area and further to 1.20711 support. Although we do have to take into consideration the...
very simple setup: we can see a triple retest of the same level, that is a daily structure level. Every time the price reached that level it did with lesser and lesser strength: therefore i can go short, with stops above highs and targets as shown on the chart here. Remember to take a look at my videoanalysis (link down below) if you want more.
USD/CAD has broken through support and has been rested three times, I've used the 4h timeframe to check the prediction and also used the 2hr/2hr timeframe to enter my trade.
I have used a XACBD pattern which shows a bearish cypher pattern. A new triple top has emerged which would indicate that the market will fall heavily.
Hope this is beneficial and everyone...
on the 240 time frame there is a wedge pattern an this can possibly break to the downside becasue RSI is showing divergence whilst the market showing a upward moving wedge this can led to the market falling
today i want to share a traditional structure based trade that's on my watchlist today. On the left hand side of the chart you can see on NZDUSD we are fronting a key resistance level that may stop price action's rally. If you follow me for a while you know i'm a conservative trader and that i need additional reasons for entry in order to set my orders....
This chart is really interesting. USD/CAD faked out of this weekly trendline, with CAD weakening as BOC stated they are leaving the door open to near term rate cuts. This could see continued CAD weakness in the coming week and lead to prices testing the key 1.3580 level to the upside. Our overall bias is still short so we see a triple top forming at the .50...