Quasimodo Pattern Trading Rules
The Quasimodo trading rules for sell signals can be summarized as follow:
A prevailing uptrend needs to be visible – series of HH followed by a series of HL.
Break in the market structure – price start to make lower lows LL.
Entry Option #1 - Place a sell order near the right shoulder.
Entry Option #2 - The 50% - 61.8% Fibonacci...
After an amazingly bullish week in USDJPY we could look see a retracement back down to the dynamic support level before another rise.
Using my adopted shadow trendline technique I was able to identify the different bounce points in the bullish channel.
I would not take this trade purely because it is a short in a bullish market however, advanced traders should...
Price has broken previous low creating a new lower low, followed by another correction creating a lower high in a corrective pattern after an impulsive move to the downside
Price has also formed a double top within the corrective pattern. we need to wait to see if the price breaks this corrective pattern and move to the downside towards the support zone....
Significant push to the uptrend with higher lows and higher highs forming. Expecting this third Higher Low to push price to resistance 1 and possibly break Resistance 2 turning it to support to form new higher high. Similar pattern on lower timeframes, H1, and M15 too.
A general bullish trend has formed on the H4 timeframe.
The trend line was adjusted slightly to connect as many major bounce points as possible.
The slight dip below the trend line was regarded as an anomaly as it did not invalidate the uptrend.
Looking to go long after the next bounce which could possibly happen within the next 2 trading days.
IDEA (not trading advice, trade at your own risk). Uptrend, higher highs and higher lows. Healthy bullish bounce off 12 emas, easy V-shaped/one-legged pullback move to the upside, targeting next resistance area. Stop losses just under previous swing low.
As I was expected in the previous published idea Price couldn't break the support zone. But it could break the down trend line as you can see in the chart.
A new upside movement just began. A new uptrend is formed.
You can set buy orders in the zone.
Targets are @105.70 and 107
Please don't forget to leave a comment if you find my idea helpful.
Possible short opportunity on NZD/CAD.
following a break out from the uptrend, the price has returned with bullish momentum and has now reached an area of resistance.
Following a break in the trend line, bearish rejection at this zone (0.9190), and signals from the MACD and RVI I believe we could see bearish momentum down to support at 0.9050.
Possible long oppotunity on AUD/NZD.
Price has broken out of its ascending channel has returned to an area of support at the 1.0720 level.
If we see strong bullish rejection at the 1.0720 level I believe we could see bullish momentum to re-test the support of the ascending channel at the 0.0820 level, where I would take profits.
Possible long oppotunity for CAD/JPY.
Price has reached support in which we have previously seen price reject here and gain bullish momentum.
The price may reject at the 81.40 level and head to resistance at 82.10 where I would take profits.
I will look for bullish rejection at the 81.40 level along with signals of price reversal from the MACD and RVI.