EUR/USD Bearish Shark Pattern More short term bearish momentum still up ahead for the EUR/USD pair. Price seems to be unable to break above 1.2359 thus enabling bearish pressure to persist. Two short trade ideas: Trade 1 Entry: Close below 1.23323 S/L: 1.23848 T/P: 1.22332 Trade 2 Entry: Close below 1.23108 S/L: 1.23735 T/P: 1.21853 Beware of volatility...
EUR/USD Bearish Pennant Breakout A few short trade opportunities targeting 1.21726 ultimately. Price broke out of the pennant last Friday and the measured objective targets the lows of the bullish rally. You can of course target 1.21726 immediately but scaling out profits as indicated with the AB=CD pattern is commendable. Trade 1 Entry: Close below...
AUD/USD Alt Bat Pattern & Possible Bullish Gartley Formation Price closed below the point B level of the bearish Alt Bat pattern this past week, which was also the 61.8% Fibo retracement level of the previous bullish rally. Nonetheless, there is still a slim chance that the AUD/USD pair can remain bullish for the near term future; crucial for this to occur is...
EUR/CHF Bearish Bat Pattern A large bearish bat pattern formation for EUR/CHF on the weekly time frame. Price has been rejected at the 78.6% Fibo retracment level and now it seems that price will re-test this level. It seems likely that a double top could be formed, also supporting this is the clear RSI divergence as indicated below. Below there is still the...
GBP/JPY Bearish Max Butterfly & Potential Bearish Gartley Pattern Formation Current resistance level is Point B of the bearish Max Butterfly pattern at 148.459. Just above is also the trend line intersection point formed by the medium term support trendline and the main resistance trend line; if price manages to close above 149.419, then price could advance...
USD/JPY Bearish Path Projection In the analysis is a projection of a possible correction for the USD/JPY pair over the long term. I believe that price could enter a corrective move all the way to the 113.470/80 level above, as long as price doesn't close below 105.250 prior. The projected path depicted has price re-testing the 61.8% Fibo retracement level,...
USD/JPY Bearish Gartley & Potential Bullish AB=CD Formation It looks like the USD/JPY pair could extend it's recent gains even further if price holds at the 106.030 level and continues a bullish direction. At the 61.8% Fibo retracement level is also the intersection of the two trend lines as depicted. Typically after price breaks a support or resistance trend...
GBP/USD Bullish Breakout Price has broken out of the highlighted pennant formation. This also enables price to continue to challenge and possibly break the 2 month upper resistance trend line. I would recommend targeting 1.3933 first, which is the 61.8% Fibo retracement level. If price is capable of breaching this level, then proceed to target 1.3998, which is...
USD/JPY Early Bearish Gartley Pattern Projection Depicted in this analysis is a bearish trend continuation for the USD/JPY pair. Look for a re-test of 106.265 to 106.210 which is where the 55 SMA is currently at. If price reverses from that zone, namely 106.265 to 106.210, look for a long trade up to 107.338, which would be a re-test of the low of 09.2017,...
Bullish and Bearish Patterns EUR/USD This pair continues it's course of indecision. Although price has broken the lower and upper trend lines of the wedge formation, (Red lines) neither breakout has yielded a clear direction since. Look for a retracement to the 1.2266 level which is the 61.8% Fibo retracement from the last swing low to the recent swing...
USD/JPY Bullish Butterfly A tempting counter trend trade opportunity for the USD/JPY pair. Only enter this trade once price has closed above 106.380. This level is of high significance for the short term, as it is not only the level of Point B, but also it is the 61.8% Fibo retracement from 98.787 to 118.662 Price has already been rejected there 3 times as can...
GBP/USD Bullish Butterfly It looks as if GBP/USD has found enough support above 1.3711, at least for the time being. If the 1.3711 level holds, then I would recommend the three long trade setups for next week as today will be too volatile to enter. Trade 1 Entry: Close above 1.37788 S/L: 1.37038 T/P: 1.38569 Trade 2 Entry: Close above 1.38569 S/L:...
Possible Gartley pattern for EUR/USD The gap above is still open and serves as a target for longs. If price gets rejected around the 1.1807/12 level a possible retracement to 1.1748/50 is likely as it is a level of support. If this pattern does emerge, enter above leg B. Target: 1.1895 S/L: 1.1717 or lower. Of course on can also scale out profits as price...
Bearish Shark pattern for EUR/USD A possible scenario for the EUR/USD pair could be a double top formation at 1.2092 that would initiate a large(r) correction, possibly even towards the French election gap below, but certainly would target the 1.1009 level at the 61.8% Fibo retracement level as illustrated. The arrow drawn from 1.2092 to the downside is the...
Bullish Bat Pattern GBP/JPY Enter long only once price closes above Leg B (151.631) of the Bat pattern; or if you want to play it extra safe, enter once price closes above Leg X of the adjacent Crab pattern. I could have drawn Leg D to the low of today at 151.028, however, I made this pattern yesterday already and there seems to be ample support below 151.200...
Bullish Alternative Crab Pattern for GBP/JPY Enter once price closes above 152.19. Target: 153.40 S/L: 151.58 Long trade column represents a 2:1 ratio, one can of course also scale out your profit's as price climbs. Happy trading
Bullish Bat pattern for EUR/USD Enter long when price closes above 1.1816, or above weekly S1. Target 1: 1.1940 Target 2: 1.1961 S/L: 1.1754 The above long entry coordinates are valid ONLY if price remains above leg D at 1.1776 Beware of Mario Draghi speech in about 40 minutes, some volatility ahead for sure and tomorrow's NFP. Happy trading
Bearish alternative bat pattern for GBP/JPY The trading range for GBP/JPY is still intact, at least until price closes above 152.86. Further down there is still a gap to be closed, and because it's at a significant Fibo level - 78.6% - it is certainly conceivable for price to reach that far below. If price were to break below 146.94, then that is the...