Further to my previous Daily chart, here is my projection for the breakout. The ABCD would put our top at around $576 which fits nicely with the next resistance level. From there we would either retest $464 or, if the market is steamrolling, it may only retrace to another level within this breakout before moving north through the resistance as shown in my daily...
Looks like we have a butterfly forming on our beloved BTC. Will wait and see what happens with this C leg.
Just a quick scribble comparing the Etherium H4 chart to the BTCUSC daily chart. Looks to me like ETH is currently at the November 2014 phase of BTC. Does anyone else see this?
A nice 2618 trade has formed on this pair. Trade parameters are in the chart. Half the position is closed at TG1 with stops then moved to breakeven.
I've noted this possible pattern a day or two ago and set the target entry at 1.27 of the BC leg as it seemed to work with structure better than the 0.786 of XA. Targets are 0.382 & 0.618 of the CD leg with SL below X.
Bearish Bat pattern forming as shown in the chart. Trade setup would be: Entry: 1.0020 SL: 1.0095 Target 1 (38.2 fib): 0.9867 Target 2 (61.8 fib): 0.9870
Anticipated direction as shown in the chart. 213.92 target followed by a retrace to the 247 area and then a continuation sub 200. Grab the popcorn and enjoy the show
Targets as shown in the chart. Forming a nice pennant on the Daily time frame. We'll see how it resolves overall, but I'm anticipating we colour inside the lines for a bit longer.
With bullish RSI divergence, previous structure and my previous post of the anticipated 2618 trade for next week, this looks like it could be a good opportunity to get long. I'm looking at a tight 45 pip stop with a 169 pip target. The target is well short of my 2618 entry as a precaution if that trade doesn't eventuate. I would have an initial target of 95 pips...
I'm looking for this pair to possibly develop into a 2618 trade next week. As it's just broken out of a rising wedge, I'm anticipating it retesting the lower trendline which would also be around the 0.618 retracement area.
Just watching the daily RSI trend lines here and expecting a retracement before moving higher. Keep an eye on the 320 resistance level and descending trend line from June 2014.
We've had a Crab pattern (grey pattern) complete nicely at the 293 level. I'm looking for a retracement to the 0.618 area around 255-260 before moving higher to the 300-330 region. We also had a Bat pattern completion (just short of the 0.886XA but I'm counting it anyway as most would shadow the level rather than aim for a direct hit) which resulted in a 0.50...
Only time will tell. I am thinking the smaller bat will materialize. This will also allow a valid butterfly to complete. Either way, I'm going to wait and see. I'm keen to hear your thoughts. (Disclaimer: I am only demo trading so please do your own due diligence and follow your own trading plan)
Watching this pair for the final development of a potential Cypher pattern. Initial thoughts on the trade shown in the chart, but I will re-evaluate and update depending on how it unfolds. (Disclaimer: I am only demo trading so please do your own due diligence and follow your own trading plan)
Entry, SL and targets as noted in the chart. Signals *hitting 0.786 retracement *bearish RSI divergence *previous structure level
Outline and targets on the chart Edit: entry was actually 254.42 so risk/reward is actually 5.94 ($5.43 SL to $32.24 TP)
As you can see in the chart, this whole down leg (from mid November) has been a sequence of break support, make lower low, retest breakout level (support turned resistance), break support etc. You can see in the chart where each retest has occurred and we are now at that level again. We are also ~$10 off the 10 November 2013 low. To me this says we should see a...