Seeing the fear driven sellers some into this market has created what is known as a "head and shoulders" pattern.
This is a very successful reversal pattern in many other markets and although we haven't had the sample size of data due to the nature of this young market, it will be very interesting to see if we hold the test of the neck line once broken.
Looking a the GBPJPY as we approach previous structure resistance, RSI has gone massively overbought and as market puts in this ascending flag or rising wedge, there is a sign that we are running out of steam as we see the bearish divergence on the RSI.
Its likely that we will see a short relief move to the downside.
See you in the live room.
We have another flag pattern setting up on the AUDCAD 60. This pattern indicates a loss of momentum as the market runs out of steam. Usually, filtered with some good bearish divergence on the RSI, we see a reliefe and a break to the downside out of this channel.
Breakout traders, keep your eye on it.....
See you in the live room.
Been taking some shorts on this trade ever since the violation of the H & S. We are approaching previous support so the opportunities are expected to slow down however there is this potential TC trade if we can get a pull back into my kill zone. Taking off some profit at a retest of the lows and then the remaining position at 6852.
Counter trend traders will...
Lots of consolidation over the last week or so which means lots of pattern opportunities.
this pair has a text book Gartley setting up at 111.36.
We will be looking for entries in the live room this morning.
See you there!
Seeing this ascending channel with bearish divergence normally means we are likely to see some relief here and a move to the downside.
Not necessarily a trend reversal but Any counter trend traders will certainly be looking at this level for a short on a break of this channel.
Lots of opportunities over the last week which we have been able to jump on and generate some very nice profits.
It continues this morning with this being one of the trades on the radar.
Previous structure support should become resistance but there is also a complex pull back which is setting up a fib inversion trade as well as a nice fib cluster at that level as...
Looking at this pair this morning I got Long at 0.7427
Lots of stars aligning on this one and difficult to explain on here but as you can see on the chart, lots of indications that we are likely to see a bullish movement.
Looking at this pair, like many pairs, we have seen some directional breakouts this week and last.
Price action is forming this rising channel and when we see this type of movement with RSI divergence, more often than not we see a period of relief.
Although I'm only looking for the trend continuation, many of you counter trend traders may be eyeing up this zone...
After continuing to push down, we see that there is a complex pull back here
Looking at the completion of an equal measured ABCD move lining up with a Fib inversion trade set upt. Also there is some Fibonacci confluence in that zone.
Two ideas for stops and targets are shown on the chart. The smaller one is the conventional Fib inversion trade set up. The second...
Another advanced pattern formation for you pattern traders.
Looking at conventional targets on this. Entries at 0.7592
Few other trades on the radar so check the link in my bio to watch me go through them all.
Happy Independence Day!
1As we approached that 1.1440's level, we saw price action respect that major resistance level and we are seeing the start of a Head and Shoulders Reversal Pattern here on the 60 which may provide me with a bearish trading opportunity.
We have broken the neck line so im waiting for a pull back up to test the neck line before entering short.
New video out today too.
Been eyeing this one up for a few reasons that are difficult to explain on here however for you agresive Pattern traders, there is a Bear gartley nearing completion.
If you would like to see what other opportunities I am looking at here, check out the live room. Ill see you there tomorrow at 8am.