I'm still very much in the learning seat, so I would love any feedback regarding my pattern matching skills! I think this is a good bullish pennant match on the EUR/USD 1H chart, and is supported by a strong uptrend on the daily chart. Any traders considering taking this opportunity? Thanks for any feedback!
The bat pattern must be my favourite pattern, adhering to the very strong 88.6 Fibonacci level and reacting nicely to that area more often than not. This might be no exception, and it's going to be interesting to see what the currency does at this level. I might wait before trading this setup, in the face of a very strong up move, but in terms of a short bat...
Following the pattern match, there seems to be some increased selling pressure in the upcoming candles on this 30 minute chart. Great pattern ratios, and some selling pressure, might be a time to go short for a few pips.
I'm not sure if this one counts, but as per usual keeping an eye on the highs and lows yielded an accurate Shark Pattern on the M30 for the GBP/USD. The ratios look good, I wonder if the pattern will play out to the retracement short positions?
We've identified an accurate bullish butterfly pattern on the 30 minute timeframe for the CHF/JPY currency pair, just for all of you who love trading harmonic patterns!
We'll also be publishing this to the stream on our site.
It's no secret that I really like watching out for triangle formations. I've also learnt not to trust them until the break has been confirmed, and based on the trend and SR lines I've added here I'm putting my money on a break around the 17th of March. Long or short, who knows, but either way it would be a good idea to grab a position earlier rather than later!