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Potential Bearish & Bullish opportunities EUR/NZDIf price retraces, we have a potential bearish Bat completing at 1.6912, profit taking at 38.2 & 61.8 retracements and stops above X. If price fails to retrace then a potential bullish Bat completes at 1.6570. Price action on the Daily timeframe indicates a bullish trend in this market, however, there is a head & shoulders at play currently and we have a break below close below. We might have a potential bearish rotation if we violate and close below 1.6718.
by shah-n
Two Potential Patterns, One Pair!For all of you advanced pattern traders, here is a pair to put on your radar. There are currently two potential patterns setting up on the USDJPY. The first (in blue) is a potential bullish Cypher pattern that will complete at 111.47's. The Blue and Red Risk/Reward are the stops and targets for the cypher. The next potential (in red) pattern is a potential bullish Bat pattern set to complete at 111.17's. The red and green risk/rewards are the stops and targets for the bat. Now the question, Which one to take? Well its a trade off. The cypher will complete first and it has a higher win rate (in my experience), but it also has an inverse risk / reward profile. While the Bat pattern still has a solid win rate, but a much better risk / reward profile. In my opinion you cannot go wrong with either, but as always whatever you do, make sure you follow your plan. Good Luck and Good Trading
Long
by tommyb35
WHAT ABOUT BITCOIN'S CRASH IT'S OVER OR NOT?Hello traders,i wish you MERRY CHRISTAMS to all with health,love and luck! Let's get the cryptos again after a while.Last time i traded cruptocurrencies my targets were reached of course but i can say i was a little bit pessimistic as you can see at the articles below. Now of course the market cap got enormously bigger and the prices have risen more than 1000% but is there any space to run even more? Let's focus on Bitcoin because is the first cryptocurrency in market cap and of course the most expensive in price.In other words is the leader of the cryptocurrencies market and it has great influence on the other cryptos,fact which if you look the charts of other cryptos you can easily understand. Now recently Bitcoin had it's biggest fall since it's creation from almost 20k to 11k fact that shocked the crytpocurrency market,but let's examine is that move to the downside over or not? FUNDAMENTALS OBSERVATIONS 1.A high ranking European Union official has dismissed suggestions of the EU looking at regulating bitcoin markets and exchanges. In an interview with Bloomberg, Pierre Moscovici – European Union Commissioner for economic, financial affairs, taxation and customs, played down talk of supposed EU-wide bitcoin regulations while revealing the EU’s view of the cryptocurrency. “At this stage, we do not consider as an alternative currency,” Moscovici said, comparing the world’s first decentralized cryptocurrency to EU’s fiat currency, the Euro. So fundamentally we have a bearish climate. TECHNICALS OBSERVATIONS 1.First of all we have to observe that evrytime Bitcoin makes a big correction we have a two-wave correction before the upward continuation. 2.We can see at the chart the long term ascending blue channel and the red short term descending channel. 3.At these levels around 13.750 we have a very good support from the 200EMA which is well respected. 4.We have double bottom with RSI and Stochastics bullish divergence as i show with the green line. 5.If we take the Fibonacci levels from the last swing to the last high we can see how Fib levels coinciding with the price structure levels. 6.We have also a bullish advanced pattern with completion around 11.250 level which comes exaclty at 1.272 Fib extensions. 7.Downtrend still in play as we have no higher high formed and the red descending trendline is still intact. CONCLUSION:FOR ALL THE REASONS MENTIONED I EXPECT A LITTLE FURTHER TO THE DOWNSIDE BEFORE WE ENTER LONG.BUT IN CASE DOUBLE BOTTOM HOLDS WE CAN ENTER BEFORE THE BREAK OF THE TRENDLINE WITH A TIGHTER STOP LOSS! THANK YOU FOR THE SUPPORT!!KEEP FOLLOWING FOR MORE PROFITS!!
BITSTAMP:BTCUSDLong
by The_Greek_Trader
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