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Bearish Shark

EURGBP → Formation of a pre-breakout consolidationFX:EURGBP a week earlier forms a break of the resistance of the descending price channel. A consolidation of 0.86000-0.85400 is forming. We see consolidation at the resistance. What to expect from the price? Most likely, the price will continue to test resistance 0.86067. Pre-break consolidation is forming, which can be interpreted as another attempt of price exit from the range, followed by the strengthening of the currency pair. Moving averages are beginning to narrow and if the conditions are favorable, they may soon form a signal that confirms the intention of the market to change the trend. A breakout at 0.8606767 will send the price to 0.86722, but if the breakout does not happen, correction to the trend support will be formed. Resistance levels: 0.86067, 0.86345, 0.86722 Support levels: 0.85725, trend support The market is showing good dynamics and consolidation confirms the intention of the buyers. I am waiting for breakthrough of resistance with the subsequent growth. Regards R. Linda!
Long
by RLinda
18
Trend Doesn't Matter!!I'm not saying that trend isn't important, but on this particular trade, it is NOT. And that is because the NZDJPY is on a sideway market, and it didn't show a particular prominent sign. My top focus is to wait for a shorting opportunity on the Bearish Crab Pattern that shows up on the daily chart. It is common for crab patterns to have their retest before the actual move. Why this Crab Pattern? It coincides with the Bearish Shark Pattern on the Weekly Chart. If you want a buying opportunity, a magic candle confirmation 87.21 on the 1-hourly chart will allow you to engage the trade. Gartley Pattern is the first pattern that was discovered. What makes this Bullish Gartley Pattern interesting is that the completion falls on the Key Support Level on the Daily Chart, marked as the Blue Horizontal Line, indicating a Key Support Level. This is both amazing and disturbing to see for both traders. What's your take on the NZDJPY?
Short
by RaynLim
1
The Oldest Pair I've TradedDo you still remember those unforgettable moments when I first embarked on my trading journey with GBPJPY? It holds a special place in my heart as the very first pair I traded, and I stuck with it through the ups and downs until the spread for GBPJPY skyrocketed to 14 pips for an extended period. Oh, the memories! Presently, GBPJPY finds itself in a captivating sideways movement, offering ample opportunities for those employing the support and resistance trading strategy. It's a perfect scenario for executing the age-old principle of buying low and selling high, or even exploring the realm of harmonic patterns. Personally, I'm eagerly awaiting the completion of a bearish shark pattern at 173.23, signaling a potential shorting opportunity that aligns with my analysis. Alternatively, you can choose to navigate the daily chart's defined zone, indicated by the red resistance line at 172.05 and the blue support line at 167.48. Within this trading range lies an enticing profit potential of 457 pips just waiting to be tapped into. Join me as we delve into the timeless allure of GBPJPY and unleash the vast possibilities it holds for traders like us.
Short
by RaynLim
It's NO SECRET, I'm shorting AdidasIt's no secret that I've been looking to short Adidas for weeks before the Bearish Bat Pattern show up. As a trader, I love to wait for the precise price with candlesticks confirmation before engaging my trade; hence I miss the first opportunity. And that's ok! In trading, I have this philosophy that is better to miss a trade than to engage in a trade at a price of disadvantage. So here I am, trading for the past 18 years. At this moment, I'm waiting for the Bearish Shark Pattern to form up on the 8 range bar chart to give me a second chance entry to get on this ride.
XETR:ADSShort
by RaynLim
My Bullish Bias RemainsUSDJPY Shorting Opportunity Looming, But My Bullish Bias Remains Strong In the midst of a Type 2 Bearish Bat Pattern on the daily chart and a Bearish Shark Pattern on the 1-hourly chart, traders may be eyeing a shorting opportunity for the USDJPY. However, my bullish bias on this currency pair remains steadfast. Rather than jumping on the bearish bandwagon, I am patiently waiting for a prime buying opportunity on the USDJPY. I'm closely monitoring a Bullish 5-0 pattern that could potentially complete at 134.71, presenting an ideal entry point for a long position. Stay tuned for further updates on this developing trade opportunity.
Long
by RaynLim
Second Chance to ShortTraders who missed out on the previous shorting opportunity may have a second chance at hand with the potential setup of Type2 Bearish Shark and Type2 Bearish Deep Gartley pattern in the market. However, it is important to note that one of the downsides of Type2 setup is its unpredictability, and it may not always work. To mitigate the risk, it is crucial to exercise patience and wait for a candlestick pattern confirmation before engaging in the trade. Rushing into the market aggressively without proper confirmation could lead to unwanted consequences.
Short
by RaynLim
EURO-DOLLAR, Counter-Trend Opp.EURO-DOLLAR has a Counter-Trend Trading Opportunity(left). Traders looking for a counter-trend trading opportunity could wait for the market to retest to 1.0975 for a shorting opportunity. This is possible not because of the Bearish Shark Pattern Trading Opportunity, but a retest of resistance on the Weekly Chart. If this is not for you, then perhaps the Bullish Bat(red)(right) or the Bullish Shark(right) gives you, a trend trader, an opportunity to engage. So, what is what? If you have that question, focus on 1 and not engage on both.
Short
by RaynLim