Bullish Pennant
Bullish Pennant forming in NEOA bullish pennant appears to be very near completion. A break from this wedge will be coming soon regardless of direction. This is generally a bullish symbol though, and NEO appears to have a lot of momentum still behind it. Also, NEO has retraced completely to the 61.8% Fibonacci line from it's most recent rally. The 50-61.8% lines tend to be the full retracement necessary for continuations on bullish rallies, especially in cryptocurrency. The first profit target is near the recent swing high. We will almost certainly see a retracement from there if it goes that direction. With the right conditions from there I'll be looking to the Fibonacci extensions labeled above it along with previous pivot points in this range. A break below the bright blue line at the low of the pennant will invalidate this trade setup. It is entirely possible to see a "fakeout" back towards that low before moving higher if this doesn't break straight up. If you're not already in it, please keep this in mind and don't ride it below the pennant low.
Ripple and the next 3 daysBITSTAMP:XRPUSD
Hi all,
This is an updated analysis from my piece nearly about a month ago (). In the article I have mentioned that having patience will pay off (everything moved 2 times slower than I had anticipated). Our patience may now be paying off as, from a technical analysis perspective, price has just broken from the bullish pennant accompanied by over twice the moving average in volume. Furthermore, the break-out has occurred over 80% of the width of the pennant (start to apex = 109/136). I find that break-outs above this length are very powerful.
On to a more fundamental analysis, there has been very strong rumours of the potential interesting partnerships Ripple may have with chinese companies (Alibaba was the subject of one of the rumours found here: www.xrpchat.com however it was debunked that they were running a validator node). The idea still stands that Ripple is very interested in expanding into China (which is confirmed: www.coindesk.com). Add this to the fact, that the break-out coincides with Ripple's teaser post on twitter that the next 3 days will be heavy loaded with announcements (twitter.com), supports the break-out. There is a very high possibility that specific expansion plans into China may be announced.
On the subject of China, the amount of cross-border payments in the country has seen remarkable increase, in 2015, the " B2B ecommerce sector ... attracted over 5 billion yuan in 2015; a year-on-year increase of about 699%." (www.thepaypers.com). If Ripple can obtain some market share into such a rapidly growing market, it would no doubt be beneficial to Ripple as a company and their token XRP which further reduces costs in payments.
Things to look out for over the next 3 days (Ordered to what I think is most to least important):
. Expansion plans into China
. Any expansions into other regions of the world (Miguel Vias has stated that we: "will see some very interesting developments with respect to our partnership in payments, with respect to XRP in particular" this quarter).
. Escrow - Lockup date
. SBI live tests date
. More bank partnerships
. Extension of Ripple's use into not just between banks but between businesses
. Ripple beginning to take some market share (through partnerships with banks) in the forex market. The forex market turned over "$5.1 trillion per day in April 2016 (www.bis.org). If Ripple can take some of this market share, it would be an undeniable win for the company. This may be a bit further on or a stretch, but Ripple has been working amazingly fast given they are negotiating with institutions.
Overall, the break-out we have seen is fuelled by technical, fundamental and news related aspects. This reassures me that it may not be a bad idea to buy into XRP at this moment. I reiterate my conservative $0.52 target and look forward to what Ripple has to offer over the next 3 days of "mind-blowing #content and #speakers"!
Thanks for reading, feel free to leave any comments if you would like to add something or see something you disagree with. Feedback is always welcome!
LTC stepping over long term resistance?Continuation of Bull Pennant uptrend that began the start of August.
This Pennant is different than the previous two in that it consolidates at long term resistance marked with yellow horizontal line, hence the tighter pattern.
Confirmation of RSI over 70 and bullish divergence in MACD along with similar Bollinger Band consolidation and breakout could indicate further upward momentum and a bull candle resembling previous flag poles.
Very promising pattern, especially considering LTR was breached in formation of flag pole. Historically, further resistance has been at 52 and 55, so seeing how this reacts at those values will be interesting. I am bullish long term on Litecoin.
Interested in other's thoughts.
Happy & Profitable Trading!
USD/CHF(SP) (LONG)There is possibility to go LONG from the price of 0.9685 to the level of 0.9785
TP should be considered -0.272% because of Bullish Flag & Pennants ....
Note: Everything works with Best money management.
Note: Please leave comments for any query.
Disclaimer: Trade at your own risk.
Good Luck...!!
Regards,
Bullish Pennant on USD/JPY @ H4This bullish pennant on the 4-hour chart of USD/JP offers an upward breakout trading signal. The pennant's body and its pole are marked with the yellow lines. My potential entry point is marked by the cyan line. My potential take-profit level is at the green line. I will set the stop-loss order to the low of the breakout bar (not shown).
BULLISH PENNANT FORMING ON GBPUSD - LONGBullish pennant forming on GBPUSD. Strong resistance at 1.277, look for entries at around 1.278 and then set a trailing stop to break even. Initial SL @ 1.27400. If it breaks the resistance and holds, it should function as a strong support. TP could easily reach 1.28138 and above. Candle needs to close above the upper trendline for this setup to be valid.
Happy Trading.
UJ repeating history?My thoughts on this recent UJ push:
If we back trace on the weekly chart back in May-Oct of 2013 we can see a similar pattern potentially forming right now. (Bullish Pennant) Fib extensions are drawn from red ellipses for reference. I drew a regular fib so you can where the bullish pennant retraced to. I used this idea to mock up a fib on the current direction of the market. Then placed an extension showing where it could go. The 61.8 on the FE lines up closely with the previous high back in June of 2015. Should be interesting to see where this will go.
I currently have two long positions, one at 113.020 and 133.172, up almost 40 pips on the first and almost 25 on the second. I'm thinking of holding this until the 114.249 area are the 61.8 to see what happens.
Bullish Pennant on USD/JPY @ D1The bullish pennant on the daily chart of USD/JPY offers an upside breakout opportunity. The pennant's borders and its pole are marked with the yellow lines. My potential entry point is at the cyan line. My potential take-profit level is at the green line. I will set the stop-loss order to the low of the breakout bar (not shown).
Bullish Pennant on GBP/NZD @ D1The bullish pennant on the daily chart of GBP/NZD offers an upside breakout opportunity. The pennant's borders and its pole are marked with the yellow lines. My potential entry point is at the cyan line. My potential take-profit level is at the green line. I will set the stop-loss order to the low of the breakout bar (not shown).
Bullish Pennant on XAG/USD @ W1The bullish pennant on the weekly chart of XAG/USD offers an upside breakout opportunity. The pennant's borders and its pole are marked with the yellow lines. My potential entry point is at the cyan line. My potential take-profit level is at the green line. I will set the stop-loss order to the low of the breakout bar (not shown).
More information, chart template, and a free expert advisor to automatically trade this pattern - on www.earnforex.com
EUR/USD Bullish Pennant 60 min and Bearish Bat on the DailyThere is a bullish pennant formation on the 60 min. I'm looking to get long at 1.1159 with my stop at 1.1145 and my target at 1.1280. There is also a Bearish Bat pattern on the Daily. It completes at 1.1369. I will have my stop at 1.1445. I have two targets one at 1.1200 and the second at 1.0990 with trail stops. Good luck trading out there.
Bullish Pennant on XAG/USD @ D1The bullish pennant on the daily chart of XAG/USD offers an upside breakout opportunity. The pennant's borders and its pole are marked with the yellow lines. My potential entry point is at the cyan line. My potential take-profit level is at the green line. I will set the stop-loss order to the low of the breakout bar (not shown).
More information, chart template, and a free expert advisor to automatically trade this pattern - on www.earnforex.com