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Candlestickpattern

Optimistic Market on remarks by Fed Chair, J Powell ♦️The Market is Flying with Optimism after ADP data was better than Forecasted, Services data missed forecasts but Fed Chair Jerome Powell has said that he does not think that inflation is reversing higher. The monthly candle has flipped bullish along with the Weekly candle as price has done a complete 180 from our initial selloff early in the week. Yes, we dropped to begin the month but it was the first day of the month and each monthly candle has a top and bottom wick. The tuesday daily candle closed back above the weekly level 1.0765. The wednesday daily candle dropped slightly and retested 1.0765 prior to blasting to outer space. That is one mighty candle and trading against itis not impossible but will require extra monitoring. We observed some very nice volatility today as we completely blew through the daily resistance zone 1.079 and are currrently testing daily resistance level 1.08372. The asian session 4hr candle closed above this daily level 1.08372 and we may keep flying . If not, and we come back down to earth, then I anticipate a retest of 1Hr support zone 1.0833 prior to more significant buying pressure. London may just shoot up to the next 4hr zone then pullback as we transition into New York Open is another scenario that could play out. We may observe some volatile ranging prior to NFP on Friday. It's important to look left to see what zones are most relevant for the new days trading. the prices I like for the upcoming sessions include 1.08429 1hr zone, 1.08524 4hr resistance zone, and 1.08330 1hr support zone.. safe trading
Long
by ShrewdCatfx
ADANI POWER - Swing TRADE IdeaThe stock is in uptrend in all Higher time frames. The stock has been in good consolidation for 12 weeks. Downside wicks in the last 3 weeks indicate good buying coming in. The last week candle seems to be an indecision candle post diminishing selling pressure and buying stepping in. The lower time frame price actions such as Daily and 75 mins confirm the upside price momentum. My SL and targets as mentioned in chart. I would plan a wide SL of 12% and target of 22% trailing. Target 1 - 591 ALL Time high.
NSE:ADANIPOWERLong
by Rugminik
Fomo Liquidity Pullback 🤐Anticipating a pullback with London session to clear Fomo liquidity. Depending on the amount, we may observe a pullback to 1.07435 4hr Resistance zone. If the market is extra stubborn then we may see a more sustained pullback to 1.075 area. Manufacturing data during NY session today surprised to the upside and beat the forecast creating a dramatic selloff on EurUsd. Not surprised for us here at ShrewdCatFx since we have been outlining the Market sentiment surrounding USD with hot labor market and increasing inflation readings last month of March. Good manufacturing data was just gasoline on the already hot USD. On another note, it's the beginning of the week still.. it's pretty early in the week and we've already observed some great volatility.. I believe we may observe some rversion to the mean for EurUsd and London will cause some pullback volatility to gather liquidity and plus it's only Monday. We still have ADP and NFP which will be a good excuse for more volatility.. so in the meantime we may mess around and range or pullback.. if not then I may be wrong and our next 4hr zone 1.07265 and 1.07105 are our next short targets for the upcoming sessions which has USD job openings news which is forecasted to decrease slightly across the previous data point which lines up with some at least short term EUR strength.. safe trading
Long
by ShrewdCatfx
2
USDJPY Analysis: Shorting Opportunity Ahead- Timeframe: Weekly chart shows RSI Divergence - Trade Bias: Shorting opportunities favored Analysis: - Weekly Chart: RSI Divergence signals potential reversal - 4-Hourly Chart: Waiting for retest of previous resistance at 151.74 for short entry - Combo Trade Strategy: Stretching targets for lower risk and higher returns Combo Trade Strategy Explained: - Definition: Trade management system to extend targets for enhanced risk-reward ratio - Benefits: Lower risk exposure, higher potential returns Trade Plan: - Shorting opportunities identified on USDJPY - Entry upon retest of 151.74 resistance level on 4-hourly chart - Utilize combo trade strategy for optimized risk management and profitability Additional Insights: - Trading strategy not limited to shorting USDJPY; open to opportunities aligning with trading strategy - Flexibility in trading approach across multiple currency pairs Final Thoughts: - Market dynamics are not constrained by directional movements of specific currency pairs - Focus on trading opportunities presented by price action and technical indicators - Adaptability and versatility are key to successful trading in dynamic market conditions 💡 Your Thoughts? What are your views on the potential shorting opportunity on USDJPY? Share your insights and trading strategies in the comments below! 👍 Like if you appreciate this analysis! Remember, always conduct your own analysis and manage risk responsibly. Trading involves risks.
Short
by RaynLim
GBPUSD Update: Potential Bearish Flag Trading Setup IdentifiedTrade Setup: - Entry: Sell at retest of trendline - Target: Extended towards Bullish Butterfly Pattern completion zone - Trade Management: Utilizing upsize trade strategy Analysis: While many analysts see consolidation, I've identified a potential Bearish Flag trading setup on GBPUSD. The series of lower highs on the 4-hourly chart indicates a possible continuation of the bearish trend. I'm waiting for a retest on the trendline to execute a short position on GBPUSD. Using my trade management system, I plan to implement an upsize trade strategy to extend the target towards the completion zone of the Bullish Butterfly Pattern. Trade Management: - Upsize Trades: Leveraging trade management system for increased position size. - Entry: Selling at the retest of the trendline. - Targets: Extending targets towards the completion zone of the Bullish Butterfly Pattern. Risk Management: - Prioritize risk management to safeguard capital. - Adjust position sizes according to risk tolerance and trading strategy. Your Thoughts? Do you also see potential for a Bearish Flag setup on GBPUSD? Share your insights and trading strategies in the comments below! 👍 Like if you found this update helpful! Remember to conduct your own analysis before making any trading decisions. Trading involves risk.
Short
by RaynLim
EUR/USD: A special Place in the Market Good day fellow traders, EUR/USD is in a very special place, we over the last 259 day have made a triangle on the weekly chart an currently sit on the APEX of a breakout favoring a strong dollar. One must wait for confirmation of a break out below the lower level of the triangle. The target for a move would be October 4th, 2023 low. There is potential for a reversal here, a tag of the upper level of the triangle would confirm this. For those who are unfamiliar with triangle and the trading rules that govern them. Let me make it simple or put it in term of ThePipAssassin! Triangle Trading Rules are as follows: 1.) Must be contained in a range, that is getting smaller on each leg. (Squeezing) 2.) Must have only 5 touches of Support and Resistance for trend continuation. 3.) 6 touch and/or legs and we are going to breakout in that direction forming a triangle reversal.....
by ThePipAssassin
5
CADJPY Update: Buying Opportunity IdentifiedTrade Setup: Pair: CADJPY Entry: Buy Limit at 111.16 Initial Stop-Loss: 110.84 Risk Exposure: 32 pips Analysis: Earlier, we discussed the potential buying opportunity on CADJPY, and now we have our candlestick confirmation. As a risk-conscious trader, I'm waiting for a retracement before entering the market. Trade Management: - Buy Limit: Set at 111.16 to enter the market at a favorable price. - Stop-Loss: Positioned at 110.84 to manage risk exposure. - Risk Comparison: By using a Buy Limit, I'm limiting my risk to 32 pips, compared to traders entering at the current market price, who face 48 pips of risk. Risk Management: - Always prioritize risk management to protect capital. - Adjust position sizes to align with risk tolerance and trading strategy. Your Thoughts? Are you also eyeing CADJPY for a buying opportunity? Share your insights and trading strategies in the comments below! 👍 Like if you found this update helpful! Stay tuned for more trade ideas and analysis. Trading involves risk, so be sure to conduct your own analysis before making any decisions.
Long
by RaynLim
The Great Wall of 1.0805 Daily Level 🐼Enough to Stop the Risk-Off Sentiment? Daily Level 1.0805 may act as a temporary support level and we may observe a bounce and retracement early in the week here. During the first session of the week, Asian has observed some nice volatility off this Daily support level created on March 1st of this Month. 18 pips bounce already and I anticpate that by the end of New York session we will observe some sort of dead cat bounce after the freefall drop from the prior week. Target for a retracemnet is 1.08279 4hr zone. Retracements are a healthy part of a trending market but we don't have to bounce necessarily. We may very well just cntinue to drop towards our next siginifcant level and clear a 40 pips range down to Weekly Support level 1.0768. Intro and monthly timeframe 0:0 Weekly timeframe 2:13 3:52 daily timframe 6:29 4hr timeframe 7:49 1hr timeframe
by ShrewdCatfx
Bitcoin Analysis: Potential Resistance AheadOverview: Bitcoin (BTC/USD) is approaching a key resistance level at $72,295, which could impact its near-term price action. Here's a breakdown of the current analysis and potential trading opportunities. Technical Analysis: - Resistance Level: Bitcoin is approaching a significant resistance level at $72,295. - 4-Hourly Chart: A close above this level could indicate further upside potential, with the next resistance at $73,785. - Buying Opportunities: Potential buying opportunities exist at $67,923 and $65,244, where price action may pause or reverse. Trade Strategy: - Resistance Breakout: If Bitcoin closes above $72,295, it could signal a bullish continuation, with targets towards $73,785 and beyond. - Buying Zones: Look for buying opportunities at $67,923 and $65,244, with confirmation from candlestick patterns indicating a potential reversal or pause in the downtrend. Risk Management: - Set stop-loss orders below key support levels to manage risk. - Adjust position sizes according to risk tolerance and trading strategy. Your Opinion Matters! What's your take on Bitcoin? Do you anticipate an upward or downward movement? Share your thoughts in the comments below! 👍 Like if you found this analysis helpful! Follow for more updates on Bitcoin and other cryptocurrencies! Remember to perform your own analysis before making any trading decisions.
BITSTAMP:BTCUSDShort
by RaynLim
BA Buy Zone Triggers Short-term ProsNYSE:BA is definitely below its current fundamentals for the 1st quarter of 2024. This was the biggest gain of all the Dow 30 components yesterday. It was an obvious reversal point at a prior Buy Zone at October's lows. Yesterday was driven by pro traders with a run up at open rather than an HFT gap up at open. We can also see the pro trader nudge pattern in the candlesticks before yesterday's move up. It may consolidate before running up, but this support level is now established for the next move up.
NYSE:BALong
by MarthaStokesCMT-TechniTrader
Red Previous Weekly Candle Vs Weak Usd Data🛡️⚔️Hello Traders.. Another new week of trading ahead. No news announcements to kick off the week so expecting some smooth price action. Monday's can move nicely as volatility is typically lower. It's during the end of the week when we observe more aggressive trends and thats when you can really let your winning trades run. Coming out of the Weekly candle closure from last week, we may observe a continuation of bearish momentum towards 4hr zone 1.0873 or the next daily support level 1.08516. We also should consider the weak data that came out for the USD on Friday.. Consumer sentiment and Manufacturing data both missed expectations and the Daily candle for Friday closed Bullish.. In this case we may observe an increase towards extreme level 1.090 flat. 0:0 Monthly Timeframe 1:14 Weekly timeframe 2:30 Daily timeframe 4:10 4Hr timeframe 6:48 1Hr timeframe
Short
by ShrewdCatfx
2
Buying Opportunity on NZDUSDThis week, I'm eyeing a potential buying opportunity on NZDUSD, and here's my trade plan: 1. Bullish 5-0 Pattern on Weekly Chart: The NZDUSD is currently in the zone of the Bullish 5-0 Pattern on the Weekly Chart, signaling a potential buying opportunity. 2. 4-hourly Chart Setup: The 4-hourly chart presents a candlestick confirmation at the Potential Reversal Zone (PRZ), indicating a possible entry point for long positions. 3. Confirmation with 3-Bar Reversal: Despite the candlestick confirmation at the PRZ, I remain cautious and will wait for further confirmation. I'm looking for a 3-bar reversal pattern, where the next candle closes above 0.6089 and retests the level at 0.6083 before considering a buying opportunity. By waiting for the 3-bar reversal pattern, I aim to ensure a stronger confirmation of the bullish momentum before entering the trade. What are your thoughts on NZDUSD? Feel free to share your trade plans and insights below! Wishing everyone profitable trading ahead!
Long
by RaynLim
Counter-Trend for Greater ProfitsThis week, I'm looking at NZDJPY with a bearish perspective, and here's my trade plan: 1. Bearish Shark Pattern Confirmation at 91.74: I'll be patiently waiting for the Bearish Shark Pattern to confirm at the level of 91.74. This level coincides with the formation of a Head & Shoulders pattern, adding confluence to the bearish setup. 2. Extended Trading Targets: If the Bearish Shark Pattern sets up as anticipated, I'll extend my trading targets beyond the traditional Target1 and Target2. By doing so, I aim to capitalize on the potential bearish momentum and maximize profits from the trade. 3. Stop Loss Management: Once the market reaches the traditional Target1 of the Shark Pattern, I'll shift my stops to the entry level to protect profits and minimize risk. By patiently waiting for the bearish setup to confirm and managing stops effectively, I aim to capitalize on the shorting opportunity presented by NZDJPY this week. What are your thoughts on NZDJPY? Feel free to share your trade plans and insights below! Wishing everyone successful trading ahead!
Short
by RaynLim
Long on USDJPYThis week, I'm maintaining my bullish sentiment on USDJPY, and here's my trade plan: 1. Support Retest at 148.53: I'm looking for a buying opportunity if the market retests the support level at 148.53. This level has shown previous support and could act as a launching pad for further upward movement. 2. Bullish Trendline Retest: Alternatively, I'll keep an eye on the bullish trendline. If the market retraces and retests this trendline, I'll consider it as another potential buying opportunity. By patiently waiting for these retest levels, I aim to enter long positions on USDJPY and ride the potential bullish momentum. What are your thoughts on USDJPY this week? Feel free to share your trade plans and insights below! Wishing everyone successful trading ahead! Best regards.
Long
by RaynLim
Long on GBPUSDThis week, I'm feeling bullish on GBPUSD, and here's why: 1. Weaker Bullish Trend on Daily Chart: Although the bullish trend on the daily chart is weaker, the recent violation of previous resistance suggests potential upward momentum. 2. RSI Divergence on 1-hourly Chart: The presence of RSI Divergence on the 1-hourly chart indicates a possible reversal or continuation of the bullish trend. Given these factors, I'm patiently waiting for a buying opportunity at 1.2730, where I'll enter a long position on GBPUSD. What are your thoughts on GBPUSD this week? Share your trade plans and insights below! Wishing everyone profitable trades ahead! Happy Trading!
Long
by RaynLim
Short on EURUSDThis week, I'm leaning towards a shorting opportunity on EURUSD for a couple of reasons: 1. **Bearish Shark Pattern on Daily Timeframe:** The presence of a Bearish Shark Pattern on the daily timeframe suggests a potential downward movement in the price. 2. **Breakthrough of Bullish Gartley Pattern:** The Bullish Gartley Pattern on the 4-hourly chart breaking through the Potential Reversal Zone (PRZ) indicates a weakening bullish sentiment. 3. **Waiting for Retest:** I'll be patient and wait for the market to retest the resistance level at 1.09121 before entering a short position. What are your thoughts on EURUSD? Share your trade plans and perspectives below! Let's make this week a profitable one! Happy Trading!
Short
by RaynLim
2
Long on EURJPY with CautionThis week, I'm taking a long position on EURJPY based on the 4-hourly chart. While some may see it as a Bullish Gartley pattern with a warning sign, others may interpret it differently, perhaps as a Bullish Gartley on PEZ or a key support level. My Trade Plan on EURJPY 1. Long position initiated based on the 4-hourly chart. 2. Watching closely for any violation of 161.23, which could prompt a reevaluation. 3. Awaiting the market to hit the first target. Share your thoughts and trade plans for EURJPY. How are you interpreting the pattern? Let's continue the discussion!
Long
by RaynLim
Anticipating a Buying Opportunity on Daily ChartEURUSD is catching my attention, and here's my perspective: 1. Bearish Shark Pattern on Daily Chart: - For traders seeking shorting opportunities, there's a Bearish Shark Pattern on the Daily chart. - The completion of this pattern might indicate a potential bearish move. 2. Buying Opportunity at 1.0879: - Personally, I'm eyeing a buying opportunity on EURUSD. - Despite a flawed Bullish Shark Pattern, I'm looking to enter long at 1.0879. Share your thoughts and trade plans for EURUSD in the comments below. Let's keep the discussion going!
Long
by RaynLim
Mid-Week Analysis of EurUsd / NFP Week 🛰️Hello Traders welcome back to another Video Analysis of EurUsd. NFP week typically never disappoints with volatility an big volume moves in the market. Today we observed a nice move to the upside that coincided with the Fed Reserve speech during NY session. 0:0 Monthly timeframe/News/Intro 1:40 Weekly timeframe 3:32 Daily timeframe 5:58 4Hr timeframe 6:41 1Hr timeframe Initially the 4hr candle closed with no top wick. Price consolidated for an hour prior to the Jerome Powell speech in which we observed solid volume and a 30 pip increase to the upside. We broke the previous Monthly candle's high which is quite bullish. Our next targets for Longs include the next 4hr zone 1.0926 and 1.095 Weekly resistance level. For Shorts we would like to see a break and close below 1.0895 1hr/4hr support zone. From there a retest would be a nice entry as price could retrace back towards our daily level 1.08834 which was our Daily resistance.. and now could act as a Daily support area for further Longs as the week progresses.
Long
by ShrewdCatfx
1
A Reversal Pattern!The candlestick pattern indicates a reversal pattern where the price having a positive momentum towards the MA line without significant in trading volume. Therefore, a precaution for a potenticial price reversal. The price channel indicator provide the upper and lower bound of the price range during a market trend. The indicator uses the highest highs and lowest lows to form the channel, with the upper and lower lines representing support and resistance areas MACD and RSI indicate a positive signal hence confirming the price momemtum towards next price resistance. Let's SALUTE in WL and watch out for price uptrend towards next price peak resistance with result in volume above the MA line. R 0.740 S 0.620
MYX:SALUTELong
by eskopitehmilo