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Ascending Channel on XAU/USD @ D1This ascending channel has formed on the daily chart of the XAU/USD pair (Gold CFD) following a multi-month downtrend and now offers a bearish breakout opportunity. The pattern's borders are marked with the yellow lines. The potential entry level is at the cyan line. The potential take-profit level is at the green line. The position of both lines is calculated based on the channel's width. The stop-loss is to be set to the high of the breakout candle (or to the high of the preceding candle if the breakout one is trading mostly outside the channel) - it isn't shown on this chart.
FOREXCOM:XAUUSDShort
by AndriyMoraru
Bullish Pennant on USD/JPY @ H4This chart shows a bullish pennant on the daily chart of the USD/JPY currency pair. It can be used as a trend continuation pattern in case of the price closing above the upper border of the pennant part. The pennant and its pole are shown with the yellow lines. My potential stop-loss level is marked with the red line (141.208), it is placed at the low of the pennant area. My potential take-profit level is marked with the green line (143.411), it is placed at the pole's length above the SL. I will wait for the price to close significantly above the upper border of the pennant area to execute a buy trade here.
Long
by AndriyMoraru
GBPJPY (4Hr) Double Bottom Breakout and RetestGBPJPY formed a Double Bottom pattern on the 4Hr and 1Hr time frames with the left bottom at 179.47, right bottom at 179.73 and the neck region at 182.28. The height of the pattern is approximately 280pips. The neck region was broken to the upside on 21 July with price reaching 182.51. A pullback to the July 10 trend line at 181.20 was seen shortly. This trend line provided a good support and turned the price northward from 181.10. We need to see price reclaim 182.52 to open the door for long opportunity to 184.10 (first); then 185.10 levels.
Long
by MTAcademy
Pidilite - Cup & Handle Formation PIDILITE IND LTD (JULY23 - CMP RS 2662.80) Cup Pattern #Phase1 - saw a sharp down move from Dec22 to Jan23 #Phase2 - Formed a slow base between Jan23 to Apr23 #Phase3 - From May23 - Jun23 it steadily moved up When you add up the 3 phases - the Cup Pattern is visible in the Price Action. Handle Pattern #Phase4 - Between Jun23 and Jul23 the Price of Pidilite underwent the next small phase of correction Phase#5 the Stock price saw a gradual upmove. When you look at the full move of #Phase4 and #Phase5 - it resembles the Handle of the Cup The Cup & Handle is a bullish continuation pattern which means that it is usually indicative of a future increase in price once the pattern is complete. Willing Buyers take exposure after the formation of the Handle is complete and push the Price upwards. If the Pattern is successful, the Price can be expected to rally towards the life time highs of Rs 2918.95 implying a potential 9.6% up-move from the CMP of Rs 2662.80 as on July 21, 2023. The Price appreciation could play out over the next 3-4 months.
NSE:PIDILITINDLong
by kinisooraj
Sun Pharma has broken out of a Descending Rectangle pattern RECTANGLE PATTERN - Sun Pharma has just broken out a descending rectangle pattern on the daily chart which had been forming since the beginning of the year SUPPORT-RESISTANCE LINE - After breaking out it has also tested the previous strong resistance trend line twice making it a strong support line now SIMPLE MOVING AVERAGE - It has also shown reversal confirmation from 50D, 100D & 200D SMA on daily chart which further strengthens the conviction of upside move VOLUME - It has also shown higher than average volume surge on the previous day EXIT LEVELS - TP - 1095.15 SL - 964.85 ALL THESE ABOVE POINTS INDICATE THAT SUN PHARMA IS POISED FOR NICE UPWARD MOVE
NSE:SUNPHARMALong
by peace_lover
Canadian Dollar To All Time Lows???CAD/CHF is currently sitting at a key level and a big test. Today is also the day of the Canadian Interest Rate decision. Forecast is for Canada to increase their rate from 4.75% to 5% which would be an increase of 0.25 points. However, this same prediction was made for the RBNZ last night and they decided to keep their rate the same. If the BoC do keep the rates the same, or increase the rate I don't see how either could be positive for the CAD, simply putting it the country is not in the best of positions. We also had the worst CPI report in almost 2 years not too long ago and an increase in Unemployment rates last month, despite adding jobs. I don't see how any Canadian led pair could be considered bullish, given the state of the country and my bias is for a short here.
Short
by SJFXT
V-BOTTOMTrading V-Patterns The recognition of patterns and its body of knowledge of how to react and what to expect helps a trader's success. Traders are always analysing 'Trends' and 'Reversals.' Their eternal question for traders is 'Can the trend continues?'. Knowing trends and trend reversals are critical for any trader’s success. Chart patterns classification of 'Continuous' or 'Reversal' patterns helps traders to identify specific patterns and expect their outcome from current price action. Traders move prices between key support and resistance areas (a tug of war) as their perception shifts between optimism and pessimism. This movement of price adhering to key support and resistance areas create chart patterns. Reversal patterns exhibit a total shift of trends from bullish to bearish or bearish to bullish in a single pattern structure. Examples of the reversal patterns are 'Head and Shoulders, Double Tops and Bottoms. A knowledge of reversal patterns helps traders to estimate the 'end of trends' to execute trades in a timely fashion for maximum gains. This knowledge also helps traders to time the trades in the opposite direction and to place smaller stop levels. Here I discuss one of the key reversal patterns ('V Chart Pattern') and present examples of how to trade them. Please note, all V patterns are classified as a bullish 'V-Bottom' and complimentary bearish patterns ('V-Top'). V Patterns As the name implies, the 'V' chart patterns have the letter 'V' shape and prices shift their momentum from an aggressive sell-off (Bearish) to aggressive rally (Bullish) in its structure. The 'V' pattern consists of rapid price action and may not be suited for all casual investors. The 'V' patterns are formed when its trend is sharply switched from bearish to bullish (in case of V-Bottom) or bullish (or sideways) to bearish (in case of V-Top patterns). Trading V-Patterns. EURUSD Chart it’s a mirror example of how a V-bottom structure looks like. How to Trade: Long Above the breakout Neck Line 1.07868 Stops: Below the low previous to the breakout 1.04819 Targets: 38% Depth 1.12545 62% Depth 1.15479 79% Depth 1.17569 100% Depth 1.20230
Long
by TradeChartPatternsLikeThePros
4
BluetonaFX - USDJPY Potential Head & Shoulders OpportunityHi Traders! There is a potential head-and-shoulders pattern forming on the USDJPY 1D chart. As we predicted in our previous analysis of the NFP announcement, USDJPY is now in a potential reversal of the bullish trend we have seen in the past couple of months. The potential right shoulder and neckline have been drawn on the chart, along with the already-formed left shoulder and head. We expect a slowdown to the bearish momentum, followed by a consolidation period to complete the right shoulder, and then continuation to break and close below the neckline. A break and close below the neckline will target the support level at 137.915. This is the area where the market broke out to the upside to start the bullish wave, so we could potentially return to this point. To note, tomorrow we have very important inflation data coming from the US; therefore, if the data is negative, this will put further pressure on the US dollar, and we could see an immediate bearish push to target 137.915. Please do not forget to like, comment, and follow. Thank you for your support. BluetonaFX
by BluetonaFX
2
📊 The Adam & Eve Chart pattern📍 What is the Adam and Eve Chart Pattern? In essence, Adam and Eve is a variation of double top and double bottom patterns and is only slightly different from the traditional double bottoms/tops. The pattern is marked by the first bottom or top, the Adam, then the price moves up or down and creates another U-shaped where we can see Eve. 📍 Adam and Eve Double Bottom Adam and Eve double bottoms are formed in a downtrend and create two bottoms before the price moves upward – the first bottom is a shape of a V (Adam) a peak at the support line while the second bottom is in a shape of a U (Eve). Simply put, the Adam and Eve chart patterns indicate a strong price level that is unlikely to be broken, and hence, a shift in market sentiment. Trading with the Adam and Eve pattern is super simple. All you have to do is to identify the pattern correctly and know the proper levels of when and where to enter and exit a trade. 📍 Key Takeaways The Adam and Eve pattern is a variation of the double top and bottom chart pattern that signals the start of a new trend. The bullish version of the pattern features a V-shaped first bottom called Adam, followed by a U-shaped consolidation phase forming Eve. The same applies to the bearish version. The breakout trading strategy is recommended for trading with the pattern. Enter a trade when the price breaks above the resistance line or below the support line, with a stop loss at the neckline level. Volume plays a crucial role in the Adam and Eve pattern as it confirms buying or selling pressure, providing a strong signal for a trend reversal. 👤 @QuantVue 📅 Daily Ideas about market update, psychology & indicators ❤️ If you appreciate our work, please like, comment and follow ❤️
Education
by QuantVue
2
USDCHF LONG (DOUBLE BOTTOM)FIRST LONG ENTRY FX:USDCHF Evening fellow traders as witnessed that price failed to break below the weekly inducement of the existing weekly order block we had anticipated that price might revisit before fulfilling a bullish sentiment on the market after a few weeks. Now the price FX:USDCHF on the lower timeframes as stated in prior ideas will give entry confirmations to go long ,price created a double bottom and then went on to retest the neckline zone signaling an upwards rally and to also cement the upwards rally prediction as it can be seen that price traded below the London session opening price and created a few legs beneath it this was done to show a strong upcoming bullish trend now the New York session is likely to give the upwards move 1.ENTRY LEVELS can be taken around 0,88230 to 0,88300 with sl at 0,88150 and the take profit can be 0,88900
Long
by jack_cheques
6
GBPCAD 240 MINS TIME FRAMEThe Structure looks good to us, waiting for this instrument to correct and then give us these opportunities as shown on this instrument (Price Chart). Note: Its my view only and its for educational purpose only. Only who has got knowledge about this strategy, will understand what to be done on this setup. its purely based on my technical analysis only (strategies). we don't focus on the short term moves, we look for only for Bullish or Bearish Impulsive moves on the setups after a good price action is formed as per the strategy. we never get into corrective moves. because it will test our patience and also it will be a bullish or a bearish trap. and try trade the big moves. we do not get into bullish or bearish traps. We anticipate and get into only big bullish or bearish moves (Impulsive Moves). Just ride the Bullish or Bearish Impulsive Move. Learn & Know the Complete Market Cycle. Buy Low and Sell High Concept. Buy at Cheaper Price and Sell at Expensive Price. Keep it simple, keep it Unique. please keep your comments useful & respectful. Thanks for your support.... Tradelikemee Academy
Long
by Tradelikemee
📈 4 BULLISH PATTERNS YOU NEED TO KNOW📌How to easily identify these patterns? 🟢Cup and Handle Pattern The cup and handle pattern is a bullish continuation pattern that typically occurs after a significant uptrend. It is characterized by a U-shaped "cup" followed by a smaller consolidation known as the "handle." The cup portion represents a temporary pause or correction in the price, forming a rounded bottom. This signifies that selling pressure has diminished, and buyers are stepping in. After the cup formation, the handle is formed as a slight downward drift in price, usually in the form of a small consolidation or a shallow retracement. The handle represents a final consolidation before the resumption of the bullish move. The handle should be relatively smaller in size and have a downward-sloping price action. 🟢Double Bottom The double bottom pattern is a bullish reversal pattern that signifies a potential trend reversal from bearish to bullish. It consists of two consecutive lows that are approximately at the same level, forming a support level. The first low represents a selling climax or a period of intense selling pressure. After the first low, the price rebounds and retraces to form a temporary high, creating a potential resistance level. However, buyers step in again, pushing the price back up, resulting in a second low that matches or is very close to the level of the first low. This double bottom formation indicates a significant level of support where buying interest outweighs selling pressure. 🟢 Bullish Flag The bullish flag pattern is a continuation pattern that occurs after a strong upward move in price. It is characterized by a brief period of consolidation, where the price forms a narrow and rectangular range, resembling a flagpole and a flag. The flag portion of the pattern is typically slanted in the opposite direction of the initial price move. The flagpole represents the initial strong upward move, indicating a surge in buying interest. Following the flagpole, the price enters a consolidation phase, represented by the flag. This consolidation allows the price to stabilize and absorb selling pressure. The flag pattern should have parallel trendlines that contain the price action. 🟢Inverse Head and Shoulders The inverse head and shoulders pattern is a bullish reversal pattern that indicates a potential shift from a bearish to a bullish trend. It consists of three consecutive lows, with the middle low (the head) being lower than the two outer lows (the shoulders). The pattern resembles a head between two shoulders. The left shoulder forms as the price declines, followed by a subsequent rally to create a temporary high. The price then retraces, forming the head, which is lower than both the left and right shoulders. After the head, the price rallies again to form the right shoulder, which is usually slightly higher than the left shoulder. 👤 @QuantVue 📅 Daily Ideas about market update, psychology & indicators ❤️ If you appreciate our work, please like, comment and follow ❤️
Education
by QuantVue
4