The Big ShortThe Big Short came in on the Weekly Chart with a Triple Top RSI Divergence. Currently, there isn't any opportunity for me to engage in the shorting opportunity.
While waiting for a tested strategy like the Bearish 5-0pattern to appear, I will look out for other trading opportunity like buying on the demand zone or a Bullish Shark Pattern in taking the conservative targets.
Countertrend
DOLLAR CRASH!? NOPE! NOT NOW!!If you are on the Media, you would have heard that the DOLLAR is CRASHING, countries are ANTI-US DOLLAR, etc, etc...
I don't see any crashes happening on the chart. It is important for independent traders like ourselves, not to get swayed by the news headline; see it for yourself.
What I'm seeing right now, saddens me more than the crashes; the market is going into the consolidation phase.
How do I know that?
A series of Bat Patterns, that's it. The market reflects on what market participants felt.
If you are looking for shorting opportunity, you are in luck.
On Daily Chart(left), Bearish Bat Patterns completing at 136.96 and on the 1-hourly Chart, we have the Bearish Crab Pattern completing at 132.54 and Bearish Bat Pattern completing at 132.87.
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.
459pips or 89pips of profit, which will you choose? If you have to choose only one trading setup, it is understable you would be choose the 459pips setup. But as a thinking trader, we have to be aware of what kind of trading setup provides such trading opportunity. The 459pips is from a counter-trend trading opportunity on the daily chart(right). I'm looking to short at 1.2395 and exit at 1.1937, for that to happen a restest at 1.2395 is required.
On the flip side, Trend Traders could wait for a buying opportunity off the Bullish Bat Pattern on the 1-hourly chart(left), the entry price is at 1.2308, candlestick Pattern confirmation is required.
Which side would you choose? The Bear 🐻 or The Bull 🐮?
Biggest Profit Potential of the WeekThe Bearish Shark Pattern has been completed on the Daily Chart (right), but it will be crazy to trade off the Shark Pattern on the Daily Chart.
A better way is to engage it off the 1-hourly chart(left) using the Bearish Crab Pattern at HOP at retest with an RSI Divergence.
Hooooooo! It's a mouthful, but that's what I need to engage the trade. Even if it sounds like a perfect heist, there's a chance that we get multiple stop-out before hitting our first profit, but that's the trade I'm willing to take.
This GBPAUD trade almost synchronises with my GBPJPY trade, links at the bottom of this TradingView post. The only thing is that the trade is traded in an opposite direction, which creates a perfect hedge on the UK Pound.
As much as my brain loves to think 1 of them will hit stop-loss, not only does it create a perfect hedge, but I do see trades like these worked out.
That is why I'll trade once the market confirms my entry, regardless of what other traders might think.
Safe Haven CurrencyIf you are in trading for a good 10 years, you would understand the effect of the Safe Haven Currency. I'm waiting for the market to retest at 130.05 for the RSI Divergence on this counter-trend trading setup.
Many traders would see the USDJPY as going on a Bearish movement, but it is merely a retracement.
Furthermore, the Bull run on the USDJPY has not ended, so I'm looking for the opportunity to keep buying the USDJPY trade.
GBPUSD resisted at 1.22GBPUSD met resistance at the psychological price action level at 1.2200. Traders looking for a counter-trend trading opportunity could consider and observe how the market reacts at the resistance level at 1.2192 for a shorting opportunity like a Double Top with RSI Divergence.
Failure to hold at that level, traders can wait for the Bearish Shark Pattern completion at 1.2237 for a shorting opportunity.
This candle closed will determined everythingThis candle closing price would determine whether I will aggressively engage in this trade.
I need to see a long shadow candlestick pattern formation by our school definition.
Do not that if I decided to engage the trade in the next 3minutes, it means that this trade would be an overnight risk trade.
A retest could save your some moneyIf you have managed to short the USDJPY trade on the Bearish Bat Pattern, congratulation is on the way. If you have not engaged the trade, perhaps you can wait for the market to retest 136.95 on the 1-hourly chart to engage the Bearish Shark Pattern could be the next best thing that could happen to you.
All you need to do is to wait and see if the opportunity presents itself.
I've my Bias to short GBPUSDI've my Bias to short GBPUSD, and that's because I've spotted an RSI Divergence off the Daily chart. To fulfil that trade plan, I've my Bearish Shark Patterns on the 1-hourly chart(left) and patiently wait for a shorting opportunity once the market touch 1.2234.
For trend trading traders, you could wait for a buying opportunity on the 4-hourly chart(right) at 1.1879.
USDCAD - Bearish Shark Pattern retestA Bearish Shark Pattern checkback could allow counter-trend traders to swoop in for a trade.
One thing that you need to take note off, 2 news events are coming up soon.
8Feb
1.30am - CAD - BOC Gov Macklem Speaks
1.40am - USD - US Fed Chair Powell Speaks
An Idea move is to shift stops to entry between 1am-1.15am(SGT)
Very interesting setup on USDCADThis is a very unique situation, where both Weekly and Daily Chart's Point X points to the same potential Bullish Deep Gartley Pattern at X and the 4-Hourly and 1-hourly chart had the same Point X for the Bearish Shark Pattern setup. I'm waiting to engage the Shark Pattern 🦈 and the potential completion point is at 1.3447. Candlestick Pattern confirmation is required.
When it happens, I will be using trading management to "upsize" the trade.
GBPUSD-Weekly Market Analysis-Feb23,Wk2GBPUSD is on a Bullish Trend, however, I'm waiting for a counter-trend trading opportunity and waiting for a shorting opportunity at 1.2264. One of the reason is because it lands within the sell zone and the precise level is due to a more advanced charting technique that I want to keep it simple.