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Expandingtriangle

USDJPY Long: Potential Expanding Triangle, Bat, Missed PivotsHey traders! USDJPY is approaching a potential reversal zone that could spark a large bullish move. A bullish bat is nearing completion near the descending trendline. Missed weekly and unhit weekly pivots sit above price. The .382 fib is also confluent with the missed pivot from last week which may signify a nice supply zone. Movement past the 1.272 mark could mean further bearish movement so that's where I put the SL. Targets at the nearest weekly pivot and the missed pivot from last week. Entry near point X of the bat should price reach those levels. This entry is also confluent with the short-term descending channel shown in gray.
Long
by glennmercer
1
AUDNZD Long: Expanding Wedge Complete at Critical LevelGreetings traders! AUDNZD has reached an important level. The 4H shows a nice expanding triangle that may add support near a potential point E. On the daily chart, there is strong support from a parallel channel. In addition to this, we have two precisely confluent fib levels (1.272AB=CD and 1.5AB extension). Since I'm seeing some pin rejection at the base of the channel, a tight stop may be placed below the pins. If price makes new lows, it is time to re-evaluate. If not, it may be possible to catch a larger move toward the missed monthly pivot for June which would mean major pippage and a trade with great R/R. Bullish Confluence: Expanding wedge support 1D Parallel channel support RSI Oversold 3 missed pivots above price, including an unhit pivot for June Happy trading!
Long
by glennmercer
1
NZDCAD Short: Wolfe Wave + Expanding Triangle at 50% RetraceAfter the RBNZ announcement cancelled the last NZDCAD short, a new opportunity has presented itself. A bearish WW has formed with the touch of the 2-4 parallel confluent with the 50% retracement level. We also have a potential E point of an expanding triangle complete which may mark a larger reversal from these levels. On the daily chart, the pair is contained within a bearish expanding triangle and this could present an opportunity to ride it down toward point E on the larger TF. The unhit pivot for June 2016 presents a nice target at which to take profit. Bearish Confluence: Bearish Wolfe Wave complete Expanding triangle 50% retracement level Descending expanding triangle on daily TF Unhit June, 2016 pivot below price Bearish RSI Divergence RSI Overbought Again, be mindful of news events. It is a good idea to wait until the Poloz speech at 11:15EST for entry as this may present significant CAD volatility. Happy trading to all!
Short
by glennmercer
NZDCAD Short: Bat + Gartley + 2 Channels + Larger TF TriangleNZDCAD is forming a tight PRZ at which two potential harmonic patterns are tightly confluent. This area is also confluent with point 5 in an ascending channel and potential point 4 of a descending channel. Also, an AB=CD pattern, inherent to the completion of Gartley's, is confluent in this same area. On the higher TF, this move could mark the continuation down from the rebound at point E of the expanding triangle. Since there has already been a 50% retrace from point E, there is a potential to ride this move down to the completion of a bullish bat pattern which is where I've placed the target. Confluence in the PRZ: Bearish butterfly completion Bearish Gartley completion AB=CD Ascending channel resistance Descending channel resistance Larger TF expanding triangle Larger TF potential bullish bat Remember to assess your risk and be mindful of news events. The RBZ rate statement will be announced in under an hour!
Short
by glennmercer