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Falcon

Bullish on the Franc YenEarlier today I posted an idea about how I think price action breaking resistance could have acted as a false breakout. After reviewing the market again, I managed to find something I wasn't seeing before: There is a pretty clear descending channel on the Weekly chart. This breakout can certainly be a breakout on the weekly timeframe and will play out over the next couple of months. The patient can enter the market and expect to make around 700 Pips should the pattern complete its reversal. The 15 Min and 1HR charts already show sign of a pullback and are ready to blast off after touching the new support line. This trade will offer multiple scale-in opportunities so keep a watchful eye out for CHFJPY!
Long
by JuanAlexander95
Long Shot Aussie/USDLooking at the Weekly chart, we can see the formation of a descending wedge Looking into the Daily chart, we see yet again another descending wedge. Its a more defined wedge on the 4HR chart. As we can see from the 4HR chart, not only is there a descending wedge, but we actually see that price has just broken past the resistance line of the pattern. It is important to note that although all these patterns are present and we can gain evidence for a winning trade, we must remember the market can still push price lower to 0.67280 before the reversal takes place.
Long
by JuanAlexander95
Potentially Strong Reversal Coming SoonAUDJPY Daily chart shows a slightly ascending channel following by a drop to the 75.227 support line and breaking it. We could see a potential reversal at this point or it can reach 71.018 before reversing. Looking in at the 4HR chart, we see an evening star formation with an impulse to the upside before entering what now looks like a consolidation period. Scaling into the 1HR chart, we can see the formation of a descending wedge in place of the consolidation period of the 4HR chart. All these descending chart patterns in multiple timeframes indicate that a strong reversal is on its way. If you're watching this pair, I hope you can capture the move!
Long
by JuanAlexander95
EURJPY Long - Potential Pullback EntryInitially, when I saw this trade opportunity, my trend line position had made it look like price had just broken through and was on its way up. However, after adjusting my trend line, I saw that price just bounced off the resistance and was trickling its way back down the channel. Unfortunately, I entered the trade when price "broke" through the trend line and am now sitting in the red. However, looking at the 15Min and 1HR charts, we see the potential formation of a double bottom at 122.182. I then decided to apply the Fib retracement tool and it seems that price is hovering at the 38% Fib line which could indicate that price is ready to reverse and move to the upside and complete the descending channel pattern. It is also possible for price action to continue falling all the way down to 118.498 before shooting upwards. Thinking retrospectively, I should have waited longer before entering this trade to see how the market played out. Especially considering that price action is currently in nomansland on the Daily descending chart pattern.
Long
by JuanAlexander95
NZDUSD Long - Trading the PullbackWe currently see a descending channel on the Daily chart with a breakout to the upside. Price is currently pulling back which will allow an opportunity for traders to hop in on the trade. My TP is 300 Pips from current price with a tight SL of 25 Pips. Looking at the 1HR chart, we see the same descending channel pattern we see in the higher time frame. This only strengthens the probability of price shooting up both in the short term and the long term. Its important to remember that although these Chart Patterns increase the PROBABILITY of the trade going in our favor, it is also POSSIBLE that the price sinks and hits the bottom tip of the descending channel again at around 0.64792 or below.
Long
by JuanAlexander95
1
SHOPRITE GROUP LIMITED (SHP) SHORTPrice has been moving in a descending channel, in a series of impulses and correction, and we can expect prices to continue to move to the downside. There is potential for short term long entries due to an inverse head and shoulders pattern, which is a reversal pattern, but first price has to break the neckline and this will give us confirmation to enter especially if there is a retest. My bias is bearish as price seems to be forming the corrective part of a bear flag pattern, and conservative traders can enter on the break of the flag support to the downside, whilst risk-seekers can enter positions on the resistance level of the flag position. It would be even more safer to wait for a rejection of the descending trendline which makes up the channel support before placing any short positions.
JSE:SHPShort
by munyaelliott