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XAUUSD signal Technically, the XAU/USD pair's daily chart shows that additional gains are likely, given the strong upward momentum. Technical indicators head north almost vertically, while still far from overbought levels. At the same time, the bright metal extended its advance beyond a now bullish 20 Simple Moving Average (SMA), currently at $3,052. Finally, the 100 and 200 SMAs also aim north, but far below the shorter one. XAUUSD sell signal 3160 Support 3140 Support 3120 Support 3110 Resistance 3190
OANDA:XAUUSDShort
by Stiven088
NZDUSD Faces Resistance After Recent Sell-OffFollowing the significant sell-off last week, the NZDUSD price has retraced to approximately 60% of the previous bearish move. The price appears to have encountered resistance at a zone marked by an upward trendline and the boundary of the channel. Additionally, there is a psychological level at 0.57000. Should the price reject this resistance, it may continue to decline and retest the middle of the consolidation range. On the other hand, if upcoming news releases favour the market, there could be potential for a move higher. The target for the market is a resistance zone near 0.55940
Short
by RTED_Investing
2
Falling Wedge Trading Pattern: Unique Features and Trading RulesFalling Wedge Trading Pattern: Unique Features and Trading Rules Various chart patterns give an indication of possible market direction. A falling wedge is one such formation that indicates a possible bullish reversal. This FXOpen article will help you understand whether the falling wedge pattern is bullish or bearish, what its formation signifies about the market direction, and how it can be used to spot trading opportunities. What Is a Falling Wedge Pattern? Also known as the descending wedge, the falling wedge technical analysis chart pattern is a bullish formation that typically occurs in the downtrend and signals a trend reversal. It forms when an asset's price drops, but the range of price movements starts to get narrower. As the formation contracts towards the end, the buyers completely absorb the selling pressure and consolidate their energy before beginning to push the market higher. A falling wedge pattern means the end of a market correction and an upside reversal. How Can You Spot a Falling Wedge on a Price Chart? This pattern is usually spotted in a downtrend, which would indicate a possible bullish reversal. However, it may appear in an uptrend and signal a trend continuation after a market correction. Either way, the falling wedge provides bullish signals. The descending formation generally has the following features. - Price Action. The price trades lower, forming lower highs and lower lows. - Trendlines. Traders draw two trendlines. One connects the lower highs, and the other connects the lower lows. Finally, they intersect towards a convergence point. Each line should connect at least two points. However, the greater the number, the higher the chance of the market reversal. - Contraction. The contraction in the price range signals decreasing volatility in the market. As the formation matures, new lows contract as the selling pressure decreases. Thus, the lower trendline acts as support, and the price consolidating within the narrowing range creates a coiled spring effect, finally leading to a sharp move on the upside. The price breaks through the upper trendline resistance, indicating that sellers are losing control and buyers are gaining momentum, resulting in an upward move. - Volume. The trading volume ideally decreases as the pattern forms, and the buying volume increases with the breakout above the upper trendline, reflecting a shift in momentum towards the buyers. Falling and Rising Wedge: Differences There are two types of wedge formation – rising (ascending) and falling (descending). An ascending wedge occurs when the highs and lows rise, while a descending wedge pattern has lower highs and lows. In an ascending formation, the slope of the lows is steeper and converges with the upper trendline at some point, while in a descending formation, the slope of the highs is steeper and converges with the support trendline at some point. Usually, a rising wedge indicates that sellers are taking control, resulting in a downside breakdown. Conversely, a descending wedge pattern indicates that buyers are gaining momentum after consolidation, generally resulting in an upside breakout. The Falling Wedge: Trading Rules Trading the falling wedge involves waiting for the price to break above the upper line, typically considered a bullish reversal. The pattern’s conformity increases when it is combined with other technical indicators. - Entry According to theory, the ideal entry point is after the price has broken above the wedge’s upper boundary, indicating a potential upside reversal. Furthermore, this descending wedge breakout should be accompanied by an increase in trading volume to confirm the validity of the signal. The price may retest the resistance level before continuing its upward movement, providing another opportunity to enter a long position. However, the entry point should be based on the traders' risk management plan and trading strategy. - Take Profit It is essential to determine an appropriate target level. Traders typically set a profit target by measuring the height of the widest part of the formation and adding it to the breakout point. Another approach some traders use is to look for significant resistance levels above the breakout point, such as previous swing highs. - Stop Loss Traders typically place their stop-loss orders just below the lower boundary of the wedge. Also, the stop-loss level can be based on technical or psychological support levels, such as previous swing lows. In addition, the stop-loss level should be set according to the trader's risk tolerance and overall trading strategy. Trading Example In the chart above, there is a falling wedge. A trader opened a buy position on the close of the breakout candlestick. A stop loss was placed below the wedge’s lower boundary, while the take-profit target was equal to the pattern’s widest part. Falling Wedge and Other Patterns Here are chart patterns that can be confused with a falling wedge. Falling Wedge vs Bullish Flag These are two distinct chart formations used to identify potential buying opportunities in the market, but there are some differences between the two. A descending wedge is a bullish setup, forming in a downtrend. It is characterised by two converging trendlines that slope downward, signalling decreasing selling pressure. A breakout above the upper trendline suggests a bullish move. A bullish flag appears after a strong upward movement and forms a rectangular shape with parallel trendlines that slope slightly downward or move sideways. This formation represents a brief consolidation before the market resumes its upward trajectory. While the falling wedge indicates a potential shift in a downtrend, the bullish flag suggests a continuation of an uptrend. Falling Wedge vs Bearish Pennant ​​The falling wedge features two converging trendlines that slope downward, indicating decreasing selling pressure and often signalling a bullish reversal when the price breaks above the upper trendline. Conversely, the bearish pennant forms after a significant downward movement and is characterised by converging trendlines that create a small symmetrical triangle. This pattern represents a consolidation phase before the market continues its downward trend upon breaking below the lower trendline. While the falling wedge suggests a potential bullish move, the bearish pennant indicates a continuation of the bearish trend. Falling Wedge vs Descending Triangle The falling wedge consists of two downward-sloping converging trendlines, indicating decreasing selling pressure and often signalling a bullish reversal when the price breaks above the upper trendline. In contrast, the descending triangle features a flat lower trendline and a downward-sloping upper trendline, suggesting a buildup of selling pressure and typically signalling a bearish continuation when the price breaks below the flat lower trendline. While the falling wedge is associated with a potential bullish move, the descending triangle generally indicates a bearish trend. Falling Wedge: Advantages and Limitations Like any technical pattern, the falling wedge has both limitations and advantages. Advantages - High Probability of a Reversal. The falling wedge is often seen as a strong, bullish signal, especially when it occurs after a downtrend. It suggests that selling pressure is subsiding, and a reversal to the upside may be imminent. - Clear Entry and Exit Points. The pattern provides clear points for entering and exiting trades. Traders often enter when the price breaks out above the upper trendline and set stop-loss orders below a recent low within the formation. - Versatility. The wedge can be used in various market conditions. It is effective in both continuation and reversal scenarios, though it is more commonly associated with bullish reversals. - Widely Recognised. Since the falling wedge is a well-known formation, it is often self-fulfilling to some extent, as many traders recognise and act on it, further driving the market. Limitations - False Breakouts. Like many chart patterns, the falling wedge is prone to false breakouts. Prices may briefly move above the resistance line but then fall back below, trapping traders. - Dependence on Market Context. The effectiveness of the falling wedge can vary depending on broader market conditions. In a strong downtrend, it might fail to result in a significant reversal. - Requires Confirmation. The wedge should be confirmed with other technical indicators or analysis tools, such as volumes or moving averages, to increase the likelihood of an effective trade. Relying solely on the falling wedge can be risky. - Limited Use in Low-Volatility Markets. In markets with low volatility, the falling wedge may not be as reliable, as price movements might not be strong enough to confirm the falling wedge's breakout. The Bottom Line The falling wedge is a powerful chart pattern that can offer valuable insights into potential trend reversals or continuations, depending on its context within the broader market. By understanding and effectively utilising the falling wedge in your strategy, you can enhance your ability to identify many trading opportunities. As with all trading tools, combining it with a comprehensive trading plan and proper risk management is crucial. FAQ Is a Falling Wedge Bullish? Yes, the falling wedge is a bullish continuation pattern in an uptrend, and it acts as a bullish reversal formation in a bearish market. What Does a Falling Wedge Pattern Indicate? It indicates that the buyers are absorbing the selling pressure, which is reflected in the narrower price range and finally results in an upside breakout. What Is the Falling Wedge Pattern Rule? The falling wedge is a technical analysis formation that occurs when the price forms lower highs and lower lows within converging trendlines, sloping downward. Its rule is that a breakout above the upper trendline signals a potential reversal to the upside, often indicating the end of a downtrend or the continuation of a strong uptrend. How to Trade Descending Wedge Patterns? To trade descending wedges, traders first identify them by ensuring that the price is making lower highs and lows within converging trendlines. Then, they wait for the price to break out above the upper trendline, ideally accompanied by increased trading volume, which confirms the breakout. After the breakout, a common approach is to enter a long position, aiming to take advantage of the anticipated upward movement. What Is the Target of the Descending Wedge Pattern? The target for a descending wedge is typically set by measuring the maximum width of the wedge at its widest part and projecting that distance upwards from the breakout point. This projection gives a potential price target. What Is the Entry Point for a Falling Wedge? The entry point for a falling wedge is ideally just after the breakout above the upper trendline. Some traders prefer to wait for a retest of the broken trendline, which may act as a new support level, before entering a trade to confirm the breakout. *Important: At FXOpen UK, Cryptocurrency trading via CFDs is only available to our Professional clients. They are not available for trading by Retail clients. To find out more information about how this may affect you, please get in touch with our team. This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Education
by FXOpen
My trade for GOLD (XAUUSD) todayHere's my trade for GOLD today. From daily tf where my bias is bullish targeting the PDH and structure tf which is 1H then entry tf which is 5m. Now for my idea, i am expecting for price to go towards the PDH and that's where i got my bias. For my structure clearly we can see that the recent 1H candle respected the recent bullish FVG so now i can see that the bias is aligned with my structure tf. Once i saw that my entry tf is also aligned with my structure tf, i decided to enter with a target of 1:3R
ICMARKETS:XAUUSDLong
by alfoxDayTrader
EURUSD: Channel Down topped. Huge sell ahead.EURUSD corrected the previously overbought levels on its 1D technical outlook (RSI = 60.799, MACD = 0.009, ADX = 25.183) and 1W is expected to follow suit as the price is making a double rejection at the top of the 2 year Channel Down. We anticipate a new -9.25% long term bearish wave to begin (TP = 1.01300). ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
Short
by InvestingScope
4
XAUUSD signal fomc Gold preserves its bullish momentum and trades near $3,050 in the second half of the day. Further escalation in the trade conflict between the US and China force markets to remain risk-averse midweek, allowing the precious metal to capitalize on safe-haven flows. XAUUSD signal 3082 Support 3068 Support 3047 Support 3020 Resistance 3109 From a technical perspective, the recent sharp decline from the record high stalled near the 61.8% Fibonacci retracement level of the February-April move-up. The said support is pegged near the $2,957-2,956 area, or a multi-week low touched on Monday and is closely followed by the 50-day SMA, currently around the $2,952 region. A convincing break below the latter will be seen as a fresh trigger for bearish traders and drag the Gold price to the next relevant support near the $2,920 horizontal zone en route to the $2,900 round figure.
OANDA:XAUUSDShort
by Stiven088
XAUUSD signal On the downside, the pivotal level of the March 14 high at $3,004 roughly coincides with the $3,000 round number and is trying to provide support as writing. If this area does not hold as support, bears can target $2,955, where clearly many buyers were interested in scooping up Gold on Monday. Further down, the S2 support at $2,899 is the last line of defence, with the 55-day Simple Moving Average (SMA) coming in already in advance at $2,930 XAUUSD sell 2985 Support 2972 Support 2963 Resistance 2999
OANDA:XAUUSDShort
by Stiven088
Learn 3 Best Time Frames for Day Trading Forex & Gold If you want to day trade Forex & Gold, but you don't know what time frames you should use for chart analysis and trade execution, don't worry. In this article, I prepared for you the list of best time frames for intraday trading and proven combinations for multiple time frame analysis. For day trading forex with multiple time frame analysis, I recommend using these 3 time frames: daily, 1 hour, 30 minutes. Daily Time Frame Analysis The main time frame for day trading Forex is the daily. It will be applied for the identification of significant support and resistance levels and the market trend. You should find at least 2 supports that are below current prices and 2 resistances above. In a bullish trend, supports will be applied for trend-following trading, the resistances - for trading against the trend. That's the example of a proper daily time frame analysis on GBPCHF for day trading. The pair is in an uptrend and 4 significant historic structures are underlined. In a downtrend, a short from resistance will be a daytrade with the trend while a long from support will be against. Look at GBPAUD. The market is bearish, and a structure analysis is executed. Identified supports and resistances will provide the zones to trade from. You should let the price reach one of these areas and start analyzing lower time frames then. Remember that counter trend trading setups always have lower accuracy and a profit potential. Your ability to properly recognize the market direction and the point that you are planning to open a position from will help you to correctly assess the winning chances and risks. 1H/30M Time Frames Analysis These 2 time frames will be used for confirmations and entries. What exactly should you look for? It strictly depends on the rules of your strategy and trading style. After a test of a resistance, one should wait for a clear sign of strength of the sellers : it can be based on technical indicators, candlestick, chart pattern, or something else. For my day trading strategy, I prefer a price action based confirmation. I wait for a formation of a bearish price action pattern on a resistance. Look at GBPJPY on a daily. Being in an uptrend, the price is approaching a key resistance. From that, one can look for a day trade . In that case, a price action signal is a double top pattern on 1H t.f and a violation of its neckline. That provides a nice confirmation to open a counter trend short trade. Look at this retracement that followed then. In this situation, there was no need to open 30 minutes chart because a signal was spotted on 1H. I will show you when one should apply this t.f in another setup. Once the price is on a key daily support, start looking for a bullish signal. For me, it will be a bullish price action pattern. USDCAD is in a strong bullish trend. The price tests a key support. It can be a nice area for a day trade. Opening an hourly chart, we can see no bullish pattern. If so, open even lower time frame, quite often it will reveal hidden confirmations. A bullish formation appeared on 30 minutes chart - a cup & handle. Violation of its neckline is a strong day trading long signal. Look how rapidly the price started to grow then. In order to profitably day trade Forex, a single time frame analysis is not enough . Incorporation of 3 time frames: one daily and two intraday will help you to identify trading opportunities from safe places with the maximum reward potential. ❤️Please, support my work with like, thank you!❤️ I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
TRADENATION:XAUUSDEducation
by VasilyTrader
15
How Can You Use the STRAT Method in Trading?How Can You Use the STRAT Method in Trading? The STRAT method is a unique trading approach that is supposed to simplify market analysis by breaking price action into clear, actionable scenarios. Developed by Rob Smith, it focuses on candlestick patterns, scenarios, and timeframe alignment to help traders better understand market structure. This article explores the key components of the STRAT method, its practical application, and how it can potentially refine trading strategies. What Is the STRAT Trading Method? The STRAT method is a trading strategy created by Rob Smith. It’s designed to simplify technical analysis by focusing on price action and breaking down market movements into clear, actionable steps. At its core, the STRAT strategy categorises price behaviour into three scenarios—inside bars (1), directional bars (2), and outside bars (3)—helping traders identify potential opportunities and understand the market structure. One of the STRAT’s standout features is its emphasis on timeframe continuity, where traders examine how price movements align across different timeframes, such as daily, weekly, and monthly charts. This alignment helps traders gauge the broader market direction, potentially improving their analysis. The STRAT trading method also uses specific candlestick patterns to signal potential reversals or continuations. For example, an inside bar (Scenario 1) indicates price consolidation, often preceding a breakout. A directional bar (Scenario 2) suggests trending movement, while an outside bar (Scenario 3) reflects heightened volatility by capturing both higher and lower price ranges. Unlike some trading approaches that rely heavily on indicators, the STRAT focuses on raw price action, giving traders a clearer, no-nonsense view of market dynamics. It’s an accessible and structured way to analyse charts and make decisions based on what the market is doing right now. Key Components of the STRAT Trading Strategy The STRAT trading strategy stands out because of its straightforward approach to breaking down price action. As mentioned above, inside bars, directional bars, and outside bars are central scenarios. These scenarios categorise how the price behaves within a given timeframe, providing a framework for traders to interpret the market. Let’s delve into each component in detail. Scenario 1: Inside Bar An inside bar forms when the current candlestick's high and low remain within the range of the previous candlestick. In other words, the market is consolidating, showing no breakout beyond the prior candle’s extremes. Traders often interpret this as a pause or a moment of indecision in the market. What makes inside bars significant is their potential to precede larger price movements. For example, after a series of inside bars, a breakout often occurs when the price breaks above or below the consolidation range. While this pattern alone doesn’t confirm direction, it signals the market is storing energy for a potential move. Scenario 2: Directional Bar A directional bar, also called a “2” in STRAT terminology, occurs when the price breaks either the high or low of the previous candle but not both. This creates a clear directional move—either upward (2 up) or downward (2 down). These bars are essential because they indicate that the market has picked a direction. A “2 up” shows bullish momentum, while a “2 down” signals bearish activity. These movements are especially useful when aligned with other factors, such as larger trends or support and resistance levels. Scenario 3: Outside Bar The outside bar is the most volatile of the three. It forms when the current candlestick's high exceeds the previous candle’s high, and its low breaks below the previous low. Essentially, the price covers both sides of the prior range, capturing significant market activity. Outside bars often suggest a battle between buyers and sellers, leading to volatility. These bars can provide insights into reversals or continuing trends, depending on their context within the broader market structure. Expanding and Contracting Markets The STRAT method also places significant emphasis on understanding the expanding and contracting market phases, which offer critical insights into market dynamics. These phases reflect shifts in volatility and price behaviour, helping traders interpret broader market conditions. Expanding markets occur when price action creates both higher highs and lower lows compared to previous bars or ranges. This phase often signals heightened volatility as buyers and sellers battle for control, creating larger swings. Scenario 3 (outside bars) typically appears during this phase, capturing the market’s attempt to push in both directions. Expanding markets can provide potential opportunities for traders who are prepared to navigate rapid price movements. Contracting markets, on the other hand, are characterised by shrinking ranges, with lower highs and higher lows. This consolidation phase often results in inside bars (Scenario 1) and suggests indecision or reduced momentum. Traders frequently watch for potential breakouts as the market transitions out of contraction. Combining Scenarios and Context Ultimately, there are many combinations of these bars under the STRAT method, each with names like the 3-2-2 Bearish Reversal, 2-2 Bearish Continuation, 1-2-2 Bullish Reversal, and so on. For traders new to this system, it might be easier to start with a handful of patterns and practice them before adding others to their arsenal. Some of the basic starting patterns include: 2-1-2 Reversal 3-1-2 Reversal 2-1-2 Continuation 2-2 Continuation However, each of these scenarios becomes even more meaningful when paired with other market data, such as higher timeframes or candlestick structures. For instance, patterns like hammers or shooting starts often emerge within these scenarios, offering specific signals to traders. Timeframe Continuity: A Core Pillar Timeframe continuity is a fundamental aspect when interpreting the STRAT candle patterns, offering traders a way to align their analysis across multiple timeframes. It’s about ensuring that the price action on smaller timeframes complements what’s happening on larger ones. When all timeframes “agree,” it can provide a clearer picture of market direction and potentially improve the decision-making process. In practice, traders using the STRAT in stocks, forex, commodities, and other assets often look at three primary timeframes: the daily, weekly, and monthly charts. Each represents a piece of the puzzle. For example, if a trader sees a bullish “Scenario 2” (directional bar) on the daily chart, but the weekly chart shows a bearish pattern, this misalignment might signal caution. However, when the daily, weekly, and monthly timeframes all show bullish directional movement, it creates a stronger case for a trend continuation. Timeframe continuity also helps traders filter out noise. Shorter timeframes, like the 15-minute or hourly charts, can produce conflicting signals, leading to overtrading or confusion. By focusing on the larger timeframes first, traders can ground their analysis in broader market trends and avoid reacting impulsively to minor fluctuations. Practical Application of the STRAT Method Applying the STRAT method involves a systematic approach to analysing charts and identifying potential opportunities. While every trader may adapt the method to their own style, the process generally follows a logical flow. Here’s how it can be broken down: Step 1: Understanding the Current Scenario Traders typically start by identifying the active scenario (1, 2, or 3) on their chosen timeframe. This initial classification helps to set the context. For instance, in the EUR/USD daily chart above, we initially see an outside bar (Scenario 3), followed by two inside bars (Scenario 1)—a 3-1-1 Bullish Reversal pattern; this transitions into a 1-2 Bullish Reversal before a 2-2 Bullish Continuation. In other words, the market is seen as entering a bullish phase. Step 2: Aligning Multiple Timeframes The next step involves assessing how the current scenario fits within the larger market structure by checking higher timeframes. In the EUR/USD example, the monthly chart shows three consecutive bullish directional bars (Scenario 2), also known as a 2-2 Bullish Continuation. This is supported by the weekly chart. Initially, there are two bearish directional bars before a bullish outside bar (Scenario 3) and a bullish directional bar. This indicates an alignment of bullish momentum, indicating a higher probability for the daily chart setup. Step 3: Identifying Supporting Patterns and Signals Within the scenario, specific candlestick patterns, like hammers or shooting stars, alongside key support and resistance levels, often provide additional context. These signals are believed to be more effective when they align with the broader market direction and timeframe continuity. In the EUR/USD example, the weekly chart shows a candle resembling a hammer (the outside bar), while the daily chart shows a pattern resembling a Three Stars in the South formation (the 3, 1, 1 candles). While rare, the three stars in the south pattern can signal sellers are losing momentum, when: The first candle features a long body and long lower wick. The second candle has a shorter body and closes above the first candle’s low. The third candle has another short body with minimal wicks and a range inside the second candle. While both formations don’t meet the technical criteria for their respective patterns, a trader might consider them to add weight to the bullish idea. The weekly chart also shows the price breaking past a previous resistance level, which adds confluence. Step 4: Entering and Exiting A trader would typically enter as the candle on their chosen timeframe closes. A stop loss could be set beyond the entry candle or a nearby swing high/low. Some traders prefer to close the position depending on the next candle close and corresponding scenario, while others might target a particular support/resistance level or use multi-timeframe analysis to find a suitable exit point. Advantages and Challenges of the STRAT Method The STRAT method offers a unique, structured approach to trading, but like any strategy, it comes with both advantages and challenges. Understanding these can help traders decide how to integrate it into their approach. Advantages - Clarity in Analysis: By categorising price action into simple scenarios, the STRAT’s patterns simplify market behaviour, reducing ambiguity. - Focus on Price Action: The method relies on raw price data rather than indicators, offering a direct view of market dynamics. - Adaptability Across Markets: Whether trading equities, forex, or commodities, the STRAT applies universally to any market with candlestick data. - Improved Consistency: Its rules-based framework helps traders avoid impulsive decisions and stay aligned with their analysis. Challenges - Learning Curve: Understanding the nuances of scenarios and timeframe continuity requires time and practice. - Patience Required: Waiting for alignment across multiple timeframes may lead to fewer trade opportunities, which may frustrate active traders. - Context Dependency: While structured, the STRAT still requires interpretation, and outcomes depend on how well traders incorporate broader market factors. The Bottom Line The STRAT method offers traders a structured way to analyse price action, combining scenarios, candlestick patterns, and timeframe continuity to navigate markets with confidence. While it requires discipline to master, its clear framework can potentially improve decision-making. FAQ What Is the STRAT Strategy by Rob Smith? Rob Smith developed the STRAT strategy, a trading method that simplifies technical analysis by categorising price action into three STRAT candle scenarios: inside bars, directional bars, and outside bars. It focuses on understanding market structure, using timeframe continuity and actionable signals to interpret trends and reversals. What Is the STRAT Method of Trading? The STRAT method is a rules-based approach to trading that prioritises price action over indicators. It uses specific candlestick patterns and scenarios to identify potential trading opportunities and aligns multiple timeframes to provide a cohesive market view. What Is a Rev Strat? According to Rob Smith, a “rev strat” refers to particular setups. First is a 1-2-2, initially with an inside bar, then a directional bar in one direction, and finally a directional bar in the opposite direction, marking a possible reversal. The second is a 1-3 setup, with an inside bar followed by an outside bar. This signals an expanding market in the STRAT, meaning a period of heightened volatility, and is considered bullish or bearish based on the outside bar’s direction. This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Education
by FXOpen
3
EURJPY: Top formation, sell opportunity.EURJPY is neutral on its 1D technical outlook (RSI = 53.515, MACD = 0.340, ADX = 26.005) as it ranges between its 1D MA50 and 1D MA200. This is a peak formation on the LH trendline of the 5 month Channel Down identical to January. At least a -6.20% bearish wave is to be expected. Today's spike gives an even better sell entry for a TP = 154.00. ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
Short
by InvestingScope
GBPUSD: Potential Pullback Trade Explained 🇬🇧🇺🇸 GBPUSD closed this week, respecting a key daily horizontal support cluster. Analyzing the intraday price action, I spotted a nice double bottom pattern on an hourly time frame. To buy the pair with a confirmation after the market opening, I suggest waiting for a bullish breakout of its neckline. An hourly candle close above will confirm a violation. A bullish move will be expected at least to 1.296 level then. ❤️Please, support my work with like, thank you!❤️ I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
Long
by VasilyTrader
3
USDCAD: 4 year Top is in. Brutal selloff started.USDCAD just turned bearish on its 1D technical outlook (RSI = 44.245, MACD = -0.003, ADX = 17.555) and is on the 3rd straight week of losses. This has come after an emphatic rejection on the R1 Zone, where the brutal selloffs of March 2020 and January 2016 started. This shapes up to be a 4 year Cycle and both times it hit the S1 Zone. Consequently targeting 'just' the 0.786 Fibonacci level (TP = 1.26000) seems like a conservative target. The sell trigger for those who want a confirmed signal will be a crossing of the 1M RSI under its MA. ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
Short
by InvestingScope