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Genesiscty

GBPUSD: Rising Wedge Setup! Good short!Hey guys! Found a Rising Wedge Pattern right here on the GBPUSD Daily chart! Soon to be completed! Watch for the breakout! What influenced my decision: -Falling volume A rising wedge should always have falling volume, this shows that there are a decreasing number of buyers, which gives conviction that the pattern will fall. -Really Strong Downtrend (both of Daily and Weekly timeframes) This implies that the pattern would be more reliable because of the strong downtrend. -Less than 50% Fib Level Most times, the rising wedge is kind of a retracement on the higher timeframe, so if the rising wedge is lesser than the 50% Fib Level, this gives a stronger signal that the wedge/retracement is likely to fall! - Narrow trend lines In Thomas Bulkowski's Getting Started to Chart Patterns, it was discovered that narrow trend lines performed better than steeper trendlines. Basically this means that trend lines with 30 - 45 degrees will perform better than those above 60 degrees. -Good Amount of Trend line Touches Again, Thomas Bulkowski (this guy is a genius, read his books guys!) found out that the more times that price touches the trend lines (at least 3 touches), the breakout will perform better as it means that the breakout is more SIGNIFICANT. Confluence Score: 5 points Good luck guys! May the pips be with you! Do note that not ALL of my trades will be correct 100% of the time! I only provide what I see and what I feel as a trader! Trade my views at your own risk! :)
Short
by GenesisCTY
GBPJPY: Heres to all the short term traders!Hey gang! Genesis here! Found an Ascending Triangle on the Daily chart for the GBPJPY pair and if you look here closely on the 4H chart, price is hitting the trendline soon! One thing I really love about trading the insides of a pattern, is because they the entry and exits are so predictable! What influenced my decision: -Stochastics Divergence (oh, this is a strong one) -Trendline support (Ascending triangle) -Weakening price (look at it, price has been declining so fast and recently in about the last 6-7 bars, its been small tiny bars) Exit at the major resistance at the top! Good luck guys! May the pips be with you!
Long
by GenesisCTY
4
EURJPY : Upward Breakout Descending Triangle?Hey guys! A couple weeks ago I posted about a Descending Triangle on EURJPY that seems to be near completion soon! But I seem to find signals that it will be an upward breakout instead! -Stochastics have shown a bullish divergence -Weekly chart Fib Retracements has shown that this Descending Triangle is resting on the 50.0 Fib Level Seems like it could be a really good buy signal! I love divergences, they are always so strong! If it breaks upward, I'm gonna trade it! If it breaks downward, I won't touch it! Weekly Chart 50.0 Fib Level: Any thoughts and comments on this? Share it here! :)
Long
by GenesisCTY
GBPCAD: Head and Shoulders PatternHey gang! Found a good Head and Shoulders Pattern right here on the GBPCAD! Head Resistance: 1.93000 Neckline Support: 1.90000 Profit target: 1.87000 Its a 300 pips profit! This is my strategy for trading Head and Shoulder Patterns. Take it with a pinch of salt! If you have any recommendations on how I can improve, please do comment here! :) When to enter: AFTER it breaks through neckline, it should retest the 1.90000 Resistance level again. My entry: 66% of my position will be in 1st Position 34% of my position will in 2nd Position My exit: SL at 1.90600 (60 pips) 1st TP: 50% of the pattern (150 pips) at 1.88500 2nd TP 90% of the pattern (270 pips) at 1.87300 What I learned from H&S so far: If the right shoulder is shorter than the left shoulder, the pattern is stronger If the right shoulder extends further than the left shoulder does, the pattern is stronger H&S Patterns have a 75% - 80% chance of succeeding (assuming it breaks through neckline) Good luck guys! May the pips be with you!
Short
by GenesisCTY
GBPCHF: Potential Head and Shoulders Pattern?Hey gang! Hope everyone is doing fine on a Sunday! Found a potential Head and Shoulders reversal pattern that could result in a good long trade! Some confluence here points towards this: -Trend line broken and retested a Fib level at 23.6 level. -Fib level 23.6 had a false breakout and a large bullish candle just pushes it right back into a bullish bias! -Absolutely beautiful potential head and shoulder pattern (just a potential one) I personally would enter AFTER the 38.2 Fib level, after the Head and Shoulders pattern is confirmed! 1st Exit point would be at 61.8 Fib Level and 2nd Exit point at the very top of the level, since this is a pretty good potential reversal. Let me know your opinions guys!
Long
by GenesisCTY