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Hanging Man

Potential "Hanging Man" on $NEO / $USD 1D. Short-Term Reversal.$NEO has been on a Bullish streak and we can expect that to continue throughout 2018. However we have a potential Hanging Man on the 1D NEO/USD Chart, signifying a short term Trend Reversal. This minor correction will allow the NEP-5 tokens to bounce back, as NEO is their Primary Pair on Kucoin. If you are invested in $QLC, $DBC & $RPX, now may be a great time to sell 50% of your NEO shares and re-invest in NEP-5 for the week. Happy Trading!
BITFINEX:NEOUSDShort
by somuchcloudporn
1
NZDCAD - Bearish Butterfly. This week I have the Cad on my watchlist. This pair in particular is interesting as we have a 6 month bearish trend that has came to and end and began to consolidate. Within the consolidation we have a bearish Butterfly pattern. Price is overobught and also showing bearish divergence. I am taking a bearish entry as the Daily chart i expect will close with a bearish inverted hanging man- a sign of a bearish reversal. Within the next 24 hours we will have the release of the NZD Trade Balance. It is expected to increase on last month by 321 Million. Should this fall below consensus, we will see a rapid drop. Should the trade balance come out as expected (or higher) I will re-assess the position. See previous Bullish butterfly on this pair as the consolidation began! Butterfly ratios: X:B = 78.6% A:C = 38.2:88.6% B:D = 1.618-2.24% X:D = 127.2%
Short
by KyleMcQuade
2
EURUSD: Reversal or Pullback?Last Friday we saw a nice Hanging Man in EURUSD, and it´s of the DXY that made an Inverted Hammer. Because it was Friday, end of the month and in this week we have payrolls and we didn´t had a nice volume (even thought is FOREX), I would like to see a pullback to 1.1280 (but I´m taking the first TP in 1.1270). Depending how it react to the support I would take out all the position or wait to TP2 in 1.0900 and TP3 in 1.0550. To enter I will wait have a pullback to 1.3990. What do you think, is a reversal or a pullback to keep going north? KL: 1.1390 SL: 1.1450 TP1: 1.1270 TP2: 1.0900 TP3: 1.0550
Short
by AByfield
My latest Short Term Sell Trade Explained #forex In response for your requests guys to explain the rational behind the live trade we took on GBPCHF. Here is the explanation. On the left hand side daily chart, the price started the bearish behavior on the 78.6 retracement level for the overall bearish wave as shown on chart. As it formed two major bearish shooting star candles. That was not enough for me to initiate the trade so i moved to the lower time frame(4-hour) for the final confirmation. The price has indeed broken back below the prior high at 1.2868 and below the hanging man candle. That was accompanied by bearish divergence on RSI and that assured that the trade is a high probability one. If you were following my updates on the channel, you would know that i put a limit short order as shown on chart. The targets was just reached minutes ago for 157 pips gain. Adding to my account 4.37% gain this month. Best of luck and keep posted.
Education
by Technician
121
An example of how to spot a good trade #forexFriends, I haven't had time to post any of my trades in recent days. So i thought i would post some of the trades I took recently. I know this is after fact, but the aim is just to share the knowledge and experience. I made 4 trades, 3 winners and one loser. I will post them throughout the week as i am taking a small rest from markets during the election week. This is an example of finding areas of interest on the daily chart then moving to the lower time frame for the trigger. On the left hand side daily chart, by the end of october the price was testing a a key area where the long term falling trend line meets the 200-days simple moving average. At that stage, i was monitoring the pair for signs of a bearish reversal to confirm a rejection of that resistance area, especially that the daily RSI was showing a bearish divergence as well. I moved to the four-hour chart awaiting the trigger. In this particular case, the trigger was a three drive pattern that evolved and completed at 80.54. The price was making new highs but the RSI wasn't yet signalling a divergence on the four-hour chart as well. Afterwards, the price formed a small hanging man candle on the four-hour chart, and accordingly and due to all these signals it was a setup that was worth taking. I initiated a short at the opening of the candle following the hanging man. My target was at the first major daily support level. My stop was above the 1.618 extension for the latest bearish wave(x-y) as shown on chart. That resulted in a 2.7 risk to reward. I hope this example will help you think and spot better trades in the future My best regards, Technician
Education
by Technician
23
NZDUSD BEARISHLooking at the NZDUSD its been bullish for a over a year but I think the bulls are loosing power and the bears are starting to take over. From a MONTHLY perspective... The most recent candlestick has a SHOOTING STAR characteristic. Price attempted to break the weekly resistance at 0.7450 but failed and price came back down. Price is below the monthly resistance also at 0.7300. Today (Friday 30th September 2016) is the last day of the month so things could change but is looking unlikely. Looking back at June, July and August candlesticks - all 3 failed to break the 0.7300 monthly resistance level. July and August candles are SPINNING TOPS - hinting the bulls are starting to loose power there is indecision between the bulls are bears. From a WEEKLY perspective... First of all, starting at the candle of 20th of June onwards we've had 11 different weeks where price has failed to break the monthly resistance! The week starting 5th September, price has a SHOOTING STAR characteristic. The following week (12th September) we have a BEARISH ENGULFING. Following that we have a SHOOTING STAR candle, price failed to break the monthly resistance again and retesting the trend line after the breakout. From a DAILY perspective... Price was in an uptrend as it was making new higher highs and higher lows. Also we had an inner ascending trend line guiding the price up. We hit a new highs on the 7th September but price failed to break the weekly resistance. The following day price retested the previous days high but failed to break the resistance again, falling down - engulfing the previous days price. Price came all the way down to the 0.723 level, giving us a 3rd bounce of the trend line. Price rallied up but failed to make a new higher high - stalling around the 50% fibonacci level. Price fell from that level, breaking the inner trend line strongly. What is significant about this is price has now failed to make a new higher low and created a new lower low. With price failing to make a new higher high at the fib level (lower high) and taking out the most recent higher low at the 3rd trend line bounce (lower low) - this gives us a strong indication that NZDUSD is now in a downtrend. Also on the 28th of September price created a daily hanging man formation hinting further down side. TARGET 1 IS THE WEEKLY SUPPORT AT 0.7150 (LINES UP WELL WITH MY FIB EXTENSION) TARGET 2 (IF WE GET A BREAK OF THE SUPPORT) WOULD BE THE MONTHLY SUPPORT AT 0.7000. The second point of the ascending inner trend line lines up well with the 0.7000 target and would give us a 3rd trend line bounce of out outer ascending trend line.
Short
by TmTRADES
EURGBP - Monthly OutlookI've had a short bias on this pair for 2 weeks now, with a few successful smaller TF trades (and 1 losing trades). As you can see, on the Monthly TF we're also showing signs of bearish pressure. Monthly - Hanging Man formation complete - Dragonfly Doji almost complete with 3 days trading left this month) - Key support turn resistance Weekly - Bullish channel break - Bullish pressure has returned (showing indecision against bearish outlook or a bull trap) Daily - Double top - Arguable Tweezer Tops I'm sitting on my hands for now, but still anticipating a move down. Let's see what the referendum brings regarding the Brexit.
Short
by JakeSummers4x