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Example of a Downtrend Parallel Channel on PFFPFF formed a downtrend parallel channel. A downtrend parallel channel (bearish channel) is a continuation pattern that slopes down and is bound by an upper and lower trend line. The upper downtrend line it is called main line and marks resistance and the lower downtrend line it is called channel line and marks support. For a bearish channel, the main line extends down and at least two bounces highs are required to draw it. To draw a channel line ideally needs two bounces lows, however, some traders draw it using only one bounce low. In a bearish channel the target is to short when prices reach main line resistance and take profit when prices reach channel line support, then, wait for prices to reach resistance again and repeat.
NASDAQ:PFFEducation
by heco08
Example of an Ascending TriangleGBPAUD formed an ascending triangle. We could see a horizontal upper line (that would be a resistance) and a lower uptrend line (that would be a support). Prices moves with equal highs, and lows higher than previous. Then after a few attempts, the prices finally break through resistance. The ascending triangle is a continuation pattern. Prices come from an uptrend then prices bounce inside the triangle before breaking higher. To confirm the breakout, the price should close above the resistance line, if so, make a long. The profit target is the distance away as the back of the triangle.
Education
by heco08
Short Entry Approaching?Disclaimer : This analysis not include personal feeling/opinion, and pure base on technical analysis Trading foreign currencies can be a challenging and potentially profitable opportunity for investors. However, before deciding to participate in the Forex market, you should carefully consider your investment objectives, level of experience, and risk appetite. Most importantly, do not invest money you cannot afford to lose. ********* UJ has entered my entry zone at current 4 hour structure. Seeing that bears enter the market here in London/US we should see price head back down to key level 109.000 at least. After 109 is of course structure, then the -27 extension. Price always has room to retrace up to 100% structure, so that's why I have included the zone of allowed retrace room. If this zone is passed we should not only look to get out of sells but to also expect trend change. However, I don't see that happening quite yet. Short for the Dollar vs Jappy tonight with 60+ pips in sight. Always wait for multiple confirmations before entering into trades. The market will show you momentum of buyers & sellers, patience is the key, Sundays are usually slower. Good Luck to all traders and will update you on targets or if I momentum switch.
Short
by draked11