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Thelaughingchartist

Unusual (1D1 - SGX) [1-3 weeks view]Long 1D1 with low conviction Entry: $0.285 SL: $0.270 Market is forming a possible double bottom reversal pattern. Only when price surpasses $0.330 will this reversal pattern be confirmed. $0.330 is also a strong resistance level found twice via: - Descending trendline resistance - Double bottom neckline Should market break above $0.330, we can expect to see price rise towards $0.395 which is both 0.618 retracement level and a probable wave 4 target.
SGX:1D1Long
by laughingchartist
EURUSD [1-3 days view]This trade was triggered earlier this week. However, I chose not to publish it as it was a low probability trade for me at that time for the following reasons: Market was only testing the ascending trendline support (now resistance) Normally I would wait for a pullback to retest the trendline before entering to short Market was also forming a Head & Shoulders reversal pattern however at trade time, it was still not confirmed. I choose to publish this trade now because I believe it presents a very strong case of how a trade can really move in your direction when multiple technical elements show confluence to provide that confirmation despite the low conviction I had. 1. Market was forming a Head & Shoulders reversal pattern 2. Market broke below the ascending trendline support (now resistance). 3. At the same time, market also had one candle close just below the EMA (13). This EMA as noted in the past provided quite a good support/resistance where price reacted above and below it. 4. MACD momentum indicator at trade execution crossed below 0% and entered bearish territory. The MACD and signal line also showed strong downwards momentum. 5. Everytime price broke below an ascending trendline support (turned resistance), market will make a strong and sustained downwards push. This happened at the 2nd week of Jan 2019 and once more at the start of Feb 2019. Now at the start of March 2019, we see this pattern repeated again. This is a quite a beautiful example of how technical analysis can be a very powerful skill to have for any market participant. Reach out to me to find out more!
Education
by laughingchartist
AUDUSD [1-3 days view]Entry: 0.71465 SL: 0.7185 TP: 0.705 This trade was knocked in this wed (27th Feb 2019). The reasons why I went short is listed below: Whilst market reacted above the ascending trendine support (in red), it failed to surpass resistance at 0.72100 Market then broke below ascending trendline support and also spiked below 55 period EMA At the same time, MACD showed a 'death cross' and also broke below '0' meaning it has entered bearish territory. This week has not been an easy week! But still keeping my eyes peeled open for more opportunities!
Short
by laughingchartist
EURUSD [1-3 days view]This was quite a simple set up though admittedly, the risk reward wasn't great. However, when presented with an opportunity, I will grab it. Here i saw market reacting above ascending trendline and also holding above EMA34. MACD was also in a bullish environment. Market was also testing a very key long term trend level at 1.135. I set my entry at 1.13525 and waited for the 2nd pullback and retest of the trendline. Pullback happened exactly as expected and knocked my position in. 1.14 price target is actually based on fibo retracement at the 61.8% of the previous downswing. Market hit target exactly and closed this position with a profit of 47 pips. With this much confluences, wouldn't you take the trade too?
Long
by laughingchartist
GBPNZD [1-3 days view]Short GBPNZD Entry: 1.90535 SL: 1.91 TP: 1.855 Entry was triggered overnight due to the spike, which also coincided with the pullback towards the descending trendline resistance. Now market reacting below the descending trendline. Bearish divergence noted on 21 period RSI RSI also reacting below descending trendline resistance where market reacted in the past. Because of the quick move in my favour, i moved my trailing stop lower to protect profits and this trade is now risk free.
Short
by laughingchartist
EURCAD [1-4 days view] +++Long EURCAD with high conviction (+++) Entry: 1.51675 SL: 1.51325 TP: 1.52800 We continue to see upwards momentum given the EMAs. Also, market has formed a flag pattern with a breakout to the upside. Similarly, market has surpassed descending trendline resistance (now support) to the upside. Based on price action, market failed to make LH and LL. This shows a reversal in the directional price movement. As such, I am waiting for a pullback towards my entry before an explosive move upside. Will continue to monitor this. Note: I already have a prior LONG position on this pair. This trade is just to add on to my position.
Long
by laughingchartist