Get started

Triangle Wave

$AUDUSD - Triangle correction is about to endHi guys! AUDUSD, Australian data looks promising, US data looks even better according to the forecasts. Hence, a slight difference may play a great role in this pair. My suggestion here is - wait for a breakout from the triangle then go long, or open a long position here and place your stop loss below the dynamic support (Risk-Reward ratio won't be great and your SL may get hit in times of high volatility). Another option is to wait for the pair to touch the dynamic support and bounce off.
Long
by realMarketSurfer
Why we shouldnt go too Long!!!Starting from the left hand side, it could be observed that there is an impulse movement with a 3rd wave extension which has the 5th wave truncated. A ((A)(B)(C)) correction was instantly noticed, this lead to formation of a Bearish Barrier: The upper line (resistance zone) was constant while the lower line (support zone) kept ascending giving life to a barrier (ABCDE). we buy and target the 124.970 zone, we exit and enter for a sell order as soon as we hit the 124.380 while we target the 123.850 zone. we wait for confirmation before we go short. we target the SELL 122.734, 122.196, 121.430, 120.455... kindly like , follow, encourage us and comments if you find this useful.
Long
by Bishoptimmy
Crude Oil Forming Bearish Wedge Targeting 34.40Hello Fellow Trader! Oil has been sold down quite hard from August highs giving back 17% in 13 trading days. Wedge patterns are generally a sign of trend continuation when broken to the downside, and when found within bearish momentum trends, can become quite potent. Key Points: - Daily Chart – Showcasing the major support and resistance levels - Price holding below the 200 EMA - Price holding below the 50 EMA - 5 wave wedge pattern completed - Price moving into APEX of wedge – Could see a small spew upside before the major drop. - Flag pattern for break out - RSI could break trend and range simultaneously for momentum Key Levels: Support – 36.40, 34.40 Resistance – 50 EMA, 37.75 Entry Zone: Optimal entry provides the greatest reward to risk ratio while supporting entry is a zone for reversal signals. Optimal Entry – 37.30 Supporting Entry – 37.00 Candle Reversals for entry - Bearish Shooting Star - Bearish Engulfing - Bearish Dark Cloud Cover The Risk: As traders, it is your job to mitigate the risk and only trade structures that provide high probability and great reward to risk ratios. If you are not comfortable with defined exit levels, experiment with Moving Averages to help set solid exit rules to protect your capital. IF: Price breaks above 37.88 level and violates 50 EMA – this would suggest the structure is not in our favour and would be wise to reduce exposure or close the trade until a solid signal gives us reasons to re-enter. Reward / Reward Targets: Optimal Entry 37.30 – Target 1 34.40 = 5x Reward to Risk Supporting Entry 37.00 – Target 1 34.40 =3x Reward to Risk
TVC:USOILShort
by tradetheday
Gamestop. Going for a long trade gambleGamestop is on a corrective course of action and while the dominant trend is still bearish, we believe that Gamestop will be making new high based on the technicals First, the price has broken out of the falling wedge and price has clearly rebounded and closed above 61.8% retracement twice. Secondly, there is a larger inverted head and shoulder formation. Should price fails to clear above 5.00, then we will be looking at the next support/buying zone to long the stock again.
NYSE:GMELong
by William-trading
8
AUDUSD, 4hr tf, ABC corrective waveAfter a 3 month 1500-pips bull run by AUDUSD from 0.5500 area to 0.7070, price start to exhaust and has been moving in a sideways direction for 1 month since 10 June 2020 to 10 July 2020. In my opinion we could see some correction from AUD now as there is also a fundamental issue regarding COVID-19 second wave. There is a triangle pattern forming, and price already broken below the support. By assuming this is an ABC correction after the 5th wave movement of Elliott wave, we could see price go down to area around 0.6720-0.6700 I am selling AUDUSD 0.6950 Stop loss 0.7015 Take profit 1 @0.6860 Take profit 2 @0.6800 Take profit 3 @0.6720 Good luck
Short
by HayatoDragonFX
Updates: Alert of this par, USD/CAD show us the price action!!!In this quickly technical analysis there wil be a possible cheat of the price to entry in short, so now guys, we need to closed up the short position, so the position it's go to closed up and well, pick up our earnings and then, put in long position, becuse this pattern are so bullish. Because now price action show us a possible continue up into this ascendent triangle, rememebr that expectative is bearish for this par, and also yesterday I make an alert of beware of this par, not neccesary the fundamentals speak, but that say the price action that institutionals and sharkers are going to make a contrary movement!!! But, now the previously technican analysis we could in oure hand as reference to a large drop until the $1.3085 it's could be to pass, but now the price is need to complete this triangle wave analysis correction.
Long
by harisonhbn9718
1