W-patterns
BTC 1 Day Rectangle Measured MoveLast "step up" a simple rectangle measured move gave a good price target. These patterns are among the most reliable as far as providing accurate targets from my experience.
I would expect a slight pullback from here (or slightly higher) to retest the breakout, but this trend is quite strong so it may just take off. A break back below the breakout level and close would look like a bigger fall.
How PATTERNS help us MAKE MONEY| EducationWe have many people who are just learning to trade, so I want to help you with this.
For professionals - Reminder.
THE IMPORTANCE OF PATTERNS
1) How to use Forex Patterns
Patterns are often found on the PICTURE chart, which are formed due to price movements. They are not easy for beginners to notice, but for professionals they are GOOD helpers in predicting prices.
The patterns can be roughly divided into "Bullish" and "BEARS".
"BULLISH" patterns are those patterns that tell us about the likely future price growth and allow us to determine the position to open a buy trade.
Rising "Triangle"
Trend continuation pattern. It is formed by a rising support line and a horizontal resistance line. It is worth opening a deal with this figure after the price breaks through the resistance and rolls back, fixing on the line.
Inverted "Head and Shoulders"
It is formed at the local lows of the chart during a downtrend. After the figure is fully formed, the price growth can be expected. The minimum amount of growth is determined by the height of the figure: the line from its base - "neck" - to the central top.
Double bottom
The pattern is very similar to the one described above. It is also a figure that changes the direction of the trend. This pattern predicts subsequent price increases. Minimum expected height: figure height. The ideal buy point is when the bottom line is broken. Those who do not want to take risks can wait for the price to fix on this line.
Flag
The entry point and trend direction are important for this pattern. In general, this pattern is similar to a channel, but its complete formation can be said only after the trend line is broken. "Bullish" Flag is formed in the course of breaking the uptrend line - where you should look for a purchase - and as a result continues it.
Pennant
Also called Symmetrical Triangle. Within this figure, the price movement "fades" - the oscillation frequency decreases. At the same time, the pattern is preceded by a strong price movement - in the “bullish” variant - growth. After the complete formation of the figure, the growth continues.
Wedge
The pattern forms at the highs of the uptrend and continues it. The boundaries are the support and resistance lines. The moment when the price breaks the resistance line can serve as a signal to open a trade. The amount of mining in this case is determined by the "height" of the base of the figure.
“BEARS” patterns are patterns that precede a price drop and indicate the possibility of opening a sell trade.
Descending "Triangle"
Such a triangle is formed by a descending resistance line and a horizontal - support. "Getting" into this figure, the price as a result changes the trend from upward to downward. Selling in this case is worth waiting for the price to fall behind the support line.
Head and shoulders
It is formed at the local highs of the chart when the price moves in an uptrend. After complete formation, the price can be expected to fall by the size of the pattern height. In this case, it is better to sell immediately after breaking through the base line or after fixing the price on the line.
Double top
As in the case of the previous example, this pattern indicates a probable change in the downtrend and opens up an opportunity to open a sell trade. For this it is worth watching when the price reaches the bottom line. After that, the price is expected to fall at least by the size of the pattern height.
Flag
In case of formation of the “Bearish” flag, the price is in a downtrend. We can say that it falls into a channel, which can be perceived as a correction to a fall. Then the price drops below the support line - which is the entry point for selling.
Pennant
As in the “bullish” variant in an uptrend, the Pennant is characterized by the presence of a “shaft” - a strong impulse. In this case, the price has fallen. After which the trading volumes decrease and the price fluctuations become less. The complete formation of the pattern can be considered completed after the price breaks the resistance line and continues the downtrend.
Wedge
The “bearish” wedge literally reflects its “bullish” variant - it forms at the highs of the chart in a downtrend. The deal is opened when the price breaks the support line.
We talked about the BASIC patterns in the Forex market. But, of course, not all of the existing ones are listed here. It is important to understand that patterns are not 100% guaranteed to rise or fall in price. There are many non-standard options for forming patterns and reading the chart. However, knowledge of the patterns can help in the technical analysis of FOREX charts.
What patterns would you like to know about? Write your suggestions in the comments, and I will take your opinion into account when I prepare the next article.
Contrarian View - Bitcoin Overbought - About to Crash Hard - 8kI'm going to put this out there, like I often do. I don't see this recent Bitcoin move as a breakout. Yet. $12,500 must be breached AND confirmed on the daily. As you know this requires (2) two candles, (1) one to break above and (1) one to stay above that area which is currently huge overhead resistance.
Also. See that slightly downward sloping BLACK trend line? Yeah. We have NEVER confirmed a break above that since Jan 2918! Yeah that's right. 2018. Almost (2) two years! Yes, we have broken above. But, NO, we have not ever confirmed with a second candle on the daily. This statistic is extremely important to note.
My feeling (and I could be completely off on this), is that the U.S. stimulus resolution does not get passed today, OR some other negative news is revealed, and the market collapses by close of business tomorrow. As you know, Bitcoin has been correlating it's moves tightly with the broader market.
If we do start to move down, target area remains at $8000 as I charted in September. Though, we may not hit 8k by the end of November. This U.S. election crap/confusion could move us all the way into the Jan 2021 time frame.
This is just my gut prediction. Too early to call at this point. But I thought I'd throw this idea out there as a contrarian possibility for you all to consider. We'll know by tomorrow for sure.
And if I am wrong, I'll be publishing a whole new chart. At that point, I see 17k+ in the charts by Jan. As for me, I remain mostly in cash at this point until the market reveals which way it will go.
Best of luck traders. Be safe! A lot is up in the air. A lot is at steak. And there are a lot of unknown variables which could rapidly change at any moment. So, please be careful.
Does GBPAUD drop from here??HTFs - Right at the 3rd touch of a daily expanding formation approaching and breaking highs very correctively. This larger structure could be acting as a continuation from the previous bearish momentum.
LTFs - Price becoming more and more corrective approaching outer structure and highs signalling sellers coming into the market. Price could reverse from here for some nice shorts. It's also possible that the overall expanding pattern could mean more upside.
EURCHF video top-down AnalysisHello everyone, here is the top-down analysis for EURCHF, feel free to request any pair/instrument or ask any questions in the comment section below.
Best of luck!
Got my eyes on EURAUDHTFs - Larger sideways range formed on daily timeframe following a significant move down on HTFs. Price action near the top of HTF structure for momentum to possibly kick in and push price down.
LTFs - Patterns within patterns. Larger ascending channel approaching highs and outer structure. This ascending channel broke to upside and now looks to be forming a pattern extension with corrective price. Definitely one pair I'll be following going into next week.
Have a great weekend!
SILVER (8H) Triangles and TrendsLook where the Election falls within the Macro Trends
It's obviously a major event, and no one knows which way things will go... but it seems to have been written into the charts for a while?
What do you think? Are we all reading tea leaves?
Conditional Buy above monthly close of $1935+ - Target 50% 1. Rounding bottom
2. Break out volumes
3. Testing the ATH
4. Divergence
Apple 1 Hour Chart Explained Part 2 Here is part 2, check out how accurate I was with the original. Linked below.
Give this a like if you are an Apple bull!
EURUSD STRONG SELL SENTIMENTeurusd looking for sell opportunity at the top of the small ascending channel structure as you can see is pattern with in pattern and that rising wedge pattern looks soo good. so im looking more bearish to kick in.
USDRUB Long term analysis for Russian Rouble !Russian rubble had a strong correction
to 68.25, but after that, formed the pattern
triangle with T2 and T3 trendlines (1,2,3,4
points). You can find expected movement
with green lines. In my opinion RUB will
stabilize a bit on christmas holidays, but
after, will decline up to 84.00, if CBR will
not take strong actions. Anyway CBR cann't
change the trend direction, but just hold
motivate the market for several months.
For long term strategy, fundamental changes
must be made in fiscal policy and in the
economy itself. If pandemic wil end in
December, this fact will not help currency,
there are other fundamental reasons why RUB
is declining
$XJO Daily (Long & Short strategies)Which way will XJO go???
I feel many investors are on the edge of their seats, whether cash or holding, there's this underlying sense of unease as the markets could swing either way at any moment...
So ask yourself, and answer in the comments below if you like:
a) Will we continue to melt-up and diverge from the economy?
b) Will markets crash back down and catch up with the economy?
c) Will we track sideways, become comfortable not knowing which way its going to swing, then bamm?
e) Are we just waiting for a catalyst, Say Trump catching C-19, or the elections...?
Either way, I have charted a Long & a Short play each with their own patterns, confirmations, supports & resistance.
I would very much like feedback & suggestions as i'm new to charting and keen to learn
Cheers,
believe it or not, there's more pain for air canada holdersA bearish pennant has been forming last few months since the March crash. This has just broken down which has opened up downside risk for the bulls.
US30 - Possible scenarioAs we can see we are in a clearly downtrend .. recently price was trending to the upside but the trendline got broken that means market structure is broken and will probably to continue to the downside.. still keep on eye for the next week on that us30
MP1 (Daily chart) LongHistory doesn't repeat but it rhymes
On that note, it appears that there's one more leg up before a correction
Strategy: Ride this leg up (Long), then with a rejection confirmation (short) down to the 61.8 fib retracement level.
1. The current triangle needs to be confirmed with another touch on the top line.
2. if (1.) is true, look to accumulate on the bottom line
3. Sell at the target price for a 28% gain
4. Wait for confirmation that there is a strong rejection at the target price
5. Wait for a bearish indicator showing reversal
6. When (4. and 5.) is true, go short
7. close short at the 61.8% fib retracement level
IMO/DYOR
