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Wformation

ETHUSD Nice Short Formed W Formation With Juicy TargetsClear W short formed type spotted on the 12H. First Target 1880 USD Second Traget 2040 USD By drawing fibs from the last top 2043 to 1294 (coinbase prices) we can see that we are currently at 0.5 (1668) the break point of the W If we break we can expect the price to touch the above targets if we break 0.5 (1668) we can expect to see some resistance and some kind of pause of the move on the 0.618 (1757) possible we will have a retest of the 0.5 (1668) Thank you for reading my post, have a great day, wish you all the best ! Information provided is only educational and should not be used to take action in the market. Feel free to ask anything in the comments :)
COINBASE:ETHUSDLong
by AM.98
2
ImagineAR - chart pattern - upcoming W formation Based on the current chart pattern IP.CN is getting prepared to establish a possible W formation. Support levels have been tested several times so far in the new upward channel that was created in Jan 2021. There have been several promising news within the last couple of weeks as well as a hugh number of insider trades on the regular market by the chairman of the company. Recovery and reversal could be confirmed and supported with a view a the stochRSI indicator. I expect a steady gain in the current channel from the actual level, which is followed by a breakout scenario as soon as the resistance between 28-30 CAD cents can be broke.
CSE:IP
by the_realone
2
EUR/NZD UPDATE .Good day Traders !! On this multi-timeframe analysis we will make a full breakdown of this pair. Monthly : We have just Completed an "M" formation We expect the price to hit the neckline at 1.73800 in the long term if we reject the current area of support we are currently sitting at . Weekly : We have an ABC corrective sequence waves and we might be ready for the next impulse very soon. Daily : We just completed a "W" formation pattern and we just rejected the price to the upside which may indicate a bullish move soon . COT : Institution have been Increasing net positions in EUR since they added more than 4000 long positions and closed to 800 Short position during the last report. From an NZD perspective we are still looking at a Steady NZD while EUR is gaining in strength which may explain our vision of a bullish EUR. 8H: On this timeframe we do have a bullish environment and the price is creating HH and HLs and we do expect a continuation to the upside on the long and short term. MACD: Bullish environment EMA's Cut for long We do have two long setups for this pair , one in the mid-short term and one in the long term. Now if you enjoyed this analysis smash that like button and share. If you have a different opinion please leave a comment below as I would love to get more insights and ideas. I also linked my previous idea about this asset. Trade safe !!!
Long
by TheDayzen
How to Identify & Trade Double Tops and Double Bottoms in 2021Hello Traders, Here is some of my Favorite and Most simple Educational Chart Patterns that you should know in 2021. In this Lesson I will Show you how to Identify & Trade These Patterns! These patterns are seen daily in Stocks, Forex and different markets across the Globe. I hope you will find this information educational & informative . Your support is appreciated with a like & Comment Lets dive Right Into it!! What Is Double Top and Bottom? Double top and bottom patterns are chart patterns that occur when the underlying market moves in a similar pattern to the letter "W" (double bottom) or "M" (double top). Double top and bottom analysis is used in technical analysis to explain movements in the Market, and can be used as part of a trading strategy to exploit recurring patterns. KEY TAKEAWAYS A double top has an 'M' shape and indicates a bearish reversal in trend. A double bottom has a 'W' shape and is a signal for a bullish price movement . Understanding Double Tops and Bottoms Double top and bottom patterns typically evolve over a longer period of time, and do not always present an ideal visual of a pattern because the shifts in prices don't necessarily resemble a clear "M" or "W". When reviewing the chart pattern, it is important for traders to note that the peaks and troughs do not have to reach the same points in order for the "M" or "W" pattern to appear. Double top and bottom patterns are formed from consecutive rounding tops and bottoms. These patterns are often used in conjunction with other indicators since rounding patterns in general can easily lead to fakeouts or mistaking reversal trends. Double Top Pattern (M Formation) A double top pattern is formed from two consecutive rounding tops. Rounding tops can often be an indicator for a bearish reversal as they often occur after an extended bullish rally. Double tops will have similar inferences. If a double top occurs, the second rounded top will usually be slightly below the first rounded tops peak indicating resistance and exhaustion. Double tops can be rare occurrences with their formation often indicating that investors are seeking to obtain final profits from a bullish trend. Double tops often lead to a bearish reversal in which traders can profit from selling at the neckline (with confirmation) to form a downtrend. Double Bottom Pattern Double bottom patterns are essentially the opposite of double top patterns. Results from this pattern have the opposite inferences. A double bottom is formed following a single rounding bottom pattern which can also be the first sign of a potential reversal. Rounding bottom patterns will typically occur at the end of an extended bearish trend. The double bottom formation constructed from two consecutive rounding bottoms can also infer that traders are following the Market to capitalize on its last push lower toward a support level. A double bottom will typically indicate a bullish reversal which provides an opportunity for Traders to obtain profits from a bullish rally. After a double bottom, common trading strategies include long positions that will profit from a rising Market price. Limitations of Double Tops and Bottoms Double top and bottom formations are highly effective when identified correctly. However, they can be extremely detrimental when they are interpreted incorrectly. Therefore, one must be extremely careful and patient before jumping to conclusions. For example, there is a significant difference between a double top and one that has failed. A real double top is an extremely bearish technical pattern which can lead to an extremely sharp decline in the market. However, it is essential to be patient and identify the critical support level to confirm a double top's identity. Basing a double top solely on the formation of two consecutive peaks could lead to a false reading and cause an early exit from a position. How to Trade these Patterns Correctly using the information i have given above 1. Identify The Double Top or Double Bottom 2. Wait for the market to break the previous support or previous resistance to confirm this pattern " M or W" ( as show in my chart above) 3. Be Patient & wait for the market to come back to the "Neckline" (Previous support or Previous Resistance) (as shown in the chart above) 4. When the market will reach the "Neckline area aka support/resistance" monitor the "PRICE ACTION" (in the notes on chart) 5. Monitor the PRICE ACTION for a "Change" in the Market Environment "example" ----- (HL/HH,LH/LL). 6. It is Important to monitor the "Price Action" in the neckline area for some confirmation ( Break of structure or Candlestick confirmation) 7. Always wait for proper confirmation ( at least 2-3 different types of confirmation before Entry) 8. Always Use risk Management & Practise Safe trading. 9. Patience is always the Key to Success! 10. Enjoy The profit when you finally get to ride these Patterns :) Thanks for Reading this article, I hope that it was informative and educational As always, If you have any questions / Comment or Concern Please feel free to leave them below. Hope to see you in the next Educational Post! Global Fx Education
TVC:DXYEducation
by Global_Fx
23
GBP/CAD 1.73200 Good Day Traders !! On the Monthly timeframe we have An M formation on the way, we are in the last leg and expect the price to drop. Going down to the weekly we have a "W" formation and we expect the price to drop to the neckline at least before a continuation to the upside. Going down on the daily We have completed an "M" formation pattern and we just rejected the neckline which support our bearish idea in the near future. From an institutional perspective we can see a massive drop on Net positions on GBP and a big amount of long position added on the Cad according to the last report. Now if you enjoyed this analysis smash that like button and share. If you have a different opinion please leave a comment below as I would love to get more insights and ideas. I also linked my previous idea about this asset. Trade safe !!!
Short
by TheDayzen
GJ , It's TIME FOR THE CORRECTION !!!Good day Traders ! For this pair we have a "W" formation in the Monthly timeframe ad well as a double top forming. We expect the price to drop to the neckline and also to correct the previous impulsive move. Going down to the weekly timeframe we have an overextended W formation as well and the neckline of this weekly is in confluence with the Monthly neckline which is considered as a potential target. Going down on the daily timeframe we have an huge impulse and we expect to see a correction very soon at least to the 0.618 FIB level. From an institutional perspective we can see that institutions added a massive amount of short position last week on GBP which can explain and support our bearish idea ! Now if you enjoyed this analysis smash that like button and share. If you have a different opinion please leave a comment below as I would love to get more insights and ideas. Trade Safe !!
Short
by TheDayzen
6
EUR/AUD "W" pattern completed. Good Day Traders !!! On this pair we have a market correcting on the M timeframe as well as the W timeframe. On the daily we can clearly see an overextended "W" pattern being completed and we are ready for an impulse to the upside. The target is the 50% FIB retracement taken on the weekly impulse and that aligns perfectly with the next weekly resistance. From a COT perspective we have a strong Eur overall and we do expect this move to complete the Weekly pattern and the impulse correction continuation that we can see on the Daily timeframe. Now if you enjoyed this analysis please like and share, If you have a different opinion you can comment below as I would love to get more insights about this pair. Trade safe !!!
Long
by TheDayzen
2
EUR/CHF Are we correcting to the 0.618 FIB ? Good Day traders !! On this pair we have a "W" formation on the daily timeframe and we are heading toward the neckline of this pattern in order to complete the pattern. Also we can realize a impulse correction impulse pattern and head to the upside after the retest of the neckline which is in confluence with the 0.618 FIB retracement. From an institutional perspective the Eur is strong this week and can expect a continuation to the upside without any issue. On the Swiss franc institutions didn't add any long during the last report of Friday but they closed a few short positions which can explain this retracement that we wish to see. On the flip side institution added a massive amount of long positions on Eur and that explains the power of the bulls from the beginning of the week. Now if you enjoyed this analysis smash that like button and share. If you have a different opinion please leave a comment below as I would love to have your insights on this pair.
Long
by TheDayzen
5
NASDAQ TO COMPLETE THE PATTERN ON THE DAILY TIMEFRAME ? ON the Daily timeframe we have an M formation and we would like to see the price to retest the neckline before the continuation to the downside. Also On the monthly timeframe we can obviously see an overextended W formation which neckline aligns perfectly with the demand zone highlighted on the Chart. We want to catch that impulse to the downside with a good R/R if the pattern is ready to be completed. If you enjoyed this analysis smash that like button and share. In the event you have a different opinion please d'int hesitate to comment below as we would like to get more insights on this index.
UShort
by TheDayzen
1
Double Bottom OR Create New Lows?????After Bitcoins 27% dump we are now getting a retracement to the upside and consolidating around these levels. Was looking to see if bitcoin could break its previous local top at $36,374 (Green Box Area) but seems like we have got rejected. Now it seems like Bitcoin can be setting up a double bottom (W formation) and consolidate around these levels a little bit longer before making another big move. For this to play out we would need to make a higher low and cannot break the $30,336 price point or this will be bearish. If we break this level we can see some lower levels and wont be expecting a bounce to the upside... If we make the higher low and start heading up that could be a nice long entry as we can start seeing some higher levels!!
BITMEX:BTCUSD.P
by aberajab
DXY 90.64 - 0.14 % LONG IDEA * PRICE ACTION & REVERSAL PTTNS Hey everyone Hope you guys are good here's a look at the DOLLAR INDEX from the 4H chart, the index rallied down and failed to break support level 90.459 ranged just above this level currently trading in a more so descending channel now waiting for a breakout of this structure for intra-day set ups perfect to trade the top & bottoms of this structure on lower Time-frames but if you want to hold this one a break out in either direction could be a perfect opportunity to enter the trade once you have confirmed all your rules. Now i will be looking for long entries on this one looking for a retracement to complete the "W" formation before we see some continuation on the index. level 91.75 is the structure just between the 50% FIB & 61.8 % FIB LEVEL which will be the target should we break above. a break below changes the whole trading plan. many stars must align with the plan before executing the trade, kindly follow your rules. LET'S SEE HOW IT GOES.. HAPPY TRADING EVERYONE & LET YOUR WINS RUN... _________________________________________________________________________________________________________________________ ENTRY & SL - FOLLOW YOUR RULES RISK-MANAGEMENT PERIOD - SWING TRADE __________________________________________________________________________________________________________________________ If this idea helps with your trading plan kindly leave a like definitely appreciate it. HAVE A GOOD ONE!
TVC:DXYLong
by PULEMokhothu