UsmanFarouk

UsmanFarouk

AUZNZD is in uptrend as it is printing HHs and HLs on 1H and 4H time frames. However, it has printed a Bearish DIvergence on RSI along with a Double Top formation on both time frames indicating a possibility of a bearish reversal in the short run. Taking lead from the chart, I have placed my short entry (marked with blue dashed line) on break below the neckline,...

UsmanFarouk

ETHUSD was in uptrend as it was printing HHs and HLs on 1H timeframe. However, it has just formed a double top reversal chart pattern along with making a bearish divergence on RSI. In line with the rules of trading the pattern, SL has been placed above the pattern, establishing short entry at break of neckline. TP1 has been placed at 1:1 RRR.

UsmanFarouk

In dissecting the EURUSD currency pair on the 1H timeframe, a notable shift in market dynamics has unfolded. Despite an entrenched downtrend, a compelling trend reversal materialized between 1.07232 and 1.07213, characterized by a tweezer bottom candlestick pattern alongside a bullish divergence on the RSI. Since then, price action has adhered to a distinct rising...

UsmanFarouk

The currency pair was printing LHs and LLs and therefore observed to be in downtrend. However, the 1H price chart has shown a bounce back from a key resistance (marked on chart as white box) which has already been tested several times in the past alongwith a bullish divergence on RSI. The same indicates a bullish reversal. Moreover, the price on the 1H timeframe...

UsmanFarouk

EURGBP is in downtrend on 15m, 30m and 1H timeframes as it has been printing consistent LHs and HHs. However, during downtrend of the price chart, RSI has printed a Bullish Divergence on these three timeframes in addition to the falling wedge pattern, that itself points towards a potential Bullish Reversal. Drawing my deduction of the situational confluence, I...

UsmanFarouk

The pair is in uptrend and has been printing HHs and HLs on 1H and 4H timeframes. However, it has recently shown a bearish divergence on RSI on both timeframes. Using the principles of DOW theory and timeframe confluence, I have drawn a short bias and established my short entry on break below last HL, as marked on the chart in BLUE. A RRR of 1:1 has been...

UsmanFarouk

EURGBP was previously in downtrend printing LHs and LLs. However, it has recently printed a bullish divergence on RSI on 15m, 1H and 4H timeframes. Moreover, right now, the market sentiments also support my long bias with 91% traders are observed bearing long positions. Moreover, the charts are also printing a falling wedge pattern that also supports my bullish...

UsmanFarouk

MUGHAL:PSX is in uptrend on W and D timeframes. It has formed Bull Flag on both timeframes being a continuation pattern; the RSI doesn't show any unplayed divergence. SL has been placed on last swing low i.e 50% fib retracement. Entry point is placed slightly early to take actual benefit of the move. TP is also marked in GREEN.

UsmanFarouk

FEROZ is in uptrend as it is forming HHs and HLs on 1D timeframe. The price chart has formed shape of a Bullish Flag whereas RSI shows no divergence. As a rule of thumb, entry position has been marked on chart in BLUE on breakout of pole. Target has been placed in GREEN. SL is visible in RED. The stock looks like a good buy at trigger levels.

UsmanFarouk

USDCAD was in upward trend printing HHs and HLs on 1H timeframe. However, RSI indicates a bearish divergence on the same timeframe. Accordingly, a short entry has been planned on break of previous HL. SL and TPs have been marked on chart accordingly. Support Zones are also marked for maintaining a cautious watch when price is moving near these levels for possible...

UsmanFarouk

NAS100 is presently in downtrend on 1H timeframe. The index has made a bearish pennant continuation pattern. Accordingly, a short entry is planned on downward breakout of the pole; downward price potential has also been marked on chart. Proportionate SL, TP1 and TP2 have been placed.

UsmanFarouk

USDCAD has formed a rising wedge reversal pattern alongwith Bearish divergence on RSI on 1H timeframe. Accordingly, a short entry has been planned on break of previous LH. Proportionate SL and TP have been marked on chart.

UsmanFarouk

NZDJPY was in downtrend however it has recently made a double bottom reversal pattern on 1H timeframe. The pair has also shown bullish divergence on RSI, confirming our bias. Therefore a long entry with proportionate SL and TP have been marked on chart. It is also apt to mention that TP falls within a key resistance zone indicating the need for quick execution to...

UsmanFarouk

OGDC is in bearish parallel channel and has made a beaarish flag pattern at the top of the downward channel. Short Entry has been placed on break of Flag Pole with suitable SL and TP1 and TP2.

UsmanFarouk

PPL:PSX was in uptrend as it was printing HHs and HLs. However, on 1D RSI it has been observed to make a bearish divergence along with a Bearish ABCD pattern on price chart. Volume chart also shows divergence with respect to price chart. Present price is falling within the Potential Reversal Zone (PRZ). A short Entry has been set at downward break of point B, with...

UsmanFarouk

UNITY:PSX is presently observed to be in uptrend, printing HHs and HLs on 1D timeframe. However, it is observed to have formed a Bearish divergence on RSI alongwith forming a Symmetrical Triangle. Generally, Symmetrical Triangle is considered a continuition pattern and indicates continuation of the prevailing trend however, when read in conjunction with a Bearish...

UsmanFarouk

SEARLE:PSX is observed to be in downtrend on 1D timeframe. However, a bullish divergence has been observed on RSI in conjunction with a double bottom bullish reversal pattern. Entry has been marked on chart on break above previous LH of 46.70. SL and TP have been suitably marked on chart for long position.

UsmanFarouk

PTC:PSX was in consolidation since Dec 22. However, it has formed a bullish divergence on 1D timeframe in conjunction with forming a double bottom pattern pattern. On last working that that is 13 Oct 23, it has also made a bullish engulfing candle, triggering our target entry levels. SL and TP have been marked on chart. This analysis also holds confluence with 1W...