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Countertrend

AUDUSD ANALYSIS I hope this should enlighten you more to know that we are now going to be printing some downtrends in currency AUDUSD, there was counter trendline analysis I made there and that should also help after completing the “M” formation we should see a little move to the upside and continue the downtrend, I’ll be glad seeing AUDUSD in $0.65-$0.60 levels As you can see my OB a lot of buyer are placing their order at that price ranges. Correct me if I’m wrong, Thank you!
Short
by w4jufx
4
USDCAD - Bearish ABCD PatternThe market setup for this week is interesting. We have a couple of setups that work on the lower timeframe and we have seen a couple of AB=CD pattern setups and complete. USDCAD has an AB=CD pattern setup on the 4-hourly chart that works on the 1-hourly chart as well. What I would like to see in this Bearish ABCD pattern is that it touches 1.2812 which is also the previous Resistance Level on the 1-hourly chart. A Double Top with RSI Divergence would sweeten the deal.
Short
by RaynLim
2
GBPUSD-Weekly Market Analysis-Nov21,Wk3On the Daily Chart, GBPUSD has finally broken and closed below the support level and has been deemed Double Bottom, Mission Impossible. A key resistance level at 1.3428 works on all 3 major timeframes, namely the daily, the 4-hourly and the 1hourly chart. You can wait for a double top setup on the 1-hourly chart the engage for a shorting opportunity. If you are looking for a counter-trend trade, the ABCD pattern that forms at 1.3314 and if it happens to touch the bottom of the Bearish Parallel Channel would give you an advantage to long.
Long
by RaynLim
EURUSD | Perspective for the new week In the wake of a stronger than expected US labour market report for October 2021, the Euro appear to be taking a bounce from fresh annual lows under $1.1520. Despite citing a Double Top pattern with a successful Breakdown of Neckline confirming a reversal pattern, I am looking forward to taking a "quick" countertrend in the coming week with my eyes still on the long-term expectation of a Bearish momentum evolving. Tendency: Uptrend (Bullish) Structure: Supply & Demand | Reversal pattern (Double Bottom) Observation: i. Since the beginning of September 2021, the Euro recorded a 3.39% drop against the Dollar and this is represented by the prior leading price action (Bearish Impulse leg). ii. And since hitting bottom around $1.15200, the Bearish momentum appears to fizzle out as Buyers find what looks like a Demand level at this zone in the last 6 weeks to incite a Correction phase. iii. It is also appropriate to note here that finding a bottom in a zone ($1.15200 area) that has a memory as far back as 2017 for the demand for Euro might not be a coincidence and seems to be a very good opportunity to take a "quick" countertrend😊. iv. With recent structure and considering the Double Top pattern identified on the Weekly chart, I suspect that this potential correction phase will stall at the Neckline zone to incite a risk of further decline for the Euro. v. Double Bottom: We do have a highly bullish technical reversal pattern forming at this juncture in the market with structure revealing a change in trend and a momentum reversal from the prior leading price action (major downtrend). vi. Even as we await a confirmation which will happen if the price breaks out of resistance level @ $1.16750 (Neckline of potential Double Bottom) which equals the high between the two prior lows; I am willing to take a long position at a break and stay above of $1.16100 with an opportunity to add to the existing position at a Breakout/Retest of Neckline in the coming week(s)... Trade consciously!😊 Trading plan: BUY confirmation with a minimum potential profit of 150 pips. Risk/Reward : 1:4 Potential Duration: 5 to 12days NB: This speculation might be considered to make individual decisions on the lower timeframe. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Long
by darcsherry
8