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Chart Pattern Work!U could Called it myth/BxxSxxt BUT it work!All organic/ inorganic, none or man made, living or nonliving "objects" have "pattern".. A "shape" form by connecting at least 3 vertexes. Our jobs as traders just need our "Arsenal of Tools" to "verify" the "validation of patterns" found on chart by exploiting its speed- The Form - The combination of 3-dimension of the xy-chart. As "reading" human's facial expression/ body language It might take decade/ years for mastering this skills just to "detect" a fake or genuine people... Good Luck!
FX:XAUUSD
by SteveTan
2
CHART PATTERNChart patterns: These are graphical shapes that form often in forex with price movement from one direction to another. Chart patterns are different from Candlestick patterns. Chart patterns give us signals of where the price movement will go next. As a trader, you need to be able to spot the Chart patterns on your tradingview platform because they’re potential trade signals, We have 3 types of Chart patterns. TYPES OF CHART PATTERNS 1. Reversal Chart Pattern 2. Continuation Chart Pattern 3. Bilateral Triangles Chart Pattern Here we have a reversal chart pattern called Head and Shoulder's 1.Head & Shoulders: This is a reversal chart pattern. You look for it in an uptrend as a bearish reversal signal to go short/sell. You will enter head and shoulder pattern by: 1. Drawing a neckline connecting the base of the two shoulders. 2. Enter the trade (Short) after a candlestick breaks the neckline to the downside. 3. Set your stop loss below the apex of the right shoulder. 4. Your profit target will be the distance between the apex of the head and the neckline. That will be the distance between your entry and your profit target.
by westbellisyfx
Chart Analysis (SAGA/USDT)Chart Analysis (SAGA/USDT) Published on Oct 10, 2024. The 4-hour chart shows a clear support level at approximately $2.3055 (highlighted with grey boxes), where price has historically bounced off multiple times. The price action suggests a consolidation phase around this zone, with frequent tests of this support level. The recent drop from the $2.7-$2.8 range is potentially targeting this same support zone again, as seen in previous dips. Watch for a potential bounce around this area or a breakdown below $2.3055 for further downside momentum. If a breakdown occurs, the next support levels could be around $2.1 or $2.0. Key levels to watch: Support: $2.3055 (major), $2.1 Resistance: $2.6, $2.8 Note: This chart is not financial advice. Please conduct further research before tradin
Long
by perotrade
Chart Elements and Key Observations of $ETH.Price Levels: Current Price: The current price of ETH is 3,817.20 USDT. Support Levels: The chart shows two key support levels: Around 3,795 USDT (marked by the blue dashed line). Around 3,762 USDT (marked by a solid black line). Resistance Levels: Around 3,914 USDT (marked by a solid black line). Trend Lines: Downward Channel: The price is moving within a descending channel, indicated by two black downward sloping lines. Volume: Volume bars at the bottom of the chart show trading activity. Recently, volume appears relatively low, indicating possibly less trading interest or a consolidation phase. Technical Indicators: MACD (Moving Average Convergence Divergence): The MACD line (blue) is crossing below the signal line (orange), which can be a bearish signal indicating downward momentum. RSI (Relative Strength Index): The RSI is at 46.40, which is close to neutral (50). RSI below 30 generally indicates an oversold condition, while RSI above 70 indicates an overbought condition. Currently, the RSI suggests neither overbought nor oversold conditions, but leaning slightly towards the lower end. Potential Scenarios: Bullish Scenario: If the price breaks above the upper trend line of the descending channel, it could indicate a reversal of the downward trend, potentially targeting the resistance level at 3,914 USDT. Bearish Scenario: If the price fails to hold the support at 3,795 USDT and further at 3,762 USDT, it could lead to a further decline, with potential next support levels at or below 3,719 USDT. Neutral/Consolidation: The price could continue to trade within the descending channel, oscillating between the support and resistance lines, indicating a consolidation phase until a clear breakout (upwards or downwards) occurs. Conclusion: The chart shows that Ethereum is currently in a descending channel with important support and resistance levels identified. Monitoring the breakouts from the channel and the behavior at support levels can provide clues about the next price direction. The technical indicators suggest slight bearish momentum but are close to neutral, indicating indecision in the market.
by MEHRADHARMI
Chart Elements and Key Observations of $ETH.Price Levels: Current Price: The current price of ETH is 3,817.20 USDT. Support Levels: The chart shows two key support levels: Around 3,795 USDT (marked by the blue dashed line). Around 3,762 USDT (marked by a solid black line). Resistance Levels: Around 3,914 USDT (marked by a solid black line). Trend Lines: Downward Channel: The price is moving within a descending channel, indicated by two black downward sloping lines. Volume: Volume bars at the bottom of the chart show trading activity. Recently, volume appears relatively low, indicating possibly less trading interest or a consolidation phase. Technical Indicators: MACD (Moving Average Convergence Divergence): The MACD line (blue) is crossing below the signal line (orange), which can be a bearish signal indicating downward momentum. RSI (Relative Strength Index): The RSI is at 46.40, which is close to neutral (50). RSI below 30 generally indicates an oversold condition, while RSI above 70 indicates an overbought condition. Currently, the RSI suggests neither overbought nor oversold conditions, but leaning slightly towards the lower end. Potential Scenarios: Bullish Scenario: If the price breaks above the upper trend line of the descending channel, it could indicate a reversal of the downward trend, potentially targeting the resistance level at 3,914 USDT. Bearish Scenario: If the price fails to hold the support at 3,795 USDT and further at 3,762 USDT, it could lead to a further decline, with potential next support levels at or below 3,719 USDT. Neutral/Consolidation: The price could continue to trade within the descending channel, oscillating between the support and resistance lines, indicating a consolidation phase until a clear breakout (upwards or downwards) occurs. Conclusion: The chart shows that Ethereum is currently in a descending channel with important support and resistance levels identified. Monitoring the breakouts from the channel and the behavior at support levels can provide clues about the next price direction. The technical indicators suggest slight bearish momentum but are close to neutral, indicating indecision in the market.
by MEHRADHARMI
Chart Analysis: Gold's Downward Trend and Potential ReboundGold hit its lowest price of the week at 2,354 USD in Wednesday's US trading session, failing to surpass the 2,400 USD mark. The inability to reach the 2,400 USD milestone has cast uncertainty over Gold's upward momentum, leading to a decline in its price. Looking at the 1-hour chart, we can observe the downward trend of the gold price based on trading below the Simple Moving Averages (SMA). Despite signs of adjustment and recovery, the market remains unstable. Predictions suggest that the price may recover to the SMA 100 level before continuing its sharp decline.
OANDA:XAUUSD
by Daisy_Anna