While I'm not a huge fan of scalping and would much rather medium to long term trades, I thought I'd share the potential formation of a bullish butterfly pattern on EURJPY that some of you might like to take. The target seems to be a very strong one that is supported by weeks of past data - which when paired with the RSI that seems to indicate a reversal - means...
Despite being relatively more unpredictable than usual in the past few days, the pair seems to be forming a rising wedge. This is an indication that the strength of the bulls is waning, and that all signs point to an impending downturn for the pair. However, there are 3 realistic targets that I can see from the chart which makes me a little uneasy about my TP...
Ah my favorite currency pair! What we can see here is the formation of a bullish butterfly structure that may foreshadow the huge drop everyone is already expecting to happen very soon. Based on S&R levels, Target 1 seems to be more reliable and may see a bit of consolidation before the second drop to point D and the next S&R level. This level is also strong due...
Hey all, I've been meaning to post a few of my previous successful gartley patterns from yesterday and the day before to explain a little more about the rationale behind the trades, but I thought I'd add this and explain it in the comments section as the pattern progresses. As for the idea, we can see the formation of a bullish butterfly pattern being completed....
As the title suggests, the formation of a bullish butterfly pattern seems to be very likely. This is especially true as it complies with the bearish overall pattern (marked by the orange lines) as well as strong S&R levels at points C and D. Obviously, we have two moves here: a conservative approach and an aggressive approach. The aggressive approach involves...
S&R level and Fib retracement levels come together to support the idea of a Butterfly pattern forming on the 4hr chart. You can either wait till it hits either of the targets to sell the regression or you can ride the wave up after it breaks the 113.928 price which appears to be quite important here. Setup 1: Entry: Long at 113.969 TP: 115.404 or 116.168 SL:...
I'm in a bit of a hurry today, but I wanted to share this idea with you all. We can see based on earlier predictions that the EURUSD is in consolidation, but that doesn't mean we can't make a short-term play. Looking for the pair to bounce off its current position at the fib level and go up to at least 1.08. Interesting to note the strong S&R level at 1.08 as...
Relatively short idea combining both fundamental and technical analysis that shows a double top having formed on the pair indicating a further drop than we've seen these past few days. The conservative target is a very strong area that once showed some consolidation. If it breaks this area, expect a further drop to the aggressive target that showed very strong...
Based on S&R levels on both the long-term and short-term view, the price of this pair has been in consolidation since December 2016. From what I can see from the price-action, the price is looking to break out from this pattern soon and dive towards at least the 116 mark, with potential for a drop to the 113 mark if the EUR continues to slide. With a potential...
The price has already tried to break this particular Resistance zone twice now and looks poised to try and hopefully succeed on the 3rd try. If it continues the downtrend, then leave the entry order up for another month before it tries to break the resistance again. Alternatively, you can trade the reversal in the price now until it hits the support zone.
This time last year, the pair experienced a similar drop in price that went on to consolidate at the SAME S&R level for a while before proceeding to drop to the ~106 mark and then to the ~102 mark. If history is bound to repeat itself, we can expect this pair to cease consolidation towards the end of March. I expect that the trade will not be active for a little...
What I can see here is the potential of a large bullish flag being formed here. The last two days have formed bullish engulfing candles - which when coupled with news of a weakening Yen - provides support for my idea. My trade is not going live until I see the price go passed the earlier S&R marks. Risk vs reward here is also quite enticing. I will continue to...
Big short coming up on USDCHF that could see the price coming down to 0.88821 by April of this year. This is a long term trade so use your strategies well!
After yesterday's prediciton of a strong bear following the breaking of the resistance at 1.3408, we can already see a bit of consolidation happening at the next retracement level. Based on weekly technical data and moving averages , I suspect a bullish bounce back - at least until the next retracement level. That said, we are not paying per entry order so be...
Wait for support at 1.31691 and then go long with a TP of 1.37460. In the event that it breaks the support line, have a SL at 1.31321. The red arrow is an alternative SHORT entry order idea that you can take if this idea doesn't pan out. There's nothing to lose by preparing for both scenarios!
Major resistance point here. If the resistance is broken, expect a huge downtrend. If it shows bullish tendencies, you can expect a continuation of the overall weekly bullish trend.
Overall bullish trend which can be seen from a larger time period coupled with a strong USD means that a bullish reversal can be expected at the next Fib retracement.
Potential scalping trend on the bullish flag pattern shown here. TP might be a little higher than expected, but the pattern is there.