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Countertrend

EURUSD-Weekly Market Analysis-Oct21,Wk5On the daily chart, EURUSD has broken and closed below the support. However, the 1-hourly chart, it presents a different view. There are 2 potential development over here 1) A sideway bounce setup that gives selling opportunity on the red line and buying opportunity on the blue line 43pips opportunity on the 1-hourly chart is not too bad. 2) If the candle breaks and closes above 1.1666, then a Bullish Flag Pattern would complete. However, it is a rather weak Flag Pattern caused by the retracement move on the 1st move. What intrigue me is the completion of the assumed Flag Pattern ends before the Key Resistance Level at 1.1683. Let's see how this trade pans out.
Long
by RaynLim
EURUSD - Bullish Flag @ Low Price(*This idea is not meant to be any kind of advice. Trade on your own Risk!*) Here is the summary of the indications: Low Price Daily Broadening Wedge Above weekly Support Bullish Flag Pattern Target is at the height of the bullish flag pole ------------------------------ Hi Traders! The setup of this idea is that the market is at a relatively low price at the moment. Now, it is going up. If you zoom out towards the daily chart, you can see that the market is moving in a Broadening Wedge, from which it lastly touched the lower Trendline. However, now we are in a Bullish Flag Pattern. Simultaneously, we are above the major weekly Support. The target would be the next major Resistance at around 1.17400. This target is also at the height of the bullish flag pole - the distance, which is typically used for the Bullish Flag Pattern. If you have any questions, another point of view or something to add, please comment! Thanks and successful Trading :-)!
Long
by swissmoneymakers
7
Potential Conter trend corrective underway in the EUR/NZDGood afternoon folks, Happy Friday! On our hunt for some potential ideas forming this morning, we came across an opportunity in the EUR/NZD. At the moment price seems to have formed a nice higher low and has surged to the upside with a particular degree of momentum. Given that we have such a huge gap away from our 8EMA, I would expect the gap close to be well under way before long. We did see something similar to this counter trend view earlier in the week before we saw another leg down but given where price is in the wider picture, having closed beneath major support, the likelyhood of a deeper corrective certainly seems to be on the cards. Wait for a potential trigger via the breakout and retest of the 1.62400 zone for a potential window of opportunity to seek longs to approximately 1.63300-400. Dont rush the process and trade the plan. Have a lovely weekend!
Long
by TheTradingRoom
USDCAD - Indications for a PullbackHi Traders! The main concept of this idea is that the market broke the ascending daily trendline in the past. Since then, it is moving lower in a tight descending Parallel Channel. As the upper Channel "measures the Trend Change" we see that the market tends to make a Trend Change, because it is more touching the upper TL than the lower TL. That's why we think it will pullback. After the Pullback, it is possible that it continues lower. Here the indications which supports our view: Downwards Movement --> daily Trendline Break Going Up --> Touching the upper TL of the descending Channel Going Up --> MACD shows Divergence The first target would be the nearest Top at around 1.24000. The last Target would be around the next psychological level of 1.25000. If you would like to know more about the thinking process of this trade, feel free to comment! Thanks and successful Trading :-)!
Long
by swissmoneymakers
EURJPY - Bearish Deep Crab HOP LevelA Bearish Deep Crab pattern has touched the D-Point completion at 132.45. Counter Trend traders can consider engaging in the trade. Conservative traders can wait for 1) Further consolidation and make sure it didn't break and close above 132.77 for a shorting opportunity. 2) Wait for consolidation to happen at 133.60 for a shorting opportunity as a second chance entry for a shorting opportunity. That level coincides with the daily chart bearish bat pattern.
Short
by RaynLim
GBPAUD - Another Bullish SharkHowever, this is my prefered bullish shark to engage and there are 2 reasons for that. 1. At this moment, the bearish movement is still strong, it seems like it can go a bit lower before any reversal happens 2. The Shark Pattern that forms at this level coincide with the completion of the Bullish Bat, or better known as Fib3 Bat or Alt Bat Pattern at the 4-hourly chart. 3. The current Shark Pattern is the last level of possibility for a buying opportunity. Shark Pattern can be a tricky and crafty one so if you are not familiar with it or do not have a coach who are well-versed with it, stay out of this pattern.
Long
by RaynLim
EURUSD 1h DEMANDI like this demand zone area on the 1-hour chart. It is sitting on an already tested 4-hour demand zone (faded green area). The only thing it has against it is that it is counter trending against the downtrend of the Daily bias. But the consistent HHs and HLs tell me that price is going to rally for a while, probably to mitigate inefficiency and/or the institutional candle above on the Daily. With that in mind, I'm taking partials at about 1:5 but I am open to holding it much longer.
Long
by QSInvestments
EURUSD - First Pullback, Than Down-Trend-ContinuationHi Traders! The market is in a Downtrend. The concept of this idea is that the market goes up to make a Pullback. After that, it'll fall down and potentially even reach the Weekly Support. Here are some indications which supports our view: - Up-Movement from here: Bullish Divergence Market didn't make any dynamic Pullback since the last Top H1-Trendline offers itself as an Entry Trigger -Down-Movement after Orange Box: Daily Trendline H4-Resistance 38.2% Fib' Retracement If you have any kind of question or a different point of view, feel free to comment! Thanks and successful Trading :-)!
Long
by swissmoneymakers