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Flag Pattern Alert: Gold's Big Decision!Now that the title got your attention! Take some time to fully digest the market breakdown below where we cover this further in depth! 1. Price Structure: - Downtrend: The chart shows a significant downtrend from the left side, leading to a series of lower highs and lower lows, which is a classic bearish structure. - Consolidation/Flag Formation: After a strong bearish move, the price appears to be consolidating within a flag pattern, as indicated by the 15-minute and 1-hour flag formations. This is typically a continuation pattern, suggesting that the market might continue in the direction of the previous trend (downwards). 2. Key Levels: - Daily LQZ (2,474.774): This is a higher time frame liquidity zone. Price is currently below this level, indicating that there might be significant resistance here. - 4HR LQZ (2,459.094): This zone is also above the current price, acting as potential resistance. A move towards this zone might face selling pressure. - 1HR LQZ (2,445.648): This is a closer resistance level, just above the current price action, within the range of the flag pattern. A breakout above the flag might target this LQZ. - 15M LQZ (2,415.863): Price is currently hovering around this level, indicating that the market is at a critical point where it could either bounce or break lower. - 1HR LQZ (2,402.417): If the price breaks down from the current flag, this level could act as the next target/support. 3. Potential Scenarios: - Bullish Scenario (Green Arrow): - Breakout of the Flag: If the price breaks out upwards from the flag formation, it could signal a reversal or a correction within the larger downtrend. - Target Levels: The price might aim for the 1HR LQZ at 2,445.648 first, with potential further movement towards the 4HR LQZ at 2,459.094, and eventually towards the Daily LQZ at 2,474.774 if bullish momentum continues. - Bearish Scenario (Orange Arrow): - Breakdown from the Flag: If the price breaks down from the flag pattern, it would confirm the continuation of the bearish trend. - Target Levels: The immediate target would be the 1HR LQZ at 2,402.417, followed by the next lower Daily LQZ at 2,355.819. 4. Market Phases: - Impulsive and Corrective Phases:The downtrend before the flag can be considered an impulsive phase, while the flag pattern itself represents a corrective phase. Understanding these phases can help anticipate the next move. 5. Lower High Formation: - The chart also marks a “Lower High” within the flag formation. This suggests that the bulls are struggling to push the price higher, which is a bearish signal, reinforcing the likelihood of a breakdown. 6. Volume Analysis: - Volume Support: The volume seems to be lower during the flag formation compared to the preceding downtrend, which is typical in a consolidation phase. A breakout with strong volume would give more validity to the direction. 7. Conclusion: - Bullish Bias: If the price breaks out of the flag with strong momentum and volume, a short-term bullish move towards the higher LQZs can be expected. - Bearish Bias: The overall trend and the formation of a lower high suggest a bearish continuation. If the price breaks down from the flag, the bearish scenario could play out with targets towards the lower LQZs. This breakdown gives you a structured view of the current market conditions on this chart. As always, consider combining this technical analysis with other factors like market sentiment, fundamental analysis, and your risk management strategies.
OANDA:XAUUSDLong
by Adlercon333
MarketBreakdown | GBPUSD, USDCHF, EURAUD, US100 Here are the updates & outlook for multiple instruments in my watch list. 1️⃣ #GBPUSD daily time frame 🇬🇧🇺🇸 The market keeps correcting on a daily time frame after the pair updated the high. The price is steadily falling within a bullish flag pattern. I think that a bullish breakout of the resistance of the flag and a daily candle close above that can be a strong bullish trend-following signal. 2️⃣ #USDCHF daily time frame 🇺🇸🇨🇭 The market keeps recovering after a massive selloff. The closest resistance that I see on a daily is the confluence zone based on a recently broken horizontal support and a falling trend line. I will look for shorting opportunities from there 3️⃣ #EURAUD daily time frame 🇪🇺🇦🇺 The price successfully violated a major rising trend line and closed below that on a daily. I think that the market has a nice potential to keep going lower. 4️⃣ NASDAQ INDEX #US100 daily time frame The index is trading in a minor bearish trend on a daily. We see a local correctional movement at the moment. I see a strong supply area ahead. It is based on a key horizontal resistance and a falling trend line. I think that we can expect a retracement from that area. Alternatively, its bullish breakout will be a strong bullish signal. Do you agree with my market breakdown? ❤️Please, support my work with like, thank you!❤️
Long
by VasilyTrader
3
Trade Analysis Report: EUR/USDOverview: The EUR/USD pair is currently exhibiting a potential continuation of the downtrend, as seen on both the weekly and 4-hour timeframes. The weekly chart shows a Flat ABC correction or Flag structure, which now aligns with a flag correction on the 4-hour chart. This flag, combined with hidden divergence, further confirms a shorting opportunity as the market prepares to continue its bearish movement. Overview: The EUR/USD pair is currently exhibiting a potential continuation of the downtrend, as seen on both the weekly and 4-hour timeframes. The weekly chart shows a Flat ABC correction or Flag structure, which now aligns with a flag correction on the 4-hour chart. This flag, combined with hidden divergence, further confirms a shorting opportunity as the market prepares to continue its bearish movement. Technical Analysis: Weekly Timeframe: Flat ABC Correction/Flag Structure: The weekly chart reveals a corrective phase in the form of a Flat ABC correction or Flag pattern, with wave C anticipated to drive prices lower. The completion of wave B and the anticipated development of wave C suggest a strong bearish continuation, providing a high-probability shorting setup. 4-Hour Timeframe: Flag Correction: On the 4-hour chart, a flag correction has formed, which is typically a continuation pattern indicating the potential for further downside movement. The price action within the flag is consolidating, likely preparing for a breakout to the downside, in line with the overall bearish outlook on the weekly timeframe. Hidden Divergence: Hidden divergence between the price and momentum indicators (such as RSI or MACD) on the 4-hour chart further supports the likelihood of a continuation of the downtrend. The hidden divergence occurs when the price makes lower highs while the indicator makes higher highs, suggesting that the recent consolidation is a pause before the next leg down. Trade Setup: 1. Short Position Setup: Entry: Consider entering a short position below the 1.08824 price level of the 4-hour flag pattern or upon confirmation of a breakout to the downside of the 1.08824. Target: Target the completion of wave C on the weekly chart, which could align with significant support levels identified on both the 4-hour and weekly charts. Stop-Loss: Place a stop-loss above the upper boundary of the flag pattern to manage risk. This stop should be above the recent highs or the invalidation level of the flag.
Short
by justTheRookieTrader
Trade Analysis Report for Gold (XAU/USD)Timeframes: Daily: Bearish Divergence and Reversal Structure Forming 4-Hour: Flat ABC Wave Correction or Flag Formation Market Overview: Gold (XAU/USD) is showing signs of a potential downside movement, with a reversal structure emerging on the daily timeframe. The recent price action has exhibited bearish divergence on key momentum indicators, suggesting a weakening bullish momentum and a possible trend reversal. Technical Analysis: Daily Timeframe Bearish Divergence: There is a clear divergence between price and momentum indicators like RSI and MACD. While the price has been making higher highs, the RSI has failed to follow suit, creating a bearish divergence signal. This divergence often precedes a reversal, making it a critical signal for traders considering short positions. Reversal Structure: The price action on the daily chart shows the formation of a potential head-and-shoulders pattern or a double top. Both patterns are classic reversal signals, suggesting that the uptrend could be losing steam. 4-Hour Timeframe: ABC Wave Correction or Flag Formation: The 4-hour chart reveals a flat ABC wave correction or flag formation, which often acts as a continuation pattern in the direction of the preceding trend (bearish in this case). Wave A and C: Both waves exhibit similar lengths, adding to the validity of the ABC pattern. The B wave’s retracement aligns with Fibonacci levels, providing further confirmation. Flag Pattern: If viewed as a flag, the pattern indicates consolidation before a potential downward continuation, making this a strong confirmation for adding to short positions. Momentum Confirmation: Traders should keep an eye on the 4-hour momentum indicators, such as the RSI and MACD, for confirmation. A breakdown below the lower boundary of the flag or a clear rejection from the resistance level could trigger further downside movement. Trade Setup: Entry: Consider entering short positions near the Fibonacci retracement levels, this are key level where reversals are commonly observed or a breakdown from the 4-hour flag pattern. Stop-Loss: Is up to you to protect you against a potential invalidation of the bearish setup. Conclusion: Gold is presenting a compelling shorting opportunity with multiple bearish signals aligning across different timeframes. The bearish divergence on the daily chart, combined with the ABC correction or flag formation on the 4-hour chart, provides a strong case for a downside move. Traders should wait for confirmation through momentum indicators and price action before entering the trade, ensuring that risk management strategies are in place.
OANDA:XAUUSDShort
by justTheRookieTrader
A setup for the bitcoin hodlers out thereLook at the latest weekly candle. Yes, it’s incomplete, but what a turnaround from where we were on Monday. As of the time of writing, it’s a big bullish pin. Unless we see a major reversal to finish the week, that’s a strong signal that we may see further upside ahead. I say this because when you look at the price action, so many patterns on the weekly timeframe have provided reliable signals this year: the evening star after the record highs in March. The morning star in early July. The bullish engulfing in May. The bearish engulfing candles in June and late July – they’ve been trustworthy even if they weren’t sustained for long. Who’s to say this will be any different? Sitting in a bullish flag pattern, the magnitude of the rebound makes me wonder whether we may see a retest of downtrend resistance soon? And if the price manages to take out $70000 – the high struck in late July – it will break the sequence of lower lows dating back to when the record high was set, pointing to a possible retest of the level should the breakout stick. Granted, a lot of things that need to go right for that scenario to play out. And buying after the massive rebound is not without its dangers, so it would be nice to see the candle completed before considering whether to join in. It would have been ideal to have bought the dip at the start of the week, as I flagged in a trade idea at the time. Should bitcoin close above $60,000 I’d feel comfortable entering a long position, not only because it would maintain the bullish signal but also because it found buyers below the level earlier in the year. Risk management is key in these whippy markets, so make sure you place an appropriate stop depending on your end target, be it the top of the flag, $70,000, or moon! As for key market drivers, bitcoin remains a high beta play on boarder risk assets which in turn are being influenced by sentiment towards the US economic outlook. The rolling daily correlation with year-ahead Fed rate cut expectations, US two-year Treasury yields, S&P 500 futures and USD/JPY has been 0.78 or higher over the past fortnight. That suggests that to improve the prospects of the trade, incoming economic data needs to build confidence in the soft economic landing narrative. DS
FOREXCOM:BTCUSDLong
by FOREXcom
EUR/USD Trade Analysis, Potential Flat ABC or Flag StructureOverview: The EUR/USD pair appears to be forming a Flat ABC correction or a Flag structure on the chart. This pattern suggests that after the completion of wave A and B, a potential wave C is expected to form, providing both a selling and buying opportunity depending on the wave's development. Wave Structure: 1.Wave A (Completed): - The initial wave A appears to have completed its formation. This wave typically represents a corrective phase where the price initially moves against the prevailing trend. - In the case of EUR/USD, wave A has already played out, setting the stage for wave B and the subsequent wave C. 2.Wave B (Completed): - Wave B often retraces a portion of wave A and is now completed. This wave generally represents a counter-correction within the overall corrective structure. - The completion of wave B signals that the market is now poised for the final leg of the correction, wave C. 3.Wave C (Anticipated): - Wave C is expected to follow, marking the final phase of the correction. This wave often mirrors the length of wave A, completing the ABC correction or flag pattern. - Sell Setup: Traders should look for a selling opportunity as wave C begins to form. This could occur at a key Fibonacci retracement level or other technical resistance points where wave C is expected to start. - Buy Setup: After wave C completes its formation (likely around the previous low or key support level), there could be a strong buying opportunity. This is where the correction ends, and the market resumes its previous trend, potentially setting up for a long position. Key Levels to Watch: - Resistance Levels: Monitor the key resistance areas where wave C could begin its downward move. This could include Fibonacci retracement levels or prior swing highs. - Support Levels: Look for support areas where wave C might complete, such as previous lows or significant support zones that coincide with Fibonacci extensions. Trade Plan: 1.Short Position: - Enter short near resistance or at the beginning of wave C. - Target the completion of wave C, which could be near key support zones. - Place stop-loss above the wave B high to manage risk. 2.Long Position: - Look to enter a long position at the end of wave C, near strong support or upon confirmation of a reversal. - Target previous highs or resistance areas as the market resumes the previous trend. - Place stop-loss below the wave C low to protect against further downside.
Short
by justTheRookieTrader
Alikze »» Doge | Bullish Flag🔍 Technical analysis: Horizontal Flag - According to the presented analysis , after growing up to the supply zone and not failing, the zone faced correction. - Currently, it is moving in a descending channel at the time of 8H. - In the recent correction, after creating demand in the bottom area of ​​the channel, it is moving sideways in the middle of the channel. - A bullish sideways flag pattern is now formed. - According to the volumes created in the middle of the channel, it can continue its growth up to the ceiling of the descending channel. 💎 Alternative scenario : In addition, if the Fibo 100 zone breaks again, it can continue the correction until the origin of the movement. »»»«««»»»«««»»»««« Please support this idea with a LIKE and COMMENT if you find it useful and Click "Follow" on our profile if you'd like these trade ideas delivered straight to your email in the future. Thanks for your continued support. Best Regards,❤️ Alikze. »»»«««»»»«««»»»««« BINANCE:DOGEUSDT
Long
by alikze
Gold Traders Alert: Crucial Levels to Watch for the Next Trade!Key Components: Chart Type and Pair: The chart is a 1-hour (1H) timeframe for the Gold Spot/U.S. Dollar (XAU/USD) pair. Support and Resistance Levels: Horizontal Resistance Line at $2,446.18: This is labeled as "1HR LQZ" (1-hour liquidity zone), indicating a significant resistance level where price might face selling pressure. Horizontal Support Line at $2,347.82: Also labeled as "1HR LQZ," indicating a significant support level where the price might find buying interest. Trend Lines: There are descending yellow trend lines drawn, indicating a downtrend. The lower yellow trend line has a label suggesting a "Potential 3rd Touch," which typically indicates a possible point for a bounce or reversal. Price Action: The recent price action shows a lower high (LH) formation near $2,446.18, suggesting a downtrend continuation. Two potential scenarios are sketched on the right side of the chart with different colored lines (orange and green) depicting possible future price movements. Analysis: Current Trend: The overall trend appears to be bearish due to the formation of lower highs (LH) and lower lows (LL). Support and Resistance: The price is currently trading between two significant levels ($2,446.18 and $2,347.82). Breaking either level with strong momentum could indicate the next directional move. The price nearing the lower yellow trend line for a potential third touch suggests a possible bounce. If the price respects this trend line, it could indicate a temporary support. Potential Scenarios: Bullish Scenario (Green Path): If the price finds support at the lower yellow trend line and the horizontal support at $2,347.82, it might bounce back towards $2,446.18. Breaking above this level could lead to a further rise. Bearish Scenario (Orange Path): If the price fails to hold the support at the yellow trend line and $2,347.82, it might continue to fall. A break below this support level could lead to further declines, targeting lower support levels not shown in the chart.
OANDA:XAUUSD
by Adlercon333
BTC right back into channel/ flagBTC is right back into the channel on a candle body basis on the daily. This brutal wick was caused partially by capitulation but mostly by leverage, over 1 billion dollars in liquidations cascaded. At some point all of these degens will run out of money. I took this opportunity to buy AKT at my downside target of 1.9$, and I sold more puts on CLSK. We are no in the clear yet but my first target is marked with the dashed green of 58.3k. I am still net long.
BINANCE:BTCUSDLong
by Apollo_21mil
Can Gold Surpass Its Recent Highs? Expert Analysis Inside!Key Levels: Higher High (HH): Marked near the top at around 2460. Lower High (LH): Slightly lower high indicating a possible trend change. Support/Resistance Zones: Key support/resistance levels are identified on the chart. Lower Time Frame (LTF) Lower High: Indicated by a yellow line, suggesting a lower high on a smaller timeframe within the larger trend. Liquidity Zones (LQZ): Marked on the 4-hour, 1-hour, and daily timeframes indicating potential areas of liquidity. Market Structure: Shorter Time Frame Higher Low: A higher low is indicated on a smaller timeframe, suggesting potential bullish continuation. Barley Missed HH and then pushed down: Indicates a failure to achieve a higher high, followed by a downward movement. Support Rejection: The market rejects off support, suggesting a possible formation of a new higher low (HL). Observations: The market is reacting to support and resistance levels, showing signs of potential trend continuation or reversal. The presence of multiple liquidity zones suggests areas where price might seek liquidity, influencing future price movements.
OANDA:XAUUSDLong
by Adlercon333
4
NDX Mega Rally Will Continue..Don't let the "fundamentals" mess with your head.. NDX has another 36% climb ahead of it, before it's next serious correction... I called the bottom of this correction quite accurately (In fact, I called it but 4 days in advance to my predicted date it bottomed... This is a text book bull flag with a measured move to the 161.8 Perfect technical structure.. Time to be long is now.. QE is coming back, rates are going to ease off, money will flow out of bonds and T-bills and back in risk assets, elections are coming up soon, war is raging and is sadly a cash machine for defence stocks, CPI lags and the market is going to pump in expectation of further inflationary pressures down the road.. AI is booming and is inherently deflationary.. The most upside I believe will be in any crypto related stock plays, as it's tech category + highest asymmetry..
NASDAQ:NDXLong
by TheTraderAndy
Potential Bear Flag in EnphaseEnphase Energy has drifted sideways for almost a year, and some traders may think a long-term downtrend is resuming. The first pattern on today’s chart is the drop after prices stalled at the December high near $140. That false breakout is a potentially bearish signal. ENPH proceeded to slide below $100. It next bounced and retraced about half the decline, which may confirm its direction has turned lower. Third, a series of lower highs since early July may be viewed as a bearish flag. The solar stock closed below the line on Friday. Has a breakdown begun? Finally, several simple moving averages (SMAs) are more or less on top of each other. That compression, which results from the long period of sideways movement, could potentially give way to another period of volatility. TradeStation has, for decades, advanced the trading industry, providing access to stocks, options and futures. See our Overview for more. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options or futures); therefore, you should not invest or risk money that you cannot afford to lose. Online trading is not suitable for all investors. View the document titled Characteristics and Risks of Standardized Options at www.TradeStation.com . Before trading any asset class, customers must read the relevant risk disclosure statements on www.TradeStation.com . System access and trade placement and execution may be delayed or fail due to market volatility and volume, quote delays, system and software errors, Internet traffic, outages and other factors. Securities and futures trading is offered to self-directed customers by TradeStation Securities, Inc., a broker-dealer registered with the Securities and Exchange Commission and a futures commission merchant licensed with the Commodity Futures Trading Commission). TradeStation Securities is a member of the Financial Industry Regulatory Authority, the National Futures Association, and a number of exchanges. TradeStation Securities, Inc. and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., both operating, and providing products and services, under the TradeStation brand and trademark. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Visit www.TradeStation.com for further important information explaining what this means.
NASDAQ:ENPH
by TradeStation
1
Alikze »»GRT | Bearish Flag Pattern🔍 Technical analysis: Bearish Flag Pattern According to the analysis presented in the previous post, after the completion of corrective wave B, an upward wave in the form of wave 3 or C grew to the size of 1.272 fibo of the previous wave itself. - Therefore, this rising wave can be labeled as wave one. 💎 According to the structure and behavior of the three-wave correction, an ascending log equal to 61.8 fibo of the previous wave has been returned. 💎 In addition, this return wave was in a channel and formed a descending flag. Therefore, the bearish flag pattern can also correct as much as the bar. - This descending log can return at least 100% of the previous wave, which will be the range of 0.1446. - If it continues and breaks it, it can extend to the floor of the channel and shopping area. 💎 Resistance zone: limit 0.39 and fibo 61.8 channel ceiling 💎 Alternate scenario: If the 0.618 Fibo area breaks to the upside, the bearish scenario will be invalidated and should be re-examined and updated. »»»«««»»»«««»»»««« Please support this idea with a LIKE and COMMENT if you find it useful and Click "Follow" on our profile if you'd like these trade ideas delivered straight to your email in the future. Thanks for your continued support. Best Regards,❤️ Alikze. »»»«««»»»«««»»»«««
Short
by alikze
15