1321 - 6 months RECTANGLE══════════════════════════════
Since 2014, my markets approach is to spot
trading opportunities based solely on the
development of
CLASSICAL CHART PATTERNS
🤝Let’s learn and grow together 🤝
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Hello Traders ✌
After a careful consideration I came to the conclusion that:
- it is crucial to be quick in alerting you with all the opportunities I spot and often I don't post a good pattern because I don't have the opportunity to write down a proper didactical comment;
- since my parameters to identify a Classical Pattern and its scenario are very well defined, many of my comments were and would be redundant;
- the information that I think is important is very simple and can easily be understood just by looking at charts;
For these reasons and hoping to give you a better help, I decided to write comments only when something very specific or interesting shows up, otherwise all the information is shown on the chart.
Thank you all for your support
🔎🔎🔎 ALWAYS REMEMBER
"A pattern IS NOT a Pattern until the breakout is completed. Before that moment it is just a bunch of colorful candlesticks on a chart of your watchlist"
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⚠ DISCLAIMER ⚠
The content is The Art Of Charting's personal opinion and it is posted purely for educational purpose and therefore it must not be taken as a direct or indirect investing recommendations or advices. Any action taken upon these information is at your own risk.
Rectangle
INVA - 14 months HEAD & SHOULDERS + 6 months RECTANGLE══════════════════════════════
Since 2014, my markets approach is to spot
trading opportunities based solely on the
development of
CLASSICAL CHART PATTERNS
🤝Let’s learn and grow together 🤝
══════════════════════════════
Hello Traders ✌
After a careful consideration I came to the conclusion that:
- it is crucial to be quick in alerting you with all the opportunities I spot and often I don't post a good pattern because I don't have the opportunity to write down a proper didactical comment;
- since my parameters to identify a Classical Pattern and its scenario are very well defined, many of my comments were and would be redundant;
- the information that I think is important is very simple and can easily be understood just by looking at charts;
For these reasons and hoping to give you a better help, I decided to write comments only when something very specific or interesting shows up, otherwise all the information is shown on the chart.
Thank you all for your support
🔎🔎🔎 ALWAYS REMEMBER
"A pattern IS NOT a Pattern until the breakout is completed. Before that moment it is just a bunch of colorful candlesticks on a chart of your watchlist"
═════════════════════════════
⚠ DISCLAIMER ⚠
The content is The Art Of Charting's personal opinion and it is posted purely for educational purpose and therefore it must not be taken as a direct or indirect investing recommendations or advices. Any action taken upon these information is at your own risk.
TAL EDUCATION (TAL) - Rectangle Break Out on WeeklyTal Education broke out of the range it has formed over a year.
This stock popped last week due to start of coverage from Goldman Sachs.
It operates in after school tutoring in China, which is a norm in Asia and a huge market.
Looking for a retest around 10.30 - 10.50.
Stops can be placed below 9.50 (10 weekly EMA).
No traffic till 17 but we can take 16 as the rectangle range target.
BTC - Wait to Buy/LongAlthough it looks more rewarding on the short position, I do not suggest to go in on short because BTC uptrend structure has not been broken yet on a 1H timeframe. The strategy is to wait for buy
Two Scenarios;
1) If BTC breaks 38k, wait for a retest around 38k and buy when reversal candle happens
2) Wait for a retest at lower bound of trading range at 35.7k and start scaling in Long position from 34.8k and 35.7k
TP at 40k for the 1st Scenario
TP at 38k and 40k for the 2nd Scenario
SL at 38k for the 1st Scenario
SL at 34.8k for the 2nd Scenario
BITCOIN (BTCUSD): Consolidation! What is Next?! ₿
Bitcoin is consolidating within a wide horizontal range on a daily
after a strong bullish wave.
I will anticipate a further growth after a breakout - a daily candle close above 38030.
Next resistance will be 39600
❤️Please, support my work with like, thank you!❤️
ENGI - 7 months RECTANGLE══════════════════════════════
Since 2014, my markets approach is to spot
trading opportunities based solely on the
development of
CLASSICAL CHART PATTERNS
🤝Let’s learn and grow together 🤝
══════════════════════════════
Hello Traders ✌
After a careful consideration I came to the conclusion that:
- it is crucial to be quick in alerting you with all the opportunities I spot and often I don't post a good pattern because I don't have the opportunity to write down a proper didactical comment;
- since my parameters to identify a Classical Pattern and its scenario are very well defined, many of my comments were and would be redundant;
- the information that I think is important is very simple and can easily be understood just by looking at charts;
For these reasons and hoping to give you a better help, I decided to write comments only when something very specific or interesting shows up, otherwise all the information is shown on the chart.
Thank you all for your support
🔎🔎🔎 ALWAYS REMEMBER
"A pattern IS NOT a Pattern until the breakout is completed. Before that moment it is just a bunch of colorful candlesticks on a chart of your watchlist"
═════════════════════════════
⚠ DISCLAIMER ⚠
The content is The Art Of Charting's personal opinion and it is posted purely for educational purpose and therefore it must not be taken as a direct or indirect investing recommendations or advices. Any action taken upon these information is at your own risk.
Dollar Index (DXY): Bearish Outlook For Next Week Explained 💵
Dollar Index broke and closed below a key horizontal daily support this week.
After the violation, the price was coiling for some time within a narrow horizontal
range on a 4H time frame.
The release of US housing data on Friday was very bearish for the Greenback.
The price violated a support of the range, giving us a strong intraday confirmation.
We may anticipate a further bearish continuation now.
Next support - 103.1
❤️Please, support my work with like, thank you!❤️
USDCHF: Will It Go Lower?! 🇺🇸🇨🇭
I spotted a strong intraday bearish confirmation on USDCHF.
After a breakout of a key daily support, the price retested that.
The market started to consolidate on a 4H time frame within a narrow range.
Bearish violation of the support of the range indicates the strength of the sellers.
We may anticipate a bearish movement to 0.881
❤️Please, support my work with like, thank you!❤️
20/11/23 Weekly outlookLast weeks high: $38023.9
Last weeks low: $36284.2
Midpoint: $34544.4
Bitcoin starts the week at almost exactly where it started the previous week, just hovering above the 37k it means BTC had a net neutral price action over the last 7 days. However, midweek saw a 10% range create the highs and the lows before contesting the midpoint.
After a strong rally for BTC it looks like 38k is resistance and with ETH struggling to match other altcoins in terms of %gains it leads me to believe that people have rotated their BTC profits and skipped ETH instead preferring to go to newer L1's and smaller cap coins, despite the news of BlackRock's new ETHEREUM ETF proposal. These newer projects haven't experienced a bull market before and tend to have a bigger potential return.
For this reason price action leads me to believe that we're getting to the stage of the mini cycle where a lot of people are looking to reinvest the profits they've taken into BTC at lower prices but others want the run to carry on. I think longing into 38K resistance would be difficult, and the market looks to punish late longs generally. Weekly RSI is 74, daily RSI has just dropped below the overbought area after multiple bearish deviations.
All TA leads to a retracement and a local high is already in, However, this is sometimes a Fundamental analysis vs Technical analysis battle where the logical answer doesn't always play out and emotions ride high.
I'm looking for diagonal support to be held as well as the midpoint from last weeks range to reassure BTC's strength, consolidation under the 38k resistance would be primed to break above and target the 40k big even level.
Trade_setup-One month range in CromptonThe stock is a good contender for a short term trade because it appears to be setting itself for breaking out of a month's range.
A simple yet effective setup. A entry is made when the stock closes above the range's upper boundary with good volumes.
It is to be noted that the stock also has given a successful wedge breakout on Nov.16.
Note*- Please do your own analysis/research for any stock in which you wish to trade.
A clean breakout and retest setup in Bank of MaharashtraThis trade is pretty simple. Nothing much to say beside keep an eye on volumes as volume expansion can add to the view and provide more confidence while entering.
Another important point is that the stock belongs to the second best performing sector(PSU BANKS) of 2023.
CMP 44.7
SL 42
TARGET 52(15%)
#IWM US Small caps at Significant levelThe US Small cap equities index - IWM - Russel 2000, has approached a massive level of polarity. This 160 level is where the old resistance has turned into support previously. Monitor for reversal and continuation upwards. A break of this level however could really cause massive technical damage. The bulls have their work cut out for them this week
USDCHF: Breakout Trade For Next Week Explained 🇺🇸🇨🇭
USDCHF violated a key horizontal support.
After a breakout, the price started to consolidate
within a narrow horizontal range on a 4H time frame.
Its support breakout - 4h candle close below 0.8852 will
give you a strong confirmation to short.
A bearish continuation will be anticipated at least to 0.881 level then.
❤️Please, support my work with like, thank you!❤️
$BABA - Levels to keep an eye onBABA was sold off quite aggressively after results and is once again trading at the bottom of its recent range.
The levels that need to hold are 77.38 and then 74.00. Previous swing lows are all the way lower at 57.60.
Upside target is still the top of the sideways channel, 121.00
GOLD (XAUUSD): Intraday Outlook & Trading Plan 🥇
Update for Gold.
Earlier, we spotted a confirmed violation of a key horizontal support.
Retesting the broken structure, the price formed a narrow horizontal range on a 4H time frame.
Its support breakout - 4h candle close below 1931 - will give you a strong intraday confirmation.
A bearish continuation will be anticipated to 1923 / 1916 levels then.
❤️Please, support my work with like, thank you!❤️
NZDUSD RECTANGLE CHANNELGreetings, fellow traders! Let's shift our focus to NZDUSD, where an exciting trading opportunity awaits our attention.
The pair has notably established two distinct boundary lines, effectively containing the price within a rectangular channel. Notably, the price has recently breached the lower trend line, marking a significant development.
Key Points:
- Lower Trend Line Breakout: 0.59885
- Targets:
- 50% Fib Retracement: 0.57703
- 100% Fib Retracement: 0.55580
The intricate interplay of these elements presents a compelling trading scenario. Let's diligently monitor the progression of NZDUSD as it navigates this channel, keeping a keen eye on how it responds to these critical levels.
Wishing you all a week filled with insightful trades and successful outcomes!
TCPLTP
AUDCAD RECTANGLE CHANNELHello traders and welcome! Let's take a look at AUDCAD, presenting a great trading opportunity.
AUDCAD is currently trading near the Lower Trend Line Breakout at 0.85627, within a rectangle channel.
A break below the Lower Trend Line Breakout at 0.85627 could target the 50% level at 0.80684 and the 100% level at 0.75825. However, it's important to note that rectangle channels are only considered valid when the price breaks above or below the boundary lines.