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GBP/USD Daily Descending Trend line Hi Traders, Have a look at GBP/USD on the 4-hour and daily chart today. Having a look at the Daily time frame, we can see that price has been respecting this bearish trend line since the 20th of February 2022. We've had 5 taps so far on this giant daily trend line. Currently, it looks like the price is pushing to print its 6th tap. Now, we don’t know whether or not this next tap will be the one to finally break us out of this bearish pressure that we have been in for the greater part of 2022. However, if we were analyzing a trend, we can see that this trend is not bullish. Our bias must remain bearish until proven otherwise. Now, I am no fortune teller and I am not one of those traders that say that they can pick out where the exact bottom is. I only trade setups that make sense to me. So having said that, let's go deeper into the 4-hour time frame. This chart shows that price has been pushing upwards, bouncing inside this ascending channel. What do we look for on ascending channels? Usually, we look for a break and retest of the channel bottom. This means we are waiting for a possible bearish break of this channel with a retest of the bottom of the channel. If we see that, we can open up a short position with our targets being previous support around the 1.176 price level. What's interesting to look for is that if this channel breaks to the downside and retests just as the price is touching or tapping the daily descending trend line, well then that gives us huge confluence to go short. To add to that confluence, we have divergence on the MACD Histogram. As price makes higher highs within the ascending channel, we can see the histogram make lower lows showing that the bulls that are there right now might start to run out of steam and the giant daily bears might be biding their time, waiting for that perfect moment to push price back down. To sum up my current thoughts .. Do nothing until shown a reason to jump in. I cannot force these charts and bend them to my will. Therefore, we wait until these patterns present themselves to us on a silver platter. Then, we jump in and take full advantage of the offering. Hope you all have a fantastic Tuesday. See you all on the next one. The Vortex Trader.
Short
by TheVortexTrader
Three possibilities- AlwaysThese are how I think the three types of GALA will look. Bull, Bear, Indecisive. These are the patters I'm looking for for re-entry. But if it is bearish I personally wouldn't buy it outright. Unless it reaches down to sub .3 within a week or two. I think the other two options are highly likely though. Of course all of these could end up looking differently, as in it may not trade sideways even if the rise back to prev. high looks exactly as I laid out. I'll be publishing to track my own ideas and trades, so if you come across these do your own analysis only. Mine are just to test performance or see how your own in depth analysis' end results (the part drawn out) differs or compares to mine.
G
by yahya_invest
A BEARISH BAT PATTERN FORMATION on the QQQ 1-HOUR chartHey all! As you see in the chart, a BEARISH BAT Pattern has formed and overstrecthed to the point where it is close to invalidation. THIS TRADE IS DEFINITELY YOUR CALL IN TERMS OF RISK-TAKING. MY personal opinion is pattern is still valid and stretched to the point where it makes risk-to-reward ratio even better. Since the pattern is over-stretched, it is easier to put a tight stop-loss. Because price going higher means that the current trend is strong. I don't see any problem if you have a tight stop loss. I marked profit taking levels. 0.382 retracement is right around the gap-up and 0.500 retracement is right around the gap. I think a gap fill is the most likely scenario. To be safe, you can take some profit at 0.382 and rest of it at the 0.5 level. Have a great rest of the week!
NASDAQ:QQQShort
by TableLamp
11
Possible BEARISH SHARK Pattern in SPY (1-hour)Hey all! There is a possibility of a BEARISH SHARK pattern forming on the hourly chart of SPY. I marked the Potential Reversal Zone (PRZ) with a reddish rectangle box loosely. The critical levels are the 0.886 XC, 2.0 AB and 2.24 AB levels. The price action is likely to reverse around those levels if the pattern completes. There is a gap around the $330 level. There can be potential gap fill. So, that will be my target area. Please watch the price action closely and don't ever act before the pattern completes hitting those levels above. Ideally, it should hit all three and reverse after 2.24 AB, but it can hit only one or two, as well. If you want to take more risk, you can enter a short position as soon as price crosses 0.886 level. Have a great rest of the week!
AMEX:SPYShort
by TableLamp
1