(binned per thread starter’s request) Chart Patterns

Continuation from the last post asfter being called an idiot...... I urge you all to watch the video I created if you haven’t done so all ready you’ll see in there I say “people don’t look at the bigger picture there not looking at supply or demand”

so granted GU has been extremely bearish, why would you want to sell here though with those strong demand levels below the last box is a demand level on the weekly chart. On the first page theory of a market you see M formations start downtrends and W start up trends ( not all the time) and once the formation of M or W is done we are looking for flags. fact is GU has to pull back it simply can’t fall and fall unless it crashes where will it pull back too our last supply level or around there.

Like I said in the video it could continue down but we need to try and gain a high probability trade and trading short into extremely strong demand levels is ridiculous, price needs to pull back create a flag to gain strength to push through the demand levels.

i don’t like to slag people off but in my eyes it not an idiot for looking at charts this way I’d say it’s pretty smart.

And again the GU weekly
Doji in a demand zone
would this make me an idiot??
keep bigger picture in mind guys
dollar index has bounced off supply
I could be wrong and it may go short but it’s not a high probability trade in my eyes.

UJ medium term and long term (months)
UJ on daily formed a double top M formation now if we look at that on a weekly could this be the downside movement to start creating the other half of the W? Given the demand levels down there on the weekly we could see prices push back up over the next couple of months once it reaches those demand levels so basically I’m looking at an M pattern within a W pattern
charts below will show it more clear the M pattern will have to break that demand zone though (daily chart) in order to get to the lower stronger demand levels on the weekly.
Again guys this is just what I’m speculating using patterns and key levels I’m not saying this will happen 100% as you see somethings don’t work out AUDCAD for example.

Double top (M) in supply zone?
More than likely going to drop especially with that other supply zone above, The thing on here though is the first zone with the double top in has been tested twice now I like to trade first test so usually I’d pass but given there’s a double top in supply I’m more interested the zone above that has been tested once it may be tested again price was only 30pips away from touching it which given the ATR on a market 30pips is nothing (unless it’s consolidating)
and again with the bigger analysis I’m looking for price to complete the W as previously seen. We will see. I also had a cup pattern drawn on the chart now if this M plays out that cup pattern will become somewhat weak but still validated.

Here’s the cup, if the demand level holds on the formation of the M we are on for the cup to play out if it dosent then we are looking at the W playing out.

please feel free to add to this journal guys!!!!

Interesting thread!

Cheers buddy I had a quick peek at yours too!

Response for life spirit

If price has broken through a zone I no longer consider it a area of interest now that's not to say that wont work out it may touch that area and turn around but we are more interested in fresh zones (zones that have not been touched before) ill make a video on drawing zones for you guys soon please feel free to ask anymore questions

The best way to find a fresh area of supply is too look where price currently is look up to highest high then locate the zone by looking back for a huge sell off and ensuring price has not been there before and vice versa for demand.

Could it be potentially time to buy our EURUSD???
hmmmmm

Hi Neil: very interesting thread! continue this great work!
When do you consider the pattern has failed? for instance, in this UJ charts, is it the case?

Indeed, so I consider the pattern failed once it does the opposite of what I expected so the case of the UJ it broke the double top and the neckline of the cup I didn’t see the pull back (the handle) for an entry so I’d consider that a failed pattern. Now what I will do is Ill wait until price comes to my next supply/demand zone and see if I can see any pattern to give me confirmation of the level of interest working if that makes sense?

EA target hit (just about) it’s in the supply zone now
Held this trade for 18 days 215 pips if you got in on the neckline break or 389 pips getting in at that supply level

AJ on its way to target but came abit lower than expected I leave the lines I’ve drawn on the pattern so you guys can see that I’m not just drawing the pattern in once it’s complete

AUDCHF on its way but looks to be struggling a touch

Starting to now drop

EURUSD didn’t play out as expected next level of interest around 1.16-1.15

On its way looking for bearish reversal around this supply area if not this one then the one above

GU in that demand zone someas looking for bullish price action managed to take 140 pips from this just by trading the range. I am long bias on this of course it could drop lower but more confluence I’m getting is by price starting to “round off” in the demand zone. Don’t be afraid to trade your plan I was short on the triangle the EU was making everyone was saying long low and be hold we are now looking at potentially 1.15 don’t be afraid to go against the crowd don’t be a sheep

Be the “idiot” according to Mr.Brown
look how our supply zone ties in with the “golden ratio” for all our fib traders

NZDCHF one to watch I can’t see neckline breaking right away if you look at the head to the right shoulder it’s got a A-B-C-D correction the right shoulder can’t dip to target without a pull back else it will become exhausted. If it gets to the supply zone it will
gather strength to move down to the target of H&S which comes in just a little
below fresh demand zone which I highlighted in the red box.

Again another reason to support my bias long GU take a look each blue line is a low look how it looses momentum as it’s entering demand and slowly turns around it’s reversing banks are placing orders and getting ready.
Everyone sees bearish trend and is looking to short trading with the trend. Look closer looks what’s happening too some people the GU is just in a range.
Now do you see
Again this is not 100% what will happen but given price is

1. In Demand
2. Needs to breathe (pull back)
3. Banks buy into selling pressure
4. Everyone is looking at the classic option (trend trade)