Pattern RadarThe 60 minute EUR/JPY has been slowly transitioning from the downtrend market cycle as prices are showing that the 125.00 level is near term support. The 124.39 low was short lived as prices rallied quickly
higher ultimately rallying through and staying above the 125.00 psychological level. With this rally the Initial Trend reading is confirming the sideways market cycle will [...]
The downtrend on the daily EUR/USD has been steady since January 15th with very little upside correction. The last bounce on this time frame occurred between January 21st to January 26th. After topping out at 1.4194, the sellers showed their determination to continue selling just in front of the 1.4200 major psychological level. So the formation of a Continuation Falling [...]
The DJI (Dow Jones Industrial Average) has been trending higher intraday as prices are finding support above the 10,600 psychological level. With a weak Initial Trend reading the upward strength of the 30 minute chart’s Continuation Rising Wedge could be suspect. There is a better chance that the 10,640 area will continue to be near [...]
The uptrend on the 240 minute EUR/USD has been rejected at the 200sma that has come down as a dynamic resistance level. The selling pressure at the 200sma and the support of the wedge uptrend line has
brought this pair to a major decision level. The Initial Trend is low and indicates that the uptrend is stalling and becoming [...]
The breakout of the Continuation Rising Wedge on the 30 minute chart has followed through to the Forecast resistance. The lower level of the resistance area has been hit at 1.4440 but the area extends up to the 1.4470 level. The January 5th high is 1.4484. The key here is to watch whether prices are [...]
The Continuation Falling Wedge on the 15 minute chart has found Forecast area support (F) between 1.4380 and 1.4360. Trade management levels such as this that are available on Complete Patterns can offer insight into what a pair’s next move could be. Combine the support area with the low Initial Trend (T) reading and the market appears that the near [...]
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The GBP/USD has formed a Rising Wedge Emerging Pattern alert which with the current uptrend could have the potential to test 1.6380. The Initial Trend is low and that is partially due to the fact that prices, since the European open, have begun to congest below the 1.6350 psychological level.
This ceiling is currently being balanced [...]
The 60 minute USD/JPY has formed at Continuation Rising Wedge — an uptrending pattern alert — that is trading higher up through the 99.00 psychological level. The pattern has reached what could be consdered the “narrows” of the wedge where prices are increasingly squeezed by the tightening range of the uptrend lines coming together.
The Initial [...]
Looking at both long term, intermediate term, and short term charts is an important aspect of pattern analysis. Understanding the both the market cycles and the support and resistance of each time frame independently will clarify the set ups in a pair. Longer time frames typically will entail more risk tolerance while shorter time frames [...]