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Ascending Triangle — Chart Pattern

The ascending triangle pattern has a bullish bias when found inside an uptrend. The upper resistance line is horizontal and the lower support line slopes upwards. When market reaches an overbought condition, then price is pushed downwards from the highs. Buyers enter the market with each successive lows and push the price higher. When the breakout occurs to the upside, you need to see a significant change in volume. You can enter […]

Hammer — Candlestick Pattern

The hammer is a single candlestick pattern, located at the bottom of a downtrend. For this pattern to form, the open, the high, and the close price are roughly the same. The lower shadow is twice the length of the real body. The pattern is more reliable when the high price and the close price are the same. For example, look at this chart. The market is a downtrend. When the trend slows down, you have the formation of this hammer candlestick. This shows […]

Bear Flag

The bear flag consists of the flag pole and the flag itself. This is a continuation pattern. You need to have an existing downtrend for this pattern to form. The flagpole is made by the steep decline in price. Then the flag is made of support and resistance trendlines and they need to be parallel. The flag pattern consists of higher lows and higher highs. For example, look at this chart. The price makes a steep decline and breaks below the 20-day EMA. […]

Descending Triangle — Chart Pattern

The descending triangle pattern has a bearish bias when formed inside a downtrend. It is a continuation pattern. The lower support line is horizontal and the upper resistance line slopes downwards. It consists of lower highs and the lows remain the same. For example, look at this chart. You have the formation of the descending triangle pattern. The support and resistance trendlines converge at some point and the breakout occurs to the downside. You can enter a short position […]

Bitcoin Forecast — November 27th 2020

In this video, the Trader Guy looks at the cryptocurrency, bitcoin for the&nbspNovember 27th session. Bitcoin/USD — The market turned very bearish on Thursday. This market was very parabolic and now it looks like it needs a pullback. However, you can wait to buy at much lower levels, probably close to the 50-day EMA. In the meantime, it is going to be very noisy. It is good to wait for the formation of a basing pattern. […]

Gold Forecast — November 27th 2020

In this video, the Trader Guy looks at the commodity, gold for the  November 27th. Gold/USD — Gold pulled back a bit on Thursday session. This week was Thanksgiving in the US. So, volume was an issue. The market could test the 200-day EMA and the $1,800 level for support. So, pullbacks are buying opportunities at the moment. The Fed continues to contribute for dollar weakness, which could help gold rise further.

USD/JPY and AUD/USD Forecast — November 27th 2020

In this video, the Trader Guy looks at the currency pairs USD/JPY and AUD/USD for the  November 27th session. USD/JPY — The market pulled back slightly on Thursday session. However, it could likely consolidate in this general vicinity for a while. Eventually, this bottom could be tested for support. The Fed is contributing for dollar weakness at the moment. Also, a risk-off move will trigger investments to flow towards the yen. AUD/USD — The Aussie […]

EUR/USD and GBP/USD Forecast — November 27th 2020

In this video, the Trader Guy looks at the currency pairs EUR/USD and GBP/USD for the November 27th session. EUR/USD — The euro rallied slightly on Thursday session. The 1.20 level looks psychologically significant and strong resistance. A break above this level is very significant and you could see a major move to the upside and the 1.2 level could be the next target. This week was Thanksgiving in the US. So, you cannot expect much […]

Falling Wedge

The falling wedge is a bullish continuation pattern. This pattern is wide at the top and contracts as it moves lower. The pattern consists of lower highs and lower lows. It is different from a symmetric triangle pattern, which has no definitive slope and no bias. This pattern has a bullish bias. The pattern becomes confirmed after the upper resistance line is broken. As a continuation pattern, it slopes downwards against […]

Rising Wedge

The rising wedge is a bearish pattern. This pattern is an indication of reduced upside momentum. It is wide at the bottom and contracts the price moves higher. A symmetric triangle has no definitive slope or bias. However, this pattern has a bearish bias, and slopes upwards. This pattern must have a prior uptrend. You need at least two reaction highs to form the upper resistance line. You need at least two […]