Get started

Abcpattern

GBPJPY. Short Possibility (Medium Risk/ High reward)hi dear traders. For today we can watch GBPJPY, as it is about to complete a correction, which seems to be an ABC. price has reached to a strong PRZ and also time factors has been satisfied. we can speculate that this correction is at its end and wait for a conformation to go short. If price manages to hit its Trigger (few ticks lower than 153.663), we can enter a short position with MEDIUM risk. It is medium since there are no reliable Low swing near PRZ to put our Trigger under it. So it is vital to manage your position size according to the risk of this trade. I'll answer to your questions. have a good day.
Short
by HunkIsHere
XLM forming ABC correction, setting up for big rise?ABC correction forming Fibs are lining up nicely Ichimoku Conversion line down crossed Base line, calling for a correction Expecting local Fib correction to around $0.26 - $0.28 After it could make a move up to a 0.702 retracement from the ATH in May. Retest of local ATH at $0.42 possible, could also shoot straight through to set new ATH. New ATH would be $1.01 to $1.16 according to a hyper-extended Fib from the entire market. Personally I will open trade after the daily closes inside Ichimoku cloud after the buy zone. I do not currently hold this coin.
by AKriek
Bitcoin's Path Ahead!As discussed on multiple occasions here on TradingView, Bitcoin is likely in an ABC correction. We called the bottom at ~$30 000, yet with the possibility of a final mini dump towards the $27 500 area. Regardless of what, Bitcoin has now initiated its B-wave. This B-wave serves one purpose and one purpose only: to trick the bulls that everything is fine from now on. One technical area of high interest is the diagonal resistance that coincides with the 0,5 fib. This is an area that I will pay extra attention to. With that said, whenever any underlying is trading within either a range, formation or consolidation, they tend to ignore regular indicator supports and resistances. Depending on how Bitcoin were to proceed from here we will assess the ~$46,500 resistance differently. As recently discusses Bitcoin is most likely developing a zig-zag ABC correction as the A-wave consisted of 5 sub-waves. This naturally concludes that the B-wave should consist of 3 sub-waves in turn. By this token, if Bitcoin were to get its B-wave of the B-wave correction at for example $42 000 then chances are dramatically increased that the $46 500 area will be the final level prior to initiating a steep C-wave to kill off any final bullish enthusiasm. If, on the other hand, Bitcoin were to go relatively straight towards this area and then get rejected, chances are that it will continue further up until it's done with the B-wave. Such case would pave the way for a flat, in which the aforementioned bottom at ~$27 500 would be the likely and absolute bottom in case of an expanded flat. Otherwise, a bottom between $30k-35k is more likely in case of a regular or running flat. Time will tell. For now it all comes down to HOW Bitcoin will move up towards the mid to late 40 000 range.
BITFINEX:BTCUSDLong
by LongLifeTrading
USDJPY - Daily C wave (short) is upun us!Hello dear traders. For upcoming week, i believe that we are gonna see some shorts on USDJPY According to ElliotWave theory. If you look at the Daily chart, you will understand that we are in at the end of the B of an ABC correction. Potentially we are at the start of a short move, C wave, which gonna last for 1 or 2 weeks. with no more talking I am gonna explain a trade setup that enable us to go short with minimum capital exposure. 1- Pattern: 1.1: Daily pattern (you can check my previous analysis on USDJPY in the idea section of my profile) ABCDE correction that started since 21 April and lasted until 17 jun, has been ended and confirmed with a powerful bearish candle in Daily timeframe chart. 1.2: 30 min pattern we can see in 30 Minute Time Frame, that downward waves are shaping according to motive waves structures. This can be a great reversal sign for us to jump on a short trade that may last for 1 or 2 weeks. After 12345 (motive) we should face a correction phase that not gonna last for too long. A and B of this correction has been shaped already, so all we have to do is that to wait until the C is over. Note: the correction may be a zigzag, since B of the 30 min TF has only retraced for 0.618 of the A wave. 2- Price: I have set a price PRZ for 30 min TF, that includes: downward motive wave Ret: 0.786 Projection of A on point B: 1.00 B extension: 1.414 I have highlighted the area with a red rectangle on the chart. 3- Time analysis: In Daily time frame, we are at a powerful time PRZ that includes: Time Retracement: last weekly movtive wave : 2.00 time retracement: 0-a of abcde (B of ABC): 7.00 time retracement: a-b of abcde (B of ABC): 2.00 time retracement: b-c of abcde (B of ABC): 2.618 we are right in the zone right now, so this is a huge point for our POTENTIAL reversal to happen! 4- Invalidation: If the price goes beyond 110.824, the setup on 30 min time frame will be invalidated and we should not open any short trades afterward based on this analysis. 5- Confirmation: We must see reversal signs (candle stick patterns, etc.) on our reversal zone for C, and then price must goes lower than B of ABC, then we can confirm our setup and open our short trades. 6- Stop loss: will be 5-10 pips above start of the 1-2-3-4-5 motive (110.824). 7- Take profits: Will be updated if our setup begins. but profit will be good since we may go short for 7 to 14 days. I will answer your question my dears, if have any please go on and ask in comment section. Also thanks for the time you have put to read my setup. best of luck,
Short
by HunkIsHere