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Wformation

S&P 500 W reversal after 100 handles retracementWe saw a massive rally over the last months, with retracements around 100 handles. This week's price made a 108 handles retracement after 4 failed attempts to form a new high at 4600, then price fell back to the magical 4500 level in 3 days. At 4500 we saw a volume spike at the closing hour. With a higher low. All together it looks like a W formation at the bottom for me. Keep in mind, that tomorrow is NFP day. I'm hoping for a reversal, to a bullish trend. I'm crossing my fingers for positive news outcome. Looking for a 4560 touch and a retest at 4500 for an explosive move, back to the highs at 4600. Also keep in mind that it's Friday. Fridays, and Thursdays are usually great opportunities for reversals. I also provided a 40 sample statistics from past retracements from 2022 june up until today. It shows a spread around the 100 area with oscillating trends. Hope it helps to gain a bit of confidence, that a 100 pip retracement is completely fine in a strong uptrend like what we had in july so far. (Scroll left a little bit to see the graph) Green days and happy trading! Peter
BLACKBULL:SPX500Long
by peti199
AUDJPY I Temporary short from 89.00 zone and then more upsideWelcome back! Let me know your thoughts in the comments! ** AUDJPY Analysis - Listen to video! We recommend that you keep this pair on your watchlist and enter when the entry criteria of your strategy is met. Please support this idea with a LIKE and COMMENT if you find it useful and Click "Follow" on our profile if you'd like these trade ideas delivered straight to your email in the future. Thanks for your continued support!
Short
by BKTradingAcademy
15
AUDUSD Will complete "W" pattern - LONGWelcome back! Let me know your thoughts in the comments! **AUDUSD - Listen to video! We recommend that you keep this pair on your watchlist and enter when the entry criteria of your strategy is met. Please support this idea with a LIKE and COMMENT if you find it useful and Click "Follow" on our profile if you'd like these trade ideas delivered straight to your email in the future. Thanks for your continued support! Brian & Kenya Horton, BK Forex Academy
Long
by BKTradingAcademy
10
ETHUSDT W Formation LessonWhat happens after a W formation? My preferred trade setup is to identify a W forming within a demand zone and take an aggressive entry off the second peak before the right side of the W has formed. If the W fails to break resistance, it's ok because I can close the trade there and wait for a new setup. But what happens when you miss the entry? In order for a W to be considered to have played out, it needs to break above the resistance level where the left side started. Once it does that, the next step is a successful retest. This retest doesn't have to stay above the previous resistance but it does need to create a HL as this now creates new bullish market structure. This can also often set up an Elliot Wave with the right side W being wave one - and this is why I love W's! Imagine catching all 5 waves of an EW from wave one.... huge trade. So if you miss the aggressive entry, the next opportunity is on the retest after the W has completed. Looking at this chart we can see ETH is yet to confirm a new uptrend as 1. it hasn't broken a W resistance and 2. It hasn't come back to create the HL.
Education
by TradeTravelChill
6
CAD/JPY Monthly Timeframe AnalisysThe situation that we currently have in the monthly chart is a price over extended. When the price is over extended what we can expect next is a retracement. As well we have an over extended W formation , for the completion of the W pattern we can expect a retracement to the previous leg of the W formation. To measure the retracement use the fibonacci tool. if we take the fibo from low to high you can see that the .382 level is aligned perfectly with the structure and the previous leg of the extended W formation.
Short
by Wiiso
GBP/CHF MONTLY BEARISH PATTERN!!!In the monthly we have a price that is over extended. The price is currently rejecting a supply area. As well we have a over extended W formation, so we can expect the price to complete the pattern with a rejection to the w previous leg. if we take fibonacci from low to high we can see that the fibonacci .618 level is align perfectly with estructure. We just have to make sure that the M,W and D time Frames are in the same direction before taking any action.
Short
0
by Wiiso
2