Forex Review Online
No Result
View All Result
  • Home
  • Crypto
  • Education
  • News
start trading today
  • Home
  • Crypto
  • Education
  • News
No Result
View All Result
Forex Review Online
No Result
View All Result
Home ANALYSIS

Two worrisome chart breakdowns look to have been invalidated

A.R Chowdhury by A.R Chowdhury
August 24, 2021
Reading Time: 2 mins read
0

Head and shoulders patterns don’t always work out

Beware of textbook chart patterns.

Charts that are nearly ‘perfect’ have a habit of not working out.

Last week I highlighted a potential head and shoudlers top in CAD/JPY, which had been one of the best trades in FX this year.
Head and shoulders patterns don't always work out
I even warned in the post that the “chart is almost too textbook”.

What happened? It spun around in a hurry. After spiking lower the following day it pulled off an intraday reversal and has since jumped higher.

The story is similar in copper, which is back up to $4.23/lb after falling to $3.95 in Thursday’s trade.

Was there any way of seeing it coming? For me this is a great example of why the fundamentals are so important. Even as I was writing about the charts, I didn’t beleive we’d see a breakdown.

Counter to the charts, I think we’re going to get past delta. Highly
vaccinated places are seeing a reversal in cases and even in hard hit
parts of the US, there’s a loss of momentum.

The trick was trading it and I think the two big clues at the end of last week were that intraday reversal along with the Fed’s Kaplan expressing doubts on a September taper.
Invest in yourself. See our forex education hub.

Source link

RELATED POSTS

EURGBP erases gains and returns to a familiar bias defining level

New highs for US stocks. The Nasdaq continues to lead

USDJPY has 3 key technical levels that have stalled the rally higher today

ShareTweetPin
A.R Chowdhury

A.R Chowdhury

Related Posts

EURGBP erases gains and returns to a familiar bias defining level
ANALYSIS

EURGBP erases gains and returns to a familiar bias defining level

August 14, 2022
New highs for US stocks. The Nasdaq continues to lead
ANALYSIS

New highs for US stocks. The Nasdaq continues to lead

August 14, 2022
USDJPY has 3 key technical levels that have stalled the rally higher today
ANALYSIS

USDJPY has 3 key technical levels that have stalled the rally higher today

August 14, 2022
WTI crude oil futures settle at $92.09
ANALYSIS

WTI crude oil futures settle at $92.09

August 14, 2022
Bitcoin technical analysis, bulls might be giving up soon
ANALYSIS

Bitcoin technical analysis, bulls might be giving up soon

August 14, 2022
The weekend forex technical report for the week of August 15, 2022
ANALYSIS

The weekend forex technical report for the week of August 15, 2022

August 14, 2022
Next Post

EURUSD finds a floor at 1.17416

WTI crude oil futures settle up for the 2nd consecutive day

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended Stories

Gold climbs above the late-March highs in a technical break

April 7, 2020

Major European indices end the session mixed

July 23, 2020
EURUSD retraces its earlier gains. Trades to a new session low.

EURUSD retraces its earlier gains. Trades to a new session low.

September 10, 2021

Popular Stories

  • The USD is the strongest and the NZD is the weakest as the NA session begins

    0 shares
    Share 0 Tweet 0
  • New highs for US stocks. The Nasdaq continues to lead

    0 shares
    Share 0 Tweet 0
  • EURGBP erases gains and returns to a familiar bias defining level

    0 shares
    Share 0 Tweet 0
  • What is forex and How does it work?

    0 shares
    Share 0 Tweet 0
  • What is CFD trading?

    0 shares
    Share 0 Tweet 0
Forex Review Online

© 2022 My Forex Review - Designed with Jnews Theme.

Navigate Site

  • Home
  • Crypto
  • Education
  • News

Follow Us

No Result
View All Result
  • Home
  • Crypto
  • Education
  • News

© 2022 My Forex Review - Designed with Jnews Theme.