MelonsTrade Weekly Newsletter - Navigating the Markets with Precision đ
Hello Traders,
Welcome to another edition of the MelonsTrade Weekly Newsletter!
This week, we delve into the major currency pairs, dissecting their Market Cycle position and identifying potential Harmonic Patterns for entry into the trend.
As always, trading involves risk, and it's crucial to understand the dynamics before venturing into live trading.
đ¨ Risk Warning: Trading is risky. Use a demo account if you're new, and manage your trades wisely. Don't let profits turn into losses, and only add to winning positions. đ¨
Weekly Recap: Last week saw some successful trades, albeit with a bit of patience required. Now, let's dive into some key pairs:
1. NZD/USD: UNCLEAR
The debate continues on whether we're witnessing a V bottom or a halfway house. The Gartley pattern suggests an upward move, but caution is advised. My issue is that AUD/USD is clearer in that it wants lower prices.
2. EUR/NZD: RISE
An amazing opportunity in-line with the Market Cycle. leaving cycle 2 and into trend 3. Brilliant example of Harmonic Patterns within Market cycles.
In this example we have a Harmonic Pattern on the 1hr chart, but also the 4hr chart (below).
3. Gold: RISE
Identifying cycles and anticipating a substantial move higher. Notice the AD=CD Harmonic patterns in the 2nd cycle creating those turning points.
4. USD/CHF: RISE
Multiple AB=CD Patterns converging on a price point propelling prices higher.
We are expecting a Harmonic retracement higher of at least the red BC swing.
The US Dollar Basket has completed its 3 moves higher for now, so i'm slightly cautious here.
5. EUR/GBP: RISE
A beautiful AB=CD pattern in the making, aligning with the cycle, at the lows of cycle 2. Waiting for a potential entry in the coming week with teh AB=CD completion.
6. AUD/JPY: PEAK HIGH
Currently in the PEAK FORMATION HIGH, this is the formation after 2 consolidation zones higher or lower. Notice the characteristics of level 3 where price is trading sideways and very CHOPPY!.
7. CAD/CHF: RISE
Identifying a generational long opportunity. Huge AB=CD Pattern which has taken 7 years to complete should give us higher prices over the next few years. A generational long opportunity.
8. CAD/JPY: PEAK HIGH / DROP
We entered this market last week with teh completion of an AB=CD Pattern. We know the context
directionally, albeit trading a peak is a volatile affair. Ultimately we would want a clear consolidation zone 1 (cycle 1) to form first. However we traded what we say and it has paid us handsomely.
9. GBP/AUD: RISE
A second cycle higher in progress. We can see the break of internal structure and expect price to start moving higher. Its already shoing us early trend with HH, HL behaviour.
10. GBP/CHF: UNCLEAR
Three harmonics lower, a V bottom, and consolidation. Showing strong potential for upward movement. Im not convinced that the red box is the PEAK Low. Notice the 3 red segments, which are harmonic swings in price.
11. AUD/NZD: DROP
Price melting down with expectations of lower prices. Currently in the first cycle lower having seen a completed pattern higher prior. Notice the LL and LHs within this cycle.
12. GBP/USD: RISE
Lovely Gartley BUY setup within Cycle 1, leading to higher rpices. Whether this is simply a retrace at this stage or a sustained move will be made clearer when we take the previous Lower HIGH price point out. Trading off a targeted entry after three pushes higher. Expecting further upward movement.
13. EUR/USD: RISE
First Cycle higher on the HTF, nice confluence of AB=CD Harmonic patterns locating high probability entry point.
14/ USD/CAD: RISE
An incredibly clear setup on this pair. We sit clearly in Cycle 2 higher expecting a third trend higher. Notice the Harmonic AB=CD Pattern within the second cycle giving a rise in price.
15. AUD/USD: DROP
This is a lovely example of the Market Cycle in action. This pair is in the second cycle lower.
Notice the Gartley Pattern similar to NZD/USD, but within this second cycle price is beginning to show trend behaviour with LLs, and LHs. Expecting price to reach the previous PEAK FORMATION LOW.
Conclusion: These insights provide a comprehensive view of the market, combining technical analysis and the MelonsTrade method. If you enjoyed this content, don't forget to like and subscribe to Mellon's Trade on YouTube for more analysis.
Wishing you all successful trades ahead! đđš
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