CryptoCurrency: Ethereum News September 20, 2017 at 10:20AM #ETH

#Blockchain Technology On The Docket For SEC Committee https://t.co/OAyPlV77Xz

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CryptoCurrency: Ethereum News September 20, 2017 at 08:20AM #ETH

Mexican Legislation May Impart Regulations To #Cryptocurrencies https://t.co/phq5Lzgx9j

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CryptoCurrency: Ethereum News September 20, 2017 at 07:28AM #ETH

Local Sources: China Bans Travel By #Bitcoin Executives https://t.co/avKdOF3Vec

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CryptoCurrency News: Pick n Pay Double Take? The Supermarket Chain Isn't Accepting Bitcoin, It Tested It

South Africa's second-largest supermarket chain tested bitcoin payments earlier this year, but is thus far declining to roll out a broader option.

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CryptoCurrency: Ethereum News September 20, 2017 at 05:43AM #ETH

The @raiden_network Announces µRaiden: Off-Chain #Micropayment Solution Using #Ethereum https://t.co/717qVm7CCV #Raiden

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CryptoCurrency News: World's Largest Hedge Fund Founder: Bitcoin is a 'Bubble'

Ray Dalio, the founder of the world's biggest hedge fund, thinks bitcoin is in bubble territory, according to a new interview.

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CryptoCurrency News: $700 Billion Senate Defense Bill Calls for Blockchain Cybersecurity Study

A major defense spending bill passed by the US Senate yesterday calls for a blockchain study, public records show.

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CryptoCurrency News: Ethereum's Byzantium Testnet Just Verified A Private Transaction

The effort to bring the privacy features of zcash to ethereum took a step forward today during testing for the upcoming Byzantium upgrade. A zero-knowledge succinct non-interactive arguments of knowledge, or zkSNARK, is used to prove that data is valid without actually revealing what that data is. The technology sits at the heart of the […]

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CryptoCurrency News: Bull Signal? Bitcoin's Price Breaks Above 50-Day Moving Average

The bitcoin price is showing new signs of life – even while it appears to have entered a period of sideways trading after last week's crash.

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CryptoCurrency News: Mexican Law Would Give Central Bank Oversight of Cryptocurrency Startups

Mexico's government is close to introducing legislation that would regulate fintech firms, including those that work with cryptocurrencies.

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CryptoCurrency News: Bullish Breakout: Is the Ether Price Heading Back Above $300?

The ether-U.S. dollar [ETC/USD] exchange rate has responded positively following the market shocks caused by recent regulatory actions in China.

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CryptoCurrency News: Blockchain Truce? Putin's Internet Adviser Calls for US-Russia Cooperation

Collaboration, not competition: that's the message an advisor to Russian President Vladimir Putin is putting forward in a new interview.

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CryptoCurrency News: Only in Arizona: How Smart Contract Clarity Is Winning Over Startups

Arizona legislators are turning the state into a blockchain hub by making smart contracts legally binding, and startups are taking the bait.

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[FOREX NEWS] ECB “sources” send EUR/USD down 30 pips – a buying opportunity?

According to Reuters, which usually has access to ECB sources, the European Central Bank cannot agree on setting a final date for its bond-buying scheme. EUR/USD falls from 1.1990 to 1.1960. Two weeks ago, president Mario Draghi told us that the ECB will probably reach a decision on QE in its October decision. He also [...]

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CryptoCurrency News: Ethereum's Next Hard Fork Is Now Officially Being Tested

The testing of a forthcoming ethereum upgrade is now underway, with the process expected to last up to three weeks.

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CryptoCurrency News: Proof of Space: BitTorrent Creator Publishes Eco-Friendly Mining Paper

BitTorrent developer Bram Cohen has published a white paper setting out an eco-friendly alternative to bitcoin's energy-hungry proof-of-work process.

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CryptoCurrency News: The Economic Case for Conservative Bitcoin Development

A look at bitcoin's scaling debate and what the history of money can teach us about the best path forward for protocol development.

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[FOREX NEWS] German ZEW Economic Sentiment bears with 17

Businesses are more confident ahead of the elections in Germany. The ZEW Economic Sentiment is up 7 points to 17 in September. The Current Conditions measure is up from 86.7 to 87.9. EUR/USD moves up by a few pips, trading at 1.1985. Germans will vote on Sunday and incumbent Angela Merkel is expected to sweep [...]

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[FOREX TIP] Breakout Trading Strategy Using the Rectangle Chart Pattern Analysis

Trading the Rectangle Chart Pattern requires Patience

The Rectangle Chart Pattern is one of the most commonly recurring themes in the Forex markets. As you may know, price tend to move in trends and in between, prices undergo periods of consolidation. This consolidation can take shape in different forms, the rectangle chart pattern being one of them.

This horizontal consolidation in price occurs usually after a strong trending move (uptrend or downtrend). Following this move, price action tends to settle down into a horizontal range. This horizontal range can take the shape of a rectangle. Price tends to move in this range for a significant amount of time, following which a breakout occurs.

Typically, the rectangle chart pattern can occur as a continuation pattern. This means that when you see a rectangle chart pattern after an uptrend, you can expect price to continue to the upside, and vice-versa for the downtrend. But this is not the case all the time. Besides acting a reversal chart pattern, the rectangle chart pattern can also signal a reversal pattern, which will see prices moving in the opposite direction.

However, such reversal rectangle patterns can be seen either at the tops or at the bottoms of a price trend. The rectangle pattern typically occurs in stocks where prices tend to move sideways for a couple of months, if not longer. Trading with the rectangle pattern can be done in almost all markets and across all timeframes. The logic behind this pattern being that is quite simple to catch the rectangle chart pattern with relative ease.

However, in order to be successful with the rectangle chart, patience is of the essence. Taking an entry ahead of the breakout can result in the position being caught on the wrong side and can lead to significant losses. Secondly, as with all chart patterns, some discretion is required.

How is the Rectangle Chart Pattern formed?

The Rectangle Chart Pattern, as the name suggests evolves as prices move within a specified range. The highs and lows are formed and price tends to range within these levels for a considerable period of time. This period is also known as accumulation period and comes ahead of a new trend.

The rectangle pattern needs at least two reaction highs and two reaction lows. In other words, there has to be two highs and two lows formed for the rectangle pattern to be created. These levels are also known as resistance and support levels. In some markets where volume is applicable, you can notice volume can be random at best when the rectangle pattern is formed.

Still, the volumes within these consolidation periods are lower. The pattern can last for weeks or months, or even hours, depending on the time frame which forms the context. The chart below shows how a typical rectangle pattern is formed. In figure 1, you can see how price moved into a sideways range, forming the rectangle chart pattern. This was later followed by a bullish breakout to the upside. You can also see how the rectangle pattern was formed after price previously declined, thus making this pattern a reversal pattern in this instance.

Figure 1- Rectangle Chart Pattern Breakout

Bullish Rectangle Chart Pattern in an Uptrend

A bullish rectangle pattern is formed in an uptrend and can signal a continuation of price, provided the breakout is to the upside. Alternately, a downside breakout from the rectangle pattern after an uptrend can result in a reversal breakout and can signal declines in prices.

 

Figure 2: Bullish and bearish rectangle breakout

Bearish Rectangle Chart Pattern in a Downtrend

In a bearish rectangle pattern, you can typically see a downtrend in price following which the consolidation takes the shape of a rectangle pattern. From this consolidation, a downside breakout will signal a continuation to the previous downtrend. However, if price reverses and breaks out to the upside, the bullish rectangle pattern will be a reversal pattern in this instance. Figure 2 depicts both a bullish and a bearish rectangle patterns including the minimum price objective following the breakout.

Rules for Trading the Rectangle Chart Pattern Formation

Trading the rectangle pattern breakout is very simple. First identify the pattern where you can see a minimum of two highs and two lows being formed within a sideways range. The next step is to determine the direction of the breakout.

Once the breakout direction is detected, then measure the distance of the rectangle from the high to the low and then project the same from the breakout level which becomes the minimum target level. You can set the stop losses to the previous swing low (for a bullish rectangle breakout) or the previous swing high (for a bearish rectangle breakout). Sometimes, the breakout when accompanied by strong volume can also signal another validation to the trade which traders can bear in mind.

Trading the Rectangle Formation as a Reversal Chart Pattern Strategy

The reversal rectangle is ideally seen at the tops or at the bottoms of an uptrend or a downtrend. However, there is no telling that a rectangle pattern formed at the top (or a bottom) will signal a reversal as sometimes, this could be a continuation pattern as well. Therefore, it is always best for traders to wait for the breakout from the rectangle pattern and trade accordingly.

To conclude, the rectangle pattern is quite simple and can signal some good breakout strategies. However, due to the fact that the minimum price projection is just the height of the rectangle, the profits can be limited especially when price moves strongly in the direction of the breakout.

The post Breakout Trading Strategy Using the Rectangle Chart Pattern Analysis appeared first on Advanced Forex Strategies.

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[FOREX NEWS] Fed Preview: a window to short the dollar and two other scenarios

The Federal Reserve will begin reducing its $4.5 trillion balance sheet, in a very gradual manner. This has been well telegraphed for months and months. Yellen told us that it will be “like watching paint dry”. So, no surprises from the main policy decision. Markets will move on speculation for the next rate hike. Back [...]

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[FOREX NEWS] AUD/USD remains pressured by the RBA

After the ECB and then the BOC complained about the exchange rate, the RBA followed suit. It seems that everybody except the BOE wants a lower currency. For Australia’s central bank, it is certainly not the first time. While the recent meeting minutes do not shed any surprising new light, they serve to keep the [...]

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[FOREX NEWS] EUR/USD: S/T Tactical Downside Before Higher Again; Where To Target? – ABN AMRO

EUR/USD is flirting with the 1.20 level once again, but with lots of caution. Where next? Here is their view, courtesy of eFXnews: ABN AMRO FX Strategy Research argues that in the near-term net-long position liquidation will probably push EUR/USD towards 1.15, but later in the year expects EUR/USD to move back above 1.20. “We expect the [...]

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CryptoCurrency News: $9 Million: Bitcoin Startup Luno Completes Series B Funding

Bitcoin wallet startup Luno has raised $9 million in new funding as part of a Series B round announced today.

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