Hello All, hope yesterday was profitable enough for you' all, welcome back!
YESTERDAY'S RECAP!
As i expected i had set our TRAPS at $1819 and $1824 for our UPWARD MOVEMENT CONFIRMATION, we faced a CONSOLIDATION PHASE , which made it easy for us to understand where the MARKET was headed to next, i had a short fall entry which was also declined and therefore ended up loosing a few $, but then i had the LONG BUY ENTRY ORDERS which were awaiting further CONFIRMATION and ALHAMDULILLAH(THANK GOD) as i predicted it went per my idea and took down my first TAKE PROFIT zone at $1830 extended a bit further to $1835 and then we can now see some sort of consolidation.
TODAY'S MARKET
As usual we have set our TRAPS for an UPTREND at $1835 and $1840 once these two zones are broken then the UPTREND is certain however i highly doubt the continuation of a RISE, because for me once we have a CONSOLIDATION that's the FIRST SIGNAL for a TREND CHANGE, meaning there is a change in trend from UPWARD MOVEMENT to DOWNWARD MOVEMENT, AND yes the downward trend won't just form because i want it to form, there are some major aspects to be considered.
At the same time we have our TRAPS for the Fall set at $1825 and $1819 when these two PHASES are broken then we certain of a FALL, meanwhile i highly suspect A MELT DOWN, but as always there is room for further confirmation looking at our PRICE ACTION PATTERNS, CANDLE PRESSURE and other ASPECTS.
There is a possible long consolidation , it might run to evening hours ,if we see the formation of either DOUBLE TOP or maybe TRIPLE TOP then our fall validity will be more likely, we could as well see the HEAD and SHOULDER FORMATION and many more patterns , so my suggestion here you need to understand the patterns, do your research on all the patterns and it's not necessarily you know all of them at once, you can tackle one pattern daily and lastly you will be having the BASIC PRICE ACTION FORMULA, coz if were personally to explain this formations to you all and the scenarios then it would take me the whole day, so i just went ahead with a DOUBLE TOP, meanwhile a symmetrical TRAINGLE will as well play in handy for the current consolidation and also remember you can make considerate profits on short term periods , i have already identified the SUPPORT and RESISTANCE ZONES in my chart so you can play around them.
NOTE : The above set ups are ordinary basis , but as we expect NFP REPORT today things may change. The non-farm Payroll report represents the number of jobs added or lost in the US economy over the last month. The NFP report is usually released on the first Friday of each month, at 8:30 EST, by the US Department of Labor. However, because February was the shortest month, this NFP report in March will be on the second Friday. The following NFP date report for the reference month of February 2023. will be on March 10. 2023. at 8.30 EST. which is today! so be extra cautious on your trading as we expect some spikes! for those who do not know about the NON- FARM PAYROLL REPORT i shared a link with further information.
In short even my SET UP can be proved NULL and VOID.
Up until then do wish you a wonderful profitable day ahead and let's collect them end week profits be back later with an update!
YESTERDAY'S RECAP!
As i expected i had set our TRAPS at $1819 and $1824 for our UPWARD MOVEMENT CONFIRMATION, we faced a CONSOLIDATION PHASE , which made it easy for us to understand where the MARKET was headed to next, i had a short fall entry which was also declined and therefore ended up loosing a few $, but then i had the LONG BUY ENTRY ORDERS which were awaiting further CONFIRMATION and ALHAMDULILLAH(THANK GOD) as i predicted it went per my idea and took down my first TAKE PROFIT zone at $1830 extended a bit further to $1835 and then we can now see some sort of consolidation.
TODAY'S MARKET
As usual we have set our TRAPS for an UPTREND at $1835 and $1840 once these two zones are broken then the UPTREND is certain however i highly doubt the continuation of a RISE, because for me once we have a CONSOLIDATION that's the FIRST SIGNAL for a TREND CHANGE, meaning there is a change in trend from UPWARD MOVEMENT to DOWNWARD MOVEMENT, AND yes the downward trend won't just form because i want it to form, there are some major aspects to be considered.
At the same time we have our TRAPS for the Fall set at $1825 and $1819 when these two PHASES are broken then we certain of a FALL, meanwhile i highly suspect A MELT DOWN, but as always there is room for further confirmation looking at our PRICE ACTION PATTERNS, CANDLE PRESSURE and other ASPECTS.
There is a possible long consolidation , it might run to evening hours ,if we see the formation of either DOUBLE TOP or maybe TRIPLE TOP then our fall validity will be more likely, we could as well see the HEAD and SHOULDER FORMATION and many more patterns , so my suggestion here you need to understand the patterns, do your research on all the patterns and it's not necessarily you know all of them at once, you can tackle one pattern daily and lastly you will be having the BASIC PRICE ACTION FORMULA, coz if were personally to explain this formations to you all and the scenarios then it would take me the whole day, so i just went ahead with a DOUBLE TOP, meanwhile a symmetrical TRAINGLE will as well play in handy for the current consolidation and also remember you can make considerate profits on short term periods , i have already identified the SUPPORT and RESISTANCE ZONES in my chart so you can play around them.
NOTE : The above set ups are ordinary basis , but as we expect NFP REPORT today things may change. The non-farm Payroll report represents the number of jobs added or lost in the US economy over the last month. The NFP report is usually released on the first Friday of each month, at 8:30 EST, by the US Department of Labor. However, because February was the shortest month, this NFP report in March will be on the second Friday. The following NFP date report for the reference month of February 2023. will be on March 10. 2023. at 8.30 EST. which is today! so be extra cautious on your trading as we expect some spikes! for those who do not know about the NON- FARM PAYROLL REPORT i shared a link with further information.
In short even my SET UP can be proved NULL and VOID.
Up until then do wish you a wonderful profitable day ahead and let's collect them end week profits be back later with an update!
Note
I got a very good QUESTION from a brother, "he was asking is $1810 our only Take Profit Zone INCASE of a FALL in today's Analysis ?
MY ANSWER!
" NO! $1810 is our FIRST TAKE PROFIT ZONE however we also have other TAKE PROFITS ZONES LIKE $1804 which will most likely be a long run for some small accounts. we can even extend further to $1797 , $1791 , $1784 , $1774 and $1765 but why would i jump to further TAKE PROFITS ZONES when the current one isn't hit yet? and also would kindly request you all to understand that the fall is certain on my end only when $1825 and $1819 ARE BROKEN.
To conclude on my answer " i usually update mainly when i get the idea AFTER my further analysis , so getting the next TAKE PROFIT ZONE! won't be of worries.
Note
Do you all see the OVERALL trend formation, we are having an uptrend although the consolidation that we are currently seeing plays a very important role so as always once we see A CONSOLIDATION we either expect a correction and then the trend goes the opposite direction of the previous trend or it goes for a retest to the previous minor support/resistance zones and then continues.In this scenario we have today, the possibilities of a fall are there so as the rise so the traps are meant to further give us confidence in our entries.
will be back with an update soon.
Trade active
Our First confirmation zone is broken, awaiting the second confirmation.Note
Just to be clear our FIRST CONFIRMATION AT $1834 for an UPWARD MOVE is broken , this gives us an idea of our RISE instead of a FALL.So we wait for the second confirmation and possibly see a retest and then we are good to go.
For my Trend line to be perfectly oblique i expect the price to end at $1841-43 then see a retest to $1837-39 and then our upward move continues.
Note
Our profit session is in! let's gear up!Trade active
second trap broken, wait for a retest and let us have our entries.Note
That's it enough of a rise, now we should expect a minor fall and possible consolidation! i can't analyze further right now however i suggest you all exit your trading accounts and learn nowNote
BECAREFUL YOU DON'T TRADE ON A BULL TRAP, HOWEVER THE POSSIBILITY OF $1871-80 have increased although it does not mean we take any ENTRIES!If you are willing to RISK then hold on! if you not willing kindly EXIT
I humbly request you all to play safe now otherwise you might end up loosing all the profits you made.
Note
GENERALLY SPEAKING WITHOUT ANY FURTHER ANALYSIS, when $1861 is broken then seeing $1870-80 is possible before the close of the MARKET, however this all depends on the CANDLE FORMATION.So if you have no DOUBT in your price action strategy then PLEASE CONSIDER TAKE PROFIT $1871 although i also have doubts of reaching our Target, anyways will be back later with the closing remarks! and keep up the good work guys, if you have any questions please feel free to ask on private messages or the comment section and until then CIAO!
Note
Hey Guys i hope you enjoyed today's analysis and you had a profitable day, as indicated in my previous comment i highly doubted the move to $1870 which is indeed gave us good results!I expected the MARKET to consolidate at $1858-60 but instead it gave us more hopes for an upward momentum which was highly recommending us to cancel our entries and those who had their TAKE PROFITS ZONES HIT like me to stay out!
I' m glad i had all my TAKE PROFITS ZONES hit and at once i was even thinking of extending my TP'S FURTHER but then DESCIPLINE got in and i respected whatever i had made today and decided to relax.
I really want to help us all be profitable TRADERS by sharing the right information
in the most basic language possible , the same reason to as why i don't use technical trading language as all the other TRADERS , anyways for you to be PROFITABLE you need to look into a lot of aspects but tonight i'll just mention a few and as time goes on i'll keep sharing the knowledge with you.
1. EMOTION CONTROL- you need to control your EMOTIONS, don't see others running profitable trades and you just go in full force without understanding why they have those entries in the first place, (this protects you mainly from loosing the $100 that you just deposited).
2. GET THE KNOW-HOW(TRADING KNOWLEDGE. i am sure all of us are on here are on telegram and other social media pages, some of us follow different traders for signals which is okay if you know what they are doing, but i'd prefer when you get an entry signal first before anything else, try investigate the signal, dig deeper try understand why did they say so, try read the charts and mostly if you trade then use it on a demo account.
3. RESEARCH - we are in a very nice era anything you look for is just on our finger tips, we've got google, youtube , facebook and many other platforms that can make you become a profitable trader, do your research understand the terms and you will be good to go.
4. GET THE RIGHT BROKERS- this is where most of us fail, you've gathered the right info you have the knowledge but your broker doesn't allow you to make profits due to their regulations(this is meant for another day) i'll explain it further next time, but if you can research the different types of brokers maybe you could get an idea of what i'm talking of.
5. INVESTEMENT- you'd rather invest and not waste, trading is risky we all know that and the best way i could overcome the risks in trading is by having a good capital investment, i know most of you here will deposit $100 and after a day or so it's gone, your now not trading anymore until next week when you deposit another $100 only to realize it gone within a much lesser time than the previous one, this goes on and on only to discover lastly that you have deposited a total of $1500-2000 and it's now gone, so you come back and try fight the market but sadly the same thing happens therefore end up being frustrated and making rational decision.(instead use the $200 to gain knowledge , then get yourself an investment target of $1500- $2000, this is the right amount to start trading with for a beginner and as well for someone who is completely literate on the forex trading9coz it minimizes your risks)
6. RISK REGULATIONS- you need to be able to manage the risks, you need the knowledge basically most would recommend low lot size but that's not all.
7. DEMO ACCOUNTS- yes trading on demo accounts help you know how good you are or how good you will get with time, mainly start on a small demo account treat it like it's your own hard earned cash you using and try to grow that account at least on a 10% level every month.(this is a whole topic to be discussed)
8.TRADING JOURNAL- keep record of all your trades during trading on the demo account(a whole topic on it's own) and remember these all apply on both demo and live accounts.
for those few ideas, i'll call it a day well spent and see you on MONDAY GODWILLING.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.