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Ascending Channel

Ascending Channel on EUR/USD @ D1This chart shows an ascending channel pattern that has formed on the daily timeframe of EUR/USD following a long-term downtrend that had been active since July. It can now be used for a bearish breakout trade setup. The pattern's borders are marked with the yellow lines. The potential entry level is at the cyan line. The potential take-profit level is at the green line. The position of both lines is calculated based on the channel's width. The stop-loss isn't shown on the chart. It is to be set to the high of the breakout candle (or to the high of the preceding candle if the breakout one is trading mostly outside the channel).
Short
by AndriyMoraru
1
#DXY Possible scenarioHello, traders. Let's take a look at the DXY chart and discuss the possible movements of this chart for the next couple of days. As we know, the price recently broke below an important bullish channel for the first time since July 4th when this major bullish run began. However, as you can see, it failed to break below the previous low, which has been identified as an important support level. Based on Dow theory, the bullish trend is still intact since we have not violated the most recent lower low. So, we currently have two conflicting signals. One is bearish due to the breakdown of the long-term bullish channel, while the other is bullish because the price hasn't breached the last low. Furthermore, following the rejection of the low, the price moved higher impulsively, suggesting that buyers are still active. This is another bullish indication. However, the formation of a descending triangle chart pattern, which is bearish in nature, provides a mixed signal. For trading and as a personal opinion, the current price area may not be the best entry point into the market. Additionally, any upside breakout of the triangle chart pattern could potentially be a false breakout and may not be an optimal trading opportunity. However, if the price retraces lower to test the previous low and fails to break below it, we might consider taking a long position on the US dollar. If you've found this analysis helpful, please take a moment to like, comment, or share your thoughts with me.
TVC:DXYLong
by mohemati
3
USDCHF → A breakout of trend support. Retest is a signal FX:USDCHF is entering the correction phase after a prolonged bullish trend. The trigger is the DXY correction (on the local timeframe).The support at 0.89866 may be broken soon. On the chart, we see a breakout of the support of the ascending price channel. The support tandem consists of the ascending line and 200-SMA, which is a rather strong signal, foreshadowing a medium-term decline. We consider 0.8778 as a target, as there is a strong liquidity accumulation in this area, which may interest the market. The dollar index ( TVC:DXY ) is going down through local support and is preparing to test 105.8 and 105.5 - this movement will affect the forex market accordingly. Support levels: 0.89866, 0.8932 Resistance levels: previously broken trend support, 0.9030. In the long term, I expect a break of the nearest support with the formation of a medium-term decline to the above targets. Regards R. Linda!
Short
by RLinda
18
💱 USDJPY - Pending a breakout of resistance USDJPY continues to trade within the upward price channel. Following the dollar index, the currency pair continues to strengthen TA on high timeframe: 1) A resistance retest is being formed. If the global zone is broken through, the price will continue its growth 2) The ascending price channel is formed following the DXY. TA on the low timeframe: 1) Important level 149.65. Consolidation is formed on the background of the level retest 2) No deep pullback. A retest is being formed for a breakout of the level 3) Consolidation above 149.65 will give a buy entry point. Key resistance📈: 149.65, 150.16 Key support📉: 149.300
Long
by Gold-Tech
7
💱USDCAD - symmetrical triangle on a bullish trend USDCAD is in consolidation. A symmetrical triangle with a correction phase to the support area is being formed. The trend is upward, the currency pair follows the dollar index TA on the high timeframe: 1) The dollar index is going to rise, and so is the USDCAD currency pair. 2) A rebound from the support area with further breakout of the triangle resistance is possible. TA on the low timeframe: 1) the price is heading towards the triangle support. This is acceptable as long as the dollar indes stands still 2) A bullish bounce may follow from the support on the backdrop of the uptrend 3) I will wait for a breakout of the pattern resistance to open a trade Key resistance📈: 1.36559 Key support📉: 1.36190
Long
by Gold-Tech
14
GOLD → A counter-trend correction is forming. Panic zone OANDA:XAUUSD has been forming a correction since the opening of the session and has reached the area of 1910. The price enters the panic zone relative to 1914. What should we expect from gold next? The correction on the background of a strong surge of energy and distributive movement should have happened. The market should pull back and gather potential before further upside. The price is testing the 1914.15 area for a breakout. The price is trading in the panic zone, where there are a lot of buyers' bids and sellers' bids are formed. A false break of the level will give us an impulse to 1928.8 and then to 1946. But, if the market consolidates below 1914.15, the correction may continue towards 1905 and 1900, but before further growth. The upward movement in the medium term may continue, for this price will have to overcome 1914, 1928 and 1946, At the moment we are waiting for the price to find support before further growth. Support levels: 1905, 1900, 1895, SMA Resistance levels: 1914, 1928, 1946 In the future I expect the continuation of growth, but only after the end of counter-trend correction COMEX_MINI:MGC1! COMEX:GC1! OANDA:XAGUSD COMEX:SI1! CAPITALCOM:US500 TVC:DXY Regards R. Linda!
OANDA:XAUUSDLong
by RLinda
22
🥇GOLD - Target 1900. Possible pullback from resistance GOLD is actively strengthening. At the moment the cost is 1890 and this is not the limit for today's session. We are interested in the mentioned resistance, will gold be able to reach it? TA on the high timeframe: 1) Both gold and the dollar are strengthening, but how long will this tandem be accompanied by an overall direction? 2) There is no important news today, but gold is supported by the fundamentals and will continue to rise further TA on the low timeframe: 1) Price has updated the high from 1885 to 1890. Target 1901 2) A pullback from 1900 is likely to follow before further upside. 3) Our task is to find strong support levels so that it is safe for SL to buy. Key resistance📈: 1901 Key support📉: 1885, 1877
OANDA:XAUUSDLong
by Gold-Tech
20
BNB => Ascending channel retest 🚀🚀🚀Binance Coin (BNB) has emerged as one of the stalwarts in the cryptocurrency space, showcasing remarkable strength and resilience. Let's delve into the fascinating world of BNB's price action, particularly its impressive ascending channel on the weekly chart, and explore the potential for a bullish breakout. Binance Coin's Ascending Channel: A Powerhouse of Potential The weekly chart reveals BNB's remarkable performance within an ascending channel. This channel represents an area where BNB's price oscillates upward within well-defined boundaries. Ascending channels often serve as powerful indicators of a bullish trend. Anticipating a Fakeout: A Clever Strategy As BNB moves within the confines of this ascending channel, traders should be aware of a potential fakeout. A fakeout occurs when the price temporarily breaks below the channel, tricking traders into selling. Look how fakeout can be done : A fakeout is a strategic move by whales and market participants to shake out inexperienced traders. The Art of the Retest: A Bullish Sign Should BNB execute a fakeout, it often follows up with a retest of the ascending channel's upper boundary. The retest serves as a validation of the channel's significance and a strong bullish signal. Experienced traders often view retests as prime entry points for long positions. BNB's Weekly Strength: An Encouraging Indicator BNB's ability to maintain its upward momentum on the weekly chart is a promising sign. Strength on the weekly timeframe is often seen as a sign of potential further growth in the mid to long term. Conclusion: Seizing the Binance Coin Opportunity As Binance Coin demonstrates its strength within the ascending channel, traders and investors have the chance to make informed decisions and capitalize on potential opportunities. Understanding the nuances of a fakeout and the subsequent retest can be a strategic advantage. While the cryptocurrency market remains dynamic and unpredictable, recognizing and leveraging these patterns and signals can empower traders to navigate the ever-evolving landscape. Remember to employ sound risk management practices and stay informed. Engaging in discussions, sharing your insights, and being part of the crypto community can be invaluable in this exciting journey. 🚀💼🌐 ❗See related ideas below❗ Feel free to like, share, and leave your thoughts in the comments.💚🚀💚
Long
by Yaroslav_Krasko