GBPNZD: Instant Entry on Strong Bearish Trend with DOW Theory📉 Overview:
GBPNZD is currently in a robust bearish trend, offering traders an immediate entry opportunity. Our analysis, grounded in DOW Theory, underscores the strength of the downward movement.
📊 Technical Analysis:
DOW Theory principles highlight a consistent pattern of lower lows and lower highs, affirming the prevailing bearish trajectory.
📈 RSI Confirmation:
RSI shows no bullish divergence, reinforcing the sustainability of the bearish trend.
🎯 Trade Strategy:
Proposing an instant entry aligned with the bearish trend, traders can set predefined targets for potential profits.
🛑 Risk Management:
Implementing strategic stop-loss orders is crucial to manage risks and safeguard capital.
📉 Conclusion:
GBPNZD presents a compelling opportunity for traders to capitalize on the strong bearish trend. Confidence is derived from the synergy of DOW Theory and RSI analysis. Caution, risk management, and close monitoring are advised.
Beairsh
Bank Nifty - Long Term Analysis Technical Analysis:
Bank Nifty down by over a percent today, it led me to analyse its long term charts and what I see is not that great (P.S-I am not an expert)
Let's start with the big question, is it forming a Rising Wedge?
It clearly looks like plus it has tested the resistance for over 6 years now.
Now talking about the weekly chart of bank nifty, it looks like it is forming a double top and although now it is around the support level but it looks that it can be easily broken.
The worst would be when the rising wedge breakdown confirms
On the Monthly chart there has been a bearish engulfing followed by a shooting star (both Bearish) and this month has confirmed the bearishness so far.
Also I analysed the sector charts of both private and public banks, and private banks charts looks similar to the bank nifty (double top) bearish - considering bank nifty % is dominated by the pvt banks coz of market cap. Now Public banks have given massive wealth to the retailers and now is around its all time high, also it has been one side rally so not a lot of consolidation and is around the supply zone or resistance. Another negative point.
I have also marked a support level to which it can come down plus you can consider 200 MA on weekly as another support
Fundamentally banks have been performing well on many parameters and will continue to do so but it feels like the time when there will be massive profit booking specially from FII's as their accounts get closed by the end of December unlike ours end of march.
This is not a trading call, just my analysis. So be cautious if you trade.
Would love to know your comments if you agree or disagree, here to learn and understand your point of view
BTC DOWN 55% after bearish signal - 12,000 USD target? Bitcoin dropped 55% after the bearish Supertrend Ninja - Clean signal (red vertical line on the background). In a possible bearish scenario Bitcoin might possibly drop to 12,000 USD, completing wave 5 of the Elliot Wave (blue lines). Or in the worst case scenario around 5,300 USD according to Elliot Wave.
Bitcoin is still in the Bearish Zone of the Ichimoku Cloud. The RSI is still in a range at 44. RSI Brown at 75. If we take a look at the Average Directional Index ( ADX DI) its indecisive, as it is ranging. Currently Bitcoin is above its middle Bollinger Band, Band Basis 20 Period SMA . While it is above the LSMA. In short the technical indicators are indecisive as we are still in a range for Bitcoin. While I am more bullish (see previous Analysis) than bearish. I find it important to take into account both scenario's.
Remember to always take profits and use proper risk management!
Thank you for reading.
Namasté 🙏
Disclaimer: Ideas are for entertainment purposes only. Not financial advice. Your own due diligence is highly advised before entering trades. Past performance is no guarantee of future returns.
What Indicators Do I Like To Use:
I am using the "Supertrend Ninja - Clean", which is a trend-following indicator (Green and red vertical lines on the background). When the background of the candlestick closes green (vertical line). It indicates a possible bullish (up)trend. And red for possible downtrends.
USD / CAD Updated Please see above analysis on USD/CAD.
We are still monitoring this pair for our lower time frame reversal. We were watching today for a potential head and shoulders pattern on the 1 hour time frame however that did not come to fruition.
Market is clearly being squeezed and we should hopefully see a bearish set up show next week. On the hourly chart we can see potentially an M pattern forming and we will look to get in on this move to the downside at the neckline with ideally a few doji candles / hanging man candles to confirm an exhaustion and reversal to the down side on the 1 hour chart.
Again your feedback is always appreciated. Leave a comment below on your thoughts of this pair.
The Fx Chartist
Bearish Shark with Daily BOS! 🦈USDJPY - Potential Bearish Shark, Price rejected from the weekly supply zone.
We've had a BOS to the downside on the daily TF (Red Line) Price has pulled back and rejected from the .886 filling all imbalances.
I now expect price to break the DL.
But I will watch PA and wait for better entries on the LTF!
let me know your thoughts!?
EUR/USD remains pinned around the 1.1900 mark... (New target)EUR/USD remains pinned around the 1.1900 mark (1.1884-1916 range), awaiting further direction/influence, with the softer-than-expected ZEW prompting some modest unstained downticks. However look at the prior swings in correlation to the Fibonacci movements, we should expect some downside action over the next few weeks.
Again, a choppy session thus far within a relatively tight 92.092-302 range for the dollar despite US yields earnings higher as participants remain on standby for the US CPI print later today with the M/M forecast at 0.5% and the Y/Y at 2.4%. Analysts at ING argue that such an outcome could add to the narrative that US inflation is starting to overheat.
Dare to be wrong about ETH | DUMP EEETTTI hope that I'm wrong and we continue to moon town with Vitalik and Elon.
Daily looking bearish, could retest some of the lower fibs before breaking to the upside of the descending triangle.
Short on the way down, buy the dip and get a good entry on some almighty longs before we blast off to 10,000k usd.
At the end of the day, a retracement like this wouldn't be bearish. Hold tight.
EUR was slightly softer again but found support at the 1.20...Again another great move from EURUSD since my last post. Further bearish momentum to be expected. The euro was slightly softer again but found support at the 1.20 handle. The situation in Europe is mixed, Italian political uncertainty remains, although former ECB President Draghi has accepted the task to form a government, he is facing push back from right wing parties, where the Brothers of Italy Party Chief has proposed to right-leaning allies to abstain over the Draghi government, while the League leader Salvini says the best solution is elections. Meanwhile, the vaccination process is still grabbing media headlines, but inflation data this morning was encouraging, seeing a rise of 0.9% in January Y/Y, above the expected 0.4%.
Looking into next week, we should see moves heading...Plain and simple technical analysis on this one. Aussie gleaned some support earlier in the week however the overall movement is controlling the the accurate destination targets long term. Which is set at 1.7200. Looking into next week, we should see moves heading south once again off the daily/weekly bearish moving averages.
ETH/USD, towards $40?While it is still possible that Bitcoin and the token market have made a false rupture and will return bullish, waiting such scenario is likely to be a 100% emotional response.
The most likely fact now is a medium-term downturn of the entire cryptocurrency market. ETH could go first to its 150$ support, then to its 40$ support. Bitcoin is likely to go to its $3k support.
This situation could change in the next few days if it is confirmed that these trends are false breaks, but the odds are low, and we are opening descorrelationed averages with short entries.
EUR.NZD - BEARISH CYPHER SETUP - 1.5749On the EUR.NZD 4hr chart we have a potential short opportunity's at the D leg completion of bearish Cypher setup.
The price reversal zone on this pair is between 1.5749 & 1.5827
The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.
Potential targets for the Cypher setup placed at the .382% and .618% retracement of the C to D move.
There is also opportunity to look for extended targets at around 1.5489
Stop loss would be placed above X leg structure resistance.
Target 1 - 1.5631
Target 2 - 1.5554
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EUR.JPY - Daily Bearish Cypher Pattern 134.638On the EUR. JPY Daily chart we have a potential short opportunity at the D leg completion of a Cypher Pattern
The price reversal zone on this pair is large as we are looking at a daily chart.
PRZ - 134.622 & 136.672
The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity's.
Potential targets for the daily Cypher Pattern placed at the 38.20% and 61.80% retracement of the C to D move.
Stop loss would be placed above X leg structure resistance.
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