CADCHF 4HFalling wedge reversal pattern watching for a break & retest of the supply zone & trendline for price to start making its way back to the upside
Break
EURAUD 4HPrice rejecting off a strong daily supply zone, which buyers were unable to break above. Looks like price broke its trendline, & price can see some bear rallies this upcoming week
USDJPY WeeklyPrice broke its weekly uptrend line, now sitting at support. I believe price will make a slight pullback up to retest the 61.8 before potential reversing to create a new low
EURNZD DAILYBack at support & the bigger picture daily ascending trendline. Will watch price action for a breakout or bounce..
GBPUSD 4HPrice is at a decision point currently, & at a supply level. Will be watching for a break to the upside or a rejection for a higher low to form.. Retail sales shortly may present a trade opportunity
AUDJPY 2HPrice looks to have broke its descending trendline, & is showing sensitivity to daily support. Now looking for potential entry on the retest as I believe price will start making its way back up
Difficult market? Two important price action concepts help!BTC has moved sideways now for some time, prices swinging up and down. A lot of choppy behavior with several tricky moves.
There are two important "secret" concepts that can help you find entries in nearly every market condition.
By having these skills you can often avoid having the market confuse or trap you!
Concept A): After the break of a trendline, there will be one or two legs to a new low/high.
Why is that working? It just traps people who entered after the break, looking for a reversal.
When a new high/low occurs they might get stopped out and think the trend continues, just when the real trend reversal begins!
Additionally other traders enter when prices brake out to a new high and low, only to see prices reverse. Now they are trapped to the wrong side.
Concept B): Second entries. This is just two pushes (two legs) against the trend direction.
When prices pullback in two legs and then make a second attempt to go in trend direction it is a second entry.
Why do these work so well? In an uptrend people see a lower high, then a lower low. Now many think bearish and suspect a reversal, the beginning of a new downtrend. New shorts also come in, hoping to catch a new downtrend early. Of course then the uptrend continues, hitting stops of shorts. Also skilled traders go long, driving prices further up.
These two vital concepts require some experience, but you can find such entries constantly, because trends also occur inside broader ranges/channels as we can see in the Bitcoin chart.
I have numbered 5 entries which can be based on these concepts + other clues:
Trade 1: Short -> Concept A + bulltrap
Trade 2: Long -> Concept A +B + retest support from breakout
Trade 3: Short -> Concept A + pullback to EMA + trend channel test expected
Trade 4: Long -> Concept A + B + successful retest of uptrend channel
Trade 5: Long -> Concept A + B + pullback to EMA + retest support from breakout
What is happening right now?
We have seen a strong breakout and two legs up. Prices have also overshot the broader trend channel!
Now it looks like a new steeper two tiered channel is in play (with a midline).
We are trading at the upper end of this channel, so maybe BTC will retrace to 9500 again, but do not look for short entries in such a strong trend!
Feel free to comment or ask questions! Or just follow me ;)
EURGBP 2HChannel break, plus break & retest of minor support area, price may potentially make its way down to its ascending trendline..
EURJPY 4HWatching for a breakout of the Ctl & resistance for potential longs. Price showing a bullish reaction at 132.000 weekly support, moving away violently & failed to break daily support 133.100 on the daily 5 times now. I can see this pair potentially reversing back to the upside
XRPUSD Daily Stuck In The Channel XRPUSD Major Channel
Waiting For Hull MA to Change Color To Confirm Direction
Color Red
Number None
NZDJPY 2HPrice action still looking bearish even though Nzd came out stronger after talks on monetary policy. Will keep an eye on this setup for a break & retest of support turned resistance for shorts..
EURJPY 2HPrice made a strong reaction once tapping 132.000 strong weekly support, now price looks to be respecting support level 133.100 on the daily, so I will be watching for a break of the CTL for potential longs up to 134
GBPNZD 4HTrendline breakout, pound news shortly I will look to potentially enter on the retest of broken support, or on the break of support..
XAUUSD 4HAfter being stopped out last night, price is now at a decision point for gold.. We have reached the descending trendline, now I will either watch for a rejection or a break or resistance & retest for continuation to the upside as price looks to be breaking structure. Patience is the key!
USDJPY SHORTUSD/JPY SHORT, break of the box it has settled in for the past few weeks. Looking for a close outside the box and a retest of the underside of this box or the supporting weekly trend line it has also broken before entering a 3:1 risk reward trade.
NZDUSD 2HWatching for a break either direction. Price does look to be getting ready to repeat its self though.. Will wait & see :D
EURGBP DAILYA setup ill be watching for a potential reversal, waiting for a break of resistance & trendline for longs or rejection off the trendline for shorts
EURCAD 4HPotential setup lining up here as price made a bullish engulfing breakout through supply zone, now coming back to retest where I will look for a reversal candle to enter long..
XAUUSD 2HPotential setup lining up here, previous support now turned into new resistance, & 1325 is also a strong daily level.. Will look for a break of the 38.2 fibonacci level or a reversal candle for potential shorts down to 1300 where I feel price could potentially cause a reversal.
CADCHF 4HPrice making a potential double bottom to a daily demand zone, now watching for a break of the descending trendline for a possible reversal back to the upside.
