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Breakandretest

Looking To Sell The Dollar Against The Euro (EUR/USD)Hi Traders, I trust this week has been amazing thus far, Looking at EUR/USD, Price action has not allowed us to get involved in a short position yesterday, Today the tables have turned and I do believe that the Bulls have come to play on this one. Price has fallen significantly since our post, But throughout the London and Asian sessions, there has not been much action on the instrument. My attention now follows the bulls as price action gives us some reversal signals. Looking at the current One hour Time frame, We see that price at the current moment is trying to create a Double Bottom pattern. Price has also reversed from a support level testing the area twice, Once in Asia and again Pre New York London. Now we are facing the opening of the New your session, as well as the NYSE open, and bulls seem to have the upper hand. I will take this setup once we have a break and close above 1.0200, I would like to see a retest into the 1.01900 area before Launching those Long orders. If the bears remain persistent and the price falls back below 1.0750 I will no longer be interested in this position. Target is simple as I am gunning for the Previous high. Let's see what the New York Session has in store for us. Renaldo Philander
Long
by Tradebudz
A case for the BTC Bulls (Descending Wedge Breakout & Re-test)As this is a Point&Figure chart, I'll have to provide updates manually as TradingView currently doesn't support the 'play' feature for them. Noticed something interesting supporting the Bullish case for the previous Fractal/Bear Trap idea: Breakout and retest of the macro descending resistance intersection with the dynamic support range 🙏🔮🚀 Possibly the most bullish sign seen in recent months 🙌 Stay tuned for more! I'll keep a close eye on this one & update as things play out! What do you guys think? Feel free to share and ask questions 👍 *Will update as more PA is available* *Symbol tags below, Ignore these* INDEX:BTCUSD BITSTAMP:BTCUSD COINBASE:BTCUSD BITFINEX:BTCUSD BINANCE:BTCUSD BINANCEUS:BTCUSD FTX:BTCUSD GEMINI:BTCUSD BINANCE:BTCUSDT KUCOIN:BTCUSDT HUOBI:BTCUSDT OKEX:BTCUSDT BITTREX:BTCUSDT POLONIEX:BTCUSDT COINBASE:BTCUSDT BINANCEUS:BTCUSDT FTX:BTCUSDT BITSTAMP:BTCUSDT BINANCE:BTCUSDTPERP BYBIT:BTCUSDT BINANCE:BTCUSDT_PREMIUM SP:SPX TVC:SPX OANDA:SPX500USD DJ:W1DOW NASDAQ:NQGI NASDAQ:NQGM CRYPTOCAP:TOTAL CRYPTOCAP:TOTAL2 CRYPTOCAP:TOTAL3 INDEX:SATSUSD BNC:BLX *Symbol tags above, Ignore these*
INDEX:BTCUSD
by RandomOracle
33
GBPCAD: Stop Hunts Everywhere ⚠️Wow, last week was intense. Firstly, we saw market makers sweep break and re-test buyers THEN they liquidated breakout buyers from the trend line and to finish all off they did a sweep on sellers that remained. Although the direction is unclear for next week, I have illustrated my bias. I may be wrong but at least I know that stop hunts are out of the way and we potentially have enough liquidity for a big impulsive move. Comment your thoughts below traders 💬
Short
by AlkalineFX
16
Why I Don't Trade Patterns AnymoreHi Purpose Traders. Let's talk chart patterns. As you may know there are dozens of chart patterns out there. I don't know if you're like me, but I get a bit anxious when there are too many things to choose from. It's like being in an ice cream shop. I like ice cream, but I only eat 1 flavor most of the time. Long story short, I used to be a pattern trader and what I realized was like most patterns, I had to wait for the pattern to form before I could trade it. By the time a pattern formed I would have missed a good move because the pattern would change and price moved without providing me an entry. I remember there was a time I thought I saw a bullish wedge formation that turned into a flag that turned into a false break out trade. The more I kept waiting for patterns to form the more I realized I just don't like them because they constantly change. I believe it's the whole break and retest with different timeframe variables that leave a bad taste in my mouth. What do I do instead? I focus on price fluctuations to identify the trend. I figured the more decisions I eliminate the better my trading will be and it has improved tremendously. This wasn't an overnight thing and yes I do still see patterns, but creating my own edge by trading one strategy with simple rules helps me focus on price action alone. I like a cleaner chart with as little detail as possible. No games. No patterns. No lines blocking the flow of price. Just straight price action. Do you prefer to trade this way too or are patterns your thing. There is no right o wrong. You have to trade what works for you.
by ShaquanLopez
2