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Breakdowns

GBPJPY Technical Analysis 04.05.2023 1h chart– Previous Daily candle closed Bearish at 169.160 respecting Daily Resistance formed on Tuesday 2nd May 2023. – Buys on close above 169.470 targeting 30min Resistance at 169.890, Leaving Runners to the 1h Resistance formed at 170.210. – Sells on close below 168.780 targeting 30min Support formed at 168.170, Leaving Runners to the Daily previous Resistance formed on 25th April 2023 at 167.550. – There is still a probability for price to retest the Daily Resistance formed on 25th April 2023 correcting the Bullish move from Friday 28th April 2023.
by SalimFX20
XAUUSD Technical Analysis 01.05.2023 1h chart– Previous Monthly candle closed Bullish at 1989.600, Previous Weekly candle closed small Bullish forming Weekly Support at 1982.700 rejecting the Weekly Resistance formed on 10th April 2023 around 2007.800, However, The Friday Daily candle closed weak Bullish forming weak Support as the Daily Consolidating. – Buys on close above 1993.700 targeting 30min Resistance at 1997.800, Leaving Runners to the 1h Resistance formed at 2002.200. – Sells on close below 1987.700 targeting Weekly / Daily Support formed at 1982.700, Leaving Runners to the 1h Strong Support formed at 1977.600. – High Impact News data ahead for the US Dollar during the New York Stock Exchange session for ISM Manufacturing PMI and ISM Manufacturing Prices.
OANDA:XAUUSD
by SalimFX20
GBPJPY Technical Analysis 01.05.2023 1h chart– Previous Monthly, Weekly and Daily candle closed strong Bullish at 171.070 above Monthly Resistance formed in November 2022 at 170.740. – Buys on close above 171.230 targeting 1h Resistance at 171.640, Leaving Runners to the 4h Resistance formed on 31st October 2022 at 172.060. – Sells on close below 170.520 targeting 15min Support at 169.850, Leaving Runners to the 1h Support at 169.410. – Monday Bank Holiday, all UK Banks will be closed in observance of May Day. – Learn : May Day bank holiday in the UK – May Day bank holiday is a day for celebrating the achievements of workers and their ongoing fight for better working conditions. It is also a day for celebrating the arrival of spring and enjoying time with family and friends.
by SalimFX20
GBPJPY Technical Analysis 27.04.2023 1h chart– Previous Daily candle closed Bullish at 166.630 forming new Daily Support at 165.860 as price respects the Daily Support formed on Friday 14th April 2023. – Buys on close above 167.020 targeting Daily Resistance at 167.530, Leaving Runners to the 4h Resistance formed at 167.840. – Sells on close below 166.240 targeting Daily Support formed at 165.860, Leaving Runners to the 4h and the 1h Support formed at 165.550. – Targets for Buys and Sells are much smaller as it is necessary to adapt to the market / price action, better sells will be once price break below the Daily Rejection wicks on the left from 14th April 2023.
by SalimFX20
A-pivot breakouts in EURUSDA-pivots (called A-UP and A-DOWN) are calculated using the opening range (OR - that is where price "belongs") often referred as Initial Balance ( IB ), in our case - monthly opening range. You can find the formula in Fisher´s book. Red lines are opening range (the range of first 2 or 3 trading days in the beginning of month). Then one multiplies a specified distance (certain number of ticks above below OR) from opening range to get A-pivot level. I am not sure about the exact formula but ACD indicators do it automatically. Opening range ACD strategy is usually applied to day trading but it is interesting to see how EURUSD reacts when those A-pivots are broken on monthly. In relatively smooth downtrends price nearly always forms this peculiar bow-loop pattern, returning back to where it broke. Sometimes such bows or loops are formed twice a month. This is not observed in strong trending market (you can flip back) but still even then price uses those levels as support - resistance. The fact that price keeps returning back to monthly A-pivot means there is no strong trend yet. GOOD LUCK!
Education
by ICFX
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