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Candlestick Analysis

Topside wicks, sagging momentum suggests AUD/JPY break may stickAUD/JPY looks primed for downside. The price has broken the uptrend it's been sitting in since late September. RSI (14) is trending lower with the bearish signal confirmed by MACD. And one look at the topside wicks above 101.00 suggests sellers are lurking and unwilling to budge. If the price manages to close beneath the uptrend, you could sell with a stop above for protection. To make the trade stack up from a risk-reward perspective, the 50-day moving average or 98.04 are potential targets. Good luck! DS
Short
by FOREXcom
Trade Recap: EURUSD - SHORT & USDJPY - LONG, 29/10/2024EU Bias Analysis: Although price is deeply discounted on the 1D timeframe, the 4H counter trend persists. Short entries were in line with the 1H bearish range and price pulled back into the 79% OTE area, which confluently overlapped with a 1H bearish OB. Grade: High Quality Valid UJ Bias Analysis: Similarly to EU, price from a 1D perspective was in a premium area but with the 4H counter trend also persisting, the bias remained long and in line with the 1H bullish range. After a pullback into the OTE area following high volume news releases, I waited for a retest of the 1H FVG to seek entry confirmation. Grade: Valid What I did well or could've done better - Persisting in my execution of EU shorts despite being taken out on multiple occasions (both at full loss and with partial profits) - Read through the news "noise" and executed on UJ longs despite the volume which could've been misleading. - Executed on my phone and set the wrong take profit area. Had I not done this recap, I probably would've left money on the table (Given full TP is realised) so I need to be mindful of double checking trade parameters on my laptop if execution takes place on my phone.
Long
by The_Modern_Day_Trader
SOLUSD A lesson learned.Although yes, I know I am being negative with this play with the Bitcoin Bullrun going on but hear me out. Doge took off two days ago and is still rising my only issue is that I sold to early, but I am happy that I took my winnings when I did. Anyway, this can go either way I am fully aware of Solana ability to perform well. But I have seen Solana perform terribly as well it we can also. Before I got heavily involved in the markets the way that I am now I see prices rise and fall many times and I was always mad when I see it go high and I didn't put something sooner, and I always seen prices drop really low, and I was happy I never put anything in. So far, I have had really good plays since sticking to my plan of looking at what the Trend lines are telling me and waiting for a breakout and entry. I recently made a play not sticking to my plan with SUIUSD and it cost me a pretty penny I just did it just because I thought I had it figured out. But I am going to stick to my plan of watching trends line and trying to catch the breakout that is what is helping me win. As long as I can remember that I will be fine. So, my plan for here is to see what's happening because I am seeing a descending triangle with the trend lines, and I am also seeing a cup and handle so ill wait
COINBASE:SOLUSDShort
by Christian_J_Cruz
Will Three White Soldiers Lead the Way?OANDA:XAUUSD Analysis 4H Chart Current Price: 2447.215 Analysis Summary • Three White Soldiers Pattern • Volume Analysis • Overbought and Resistance Zone • Overall Bullish Trend Three White Soldiers: The chart shows a clear Three White Soldiers pattern, a strong bullish reversal candlestick formation indicating potential upward momentum. This pattern suggests consistent buying interest, as each candle closes higher than the previous one, signaling sustained demand. Volume Analysis: A closer look at volume reveals a weakening trend in the third candle of the Three White Soldiers pattern, suggesting a slight decline in buying strength: • 1st Candle: 74.889K • 2nd Candle: 134.962K • 3rd Candle: 41.235K This drop in volume in the last candle may indicate limited buying pressure, warranting caution before assuming continued upward movement. Overbought and Resistance Zone: The price is approaching a significant Overbought and Resistance Zone, which could act as a barrier to further upward movement in the short term. Combined with the lower volume in the third candle, this zone could lead to a potential consolidation or minor pullback before the next upward move. Despite this, the bullish reversal signaled by the Three White Soldiers suggests that the overall trend remains positive. Interpretation: Considering the overall bullish trend, the weakening volume in the last candle of the Three White Soldiers, and the approach to the Overbought and Resistance Zone, we anticipate the following: 1. Retracement to Support: The price may retrace down to 2739.624 before rebounding back to the Resistance Zone. 2. Potential Pullback to Ultimate Support: A further dip may take the price towards Ultimate Support at 2734.375. 3. Continued Bullish Momentum: After testing these support levels, the price is expected to resume its upward trend, with a potential breakout beyond the Resistance Zone, targeting the Extreme Overbought Zone. Key Levels to Watch: • Support: 2714.844 • Ultimate Support: 2734.375 • Retracement Level: 2739.624 • Overbought Zone: 2754.116 • Extreme Overbought: 2758.565 • Resistance: 2758.565 Overall Trend: The overall trend remains bullish, with expectations of continued upward movement following any short-term pullbacks. This analysis combines technical patterns, volume insights, and trend direction to provide a comprehensive outlook. Happy trading!
OANDA:XAUUSDLong
by SpicyPips
U shape recovery on cards for Nifty. There is a chance of U shape recovery on Nifty if it is able to beat Mother and father line resistance. Today we saw a swift recovery by Nifty after making a low of 24140. Nifty closed at 24466. That was a recovery of 326 points which is quite remarkable. The only negative point was the close which is 2 points below the Mother line resistance of 50 Hours EMA at 24468. With this close if we can get an opening above Mother line tomorrow and if Nifty sustains above it we can see further swift recovery till Father line of 200 Hours EMA which is at 24887 with a trend line resistance at 24613. Nifty Resistances remain at: 24468 (Strong Mother Line Resistance) , 24613(Strong Trend Line Resistance), 24887 (strong Father Line resistance), 24917 and 25204. Above 25204 Bulls can come back aggressively. Nifty Supports Remain at: 24349, 24173 and 24073. Below 24073 Bears can get very aggressive in dragging the market downwards. To know more about Mother, Father and Small child theory and it's correlation to stock price and 50 and 200 days EMA read my book. The Happy Candles Way to wealth creation available on Amazon in Paperback and Kindle version. Disclaimer: The above information is provided for educational purpose, analysis and paper trading only. Please don't treat this as a buy or sell recommendation for the stock. We do not guarantee any success in highly volatile market or otherwise. Stock market investment is subject to market risks which include global and regional risks. We will not be responsible for any Profit or loss that may occur due to any financial decision taken based on any data provided in this message.
NSE:NIFTYLong
by Happy_Candles_Investment
DIXON Short Setup: Evening Star & Potential HNS with Trendline Weekly Analysis Pattern Observed: Evening Star on Weekly Timeframe Additional Insights - The Evening Star pattern tends to be more reliable on Daily and Weekly timeframes, making this setup particularly noteworthy for swing traders. Trade Setup 1. Entry: Enter after a decisive break below the low of the third (red) candle in the Evening Star pattern. - Alternatively, you may enter on the fourth candle if it signals a reversal, with a stop loss set according to your risk tolerance. 2. Stop Loss (SL): Can be set based on your risk preference, usually just above the high of the Evening Star pattern. 3. Target (TGT): Consider scaling out at key support levels or use the measured HNS target as detailed below if the formation completes. --- Potential Head and Shoulders (HNS) Formation Trade Setup for HNS Pattern: 1. Entry : Enter when price decisively breaks below the neckline on a closing basis. 2. Target (TGT): Measure the distance from the top of the head to the neckline and project it downwards from the neckline for your target. 3. Stop Loss (SL): Place the stop above the head of the HNS pattern. --- Additional Confirmation I've drawn a trendline to monitor for a potential breakdown. If either the Evening Star or HNS pattern aligns with a trendline break, it would serve as an additional confirmation for a short position. --- This setup combines a confluence of technical factors, making it robust for weekly trading decisions. Comments and thoughts welcome! IMPORTANT THINGS TO REMEMBER 1. Don't be fooled by opearators Theyll try it take it up to sell 2. Don't be a hero, follow SL with 1% extra loss max. (as setup is on Weekly TF)
NSE:DIXONShort
by The2PercentTrader
GOLD (XAUUSD): Important Decision Ahead The price of GOLD is currently testing a daily resistance cluster base on the all-time high. With the long-term trend being bullish, there is a high likelihood that the market will update this resistance and reach a new high. Confirmation of this breakout will come with a 4H candle closing above the highlighted structure. If this occurs, the bullish rally could continue to at least 2780. For those looking to short the market, it is advised to closely monitor the 30-minute time frame. The market is currently trading within a narrow range, showing respect to the resistance and minor support levels at 2749 and 2748. A signal to short would be a bearish breakout below the support level of the range, with confirmation coming from a 30-minute candle closing below it. The next target for shorts would be 2742.
CAPITALCOM:GOLD
by linofx1
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