Next setupsAfter today's full TP 200pip trade, I'm now looking to sell into a buyzone.
Looks good set up, respected zones previously, wider SL on second trade as could reverse higher than the previous buy
Candlestick Analysis
Whipsaw coming as bitcoin consolidates the 50-60k levelForecasting a pullback to 50k, as i expect the out of the ordinary volume on 08/05/24- 15min, hourly, 4hr, & daily, to gravitate price back towards it; high volume candles are very likely to get backfilled due to orderbook instability- see yellow fib lines for source and measurement. This is not bearish. This is important for bitcoin to conquer this level as she gears to move higher. There are many things i cant fully articulate in my charts so if you have any questions let me know.
James
Uncertainty in Gold: Is a New Leg of Correction on the Horizon?Yesterday, OANDA:XAUUSD exhibited significant volatility, with sharp fluctuations both upward and downward. However, by the close of the session, the price remained relatively unchanged, lacking a clear directional trend. The current price movement suggests a phase of consolidation, indicating that a more definitive direction may emerge soon.
Traders are now observing key levels that could guide future moves. On the upside, the 2663-2665 zone is seen as a resistance level, which could signal a bullish breakout if breached. Conversely, the 2645-2650 range serves as a support zone, indicating a potential bearish move if the price falls below this level.
From a personal perspective, I anticipate that gold might break to the downside, leading to a new corrective phase that could potentially drive the price toward the 2600 level.
That said, this is merely my view, and there is always the possibility of being wrong. Therefore, my invalidation point for this bearish scenario would be a break above the established resistance zone, which would signal the need to reassess the situation.
In conclusion, while the market remains in a state of indecision, these key levels provide traders with important reference points to monitor for potential breakouts or reversals in the near future.
Weak Technical Patterns Ahead of EarningsFor now, NYSE:GS the largest of the Financial Services companies left, is struggling a bit. Trading activity in this stock is well below its average at this time. No pre-earnings run patterns have developed yet. There is some rotation recently, with lower money flow.
SPY: A Critical Inflection Point! (D&W charts)In our last analysis last week, we had already identified a critical support point around $565, which is once again acting as a support, as expected. However, in the light of new evidence, we have to update the central point of the idea, and draw up possible scenarios for us to work on next.
The link to our prevous analysis on SPY is below this post, as usual.
Daily Chart (Left):
Previous Top at $574.71: This level represents the recent all-time high, which has become a point of resistance after the price failed to maintain above it.
Current Support at $565.16: The price is testing the $565.16 support area, which was previously a resistance level. It is now, for the second time, a crucial level to hold for the continuation of the uptrend. This is the most important inflection point for the SPY.
21-day EMA Support: The price is hovering around the 21-day EMA, adding more significance to this support zone. A daily close below this line could indicate a deeper pullback.
Weekly Chart (Right):
Possible Evening Star Pattern: The recent weekly candles form a potential evening star pattern, which is typically a bearish reversal signal, especially after a strong uptrend. This pattern is characterized by a small-bodied candle (potential reversal sign) followed by a bearish candle.
Key Support Areas: The first support to watch is $565.16, aligning with the daily timeframe, followed by a more significant support at $539.44 if the evening star pattern confirms.
Trend Continuation: If the pattern fails to confirm, a weekly close back above $574.71 would invalidate the bearish scenario and signal strength in the current trend.
Conclusion:
The SPY chart is at a critical juncture. The daily chart shows support holding at $565.16, which is a critical support level and inflection point for the SPY, as a break below this line could trigger a sharper sell-off. The potential evening star pattern on the weekly chart adds bearish pressure, and we should closely monitor the $565.16 level for further clues. If the evening star confirms, the $539.44 support could come into play as a downside target. For bullish continuation, holding above $565.16 and reclaiming the $574.71 level are essential.
For more detailed technical analyses and insights like this, be sure to follow my account. Your support helps me continue providing valuable content to help you make informed trading decisions.
Remember, real trading is reactive, not predictive, so let's stay focused on the key points described above and only trade when there is confirmation.
“To anticipate the market is to gamble. To be patient and react only when the market gives the signal is to speculate.” — Jesse Lauriston Livermore
All the best,
Nathan.
AUDCHF: Bullish Continuation After Fundamental News 🇦🇺🇨🇭
AUDCHF may continue growing after a release of
positive US fundamentals.
I will expect a bullish movement at least to 0.585
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FX-Diaries: EURGBP 4H longI'm watching EURGBP for a while now but no interesting candle patterns yet.
Untill now...
If the current candle close is bullish engulfing as it is now, I'm all the way in bullish.
Candle close is 19:00 hours Amsterdam time.
Will explain later why
EURAUD ready to go up? Double bottom pattern on D1EURAUD ready to go up? Double bottom pattern on D1
The euro to Australian dollar (EURAUD) currency pair is in a support region on the daily chart and could show a possible upward movement over the next few days.
EURAUD has just formed a pattern known as a “double bottom” around the support region on the daily chart at the 1.6000 mark – a significant area that previously held the price on June 26, preventing it from continuing to fall.
Another element that supports the idea of an upward movement in the coming days is the fact that the price accumulated a low of -6.85% between Aug. 5 and Oct. 2. In fact, the RSI reading on Oct. 2 was 29.47, signaling a possible oversold scenario.
Bullish engulfing pattern: EURAUD may see buying momentum
Today’s price action is showing a clear bullish engulfing pattern, with the current candle trading above yesterday’s high. This formation suggests a potential surge in buying momentum, following a touch on the support level on the daily chart (D1), indicating a possible shift in market sentiment.
Analyzing the EUR/AUD setup, several bullish signals are emerging:
The pair is currently in a support region on the daily chart (D1), which generally favors upward momentum.
A double bottom pattern has formed on D1, another bullish indicator.
The RSI dropped below 30 yesterday, suggesting the selling pressure may be exhausted.
An engulfing pattern has developed on D1, indicating potential buying momentum could be ignited.
These factors together suggest a possible bullish reversal in the near term.
EURAUD may rise to 1.6275 in near term
From a technical point of view, EURAUD has a chance to rise to the 1.6275 region over the next few days, where it should find temporary resistance. If the price manages to break above 1.6275, it is possible that it will rise to 1.6620 throughout the month of November.
Events to watch: US nonfarm payrolls, ECB rate decision, RBA minutes
Traders should closely monitor the release of the US nonfarm payrolls data on Friday, as it has the potential to significantly impact market movements. Additionally, those planning to hold positions for a longer term should keep in mind the European Central Bank’s interest rate decision on Oct. 17, which could drastically alter the outlook for EUR/AUD.
The release of the Reserve Bank of Australia’s policy meeting minutes on Oct. 7 may also impact the strength of the Australian dollar. Recent forecasts and analyst polls have indicated that the RBA intends to maintain a restrictive monetary policy and keep rates on hold until the end of 2024, with a possible rate cut coming at some point in Q1 2025, which could weaken the Aussie.
Disclaimer:
76.3% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Past performance is not necessarily indicative of future results. The value of investments may fall as well as rise and the investor may not get back the amount initially invested. This content is not intended for nor applicable to residents of the UK.
#SOLUSDT #1D (Bybit) Symmetrical triangle break and retestSolana pulled back to 100EMA regained support where it bounced forming a morning star, resuming bullish would make sense.
⚡️⚡️ #SOL/USDT ⚡️⚡️
Exchanges: ByBit USDT
Signal Type: Regular (Long)
Leverage: Isolated (6.0X)
Amount: 4.4%
Current Price:
150.58
Entry Targets:
1) 149.03
Take-Profit Targets:
1) 171.43
Stop Targets:
1) 137.81
Published By: @Zblaba
CRYPTOCAP:SOL BINANCE:SOLUSDT.P #Solana #PoS solana.com
Risk/Reward= 1:2.0
Expected Profit= +90.2%
Possible Loss= -45.2%
Estimated Gaintime= 3-4 weeks
XRP Monthly ChartHuge fakeout right before the 3 month and monthly candle closed and ended the month back in this range.
See if this continues moving down toward lower targets of sub $0.30 / $0.20, it isn't that far away.
Could see a retracement back toward $0.60, but higher timeframes looking to continue ranging or move lower at this point.
See how the first few weeks go of Q4, SEC appeal could be why this is tanking.
GOLD (XAUUSD): Your Trading Plan For TodayAs I had anticipated, GOLD showed strong support at a previously broken horizontal level on an intraday chart and rebounded from there.
To confirm our buy signal, we are looking for a bullish breakout above the resistance line of a symmetric triangle formation on the 4-hour timeframe.
A close of a 4-hour candle above the resistance line will confirm the violation, and we can expect a bullish trend continuation towards a target of at least 2686.
GbpUsd breaks important confluence supportIn my analysis last week, I mentioned that for GBP/USD to maintain its upward momentum, bulls would need to push the price above the key resistance level at 1.3420. However, they were unable to clear that level, and the pair has since experienced a decline.
Interestingly, as I was writing this update, a significant break occurred below a confluence of support levels, which has now turned the outlook bearish. As things stand, the market sentiment appears to favor further downside for GBP/USD.
As long as the 1.33 level holds, the likelihood of more losses remains high, with 1.30 potentially becoming a target for the bears. Given this bearish setup, my current strategy is to sell into rallies, anticipating further downward movement in the pair.
In summary, the failure to break through resistance and the subsequent breach of key support levels suggest that GBP/USD is poised for further declines unless the market shows signs of recovery above the 1.33 level.
Gold Thoughts - 03-Oct-2024Good morning all , Kindly see my Gold thoughts for today. These videos are aimed at making you compare charts with mine if you are a price acton trader and use my thoughts to improve your skill. They are not meant as signals even if they seem like they are. I want you to learn and be great
Nasdaq Thoughts 03-Oct-2024Good Morning All, Kindly see my Nasdaq thoughts for today. These videos are aimed at making you compare charts with mine if you are a price acton trader and use my thoughts to improve your skill. They are not meant as signals even if they seem like they are. I want you to learn and be great
Tesla with a inverted H&SThere are a lot of uncertainty in the markets these days. But if we can break out of the current range, then we could see the head and shoulders pattern play out.
The first target would be to hit new all time highs and thereafter the full target of the H&S.
But first we need a breakout on increased volume and possibly a retest of the neckline and/or the trendline.
Nifty trapped between critical support and resistance.Nifty trapped and delicately placed between critical support and resistance. It is also facing a trendline resistance. More than these two factors the situation in the Middle East is also very delicate. Anything can happen at any point in time. Technical indicators are indicating a breakout or breakdown on either side with minute possibility of further consolidation too. So everything depends on the supports that hold and resistances that give way, if they give way.
Nifty Supports are at: 25745 (Very important support where consolidation is taking place), 25595 Channel bottom support and 25409 is 200 hours EMA support or the father line). Below 25409 bears can be in commanding state.
Nifty Resistances are at: 25829, 25879 (Major Mother line Resistance or 50 hours EMA Resistance), 25991 and 26077 will also be resistances when the Nifty decides to travel upwards.
Strictly do not trade/invest without keeping Stop losses and Trailing stop losses. Stop losses protect your capital and trailing stop losses protect your profits. To know more about stop losses, trailing stop losses, Profit booking and investment in Equity in general or Mother, Father and small child theory read my book The Happy Candles Way to wealth creation. Which is available in Amazon in Kindle and Paperback 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.
GBPJPY Buy analysisGJ created a demand OB at approximately 190.300. After that we had a push towards the upside reaching app. 193.00. As price went down, a potential supply OB was created which would be our target due to the confluence of equal highs created right under it. Price pushed further mitigating the 190.300 OB and created a new one once it reacted off of it (This was our entry DOB). Right before the asian session an area of sell-side liquidity was created and our asian session created highs and lows which also acted as liquidity. Right after the asian session, price swept the Asia low liquidity as well as the sell-side liquidity and tapped into the second DOB, This is where we entered. The target was simply imbalance that was made by the push towards the DOB, then the Asia high liquidity and finally the equal high liquidity. Trade went to TP and went even further, pushing through the Supply OB which was our TP.
Minimal ValuesMy Estimates for BTC this upcoming cycle.
October is gonna take a bit of time to see upwards momentum. We have about 1-2 weeks before markets rip. (October 15-21st).
Could start early as next week. (October 10th)
It takes around 200 days from last election cycle's October 1st to reach 1st peak in mid April 2021 in the cycle.
2nd peak (Full cycle peak) was 405 days after October.
If we copy the exact chart from the previous cycle's range.
1st peak in April 2025 at 115k
2nd peak is estimated in Nov 2025 as the final moment in the cycle at a minimum of 120k for BTC and do a blow off top. Could reach 180k then bear market starts all over again.
Note the reason I call it Minimal values is because this factors in 0% additional growth.
If the chart is exactly the same, that means 0 growth has incurred.
With growth ultimately scaling from individual countries slowly adopting to full blown global adoption, I'm going to keep myself within these minimal values and anything below would be, to me, considered an opportunity zone.
FOLLOW THE TRENDFollow the trend until it bend..The market being in a trend is the main thing that eventually gets us in a trade. That is a pretty simple idea. Being consistent and making sure you do that all the time is probably more important than the particular characteristics you use to define the trend. Whatever method you use to enter trades, the most critical thing is that if there is a major trend, your approach should assure that you get in that trend.
How to Trade Gap Up and Gap Down Opening? Full Guide
What is gap up and gap down in trading?
In this article, I will teach you how to trade gap up and gap down opening . You will learn a simple and profitable gap trading strategy that works perfectly on Forex, Gold or any other financial market.
First, let's start with a theory .
A gap up after the market opening is the situation when the market opens higher than it was closed without any trading activity in between.
Above you can see the example a gap up after the market opening on EURGBP.
The price level where the market closed is called gap opening level.
The price level where the market opened is galled gap closing level.
A gap down after the market opening is the situation when the market opens lower than it was closed without trading activity in between.
Here is the example of a gap down after the market opening on WTI Crude Oil.
Why such gaps occur?
There are various reasons why opening gaps occur.
One of the most common one is the release of positive or negative news while the market was closed.
The market opening price will reflect the impact of such news, causing a formation of the gap.
What gap opening means?
Gap openings reflect the sudden change in the market sentiment.
Gap up will indicate a very bullish sentiment on the market while
a gap down will imply very bearish mood of the market participants.
However, the markets do not like the gaps.
With a very high probability, the gaps are always filled by the market very soon.
We say that the gap is filled, when the price returns to the gap opening level.
Above, you can see that after some time, EURGBP successfully closed the gap - returned to gap opening level.
Such a pattern is very reliable and consistent among different financial markets. For that reason, it can provide profitable trading opportunities for us.
You can see that a gap down on WTI Crude Oil was quickly filled and the price returned to the gap opening level.
How to trade gap opening?
Gap Up Trading Strategy
Once you spotted a gap up after the market opening, you should wait for a bearish signal before you sell.
You should look for a sign of strength of the sellers.
One of the most accurate signals is a formation of a bearish price action pattern:
Double top,
Triple top,
Inverted Cup and Handle,
Head and Shoulders,
Symmetrical or Descending Triangle,
Rising Wedge...
Bearish breakout of a trend line / neckline of the pattern will be your signal to sell.
Look at a price action on EURGBP before it filled the gap.
At some moment, the price formed a double top pattern and broke its neckline. That is our signal to sell.
Your stop loss should lie above the highs of the pattern.
Take profit - gap opening level.
Safest entry is on a retest of a broken neckline/trend line of the pattern.
Safest entry point on EURGBP is the retest of a broken neckline of a double top pattern. Stop is lying above its highs. TP - gap opening level.
Gap Down Trading Strategy
Once you spotted a gap down after the market opening, you should wait for a bullish signal before you sell.
You should look for a sign of strength of the buyers.
One of the most accurate signals is a formation of a bullish price action pattern:
Double bottom,
Triple bottom,
Cup and Handle,
Inverted Head and Shoulders,
Symmetrical or Ascending Triangle,
Rising Wedge...
Bullish breakout of a trend line / neckline of the pattern will be your signal to buy .
Let's study the price action on WTI Crude Oil before it filled the gap.
You can see that the price formed a cup and handle pattern.
Bullish breakout of its neckline is a strong bullish signal.
Safest entry is on a retest of a broken neckline/trend line of the pattern.
Your stop loss should lie above the lows of the pattern.
Take profit - gap opening level.
Following this strategy, a nice profit was made.
Always remember that probabilities that the gap will be filled are very high. However, it is not clear WHEN exactly it will happen.
For that reason, you should carefully analyze a price action and wait for a signal, before you open the trade.
That will be your best gap opening trading strategy.
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Gold Thoughts 02-Oct-2024GOOD MORNING Everyone! Please find my Gold market analysis for today below. As a price action trader, I encourage you to compare my charts with yours and use my insights to enhance your skills. These videos are designed for educational purposes only, not as trading signals. My goal is to help you grow and become a proficient trader.
Nasdaq Thoughts 02-Oct-2024GOOD MORNING Everyone! Please find my Nasdaq market analysis for today below. As a price action trader, I encourage you to compare my charts with yours and use my insights to enhance your skills. These videos are designed for educational purposes only, not as trading signals. My goal is to help you grow and become a proficient trader.
Seeking to fade into AUD/JPYA prominent bearish outside / engulfing day formed on Friday. Moreover, it failed to hold above the 200-day MA and closed the day back below the 100 handle. And its high almost perfectly respected the high-volume node (HVN) from the July high to August low.
A bullish trend has developed on the 1-hour chart after the initial selloff found support around a 38.2% Fibonacci level. However, we're now seeking signs of weakness around the daily R1 pivot, or 10 handle resistance zone for a swing trade lower (given the strength of the bearish engulfing candle on Friday).
The daily S1 and S2 pivot point around 99 and 98.50 respectively are downside targets for bears to consider.
MS.
