$GAXY - Daily Candle Possible Evening Star - Good Entry? GAXY has a possible formation of an "Evening Star" doji that signals a reversal after an uptrend. We may see a pull back to test 0.045 or 0.035 support levels. Although the evening start is a bearish chart pattern, I believe the incoming volume and solid momentum will hold the upward channel so I am still bullish on this one and I think this may be a good entry for the following rally back up to retest resistance at 0.06. If we see the daily candle close above 0.063 I am looking for a gap up opening at 0.07 then retrace to test 0.06 support on profit taking. If this happens look for a bit of sideways consolidation further testing the 0.06 support and 0.07 resistance before rallying to test 0.09 resistance.
Candlestick analysis
$AITX - Crazy Upside With Weak Resistance of The Daily ChartsI'm seeing wide open upside on $AITX as bullish stair stepping candles on the daily chart look like a nice setup for big move up. With little resistance on the daily charts we could see as much as 319% upside! The psychological price point of 0.50 will likely fight back pretty hard with some profit taking and would be a good spot for the faint of heart to reduce exposure and still lock in over 100% gains. That said if we push through that psychological barrier of 0.50 we are going to run up to 1.00 pretty quick, there isn't much in the way of resistance for that move. It may not be a white knuckle ride though if it plays out over the next 6 months but looks like a great opportunity. I'm diving in!
BTC Finding Support on Old ResistanceIf this support holds, then this is a great sign for more fuel for this rocket. I am still expecting us to reach around the 1.618 Fibonacci level before any major retracement. (Approx. $66k)
EUR/USD - POSSIBLE NEXT MOVE EUR/USD - POSSIBLE NEXT MOVE
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USDJPY-Weekly Market Analysis-Feb21,Wk1A Bullish Shark Pattern from within the buy zone of the 4-hourly and 1-hourly chart give us an opportunity to get onto the bull run.
Do not just trade blindly as candlestick confirmation is still required.
GBPUSD-Weekly Market Analysis-Feb21,Wk2A strong appreciation on GBPUSD raise concern for counter-trend traders who are looking for shorting opportunity.
If the completion of the Bearish Shark Pattern completes on 8 Feb 21 at 6pm(+8GMT) or 12pm(+2UTC) it would be a perfect opportunity to short the market.
The reasons as follows:
1) Bearish Shark Completion
2) Structure Resistance
3) Just nice touching trendline without violating it.
If the shark pattern completes before 8Feb21, the first 2 reasons still stand and it would depend heavily on how the candle is formed, if it's a long shadow or Doji candle that the candle closing price isn't above the trendline it is still possible to bring in the trendline traders to short the market.
EURUSD-Weekly Market Analysis-Feb21,Wk2I'm waiting for Monday Market open, at around 10am(+8GMT) I will decide if it is a good setup for a shorting opportunity. A break and close above the red box(supply zone) would invalid the trade. However, if the market has a bearish engulfing candle gives a green light to short even it's before 10am.
Why has BTC not retraced again before reaching $40k?As I scroll through the many ideas on here, I noticed a reoccurring theme of many people banking on a retracement back down to the bullish pennant (or even lower) before we have reached these levels for a second time, so I began to contemplate why that did not happen. I believe you will have your answer indicated by both of the 4HR candlesticks I have highlighted with a green ellipse. Price action on these levels were very significant, in both occurrences, we found heavy support on top of major resistance levels. Under my limited knowledge, this indicates to me further continuation of the current trend which is bullish, not a retracement back down to old support levels.
Now that we have crossed $40k, our next resistance level I believe will be the ATH, where a double top most certainly can form at or just below this price level, causing price to potentially fall back to and even below the bullish pennant. However, price action will indicate this reversal if it will take place, so it is best not to assume since you will be betting against the current trend. Forecasting price can be a dangerous game, which is why I let price do the talking for me. Let us see how BTC reacts in these levels ($40k-$42K) before we make such claims.
Best of luck to you all!
SPX: New record! What's next? A complete analysis (H,D and W).Hello traders and investors! Let’s analyze the SPX this Friday, and do our usual complete Multi Time Frame Analysis (MTFA) by looking at the 1h, D and W charts!
The index did a new record high today, which is incredible, and so far, there’s no top, pullback or reversal sign around here. The black line at 3870 is a support level, but the index could drop all the way to the 21 ema, and the trend would still be bullish.
The 3827 seems to be another Key Point , but the 3870 is more relevant, and we can see why by looking at the daily chart.
The 3870 is the previous All Time High, and if the SPX closes under it next week, then the odds of a sharper pullback increase dramatically.
In the daily chart we have some very solid and strong support levels at the 21 ema and purple trendline area , and this area would be a target if the index loses the 3870 again.
We should be aware of the low volume seen this week, which is not following the price. According to the 5th Tenet of the Dow Theory, “the volume must confirm the trend”. When we see a divergence like this, is an alert sign to us.
Now, the weekly chart:
Yep, the index denied completely the Bearish Engulfing seen last week, frustrating any expectation of a pullback to the 21 ema in the weekly chart.
Now, the index is doing another ATH, giving a headache to the bears, and again, not a single top/pullback/reversal sign around. We must keep our eyes open and focus on the points mentioned in this analysis, and if you liked it, remember to follow me to keep in touch with my ideas, and please, support this idea if it helped you!
Have a great weekend!
NZDJPY - Bearish CrabAn RSI Divergence is born after the retest of the previous high give an opportunity for the risk-takers to engage the trade, there are 2 levels that traders need to observe, a break and close below of the red box and a break and close below of the black line for the safe passage towards the promised land(profit level).
EURUSD BUY Having used a line chart to identify daily supply and demand areas, price is retracing to the highlighted area before continuing general upward movement
SPX: The bull trend still persists!Hello traders and investors! Let’s see how the index is doing today!
The index is performing very well these days, and it is frustrating the expectations of the bears again. It defeated the black line at 3827, which seems to be a Key Point for SPX, as it worked as support and resistance a few times in the recent past. Now, this point is supposed to work as a support level, according to the Principle of Polarity.
What’s more, we have the 21 ema as a support, but we can’t rely too much o that at the moment. It seems the index will try to fill its another gap, and even retest the green line.
In the daily chart, the index triggered the Downside Tasuki Gap , which we mentioned in my last analysis (I did the analysis before the market close, right now it seems it is more a big Harami pattern), and now the index is just resuming the trend.
The index would be more bullish if it closed above the 3827, so, the situation is not easy to read. The volume was quite low these days, but it seems the bull trend is still here. We must keep our eyes open, and if you liked this analysis, remember to follow me , and support this idea!
Thank you very much.
AFTERPAY (ASX:APT) potential shortAPT appears to be overextended to the long side and may be due for a slight correction.
Reasons for this evaluation:
--> Solid Bearish Engulfing candlestick pattern has occurred (Bearish reversal)
Last 2 bearish engulfing patterns along with an overbought RSI resulted in a reversal. This indicates a higher probability trade setup.
--> RSI is moderately overbought (As of the 22st @ 66.59)
--> ATR is at record highs
Each new major ATR high has result in some form of correction whether small (5-10%) or large (100%+)
--> Other Large Cap stocks on the ASX such as BHP,RIO,FMG have also provided bearish signals in the last few weeks and an overall market downtrend can support this evaluation
Reason that oppose the success of this evaluation:
--> APT as a single stock has a tendency to follow fundamental analysis rather than technical
This includes being extremely responsive to news catalysts, positive forecasts and more
--> Positive news reports in regards to tech and software can positively effect APT
**Any Supporting ideas that can improve the analysis of APT are all welcome
EURJPY H4 - LONGEURJPY H4 - LONG
Charted this previously, prices are now testing the support zone and trendline. Look for bullish pressure or price action patterns to catch a LONG position towards previous high, and a possible extension of targets depending on how much momentum we have while approaching TP1.
SPX: Is the bear market over already?Hello traders and investors! Let’s look at how the SPX is doing today!
It is a green Monday, and the entire world is going up. This happens very often, after a systemic drop. Today’s reaction is impressive, indeed, and it looks like the reaction seen on last Thursday.
It looks like the SPX is trying to fill one of its Gaps now, and it is quite close to fill it, but the index is still doing lower highs and lower lows , a trait of a bearish trend . Only when it starts doing higher highs and higher lows, I’ll see the situation differently.
Now, to the daily chart:
We have what looks like a candlestick pattern called Downside Tasuki Gap , which is a bullish pattern, and it’ll be hard for the bears to cancel it, as the index must drop again below today’s low.
The volume increased during this sell-off, as for the volatility, and this is one of the reasons why we still must be careful. In moments like this, there are few stocks we can trade.
The Bearish Engulfing in the weekly chart we discussed in my last analysis wasn’t triggered today, but there is still the possibility that it’ll. If you missed my previous analysis, just check the link below.
If you liked this analysis, remember to follow me to keep in touch with my daily updates, and please, support this idea before you leave!
Thank you very much. Have a great week!
GBPUSD-Weekly Market Analysis-Feb21,Wk1Although there is an Ascending Triangle formation on the 1-hourly chart, I'm waiting for a shorting opportunity of this setup as we can clearly see bearish movement to be more persistence, waiting for trading confirmation to short the market
NZDUSD - Bearish Deep GartleyI'm waiting for the Deep Gartley Pattern that completes at X, it is 1 of my favourite setup that proven to work well on the currency pairs in the timeframe I've been trading.
What're your thoughts on this setup.
EURJPY - Bearish Bat(1Feb2021)A Bearish Bat Pattern setup on EURJPY provides a counter-trend trading opportunity. I'm waiting for a check-back(retest) for the shorting opportunity.
Long position on NZDUSDNZDUSD long position setup above 0.7160, targets at 0.7225-0.7240, extended target 0.7260
USDJPY-Weekly Market Analysis-Feb21,Wk1A Bearish Shark Pattern on the USDJPY gives us the opportunity to ride on the bear run of this pair that starts on March 2020. I'm waiting for the check-back(retest) for a shorting opportunity.
EURUSD-Weekly Market Analysis-Feb21,Wk1A Gartley Pattern has form on the 1-hourly chart as a counter-trend trading opportunity. I'm looking for a shorting opportunity on the checkback(retest) of the entry price for a better Reward: Risk setup. The aggressive trader can consider to short when the market break and close below the trendline.
SPX: The beginning of a new BEAR MARKET?Hello traders and investors! How are you today? Well, we are having a big sell-off, let’s see what’s going on here, and do a complete Multi Time Frame Analysis (MTFA) and look at the H,D and W charts.
First, in the hourly chart, we see that the resistance at the 3827 worked very well, and the index dropped to lower levels today. What’s more, it triggered a Bearish Pivot Point at the 3732.
Now the 21 ema is there to work as a resistance, and it is near the same level the 21 ema is in the daily chart too:
In the daily chart, the index lost yesterday’s low, which was a decisive Key Point for the short/mid-term, and this might bring a pullback to lower levels. We discussed this possibility yesterday, in my last analysis, if you missed, just check the link below.
The shadow under the candlestick’s body is annoying for sure, but since it lost the trendline and the 21 ema is starting to point down, we may see a sharper pullback indeed. And if that’s the case, where’s the next stop?
We have a possible Bearish Engulfing in the weekly chart, and if triggered, the index has a next stop at the 21 ema, which is a nice spot to aim.
Remember to follow me to keep in touch with my daily updates and support this idea if you liked it! Thank you very much.
EURAUD-4H-Long potentialHi folks;
When we are seeing 4H time-frame,it obvious that price moves on a downtrend channel so after a breakout and retest it can pushes the price up till touch the upper downtrend line what's more; it made a double bottom classic pattern but it has not approved buy neckline and breakout so we ought to keep in touch with chart and candlestick.After breaking out the neckline and retest,we can enter to long position till T.P1 & T.P2.
