Necklace Pattern Trading - "S Chand & Company"This has been highly dependable stock since last 1 month. When benchmark Index "Nifty" fell by 500 points, this stock was rock solid holding its swing high level & stayed in the range of just 20 points. This is my Necklace Pattern stock it will be interesting to see how story unfolds when it reaches its previous swing highs.
Candlestickpattern
EURUSD support levels Yesterday EURUSD hit the expected levels of 1.0915 and held.
We are likely to see another drop towards 1.0850, again watching for a run-out and reversal.
On reaching the support and retracement area we will look for buys with a target of 1.1070!
As long as we are above 1.0830 this is the more likely direction and we will be looking for confirmation of an entry.
Important levels in EURUSDFriday's USD news had an impact and EURUSD is once again trading below 1.1000.
We will now monitor how it continues as we have determined the important levels from which to expect a reaction.
Important resistance levels are around 1.1017!
In the short term we will watch for the possibility of a decline towards 1.0915.
As the movement runs out and pushes back from support, we will look for opportunities for a new uptrend.
Trading Opportunity EverywhereIf the Bearish Bat Pattern on the daily chart is not good enough for you(link within tradingview). The 1-hourly chart Bearish Crab Pattern would be a great setup for you. The completion point is at 134.24 and provides you with a shorting opportunity. You have to wait for candlestick pattern confirmation before engaging in the trade.
Trend Traders could wait for buying opportunity on the Key Support Level at 133.33
The Big ShortThe Big Short came in on the Weekly Chart with a Triple Top RSI Divergence. Currently, there isn't any opportunity for me to engage in the shorting opportunity.
While waiting for a tested strategy like the Bearish 5-0pattern to appear, I will look out for other trading opportunity like buying on the demand zone or a Bullish Shark Pattern in taking the conservative targets.
EURUSD broke out 1,1000Yesterday EURUSD broke the resistance of 1,1000 and is now trade at levels around 1,1070.
1,1000 already act as a support level and upon a test and pullback, buys may be sought.
There is no good risk to reward ratio for buys at current levels.
The next resistance levels are at 1,1160 and 1,1274.
TSLA: The Key Points We Should Watch From Here.• TSLA stock is trying to do a bullish reaction, after yesterday’s crash, but it is still under important resistance levels;
• As long as TSLA remains under the 21 ema + 186 (red line), no bullish scenario will materialize;
• Only if TSLA breaks these resistance levels we might see something new, otherwise, the bearish sentiment will persist and in this scenario, the 186 is our next target.
• In the daily chart, TSLA did a powerful bearish candlestick under the 21 ema;
• As mentioned before, the 176 is the next support level on it. If TSLA loses the 186, it’ll trigger a clear bearish pivot point, or even an inclined H&S chart pattern, indicating that the long-term trend will remain bearish;
• Therefore, the 176 is a critical support level, while the area around 186 is a critical resistance;
• On the other hand, if TSLA breaks the 186 area, we might see another rally;
• Last week TSLA did a Hammer candlestick pattern, which is a bullish reversal pattern 60% of the time, and hit its target around 88% of the time (Bulkowski, Encyclopedia of Candlestick Charts);
• It all depends on how TSLA will react around these key points from now.
I’ll keep you updated on this. Remember to follow me to keep in touch with my daily analysis.
Important levels on EURUSDEURUSD reached 1,1000. This is key resistance and we will watch to see if it has the strength to breakout.
No grounds for trades on these levels, so it is better to wait.
We will consider buy trades on correction and pullback or after breakout of the resistance.
We will consider sales after grounds for a trend reversal.
EURUSD before CPIAnother important news is due today.
This is one of the most important news in the recent months and always has a great fluctuations.
All active positions have to be with reduced risk.
We’ll be looking for new trades after the news, depending on the movement.
Currently, EURUSD remains without trades.
We’ve determined two scenarios, with a strong USD we will trade AUDUSD, with a weak - USDJPY.
EURUSD awaiting the news Yesterday we saw drop to 1.0830 and recover.
Current levels are important resistance from which we may see a pullback.
We will look for new EURUSD trades after tomorrow's news.
Targeting support and retracement will provide entry opportunities.
We do not consider trades at these levels and prefer to wait for confirmation!
Demand For NasDaq Has IncreasedLooking at the current market conditions I can say the marketing is creating HH and HL, currently, we just finished a retracement and are about to start an impulsive move to the upside in the hopes of respecting the support and resister of the trendline.No much more to say here.
🔎 A Look Inside The Candlestick Chart📍What Is a Candlestick?
The formation of the candle is essentially a plot of price over a period of time. For this reason, a one minute candle is a plot of the price fluctuation during a single minute of the trading day. The actual candle is just a visual record of that price action and all of the trading executions that occurred in one minute.
[b📍Who Discovered the Idea of Candlestick Patterns?
It is commonly believed that candlestick charts were invented by a Japanese rice futures trader from the 18th century. His name was Munehisa Honma.
Honma traded on the Dojima Rice Exchange of Osaka, considered to be the first formal futures exchange in history.
As the father of candlestick charting, Honma recognized the impact of human emotion on markets. Thus, he devised a system of charting that gave him an edge in understanding the ebb and flow of these emotions and their effect on rice future prices.
📉Bearish Candle
🔹 Open Price: A bearish candlestick forms when the opening price of a currency pair is higher than the closing price of the previous candlestick.
🔹 High and Low Price: During the candlestick's time frame, the price moves higher than the opening price and then declines to form a lower low than the previous candlestick.
🔹 Body: The body of the bearish candlestick is colored red and represents the difference between the opening and closing price. The longer the body of the candlestick, the stronger the bearish sentiment.
🔹 Upper Shadow: The upper shadow of the candlestick represents the highest price achieved during the candlestick's time frame. The longer the upper shadow, the greater the bearish pressure.
🔹 Lower Shadow: The lower shadow of the candlestick represents the lowest price achieved during the candlestick's time frame. The shorter the lower shadow, the stronger the bearish sentiment.
📈Bullish Candle
🔹 Open Price: A bullish candlestick forms when the opening price of a currency pair is lower than the closing price of the previous candlestick.
🔹 High and Low Price: During the candlestick's time frame, the price moves lower than the opening price and then rises to form a higher high than the previous candlestick.
🔹 Body: The body of the bullish candlestick is colored green and represents the difference between the opening and closing price. The longer the body of the candlestick, the stronger the bullish sentiment.
🔹 Upper Shadow: The upper shadow of the candlestick represents the highest price achieved during the candlestick's time frame. The shorter the upper shadow, the greater the bullish pressure.
🔹 Lower Shadow: The lower shadow of the candlestick represents the lowest price achieved during the candlestick's time frame. The longer the lower shadow, the greater the bullish sentiment.
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New Life Time High? - Linde IndiaLinde India stock is creating its move now. This story started unfolding when it crossed 5th Aug high on 16 Feb with rising volume. Current Hourly & 15 min TF looks promising. It'll be interesting to see whether it will cross it's old high of 4190 & create a new Life Time High in days to come.
Necklace Pattern Series -"Career Point"This Stock is creating repeated Necklace patterns, i.e. rounded bottom in follow up manner. When such stock tries to reach higher high or tries to defend lower levels repeatedly, it may touch its past glory i.e. its previous Life Time High & explode further.
This chart is for study purpose & not a buy call!
Sells development on USDJPYThe downside movement continues and yesterday we saw 130.60.
Tomorrow and Monday are rest days for most of the markets and no movements are expected.
Before such days, it is advisable to reduce the number of open positions and the risk of them.
Therefore, we are looking at closing some of the profit on USDJPY today and looking for new entries early next week after a correction.
This will be a good opportunity for all those who have not yet joined this movement.
Selling USDJPY Yesterday we commented that we are not looking for an entry on the EURUSD and are looking at other instruments with clearer movement.
One of these instruments is USDJPY.
The 133.10-133.20 sell zone was determined by a Fibonacci retracement.
A 180-pips decline followed, which we expect to continue.
All stops can now be placed above 133.20 or at entry levels if made on the bounce.
The target for this move is 128.65 and is again one of the main instruments we will be trading today.
My Experience Going "Long" Into MondayHOORAY! I am extremely proud to earn my very first $50 bucks trading on the markets! Now that I've gotten that out of the way, I'd like to share my experience trading this pair over the weekend, as well as give you some feedback about myself while in the live trade, because it may help someone like you out there in the future. Since I started working closely with my mentor , I've learned to minimize the pairs I trade with, and to stick to "ONE" strategy that works for you! When I first started trading, I used several indicators. Once I learned that they were lagging indicators, I decided to figure out what other type of indicators are out there. I stumbled across "leading" indicators, on YouTube, and discovered price action.
My mentor gave me a crash course on "zone-to-zone" trading , and I've been following this strategy ever since. Now to find a "Golden" entry, I use a Fibonacci, this gives me a foundation, and allow me to discover my risk reward ratio, as well as stop loss. Although I won this trade, over the weekend, my mentor was really concerned about my decision, one, because I held my trade over the weekend. Yes the swap fee was .24, but it was worth it. & Two, I entered the trade at a resistance. However, my technical & fundamental analysis indicates the market went "Long".
I am sharing this because when you enter a trade, you have to block out the noise. It is good to receive criticism, ideas, or suggestions from others, but at the end of the day, it is up to you, and you only to follow your trading plan. You are the one who enter, and exit the trade, no one else, so stick to your guns, ESPECIALLY if you have done your due diligence, and spent time studying the market you are in.
On the fib, you can see price went below my stop loss, but I stayed inside my trade because I had three solid short term confluences,
1. My entry was in a "LONG POSITION" zone on my chart.
2. Price also had a Long Upper Shadow in the 4 hour chart.
3. Price did not breakthrough uptrend on the DAILY chart.
My mind was set, off to bed I went, when I woke up this morning, I immediately closed my trade.
Why?
1. I hit my 1:3 reward ratio
2. My profits where in double digits.
In conclusion I'd like to share today's entry from my trading journal:
NEWS: Australia raised interest rates by 25 basis points in March, lifting the cash rate, and bringing borrowing cost to an almost 11 year high of 3.6%.
DID I FOLLOW MY PLAN?
Yes, I exercised my price action strategy..
WHAT DID I DO WELL?
1. Did not try to predict the market!
2 .Avoided the fear of missing out, by setting a "buy limit"
3. Identify three confluences or more.
WHAT CAN I DO BETTER?
1. When In Profit, Trail & Stop It.
2. Wait for my confirmation!
3. Have an even stronger confluence
WHAT DID I LEARN?
1. Kill The Noise
2. Wait for my confirmation!
3. New Candlestick Patterns
DID I PREPARE PROPERLY?
Yes, I allowed myself to participate in a technical analysis session with my mentor, I charted my pair, read my trading plan, & followed my trading plan!
If you got any value from this post, leave a comment, I'd love to connect with other traders! Happy trading :)
- Cheers
No trades on EURUSDYesterday EURUSD rose above 1,0900 again and didn't provide any entry opportunities.
There are no grounds for new trades today.
We will only look for new selling opportunities on a break of a previous low to confirm a reversal.
It is likely to see higher values before that, but there is no reason to buy at these levels.
During this time, we prefer to look at other instruments with clearer movement.
TSLA: False Breakout + Exhaustion Bar.• TSLA did a false breakout from the $200, and this key point is working as a resistance again today. The $200 is our most important key point, as I already mentioned in my previous analysis (link below this post, as usual);
• Today’s movement is rejecting Friday’s candlestick, which was a powerful candle that broke the $200 resistance. This gives the impression of an Exhaustion Bar;
• In order to avoid a sharper correction, TSLA would need to do a bullish reaction as soon as possible. Otherwise, it could drop all the way down to the $187 again;
• The $187 is our key support, and only if TSLA loses it, the trend will reverse and become bearish again;
• So far, TSLA has been doing higher highs/lows. It broke the previous top last Friday, and if TSLA finds a support above the $187 area, this will reinforce a bullish thesis;
• In this scenario, TSLA would just keep trending, and the $217 would be its next target. It all depends on how it’ll react in the next couple of days;
• For now, it appears TSLA triggered an Exhaustion Bar, and as the name suggests, this indicates exhaustion. I’ll keep you updated on this, as usual.
Remember to follow me to keep in touch with my daily analysis!
EURUSD is heading towards 1,0724On Friday EURUSD failed to breakout the top at 1,0933 and pulled back.
It is now heading towards the low of 1,0724 which is the first support and we will watch to see if will break it out.
We continue to look at sales opportunities only and look for confirmations in that direction.
As we mentioned on Friday, we are looking for opportunities in JPY crosses and possible reversals there.