Btc to usd - is it finally trading where it should be?Keeping it as simple as it can be. Viewing BTC's trading range over the last year (channel) it appears that it is still in bullish territory. Yes, of late it would seem bearish, however - when taking all and all into account - the recent downturn appears to simply be a correction to where it should have been all along. The rapid growth from late October (as many said over and over) was unreal and way too fast and it turns out that it was. Since BTC's ath it is now correcting back to earthly levels. (the rocket ran out of fuel). Using a 2year moving average, btc appears quite healthy and its trading range is currently moving back into the 10 fold (gains) zone. It appears that any price within the channel ($10,500.00 and $7,500.00) should still be considered bullish.
Chartstudy
XAU/USD SHORT OPPORTUNITYPair: XAU/USD S
View: 4H
Time: 07.26am
Observation: This pair formed a new lower low having broken through previous support which was tested twice and after and evening start pattern formation. 1D view is also in favour of a short. I will short this pair and target 1240.74 then 1222.31 and SL 1276.52. Risk/Reward is 1.4.
Feel free to comment!
Follow my Instagram @yc_forex
Price Action study with S&R AUD/USDThis is a study of AUD/USD price action from a novice forex trader's perspective just shy of 2 years live fx trading
The aim of this study is for me to get better at the following:
identifying "key" support and resistance levels
identify good trade setups based off of my analysis of these support and resistance levels
better understand the currency pair's price action in order to make better analysis and trade decisions
learn from any mistakes I make in my analysis, trade setups, and biases on price action
AUD/USD Daily
Price has made a strong bearish moves down to a support area at ~0.71688 level
Last time this price played a support role was back in June 2016
With the strong move down, and a historical support level, I like the idea of a short after price pulls back up from the support level. I think that price will try and test 0.71688 again
Trade setup would only be valid if the daily candle closes in resistance area showing an "indecision candle"
If price continues moving up I would wait for price to find resistance at a another level