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Confirmation

Aussies heading into troubled zoneThere are no promises, guarantees or predictions in this. The Aussies have been flattening out at a top - it appears - at this time. There are only two directions for price - nothing new in that. What happens in situations like these is: 1 - either price collapses. 2 - it rockets north. You can imagine what bulls and bears would say to each of the above. Their inherent biases controls their minds. Biases predetermine - quite unconsciously - what logic will arrive at. Hence people get into 'predictions', then punch the air when price confirms their bias. Both the nature of confirmation bias and prevalence-induced concept change should be studied by all traders. Some say ' What's psychology got to do with this? ' I'm sorry for some. How does one control how wrong a bias may be? It's called a stoploss! Disclaimers : This is not advice or encouragement to trade securities. No predictions and no guarantees supplied or implied. Heavy losses can be expected. Any previous advantageous performance shown in other scenarios, is not indicative of future performance. If you make decisions based on opinion expressed here or on my profile and you lose your money, kindly sue yourself.
FX:AUS200Education
by Captain_Walker
Into the latticeI feel as though we have lost confidence in the 230's, which is a shame as it would have been super bullish to hold that valuation. alas, we must move forward despite the direction. Let's say we fall for a bit, what shall occur. Well as you can see, we have a strong lattice of long term post covid support meeting with previous descending resistance lines, each of which requiring confirmation (assuming we dont blow right through them in which case feck your confirmation) Considering the fact that for 2 dumps in a row (June 2nd and June 11th) we transcended the 230's, albeit very shortly, I am going to assume we wont spend much time within the 220's given how crypto usually performs. If we break 230's again, I would just write the 220's off and start your accumulation in the 210's. Set some low limits, maybe some "get-me-lucky's" that only get filled during huge dumps, because as we have seen before in crypto, momentum downwards sometimes just meas more momentum upwards. Now, if we hit the 200's that is when we will have to take further analysis. In my chart, I mention it not necessarily being bearish. This is true because of a couple factors, both psychological and fundamental. 200 is a lovely round number, and the human psyche gets drawn to it like a moth to a flame. It will be valued, and any time spent below it (within reason) will likely be nano-term. What will matter more at that point is how we bounce, because let me tell you: Any retrace to the 200 level will be eaten up quicker than you can say "stop loss". If you are shorting, I would set a trigger no higher than 235.45, however I am always hesitant with setting stops too early before I get a grasp on the strength. Sometimes we just float downwards lazily and the short wouldnt even be worth the stress. But I dont think we will trade 240's (in a healthy way) again until we have re-confirmed that <230 is off limits, which it may very well not be. Cheers lads
COINBASE:ETHUSD
by BingoMoney
1
triangle may not be finishedMay 10th and May 25th considered deviations. Clear support trying to get in order with the the uptrend. Deviations make triangle much more symmetrical. Breakout might occur here due to eth and ada having the time of their lives. Injecting a more positive vibe into the market conviction. that being said, I wouldnt be surprised to see a downwards movement towards 9k. This would lock in support, and would confirm that this is not a descending triangle after all. Besides, we all know know how much btc LOVES 9k.
COINBASE:BTCUSD
by BingoMoney
Double Top Break with Retest CONFIRMED! - Double top on H1 broke the valley low - H4 "double top" was strong rejection candles with long top wicks - hit previous structure level on the 4 hour chart - Moved back up to retest the valley support, now acting as resistance - Doji candle printed on both H1 and H4 at resistance - High volume bars on the most recent move down off our highs - RSI was heavily overbought and has since lost momentum - H1 RSI rolling over below 50% trend
Short
by TheCaffeinatedTrader
XAUUSD Waiting for confirmationHello traders! This is a chart to trade any symmetrical triangle. After the breakout to any side we will suddenly see huge buying or selling position, this huge pressure will change the direction to other side. According to my analysis i am expecting a breakdown and upmove to 1776. I have closed my previous buy position and waiting for confirmation. Hit the like button if you find it helpful and informative and follow to catch the waves correctly. Previous analysis
FX:XAUUSD
by Aadil1000x
5
Crucial Zones Testing In BankniftyLook at the bigger picture. On the chart itself Banknifty is stuck between a significant support and resistance zone. For all those who are waiting for going long on banknifty, a close above this level might decide the future. Also, if you look at RSI it is in the key support zone . If RSI trends upward after taking support at this level long positions can be initiated. On lower time frame if the ascending triangle breaks successfully then upward momentum will be confirmed. ( There might be chances of triangle breakout failure for short term as seen in USDINR) This setup might take a few weeks to occur or could never happen if the above zones break easily due to any reason. Wait for confirmations then initiate a long position in this scary bearish market only if you believe in your setup. This explanation is only for educational purpose and isn't any kind of recommendation. Don't take any action based on this explanation itself. Consider your financial advisor before taking any trades. Thanks for your time. Happy Trading
NSE:BANKNIFTYEducation
by Trader_Tech
4
XAU/USD H4 Long Entry Re-capI re-created a trade I executed on a demo account I've been using to test this idea. I've been working on this strategy and, more importantly, my patience for the past 6 months or so. I'm Wondering if anyone else uses something similar to this when looking for entry points & confirmation. I'll do my best to explain the thought process on why I entered long, because last Friday I made a post with a bearish prediction. The white trend lines are a bullish channel that started back in 2018. The red was drawn on the H4 from the high point in early March. There are 3 steps I use(d) to try and find the right entry. 1) Break above the trend line. This was a clean break above the trend line with a fairly strong candle close. Easily could have been an entry point, but the candle wick was too long for me to use this breakout as the sole confirmation. 2) Confirmation Zone. This is something I started using after entering on too many false breakouts. I created the top line of the zone by simply using the top of the previous higher high. The bottom line of the zone isn’t nearly as important. I typically will look to put it at a S/R line that has 2-3 pivot points on it. In this case, the $1630-$1645 range had many pivot points. 3) Strong bull candle broke above the confirmation zone and closed. The hard part here is having the patience to wait for the candle to close, and making sure it’s a strong candle with more body than wick. This was strong, and enough confirmation for me to enter. Entry) I didn’t have a Buy Stop in place, so I dropped down to a shorter time-frame to try finding the best entry point. After I entered, I set my S/L just under the Confirmation Zone. Note: I don’t typically start out with a set T/P. I will usually draw lines like I did on this and if they hit it, I’ll re-evaluate to see if I want to close out or not. I like to monitor it and manually adjust the S/L, or use a trailing stop. Each situation is different though. *Not financial advice*
FX_IDC:XAUUSDLong
by RedShieldGroup