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Confirmation

GBPUSD vs 3 Resistance LevelGBPUSD is retesting 3 resistance at once, the rising wedge lower trendline & its previously resistance area, and its bigger timeframe down trend line. Of course, we're still waiting for confirmation in Candle Pattern & breakout. Manage your own risk. Disclaimer: This content is intended to be used and must be used for information and education purposes only. It is very important to do your own analysis before making any investment based on your own personal circumstances. Accordingly, the writer will not be liable in respect of any damage, expense, or other loss you may suffer arising out of such information or any reliance you may place upon such information.
by Phoenix-Rise-Trade
IMPROVE YOUR TRADING | 4 TYPES OF TRADE CONFIRMATION ✅👌 "Look for a confirmation!" "Wait for a confirmation!" When I was learning how to trade and when I was watching and reading different trading educators, these words naturally pissed me off. What the hell are you talking about? What confirmation? It was a full-blown mystery...🤯 Then, once I started to mature in trading and trade full-time, I became an author on TradingView. Posting my forecasts and trading setups, I frequently mentioned the confirmation. And now the newbies that are reading me and learning from me are pissed off...🤬 That is so funny I guess. But the truth is that the confirmation must become a fundamental part of your trading strategy. It is your key to successful trading. What exactly is the confirmation? It depends on many many different things, in this article I will discuss with you the 4 main types of confirmation and give you detailed examples. 1️⃣ - PRICE ACTION CONFIRMATION That is actually what I prefer. Analyzing different markets and searching for decent trading opportunities often times we find some peculiar instruments to watch. Identifying the market trend and key levels we find the potential spots to trade from. But do we just open the trade once the "ZONE" is spotted? I wish it could be that simple... Trading just the zone, without additional clues brings very negative figures. We definitely need something else. Price action & candlestick patterns can be those clues. Accurate reflection of the current local market sentiment makes the patterns a very reliable confirmation. Dodji's, pin bars, double tops/bottoms ... Proven by history, the skill of identification & reading the patterns will pay off quickly. Being in some sense the language of the market, the patterns are the fundamental part of my trading strategy. 2️⃣ - FIBONACCI LEVELS Fibonacci levels are a very popular technical tool. Being applied properly it helps the trader to confirm or, alternatively, disqualify the identified "ZONE". With multiple different methods like confluence trading, fibs are applied in hedge funds and various banking institutions. The main problem with the fibs, however, is complexity and a high degree of subjectivity. Meeting different traders and watching different posts on TradingView I noticed that all traders tend to have their own vision. There is no universal system to apply here, a proper fib.confirmation technique can be built only with long-lasting backtesting and practicing. 3️⃣ - FUNDAMENTAL NEWS The figures in the economic calendar, news, tweets. Actual fundamental news can become your best confirmation tool. However, the main obstacle right here is the promptness, validity and reliability of the data that you get. The information shouldn't be delayed and it must be objectively true. The search for such a source is by itself is a very time-consuming and labor-intensive business not even mentioning its potential costs. And that is not all. Knowing how to make sense of that data, its proper perception, and understanding requires a solid economical and financial background and experience. At the end of the day, becoming an expert in fundamental analysis, the trader can easily sort the trading zones and trade only the ones that are confirmed by a decent fundamental trigger. 4️⃣ - TECHNICAL INDICATORS I believe all the traders apply some indicators. From a simple moving average to some complex composite algorithms, indicators play a very important role in trading. Being 100% objective and providing up-to-date real numbers and figures, they are our allies in a battle against subjectivity. For many traders, the various signals from indicators are considered to be accurate and reliable confirmations. Many algotrading solutions are operating simply relying on such signals and being able to bring consistent profits proves the power of technical indicators. What confirmation type should you rely on?🧐 I guess the main rule right here is that the confirmation must MAKE SENSE to you. You should feel the logic behind that. It must make you confident in your action, even in case of the occasional losses, it must keep you calm and humble. Let me know in a comment section what confirmation do you prefer! 💝Please, support my work with like and comment! Thank you for reading.
Education
by VasilyTrader
27
No surprises yet EUR/USD still Bearish Hello everyone , as we all know the market action discounts everything :) I've posted a couple of ideas about the EUR/USD analysis and today we see that the market moved exactly how we thought it was gonna move . first one on jun 25th : second on july 6th we are still waiting on the breakout of the neckline of the head and shoulders around the 1.17635 area , no reversal sign to be found yet on the chart and the major trend still seems to be in the hands of the bears . indicators confirming this where : 1_The market price moving below the MA and the EMA (bearish sign) 2_Stochastic oscillator is in oversold zone with %D at 20.55 above %K at 5.96 (bearish sign) 3_Williams %R is in oversold zone at -94.06 showing the weakness of the market (bearish sign) Support & Resistance points : support Resistance 1_ 1.1835 1_ 1.1919 2_ 1.1763 2_ 1.2005 3_ 1.1695 3_ 1.2032 Fundamental point of view : According to DailyFX: Following Tuesday’s sharp selloff to the sub-1.1800 levels, EUR/USD now looks to attract dip-buyers and retake, initially, the 1.1800 hurdle amidst some cautious mood ahead of Powell’s semiannual testimony to the Congress. Spot lost nearly a cent on Tuesday after US inflation figures surprised to the upside in June, noting that headline consumer prices rose 5.4% YoY (highest since 2008) and the core CPI gained 4.5% YoY (highest since 1991). In addition, pressure for an earlier-than-expected tapering of the US QE programme continue to build up , in stark contrast to the ECB stance. On the latter, ECB’s De Guindos said earlier in the week that the Council will discuss the bank’s forward guidance next week. It is worth recalling that the ECB event is due on July 22. In the euro data space, Industrial Production in the broader Euroland contracted 1.0% MoM in May and expanded at an annualized 20.5%, both prints coming in short of estimates. In addition, final Spanish CPI rose 0.5% MoM in June and 2.7% over the last twelve months. EUR/USD returns to the area of recent lows near 1.1780, just above the key 2020-2021 support line. Price action around spot, in the meantime, is expected to exclusively hinge on dollar dynamics, particularly as investors continue to adjust to the Fed’s hawkish message, prospects of higher inflation in the US and potential QE tapering earlier than anticipated. On the euro side of the equation, support for the European currency in the form of auspicious results from fundamentals in the bloc now appears somewhat mitigated considering recent data, although the investors’ morale remains high amidst the persistent optimism surrounding a strong rebound in the economic activity in the second half of the year. Make sure to Follow and Like for more content This is my personal opinion done with technical analysis of the market price and research online from fundamental analysts for The Fundamental point of view , not financial advice. If you have any questions please ask Thank you for reading.
Short
by GabiDahduh