Confluence
Always Wait For Confirmations 📚 Those who win at the Forex game are those who are able to build on their case to take a trade, whether it be fibonacci, moving average, patterns etc. The more confluence, the better. This is why it is important to always wait for your confluences to line up before taking a trade.
For this particular trade, those who were waiting for the third touch of the upper resistance of the pattern, would've been stopped out if they had a tight stop loss. It would've been better to wait for more of your confirmations to line up so you can execute the trade knowing that there are more things on your side (other than chance!)
See below for the current GBPNZD set up.
Always Wait For Confirmations 📚 Those who win at the Forex game are those who are able to build on their case to take a trade, whether it be fibonacci, moving average, patterns etc. The more confluence, the better. This is why it is important to always wait for your confluences to line up before taking a trade.
For this particular trade, those who were waiting for the third touch of the upper resistance of the pattern, would've been stopped out if they had a tight stop loss. It would've been better to wait for more of your confirmations to line up so you can execute the trade knowing that there are more things on your side (other than chance!)
See below for the current GBPNZD set up.
EURGBP Long??The long-term trend may be short but hear me out, on the 1H timeframe the price rejected the 50 EMA and is trying to break the 200EMA. On the 4H timeframe, we may have a gap close between the 200EMA and 50EMA if it succeeds in breaking it. What adds some confluence is that we have an area of interest (purple line) where the price bounced many times before. Enter this trade only if the price breakout, retest and form two bullish candlesticks. Good luck!!
🏛USD_JPY WILL GO UP FROM SUPPORT↗️ LONG🚀
☑️ USD_JPY is trading above a horizontal level
And is being propped up by a rising support line
Which makes me think that the pair will bounce off this confluence
And go UP with 4 targets in sight
Close half after target 2!
LONG!↘️
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$17 or $27 Oh My God Coin by Mid March- Ultimate Fib Confluence Look at the Time based Fib Extension on this bad boy from the 2020 bottom to the peak in the summer time. Combine that with a regular Fib Time Zone and we see a bottom or top is made after around 20 something days from once we reach the zone. Something nutty is about to be brewing.
EURGBP: Wait for Pullbacks!Reading price action, we can see EURGBP had a huge shift in momentum to the downside, clearing .88000 key psychological support. If price pulls back and tests as new resistance in confluence with signs of rejection look to short this down to .87000 key psych. If price breaks above .88000, we must reevaluate price action. Due to the uncertainty of market fluidity, risk management is highly recommended.
USDCAD: Play the Levels!Reading price action, we can see USDCAD has been making a series of higher highs and lows. Price created a double bottom at 1.27500 key psychological and reacted however we failed to clear 1.28500. soon after price aggressively snapped back to 1.27500. If price breaks below, we will be looking for shorts down to 1.27000. If price manages to hold look for longs back to 1.28500. Due to the uncertainty of market fluidity, risk management is highly recommended.
GBPAUD: Longs to 1.80250!Daily Time Frame: Starting on the higher time frame we can see price has cleared strong areas of resistance and testing as new support. Reading the previous daily closure, we can see that price is reacting to 1.78750 key psychological support.
4hr Time Frame: Scaling down we can see price is testing support in confluence with the trend. If price manages to react, we will be looking for longs to 1.80250. However, if price breaks support and the uptrend, we must reevaluate price action. Due to the uncertainty of market fluidity, risk management is highly recommended.
ZEEL - At major confluence ZEEL is trading in a wide Bearish rising wedge .
And currently at the support of major Sell trendline and at the demand zone .
Looking to SHORT below the zone breakout after retest . Looking to BUY if confirmed with a price reversal pattern (lower TF) or candle stick catalyst on the confluence with good volume and momentum.
GBPAUD LongJust sharing a position I have just taken on GBPAUD long.
Price has broken out of the descending triangle and has managed to hold momentum outside of this pattern. It has had a lot of volume behind it so there WILL be a retracement in price - Not to worry though.
GBP is strong across a lot of currencies, and AUD weaker across the pairs I follow. Also there is no AUD or GBP news due today.
This gives me lots of reasons to believe that this is a good trade.
Stop loss is just under the large daily breakout bar giving us plenty of room for adjustments. TP is at the top of the triangle.
This is a 3 to 1 reward to risk trade. Happy to take the risk with all these things in my favour.
If price shits itself and drops back into the triangle, then I only loose 1% and I'm hardly going to care.
Conflunce Level | USDJPYThe movement of prices to historically low levels has created an imbalance in the forces of supply and demand as well as in the sentiment of investors. The corrections created in the current downtrend channel give the opportunity to apply a Fibonacci system consisting of a Fibonacci Retracement and a Fibonacci Expansion.
This system has provided a confluence level which may be a critical turning point for the subsequent course of exchange rates.
Specifically, this point appears at the price level around 103,100. Successful breakout of this point can lead to further price declines to even lower levels. FX:USDJPY
EURGBP: Are Bulls Back?Daily Time Frame: Starting on the higher time frame we can see price is testing a strong area of demand as price has reacted multiple times from this zone in the past. Reading the last few daily candle closures, we can see price is showing signs of slow down and potential reversal if we hold.
4hr Time Frame: Scaling down a time frame we can see price has had a bullish run and is potentially setting up for a reversal formation. If price manages to hold above .88500 key psychological support, we can see price rally to .90800. Due to the uncertainty of market fluidity, risk management is highly recommended.
AUDJPY: Read the Clues!6hr Time Frame: Reading our price chart above we can see price is trending up with that being said we should be looking for long-term buying opportunities. Reading the data, we can see time and time again price has faked out in one direction and snapped back in the opposite direction causing trader to get enticed thus generating more liquidity. Once you read the clues left behind you will be able to understand what the market may do next. AUDJPY is showing strong signs of confluence to the upside and if it holds above 80.000, we will be looking for longs. Due to the uncertainty of market fluidity, risk management is highly recommended.
USDCAD - Trend Continuation - Break of Triangle - MTFAHi Traders!
The market is in an overall Downtrend.
Let's begin our Multiple Timeframe Analysis with the weekly Timeframe.
Then we'll continue with the daily, H4 and hourly Timeframe.
Here is the weekly TF:
As you can see the market is in a Downtrend.
In addition, it recently broke out of an important Support Level.
Furhtermore, during the Breakout, the market is also in a Falling Wedge.
At this moment the price is doing several things at once:
- Retesting the Break of Support (Support turns Resistance)
- Price at upper Trendline of falling Wedge
- Price at resisting 50 Exponential Moving Average
Let's continue with the daily TF:
Here you can see the same situation as at the weekly Timeframe, but is is more detailed.
For example, we see, that the EMA is now underneath the Price.
But it also means, that in case of a bearish Breakout, the EMA will again above the price.
That'll push the price lower.
Moving on to the H4 TF:
In this chart we can identify a descending Triangle Pattern.
This pattern is a Trend Continuation and also a Trend Reversing Pattern.
In this case, we are going to trade the shortterm Trend Reversal.
The Support at 102.900 can be used as a conservative Profit Target.
Lastly, the Entry H1-Timeframe:
The Entry Trigger is the bearish Breakout of the Triangle.
We're looking for putting the SLs above the recent Highs.
The Risk-to-Reward is 1 to 1.8.
We recommend to trade the Retest of the Breakout.
Thanks and successful Trading :)!
EURUSD Hidden Divergence Bearish trend Continual Hi
as we had observed the Convergence in our bullish trend and it reversed the bullish trend to bearish now
We can see a Hidden Bearish Divergence with MACD and RSI, which is a sign and confirmation of Bearish Trend Continual and we can target our short for -61.8 of our Fibonacci projection which is having confluences with our 61.8 bullish Fibonacci retracement.
the Suggested TP are
1-TP=1.1605
2-TP=1.1505
please comment me your opinions