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Confluencetrading

Potential shift in momentum on daily support rejectionDon't get me wrong... we are still in a heavy bearish trend; However, I do think its about time the bears took a breather this week. The daily rejection off the 0.75600-0.75700 support area could indicate an early shift in momentum, so might as well YOLO myself into a long position here. Intra-day levels showing a decent long opportunity on a pullback retesting previous area of S&R in confluence to the respectable ascending TL and the 0.618 fib retracement. I would advise to lower your risk on this one.
Long
by Proszi
2
EURCHF | Perspective for the new weekI see everywhere possibilities that the EURCHF will continue to march higher in the coming week(s) as Buyers continue to hold strong at Demand level @ Fr1.07100/1.07400. Tendency: Downtrend ( Bearish ) Structure: Channel | Trendline | Supply & Demand Observation: i. The Descending channel guides price to Fr1.07400 followed by a sharp rejection of the Demand zone to see price action float above Key level @ Fr1.07600 ii. It is worthy to note here that the meeting of Descending channel and Bullish Trendline(day chart) at the Demand zone is a strong confluence for Buying opportunity at this juncture in the market. iii. A significant Breakdown of CA$1.07100 shall consider this bias invalid. Trading plan: BUY confirmation with a minimum potential profit of 150 pips. Risk/Reward : 1:4 Potential Duration: 7 to 15 days NB: This speculation can be considered to make decisions on lower timeframes. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Long
by darcsherry
2
Price target till february 2021. Thoughts please.Price target of $220-230 because the confluence of : - Fibonacci retracement (0.618 - $219.06) from ATH to September '15 low - Fibonacci retracement (0.5 - $223.52) from ATH to December '18 low - Fibonacci retracement (0.382 - $225.76) from ATH to March '20 low - Low side of the parallel channel formed since the IPO - Low side of the broadening wedge formed in December 2018 - Price target of the new descending triangle forming since 16 November 2020 - MACD convergence divergence negative in Weekly - Chinese regulations risk - U.S delisting risk But probably trend reversal in first weeks of February 2021 when : - New democratic POTUS arrive to the White House in 20 January - New Alibaba earnings release between 02-09 February with sustained growth Please leave your thoughts to create a better community with better ideas. Do you think I'm right or not? Why? I'm from Barcelona so sorry if there are some spelling mistakes :)
NYSE:BABAShort
by HumanBias
7