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Convergence

EURJPY MACD Buy pattern vs Order Book on H1Interesting situation has rise: an almost formed macd Buy pattern (if reverse from 61-78 Fibo) and profit seller until 127.3. In which direction price will prefere to run first? I would set a Sell Limit at 128.000 where some SL clusters are, just in case. Also, it may be interesting to Sell until 127.235, where al profitable buyers were lost already nut also, big SL accumulation is. If the price go down first, no problem for MACD. The Fibo has to be stretched. I would encourage to Sell now with TP at 127.27, SL 127.83, then wait the price to reach 128.000 for another Sell, TP 127.385, SL 128.54.
Short
by razvanpuris
1
Zoom testing convoluted levelTechnical analysis From October 19th, we have seen a 26-trading-day downtrend. The second attempt to break the trend was at the 38.2% fibonacci retracement level, which failed. We are now trying to test the same downtrend line (Red arrow), while also testing the 61.8% fibonacci retracement level. The 50sma which is converging with the 50% Fib; which seems to have a heavy resistance weight. OBV is in a range. Rotation analysis Cloud/WFH stocks saw a big rally in response to the pandemic. With vaccine news, the gave some of it back. Looking at the ratio of Value vs Growth in the $SPX, we still haven't broken the uptrend; indicating strength is still in play in growth. I expect the small caps to continue to outperform if we get the stimulus that is anticipated in the next couple of months.
NASDAQ:ZM
by dorfmanmaster
AUDJPY - Potential Short Sell Trade Opportunity Set UpTaking a look at the intraday price action on AUDJPY we have seen a potential Sell trading opportunity present itself. As you can see from the 1 Hour chart, we have a liquidity gap drive lower on the 21st September 2020 around the 76.32 level marked with an orange arrow. This level could have additional order flow resting here as the sellers who originally drove price lower could look to protect their positions. With that said, we also can see a potential bearish 3 Drive pattern getting created with the first 2 drives already developed. Convergence is key in increasing your trading probability so if we can see price rise around the 76.32 level again and also converge with the 3rd drive of the 3 drive pattern together, this could cause price to react and potentially reject lower. If price does what we would like it to do and starts to look like it could meet this point of possible convergence, then we will be going down to our lower timeframes and watching price carefully before we take any action. What we want to see is a rejection first and then hopefully any additional signs for confirmation in the form of a micro bearish price pattern, structure or inner trend line break to the downside as this can help increase our probability for a short trade. No rejection, no trade and we let it go.
Short
by DavidVillagra
1
Australia 200 Index - Convergence sell trade using price actionTaking a look at the Australian 200 Index, we have seen a good potential short term trading opportunity for a Sell. As you can see from the 15 Minute chart we were watching to see what price did if it reached the 6000.0 level as this could potentially show a rejection here because its a psychological level in general. This alone is not going to present a high probability trading opportunity so we look to the price action and the structure of the movement getting there that can help give us a clue. Price was in an ascending channel on the way up which then turned into a more tighter ascending channel inside the larger one. This structure in price showed 3 hits on both of the channels topsides (marked with blue and pink arrows) creating two bearish 3 drive patterns in the process. What increases the probability here is that both of these patterns also converged and lined up with the 6000.0 level. Once we saw price start to show signs of weakness and move lower we just had to be patient and use the lower inner trend line of the smaller channel as our trigger for the short trade if this trend line gets broken to the downside which occurred nicely. For trade management we want to place a stop just above the 6000.0 level and the highest high and live with the result while taking profits along the way as price keeps going lower.
OANDA:AU200AUD
by DavidVillagra
Another Convergence today.. BINANCE:ETHUSDT Hello everyone. as we can see : - huge convergence - RSI is on edge of over sold zone - there is a major support zone above 320$ - our own indicator is being bullish We can clearly see the Convergence we have, but I have to mention that the market is bearish now ! So it will be risky to take long position also, but we will try it until daily market close. If market closes under 320$ we will exit the position. Its not a financial advise we just share our Analysis for better view for you dears. HIT LIKE and Gimme some comment if you like my own TA. I will appreciate all. GOOD LUCK. - Helical_Trades
Long
by Helical_Trades
5
Convergence but major Bearish BINANCE:BTCUSDT Hello everyone. as we can see : - Stochastic RSI is cold down there.. - also RSI is on edge of over sold area.. - then we got matched touch on BB ( Bollinger Bands and Stochastic RSI ) and convergence after it ! So it seems to be bullish but the major thing is about the connection between USD dollar, GOLD and S&P index with Crypto currencies !! GOLD is on a free fall channel and it means there is a chance to see this free fall candles on BTC neither, by the way SPX is bearish neither :( After all on bearish side, we have : - BTC ( 4H ) closed under 100 EMA - Crypto MARKET CAP is bearish neither - BTC dived into some critical support lines so there is no advice to open a position, just do some little scalping. HIT LIKE and Gimme some comment if you like my own TA. I will appreciate all. have a good day. - Helical_Trades
by Helical_Trades
5