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Correctionwave

GBPCAD Buy Idea Based on Key Support ZonesH4 - Bullish trend pattern followed by a double wave correction. Bullish divergence. We have two key support zones that have formed based on the fibonacci retracement and expansion levels. The first key support zone is formed by the 38.2% fibonacci retracement zone of the bullish trend pattern and the 100% fibonacci expansion level of the first wave. The second key support zone is formed by the 50% - 61.8% fibonacci retracement zones of the bullish trend pattern and the 161.8% fibonacci expansion level of the first wave. Until both these key support zones hold my view remains bullish here.
Long
by VladimirRibakov
CHFJPY | Perspective for the new week | Follow-upWith 200 pips in our favour since my last publication, it appears we are close to another trading opportunity should the pattern transpose into expectations. What appears to be a temporary Breakout of Y118.000 on the 15th Feb 2021 reveals that there is a strong presence to buying pressure around this area and could be a level to focus on in the nearest future for buying possibilities but before this happens, find below my expectations; Tendency: Uptrend ( Bullish ) Structure: Breakout | Supply & Demand | Trendline | Reversal pattern (Double Bottom) Observation: i. The strong engulfing Bearish candle in the last couple of days after the breakout of Y118.000 is a sign that we might be experiencing "quick sells" - a correction wave in anticipation of a rally in the coming week(s). ii. Since the beginning of the year buyers have done a great deal to keep price above Key level hereby confirming to us how powerful their presence is at this juncture in the market. ii. In this regard, I have found two levels (Buy window I & II) to look out for buying options in the coming week(s). iii. The Bullish Trendline on the weekly chart shall be a yardstick to maintain the Bullish bias as a Breakdown/retest of this line shall render this bias invalid. iv. Now, if price decides not to reach any of the Buy windows, a close above Y118.000 could be a good opportunity to join the rally... Trade consciously :) Trading plan: BUY confirmation with a minimum potential profit of 400 pips. Risk/Reward : 1:3.5 Potential Duration: 15 to 25 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
EURJPY | Perspective for the new weekThrusting out of our previous Demand level @ Y126.4, the price moved over 150pips in our direction since my last publication (see link below for reference purposes). Since the Breakout of the Y122.000 level mid last year, the price has continued to find Higher Highs with impressions that support LONG positions from all perspective. It is also very obvious that Key level @ Y125.000 as been a major determinant of price in the last 8 months (since July 2020) as the price continues to remain "Supported". Tendency: Temporary Downtrend followed by Uptrend ( Bullish ) Structure: Correction wave | Breakout | Supply & Demand | Harmonic (AB = CD) Observation: i. Following the correction into Y122.000, price have remained bullish. ii. Since the successful Breakout of Key level @ Y125.000 in December 2020, Buyers have continued to retain price above level hereby confirming the Buying power at this juncture in the market. ii. Completion of a Harmonic pattern (AB = CD) might see price do a temporary decline from Y129.000 area (supplication area), a set-up characterized by "quick sells" (Correction move) from participants who took advantage of the rally from Y122 level to recover some profit before the anticipated rally. iii. It is worthy to note that the Y126.000/124.000 zone has a prospect of becoming a very good Demand level in the nearest future. Trade consciously :) Trading plan: SELL/BUY confirmation with a minimum potential profit of 500 pips. Risk/Reward : 1:3 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
6
USDJPY | Perspective for the new weekMy last publication (see link below for reference purposes) on this pair saw price move against expectations as it continues to find Higher Highs. From a weekly perspective, the successful Breakout of Y104.150 confirms the completion of a Reversal pattern with confidence that supports a Bullish bias in the coming week(s). Tendency: Uptrend ( Bullish ) Structure: Trendline | Breakout | Supply & Demand | Harmonic pattern (AB = CD) Observation: i. Since the Breakout of Y104.150, I am of the opinion that the correction phase is yet to complete hence patience is required at this juncture. ii. In this regard, I suspect that the correction phase might evolve into a Harmonic pattern (AB = CD) before the rally begins. iii. The line drawn under pivot lows ( Pivot I, II & III) explains and graphically represent the prevailing direction of price (Uptrend). iv. It is very possible that we might experience a temporary Breakdown of this Trendline due to the Harmonic expectations in anticipation of the rally. iv. The significant Breakout of Key level confirms that the Supply Level no longer holds as the sharp rejection of Y104.400 on the 10th of Feb. 2021 suggest we might be having a new level for Demand @ Y104.400/103.800. v. Should price decides not to decline into the Demand zone in the coming week(s), a significant Breakout/Retest of Y105.100 could be a buying window to take advantage of. Trading plan: BUY confirmation with a minimum potential profit of 200 pips. Risk/Reward : 1:4 Potential Duration: 7 to 12days 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
4
GBP/NZD ready for the fall.Good Day traders !! For this pair we are at the 5 impulsive wave to the downside. WE also have a very strong level of resistance in confluence with the 0.5 Fib level which makes it even stronger and hard to break. Also on the daylight timeframe we have a formation of an "M" formation and we would like to see the pattern completed before seeing any kind of bullish move for the British pound. From a COT perspective we are seeing the GBP bearish since we went from a 13705 net position to about 8000 net position and this is because of the massive number of short position that has been added from last week. We have an extremely good RR on this pair and it"s ready to start it's move. Now if you enjoyed this analysis like and share. If you have a different opinion don't hesitate to comment as I would love to have more insights. Trade safe !!!
Short
by TheDayzen
4
LINK/USDT purchase in anticipation of growthHello, Traders! The asset has passed the sellers' interest zone of $17.33-19.30 which was holding back the price in the summer of 2020. In order to go further up the buyers need to consolidate above this zone and protect their purchases, after which the upward movement will continue. The current uptrend line is sharp and less reliable, so in the coming days, we can expect a breakdown of this trend line and the fall of the asset into a correction. At the moment, the market is under selling pressure and traders are fixing their long positions ahead of the ETF launch on Ethereum. As a medium-term buy trade, you can look for a range of $17.33-19.70 with SL at $16.15 If the upward movement continues, the targets will be Fibonacci levels: $24.50 $29.69 $32.90 $34.89 Good luck and watch out for the market P.S. This is not a piece of financial advice but only a trade I would be following myself
Long
by UnknownUnicorn10064030
BAND/USDT - Another 63% setup after the correctionHello, Traders! After an active trading week, the moment of correction is brewing in the market. We see how the buyers were able to keep the price in their zone of interest between $8.16-9.46. But from above in the range of $12.00-13.18 sellers are working, which do not allow to pass above their zone of interest. In case of a correction, we can expect the buyers to defend their position and hence work together with them from buying. Entry in the deal can be searched in a range of $9.25-9.55. Stop Loss can be placed under $7.93 Price Targets: $11.50 $13.15 $14.05 $15.49 Good luck and watch out for the market P.S. This is not a piece of financial advice but only an idea I would be following myself
Long
by UnknownUnicorn10064030
4
ETH/USDT - opening of the ETH futures might bring correctionHello, Traders! During the month ETH went through a phase of rapid growth from $715 to $1,699. On the TD Sequential daily timeframe, there is now a green candle at 8, which signals the end of the local uptrend. On February 8, the ether ETF is launching. Many market participants are bullish on the upside. But this event may play a reverse role and sellers will enter the market. The cryptocurrency market is strongly overextended and the moment of correction is ripe. Mid-term purchases can be looked for in the buying liquidity buffer between $828-1050 near which the MA100 on the daily timeframe is located. Keep in mind, that the main trend line is now below the level of $828
COINBASE:ETHUSDShort
by UnknownUnicorn10064030
3
BTC/USD - Potential 25% correction wave could come soonHello, Traders! After the pump fueled by the news about Robinhood traders, the Bitcoin price began to fall under selling pressure. At the moment, the market does not have enough buying power to support the price and continue the up-trend. That's why the priority now is to get involved with sellers. Entry in sales can be looked for in the range: $35445-36445. Place SL above $38600 Short targets: $32425 $31025 $29825 $27975 $26575 Good luck and watch out for the market. P.S. This is not a piece of financial advice but only trade I would be following myself
BITSTAMP:BTCUSDShort
by UnknownUnicorn10064030
Historical top ( elliot )#EURGBP. You can see the chart since 1994. the price has reached its historical top (about 0.91694). Due to current waves momentum, wave analysis and comparing to the wave fomed between 2007 & 2008 it can't exceed this top and there will be bearish trend on the way in next several months. according to wave analysis, a complex correction is taking place and it is currently forming wave C . this part of correction is either a flat or a triangle. Selling is best for long term investment here. #marketskey #kamyabhadaeghi #2021-01-15
Short
by Marketskey
4
S&P 500 - needs a little correctional moveWe have seen with the run up to the vacation season a needed correction. With the US now rolling out vaccines and stimulus bill awaiting the pass - traders and analysts a like are awaiting the next move. We have two in play for which we can see. 1: the daily zone will be hit before the holiday close or 2: we will bounce off the Monday open and close the end of week to a all time high again . Let's await. We still have our projection targets for 2021, so refer back to get updated. Tagged long - due to overall direction, daily, weekly. All the best where ever you are. Team Lupa
OANDA:SPX500USDLong
by LupaCapital
A Quick stock flip of 20$ movement -3 days max!So this one is purely technical and simple as it gets. We are looking at Splunk stock - if you are not familiar with it its a data analyzing software company , machine data platform mainly... but we don’t really care about fundamentals on this one -this is a pure technical move. Stock had bad earning released last week and fell from its highest high at 225 all the way to 152 and went up to 161. if we look at 3 factors we can understand the reversal is going to be fast and strong : 1. POC - the point if control -the "demand " is at 184$ meaning the spread between 184 to 161 needs to be retraced and volume will need to accumulate there -in simple words stock will have to climb its way back up to 181$ acc to the demand 2. GAP - we all know gaps need to be filled and where there is gap there is "market curiosity" and the stock will need to travel through the gap before it really completes its downward trend. 3.FIB levels - so we waited after the stock dropped on Thursday and we let the dust settle to see there is no further downside from the selloff FOMO it experienced - once that stage is done we put our FIB retracements and look at the 50 line as the main line for indication because we are talking about a SHARP drop so the 50 line will usually be touched in these cases and not the 38. So basing on these 3 simple indicators and along with the fact we are talking about a huge STABLE company (has also salesforce as its client and many more), and the earnings were not as bad as sit looks - earnings expectations were 613 million and company brought 599 million -missed by 9 cents a share, we are looking at a very easy play -limit order on the 160$ line and we take it to 180$ line from there we watch the expected convergence that will happen on 180 and see if we need to pull out or keep riding it to 200$ - the stock will reach 200$ there is no doubt ! the only questions is will it bounce right back to 200 or bounce to 180 and then slowly climb to 200 - well who cares :) if we buy enough on the 160$ line and take to 180$ that is already 20$ per share or 12.5% on our money in less than 3 days so that’s good enough for me . we flip stocks on a short time periods of up to 3 weeks and not more, if 5 trillion dollars a day exchange hands, we need to get a part of that action :D Marry Xmas and safe trading from FDGT HERE is the weekly view on same chart :
SLong
by FDGT_academy
4
Sand P in Double Combo Wave Correction; Z wave incoming?!Chart says all. Had one of these in 2019. Bulled like crazy afterwards. These waves are brutal trade killers, terrific whipsaw. If this plays out same way as last year, the wriggly worm will slip off the hook at 'Z' and the fish will jump after it...! Short until pivot near 3300 - 3360, then all in long, target 3750 - 3830, based on measured move +560 pips. Alternate possibility: this Triple Top is end of run and breaks way back down... Just ideas, not advice, trade at your own risk, GLTA!
TVC:SPXShort
by DaddySawbucks
5
MULTI-TIMEFRAME ANALYSIS - GBPJPY1W Analysis As expected the pair headed to re-test the 1W resistance along with its resistance zone but failed to break either of them. If the pair were to follow suit from our previous analysis we could see the pair break both resistance zone and resistance of the 1W descending triangle then head towards the next resistance zone. 1D Analysis The pair closed as a bullish spinning top after being rejected by the 1W resistance zone but above the 1D resistance turned support zone. A successful bounce off the 1D support zone could case the pair head towards the 1W resistance zone once more and potentially break it. However if the pair fails to gain enough momentum we could see the pair fall towards the support of the 1D ascending channel. 8H Analysis The pair recently closed within a 8H ascending channel after being rejected by the 1W resistance zone but seems to have bounced off a 8H support zone. The rejection from the 1W resistance zone could be the 4th cycle of the Elliott Motive Wave and the bounce off the 8H support zone could be the start of the 5th cycle. A break below the 8H support could indicate that the 4th cycle of the Elliott motive wave is not yet over and is extended into a corrective wave. However if the pair gains enough momentum we could see the pair break the resistance of the channel and in turn possibly break the 1W resistance zone. 4H Analysis The pair closed its last candle as a bullish spinning top and the candle prior as a hammer after bouncing off the 8H support zone, this could be an indication of a potential buy. If the pair closes above the last LH structure of the pair we could see a further buy. However a close below the 8H support zone could see a further decline on the pair towards the trend line resistance turned support. 2H Analysis The pair closed above the 8H support zone and can be seen getting rejected by it after closing its last low higher than the previous which closed within the 8H support zone. This could be an indication of a structural change from LL/LH to HH/HL. A close above the last high could indicate a but heading towards the 1W resistance, whereas a close below the last low could be an indication that the pair could be heading to re-test the resistance turned support of the pennant in recently broke out of. Conclusion Monitor the pair on the 2H and 4H timeframe to see exactly what the pair does and how it coincides with the 8H, 1D and 1W in order to make an accurate trading decision. If you liked this analysis make sure to give us a thumbs up, leave us a comment and make sure to follow us for future ideas 👍❤
by JJForexAcademy
BTC/USD upcoming correction waveHello, Traders! The monthly candle for BTC/USDT closed with the victory of bulls just like in July earlier this year. It is safe to say that Bitcoin entered and continues to move in the bull trend. I would like to bring to your attention three ranges of consolidation in the current year which resulted in gains: 1) 6600-7450 $ in March-April ; 2) 8910-9900 $ May-July ; 3) 9900-10900 $ September-October. A distinctive feature of the current market cycle is that the price in all three cases returned to the trend of February 2019. A correction follows buyers gaining strength and the price moves further up the trend. It should also be noted that in all three cases, after leaving the consolidation range, the price has been corrected by 18-19% from the peak values. Traditionally, correction takes place in November for the cryptocurrency market. Even in 2017, during a bullish rally, the price was corrected by 30% before continuing growth. Tomorrow, the presidential election will be happening in the U.S. This event is famous for its high volatility in financial markets. The global markets have started to adjust and traders prefer to avoid risk, thus closing their long positions. During the last two weeks of October 2020, Bitcoin was the exception and looked stronger than others. It should also be taken into account that during the uptrend of 2020, the price often either has a correction near the MA100 moving average on the daily timeframe or crosses it. (it is marked with a black curve on the chart). On this basis, you can expect the BTC correction this month to the values of $11300-12000, depending on the zone of interest of buyers. Such a stop is necessary for the growth to continue and be reliable. It will also give a chance to start a small alto season. Watch out for the market and good luck!
BITSTAMP:BTCUSDShort
by UnknownUnicorn10064030
2
BEAR TRAP OR BULL TRAP?Is the market breaking out or still correcting? I can make a case for 5 waves up from March with a correction that potentially started in September. This could also be the start of wave #5 which puts price a good bit higher. I cannot determine that yet- price would need to drop hard very soon to convince me of a continued correction. There's just one red flag on this chart worth watching. The heavy pink line is the put:call ratio average. It is potentially reversing which could signal a trend change in price. As price moves up, the ratio drops. As price moves down, the ratio increases. This provides an excellent gauge for true sentiment. Tracking the price direction, volume , and the put/call average can really help identify where the masses are throwing their money. Always being contrary isn't wise but there is a time & place for it if you know how to identify a change in the wind... one way is to wait for the wind to change!
CME_MINI:ES1!
by gghsusa