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EUR/USD – Stuck In A Descending ChannelHi Traders, As we are noticing a bounce in the forex market and as we are thinking the bulls might be coming back to start doing some damage control, we have to remember to zoom out to see what the real trend is. When in doubt, zoom out. On (EUR/USD), In the daily time frame, the price has been stuck in this descending channel since the end of January. Price has been making lower lows and lower highs since the beginning of 2022. Now, if you were a swing trader and managed to catch that double top at the end of January as a short entry and rode this pair down all this way, you would have made yourself 12% over a period of 100 days. That would be incredibly good and there are a lot of traders that have capitalized on these opportunities to go short that the Euro has given us this year. For those of us that have not had any short positions and have only missed every possible entry, well, never fear as the markets always have endless amounts of opportunity. If we jump into the 4-hour time frame, we can see that the bulls are showing their horns at the moment. However, back on the daily, it still looks like we are in bear territory. Now, I like to see a clear bounce off of the support and off of the resistance channel bottom and top to signify and validate a clear channel. Look how many taps we have had on the bottom and the top of the channel. Let's count them out. Four taps on the bottom. Six taps on the top. We can safely say that we are stuck in a channel. I also like to see the price respect the middle zones of the channel. Notice how the price has done so. Every time it touches the middle of the channel, it respects that area and treats it as Support and Resistance on the way down. So, it's all very well and good that we have identified a bearish trend and price stuck in this Daily descending channel. What good is it to us? Well, we have to look for opportunities right? Either to sell or to go long. Right now, there's no point in selling the channel bottom is there? Haha, on the 4-Hour we might see a pattern that we can use to go long. However, on the Daily, we are waiting for the price to close today above the line of resistance I have drawn. Perhaps upon a retracement to that line, we can carry this pair north to the channel top. Please remember that we need to see a reason to buy and by buying, please remember we will be going counter-trend. So our reason has to be solid. We can use the channel top as a target as we can see previously that when the price touched the bottom of the channel at the beginning of previous months, by the end of the month, the price had reached the top of the channel. This is by no means an accurate strategy that one should employ, I'm just pointing interesting things out. Please trade them at your own risk. However, I would just suggest rigorous amounts of back-testing first. One more interesting thing to notice – Volume. Look how it has been sloping downwards along with the channel. The lower price got, the less buying and selling there was and the less amount of power it took to push the price down. Should we be looking for a pop sometime soon? Things that make you go hmmm. On that note, I bid you all a great Tuesday and I will be seeing you all in the next one. The Vortex Trader
Long
by TheVortexTrader
AUDCAD SCALP Analysis and PROFITABLE RECAP!Welcome back! Here's an analysis of this pair! **AUDCAD - Listen to video! We recommend that you keep this pair on your watchlist and enter when the entry criteria of your strategy is met. Please support this idea with a LIKE and COMMENT if you find it useful and Click "Follow" on our profile if you'd like these trade ideas delivered straight to your email in the future. Thanks for your continued support! Brian & Kenya Horton, BK Forex Academy
Short
by BKTradingAcademy
4
#TheStrat BTC Full Timeframe Continuity to the DownsideWe are currently inside of a green weekly candle on bitcoin after a nice run for crypto. However, we are still inside of a big red monthly candle, putting Bitcoin at risk for going Full-Timeframe Continuity to the downside. This means each timeframe’s latest candle is a red candle which indicates selling on all timeframes. Here are the short targets into full-timeframe continuity to the downside for Bitcoin. My ideas from my last posts still stand, putting a potential bottom for Bitcoin at 13,000 to 16,000, which is the bottom of the broadening formation on the longer term timeframes. All of my posts thus far follow a trading strategy called “The Strat”, which is based on price action scenarios, multiple timeframes, and broadening formations. Educational purposes only, thanks for reading :)
COINBASE:BTCUSDShort
by fuuuqeht
Is It Over, Are We There Yet? Bitcoin DailyI know the question that is on most people's minds right now... Is the drop over for Bitcoin? Is the bottom in? Bitcoin Daily Chart Analysis We are looking at the daily timeframe for the BTCUSD pair. Yesterday we hit a new low set at $17,605. It is the first time Bitcoin see this price since November 2020. It is only the second time that Bitcoin goes through $18,000 on the downside... Now, as for your questions, we have to wait. Yesterday marked a new low and a break of a very long-term support level and that is the $20,000 level. Since we just lost $20,000 as support for the first time in years, we have to wait for several additional sessions to close before we can have a better picture. TD Sequential is at -8 and can easily go lower but that is why we need to wait and see. The RSI hit its lowest level since March 2020. We call it weak/oversold but there is room for lower even if prices recover. We wait for this daily and weekly candle closure. Prices can grow and close above $20,000 weekly sending out a positive and sure recovery signal, but if instead the weekly closes below we have to be very careful and wait a bit longer to see how things develop. We will look together at the weekly timeframe later on today and I am hoping that you can join me. Other factors to consider Mercury is now fully direct and out of its post-shadow phase, with Saturn going retrograde this can only signal one clear thing... WORK! To me work translate into a green market and we count this one as a bullish signal; not enough, we need more. The crypto fear and greed index is almost at its lowest ever... The sentiment reads extreme fear and normally this reflects a market that is bottoming out or going through a crash/bear-run. The signal in this case is in reverse just like the RSI. When the indicator is weak, for us it signals that things can easily turn. When the sentiment is bad down, it is time to prepare to buy because for the majority of people it takes time to adapt to new market development and conditions, they don't know that things will soon change. While we were looking at the bottom/low, the crash, bear-run, etc. back in January, February, and March of this year, most people are only realizing it now. While we start to prepare for the next bull phase and the Altcoins market bull run, people are in a panic thinking that cryptocurrency is really done for. I am not sharing this to degrade the masses or talk baldly about other people... I am sharing this to point out this amazing tool that we have. Even though this is public, this is specialized information and can work in our favor. Knowing things beforehand can lead to success in the long run. Conclusion It doesn't matter what happens, after the next drop prices grow. After a bearish wave comes to a bullish wave... Patience is key. We buy and patiently we hold. Long-term.
COINBASE:BTCUSDLong
by Roberto411
GBPUSD Swing Upwards +100 pips Welcome back! Here's an analysis of this pair! **GBPUSD - Listen to video! We recommend that you keep this pair on your watchlist and enter when the entry criteria of your strategy is met. Please support this idea with a LIKE and COMMENT if you find it useful and Click "Follow" on our profile if you'd like these trade ideas delivered straight to your email in the future. Thanks for your continued support! Brian & Kenya Horton, BK Forex Academy
Long
by BKTradingAcademy
3
Wirex (WXT) is in uptrendHello Friends, Currently, most of the cryptocurrencies are in a downtrend but WXT is in uptrend. It also looks like Wirex is forming an inverse head and shoulder pattern. We can get some decent profit if WXT continuous uptrend. Don't forget to manage your risk as the crypto market is highly volatile in nature. Wirex (WXT) is a unique multi-blockchain cryptocurrency that powers the X-tras rewards program. Wirex customers can earn up to 4% back in WXT every time they use their Wirex cards in-store or online, or up to 12% annually on the balance of their WXT accounts with the Savings Bonus feature. Do share your opinion in the comment section.
WLong
by NaveenDsouza
GoldViewFX - DAILY CHART UPDATED STRUCTUREHey Everyone, We have updated the daily chart significant Goldturn support and resistance levels. The daily chart price is at a critical zone central zone. We saw price challenge 1804 Goldturn but we need to see how EMA5 reacts to this level. EMA5 is crossing ma200 on market open, which may provide the momentum needed for further move below 1804 but can easily retrace back unless we see EMA5 cross and lock below 1804, which will give us the confirmation of a breakout into the range of 1741, instead of a fake out. A EMA5 rejection at 1804 will see price head back to challenge 1858. We will keep a close eye on the daily chart structure and keep you all posted with any changes. Please don't forget to like, comment and follow to support us, we really appreciate it! GoldViewFX XAUUSD TOP AUTHOR
OANDA:XAUUSD
by Goldviewfx
10