Flagbreak
GBPJPYGBPJPY is in strong bullish trend.
As the market is consistently printing new HHs and HLs.
currently the market is being respected by inclining trendline and has also formed bullish flag pattern which is also being supported by inclining trendline.
These two to gather putting strong bullish confluence for the pair.
What you guys think of this idea
Where else can it go?Price is testing the broken flag support. There is too much bearish pressure for a comeback. It may try go to higher but I think the sellers are just waiting to add to their positions if it happens. I just opened a short position, if it goes up I'll add another short. It may take a few more days to drop when it falls it does it very fast.
BTC Falls Below $29k on Flag BreakdownBitcoin is back below FWB:29K this morning after a flag breakdown and failed attempt to hold above $30k in July. Price is now trending below the short MAs(8,21,34) with the short MAs crossing bearish in late July. Price is testing the 100ma which rests near $25.5k, a failure to hold there will likely lead to a test of the rising trendline and 200ma in the FWB:27K area. Should diagonal support and the 200ma fail to prop up price we'll likely see a continued move lower and test of horizontal support near FWB:25K as a violation of the diagonal support line will indicate that the uptrend in price since early 2023 has exhausted.
The PPO indicator has been in a decline since early July with the green PPO line falling and trending below the purple signal line. This indicates short-term bearish momentum. Both lines have now crossed below the 0 level indicating bearish momentum in the intermediate to long-term. As long as the green PPO line is below the purple signal line, and below the 0 level, we can expect momentum to favor the bears.
The TDI indicator shows the green RSI line has been in decline since early July with the RSI trending below the 50 level, below the purple signal line and trending in the lower half of the Bollinger Bands which all indicate a bearish trend in the short-term. The RSI is now crossing below the 40 level which indicates a potential shift to intermediate to long-term bearish trend. When the RSI is trending between 20-60 the overall trend in price is considered bearish.
For now, the overall outlook and expectation for price is bearish with a continued move lower the likely move. Keep an eye on on the 100ma, a violation of that to the downside will confirm bearish bias and lead to tests of the rising trendline and 200ma, a failure to hold above those will increase the bearish outlook.
Gold will go up, as analysed yesterdayGold has finally broken out of the flag pattern that it was stuck in, gave us a double bottom between Asian session and this morning, price pushed up, gave a retest, if the current 1hr stick ends bullish, we should see more buys, as this is the indication of a confirmation breakout.
GOING SHORT IN GBPJPY BY TRADING STRATEGYBearish Indications (BIASED SHORT)
1. Bearish Flag Formation and it breaks its support line as well
2. BXY is in a Bearish/Sideways Trend
3. JXY is in Bullish Trend
4. Broken flag support trend line
Bullish Indications
1. Currently Price is at its major support level in Higher TFs
Neutral Indications
1. No divergence was found as RSI and the chart is in sync
DXY - US Dollar Collapsing!!!?The DXY tracking the USD Currency is currently taking a massive hit while stocks surge on CPI data.
Generally, the DXY tends to move inversely with the Stock Market overall and is a good place to find resistance and support levels that are hidden in the Stock Market. (As DXY Finds support, stocks hit resistance; vice versa)
Recently the US Dollar Index has taken a massive hit after a yearlong nonstop Rally. For the First time, DXY Is breaking down thru major moving averages carrying the move this year.
The Dollar is finally seeing a larger size pullback.
We are diving in to the technicals here and seeing what may be in store next for the DXY
Technicals :
We have 3 major things in the chart outlined here.
- A 2 Month Long Flag the Chart was printing, that just broke below out of.
- 2 Different Trendlines from earlier this year, drawing the runup up.
We just broke all 3 of these in one day. A Retest of the Lighter Yellow Trendline did occur today, as you can see we got a wick-up & a rejection from the level, sending the stock market higher on CPI data.
Looking for further retests are key here, and whether or not the market rejects or the dollar retakes these levels.
Overall This Breakdown looks very bearish, and looking for retests seems to be the play.
Momentum :
Daily : Bearish Momentum Extending, possibly overextended.
Weekly + Monthly : Bullish Momentum from 2021 finally fading, and showing signs of a flip to bearish Momentum (TTM_SQUEEZE)
Thesis : bearish & looking for retests and sideways action after a drastic move.
Similar applies to the TNX and other Treasury Yield-tracking ETFS
Asian Paint Flag BreakoutAsian Paint is Uptrending stock and outperforming nifty 50 index.
Today's price action show power of bulls in asian paint as entire index was falling but asian paint made a breakout.
Asian paint is good buy with 1st target of Rs 3622 based on size of flag.
Traders are requested to do their own analysis and post it in comment section.
Resistance Breakout and 52w HighNSE:PIIND
had been consolidating between 3350 and 3457 7-8 trading sessions.
today it has given a breakout out of 3457 creating a 52w high.
the blue bullish trend line is acting a resistance now.
we can expect a further up-move if the trend line is broken, so one can enter above 3540 for a target of your liking.
SL can be kept below 3350.
Happy Trading!
NZDJPY Has Formed a Bullish Flag
Welcome back Traders, Investors, and Community!
Hi Traders, NZDJPY on H4 has formed a Bullish Flag which is an indication for Bearish move after the Break down.
⬇️Sell now or Sell at 77.59
⭕️SL @ 78.21
✅TP1 @ 76.35
✅TP2 @ 75.6
✅TP3 @ 74.16
We will have more FREE forecasts in TradingView soon
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Have a Profitable Day
BTCUSDT Still is in the Bearish Flag
Welcome back Traders, Investors, and Community!
Hi Traders, BTCUSDT on H4 still is in the Bearish Flag which after the breakout above the Resistance may push the price higher to 33330 but if we break below the Support it might go all the way down to 28070
We will have more FREE forecasts in TradingView soon
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Have a Profitable Day
EURCAD Has Formed a Bullish Flag, Waiting for the Breakout
Welcome back Traders, Investors, and Community!
Hi Traders, EURCAD on H1 has formed a Bullish Flag which indicates after the breakout we may see a trend continuation to the up side. It might go lower to 1.4768 before it goes up.
⬇️Buy now or Buy at 1.4768
⭕️SL @ 1.4747
✅TP1 @ 1.4823
✅TP2 @ 1.4862
✅TP3 @ 1.4913
We will have more FREE forecasts in TradingView soon
❤️ Your Support is really appreciated!❤️
Have a Profitable Day