DXY Trading Plan for the week 03.06.2024Good morning traders. 🥳
Hope you all had a great weekend and ready for the week ahead.
A quick glance at the charts this morning and the dollar has reset back to the POC levels it entered last week with and on the 12 hr we can see that we are now forming a descending triangle which means that if we break above 105.000 we could see a continuation to the upside targeting key level 106.507 and if we break below 104.408 then we will see a continuation to the downside targeting 102.686.
I'm quite keen on seeing the dollar reach key level 104.209 to which I will be looking for Buy's on EUR/USD, Gold and Silver throughout the week.
We've been in a range across the other assets as well so this week could definately be a breakout week to the upside for all dollar pairs if that's the case.
Hope you have a great day and that your screens are green.
Happy Trading. 📊
Foretrading
Gold trading idea ready (Read the caption)Hi Traders Gold price is ready
Gold currently experiencing worldwide
Down trend has reached its highest price ever
I predict that the market will bounce back
From the resistance level move towards the Nearby support level
Gold sell from 2177_2183
Target zone. 2140
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Dow Jones ready to fly read the caption US stocks climbed broadly higher on Monday, etching in fresh all-time highs as last week’s late break into record prices carried over into the new trading week, with tech stocks leading the way higher and sending the Dow Jones Industrial Average (DJIA) over the $38,500.00 valuation for the first time ever.
Dow Jones ready to bullish trend The Standard & Poor’s (S&P) 500 major equity index continues its march towards $5,000.00, ending Monday at $4,800.43 after hitting a new record high of $4,880.05 as investors continue to pile into stock bets.
NZD USD TRADE SET UP NZD USD TRADE SETUP
Since the price has broken above the bullish rectangle pattern and rested,
This tells us that the previous resistance level has become a support level which is a good sign for a bullish continuation.
Now we need to wait for candlestick patterns to form at the retest level to get the BUY signal.
EURNZD 4H Short Chart AnalysisEURNZD CHART ANALYSIS POSTED ON SUNDAY 11 JUNE 2023!!!
Let's see how this pair will perform based on the analysis.
Make sure you do your research and based on your confluence please look for the entry.
Don't rush your trades without any confirmation.
Thanks in advance for checking my trade idea.
SasanSeifi 💁♂️EUR/USD 1H: UPDATE ✅HI✌... As you can see, according to the drawn scenario , the price faced selling pressure due to fluctuations from the specified important range. Currently, the important support range is 1.067. If the candle closes below the range of 1.067 and stabilizes, correction targets of 1.062/1.059/1.052 can be considered.
❎ (DYOR)...⚠⚜
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Thu 18th Aug 2022 EUR/JPY Daily Forex Chart Buy SetupGood afternoon fellow traders. On my Daily Forex charts using the High Probability & Divergence trading methods from my books, I have identified a new trade setup this morning. As usual, you can read my notes on the chart for my thoughts on this setup. The trade being a EUR/JPY. 3rd attempt at a Buy with the MACD Platinum still below the zero level. Enjoy the day all. Cheers. Jim
Thu 28th Jul 2022 GBP/NZD Daily Forex Chart Buy SetupGood morning fellow traders. On my Daily Forex charts using the High Probability & Divergence trading methods from my books, I have identified a new trade setup this morning. As usual, you can read my notes on the chart for my thoughts on this setup. The trade being a GBP/NZD Buy. Enjoy the day all. Cheers. Jim
GBPCHF Breakout from Symmetrical triangle.GBPCHF has given a good breakout from a symmetrical triangle. It has tested support 1. Now it might break the support 1 and move down towards the support 2, which will be target 2 for the GBPCHF.
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Note - Trade With Proper Risk Management System.
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from accumulation to distribution: trading plan for pound aud
hey traders,
on pound aussie we have a very good example of market phases.
pair is now approaching a decent level of resistance,
and the market leaves multiple clues of bulls exhaustion.
first of all, analyzing volumes,
we see that smart money dont buy anymore,
and prefer rather to sell:
also, we have weakening overbought rsi with clear divergence,
and formation of a head and shoulders pattern.
all these things signify the distribution market phase.
last thing that we are waiting for is the violation of a neckline.
then we can freely sell the market with the targets based on structure.
good luck!
ORB Nr4 CANDLESTICK PRICE ACTION DAILY STRATEGYStep #1 How to Identify the ORB Nr4
The ORB pattern is defined as a trade taken at a fixed value of the opening range.
The Opening range Breakout trade is more effective if taken after an inside day that has its daily range smaller than the previous 3 days, which is where the Nr4 stands for. You have three candles followed by another candle with a daily range narrower than the previous three days.
Note #1: The 4th day doesn’t necessarily need to be an inside day, it only needs to have its daily range smaller than the previous 3 days. However, inside days tend to produce a higher success rate.
The ORB Nr4 pattern can be the best candlestick patterns for intraday trading too. You simply have to apply the same rules outline in this guide on your favorite intraday chart
What if we told you that, 40% of the time the first trading hour can tell you what is the high and the low of the day. Our candlestick patterns strategy incorporates this price behavior so you can better manage your risk and set your targets.
Basically, you can become a proficient trader.
Like with all our trading strategies we’re going to give you first the trading rules by going through an actual live trade example that uses the best candlestick patterns mentioned through this PDF guide.
Step #2: Identify the best candlestick patterns and mark the high and the low of the 4th candle
When you search for the ORB Nr4 candlestick chart pattern keep in mind two things:
The Daily range of the 4th candle needs to be narrow and smaller than the previous 3 candles.
The 4th candle price range also needs to be inside the candle number 3.
The ORB Nr4 pattern in the chart above is a bullish candlestick patterns because it leads to a bullish move.
Narrow daily trading ranges suggest contraction. And contraction always leads to expansion. This is kind of a general rule because the markets do move from periods of contractions to periods of expansion.
This is the reason why this ORB Nr4 candlestick pattern is so powerful.
Step #3: Switch to 1h TF and Buy if we break the high, Sell if we break the low of the Nr4 candle.
Our trade is taken the next day after the Nr4 pattern showed up. In order to have a clear view of the short-term price action we need to switch our focus to the 1 hour time frame.
Note #2: Only Buy or Sell if the breakout happens during the first 5 hours of the new trading day.
We use the Opening Range Breakout technique to time the market and have an effective trade entry.
Trades based on the ORB – Nr4 candlestick chart pattern will show you a profit instantly.
Now, if the trade is not showing you a profit right away than your trade becomes more vulnerable. As a general rule, if after the first trading hour your trade is not in the green, you can safely close the trade at the market.
Of course, you can only do that if your stop loss hasn’t been triggered in the meantime.
Step #4: Place SL below NR4 day low,
Step #5: Take profit using a trailing SL below each 1h candle low/high
For buy trades, hide your stop loss below Nr4 day low. The ORB – Nr4 pattern tends to precede strong trend day activity, so your stop loss should be rarely hit.
Our take profit strategy is fairly easy and it’s slightly modified from the original strategy highlighted in the “Day Trading with Short Term Price Patterns and Opening Range Breakout” book written by Toby Crabel.
Even though the ORB nr4 pattern tends to lead to trend trading days we’re more conservative and want to quickly
take profits. We would trail our SL below each 1h candle low and wait for the market to reverse to take profits.
DXY, to 97.0 before the pullbackHi guys !
Last week was good for DXY with a run from 95.5 to 96.8.
On Friday, there was a little pullback to 96.3. The main resistance is at 97, and if DXY can't cross this one, a double top will formed and it should drop to 95.5/95.6.
On H12 (as the chart), the price bounce perfectly on the MA10 at 96.3, so i expect a run to 97 before a new trend line .
Thanks for your time !
USDCHF bouncing nicely off support, remain bullish Buy above 0.9593. Stop loss at 0.9560. Take profit at 0.9671.
Reason for the trading strategy (technically):
Price has dropped and reached our buying level before bouncing up perfectly. We remain bullish above major support at 0.9593 (Fibonacci retracement, Fibonacci extension, horizontal swing low support) for a push up to at least 0.9671 resistance (Fibonacci retracement, horizontal overlap resistance).
Stochastic (21,5,3) is bouncing nicely off our 12% support and has good upside potential.