QQQ shows a reversal is nearQQQ experienced a number of turning points showing increased weakness in the sell off we have been seeing over the past week.
False breakout to the upside
Strong growth in volume confirming the breakout direction
Hammer candle on close indicating reversal maybe coming after later day retracement
RSI breaks above SMA line for first time
This change in direction we have seen today with a new interest from the bulls shows that ever selling we experience going forward will likely be tested by the bulls again.
For trend traders I would recommend sitting on the side lines until we see a stronger trend form either to the up or down side. This current down trend is showing weakness.
Hammercandle
SMH closes lower on Monday tradingSMH starts showing direction as to where it is going... down.
3 separate points paint a clear downward resistance trend line
rejected hammer candle gave way for more selling
RSI still continues to trend down on multiple timeframes
SMH is starting to show signs of downward trend forming
Putting on a small put position to close in mid October. May expand on position if trend continues.
Paramount (PARA) Flirting with Historical Support, Time to Buy?Hi Guys. As usual always on the lookout for Macro trend setups, signs and opportunities. PARA seems to be in a position of low risk trade setup.
We have made it to a Historical Support level, where interactions here normally leads to bounces upward.
Please note however that previous history does not mean it is 100% probable that it will repeat.
HOwever, being in a downtrend for some time now. It is likely that there maybe DEMAND in this area. Its important to watch for signs of confirmation of Support.
This weeks candle may show signs. It is a Hammer candle printing at the bottom of a downtrend since January. Lower wick indicates buy pressure or demand.
Notice ABOVE we have a resistance trendline. Note if we bounce from here, that will be our area to watch. This resistance trendline has been dragging us down since April 2022.
We could also be attempting to form a double bottom.
Recently there is also an uptick in VOLUME, which can indicate support of the demand currently seen at this support lvl.
Ive added 2 indicators.
MACD shows that we have not reached ABOVE the 0 lvl in quite sometime. Hinting to the idea that eventually we will.
Notice also the presence of Bullish Divergence with MACD and price action.
Watch for the change in color of the histobars to light red. This will suppport the idea of waning bearish momentum. The presence of a bullish cross is also vital to watch for.
Now notice RSI. Our current RSI as indicated by orange circle, shows flattening of the RSI. This shows buying is stalling the sell off.
However, notice the rectangles highlighting previous flattening of RSI. There is a possibility of RSI continuing downward. An important sign for the RSI in my opinion would be if RSI can move above the resistance trendline. This thinking ahead, can coincide with breaking the Major resistance in price action.
Regardless of what happens, right now we are in a critical area and pushes for observation.
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Thank you for taking the time to read my analysis. Hope it helped keep you informed. Please do support my ideas by boosting, following me and commenting. Thanks again.
Stay tuned for more updates on PARA in the near future.
If you have any questions, do reach out. Thank you again.
DISCLAIMER: This is not financial advice, i am not a financial advisor. The thoughts expressed in the posts are my opinion and for educational purposes. Do not use my ideas for the basis of your trading strategy, make sure to work out your own strategy and when trading always spend majority of your time on risk management strategy.
GOLDEN STAR|GOLD, Price return to the previous high.2090$.The four-hour time demand area has done its job well, and despite the hammer candle and BOS formation, it has started to grow from this area.
-In its movement path, the only resistance area ahead is the price range of 2070 to 2075, which is now invalidated by the closing of the 1H candle above the previous high.
-In the continuation of the movement, the supply area is no longer visible and we can see the price reaching the levels of 2085 and 2090.
Bitcoin ($BTC) Safeguarding The UptrendBitcoin continues to trade above the $34,000 mark, with the overall trend remaining bullish. Formally speaking, BTC is currently experiencing a sideways movement between the buyer's level at $33,400 and the seller’s level at $35,100, indicative of a temporary equilibrium in force.
Considering the upward trend apparent in BTC’s chart, growth continuation is presently the main focus. Potential next targets for buyers could be the levels at $36,100 and $36,900.
Simultaneously, it is crucial to acknowledge that Bitcoin has been on an upward trajectory without undergoing any corrections for over two weeks now. A course correction before a continuation of the growth would be entirely reasonable and could even serve as a strategic advantage for accumulating long positions in BTC. In this scenario, the asset could retreat to the support levels of $30,700 and $29,900, which remain within the boundaries of the prevailing upward trend.
For buyers, any market corrections will remain safe as long as the long-term support level at $27,000, safeguarding the uptrend, remains unbreached.
However, the candlesticks are depicting the Hammer-like shape indicating signs of a Bullish trend incoming.
Hammer of Trend ChangeThe Hammer and Inverted Hammer candlestick patterns, two powerful tools adept traders employ for reversals.
If you appreciate our charts, give us a quick 💜💜
Here’s what you need to know:
1. Understanding the Essence:
Hammer: This pattern typically emerges at the culmination of a downtrend, indicating a potential bullish surge. Its small body and extended lower wick signify the bears' struggle to maintain lower prices.
Inverted Hammer: Contrarily, this pattern usually appears at the end of an uptrend, foreshadowing a possible bearish move down. Its small body and prolonged upper shadow denote the weakening grip of the bulls.
2. Decoding the Signals:
While Hammers don’t provide direct trading signals, they suggest a shift in momentum. Traders often see them as a sign of potential upward movement after a downtrend.
Inverted Hammers, appearing after an uptrend, hint at a potential reversal. The failed attempt by the bulls to sustain higher prices signifies a looming bearish sentiment.
3. Crafting Your Strategy:
When dealing with Hammers, traders might enter immediately after its formation or wait for confirmation with a bullish candle. Setting a stop-loss just below the recent low and targeting a significant resistance level is a common strategy.
For Inverted Hammers, a similar approach can be employed, focusing on prior support-turned-resistance levels. Vigilance and additional technical analysis are crucial for accurate predictions.
4. A Word of Caution:
While these patterns are robust, they should never be sole trading indicators. Combining them with other technical tools enhances accuracy and confidence in your trades.
5. Practice and Precision:
Prior to real trades, practice these strategies on demo accounts or paper trading. Platforms like TradingView, Vestinda and others like MetaTrader offer a conducive environment for refining your skills.
Incorporating Hammer and Inverted Hammer patterns into your trading toolkit empowers you to detect potential trend shifts. Remember, in trading, nuanced insights can translate into significant profits. Happy trading!
eur usd falling wedge pattern euro dollar is coming down since dollar has been strong
price is making lower low with lower high a perfect down trend until it ends
price action has also made falling wedge chart pattern now testing lower white trendline with hammer candle stick
today fed speech big news
PacWest - Bollinger Bands breakouton 5 min time frame, using indicator BB with RSI, entry taken as per Divergence, movement confirmation with Stoch RSI, Heikin-Ashi, Gap up opening confirmed reversal to the price calculated earlier on weekend for price to open @ $5.50 wherein pre market showed jump in price due to dividend cut decision by bank to -96%, total duration of trade is around 1 hr 30 min. Was able to achieve target defined with almost 14% gain. Closed the trade as per candle confirmation (hammer candle formed at the bottom - which gave upward confirmation to closed the trade.
Aditya Birla Fashion & Retail Ltd - 13.04.2023Aditya Birla Fashion & Retail Ltd - 13.04.2023
The stock price is above EMA in Daily Chart.
There is a MACD Bullish Divergence in Weekly Chart.
There is a Stochastic Bullish Divergence in Weekly Chart.
The stock can be considered for further upside movement with SUPPORT @ 218
A probable trend reversal candidate.
Watch out for the price action.
DISCLAIMER: This is not a Stock Recommendation.
EURUSD : Bear's Can fight Back from major resistance OANDA:EURUSD
Hi , trader's .. As per technical analysis , it's visible that market is near to major resistance
price can possibly form double top which can lead market to downside
As price reject from this important resistance there is possible chance of Hanging man or doji candle formation
Any reversal shape candle will be helpful for bear's to take there selling position's
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XAUUSD : Gold Hammer Reversal CandleOANDA:XAUUSD
Hi , Trader's , After yesterday FED New's Price went down and hit bottom
Now price is extremely over sold position and Hammer candle is formed at bottom
Hammer candle is potential reversal candle , Market can get momentum
Buyer's can push market up to 1826-30 area
20 , 50 EMA at 1830 area , it could be target for bull's
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CHZUSDTAssalamualikum everyone "Success is not final; failure is not fatal: It is the courage to continue that counts."
overall crypto market is bullish.
CHZUSDT is a good coin for short term investment in crypto
at this time CHZ is on a support area and also create a bullish hammer candle stick so it's best time take a buy for day traders.
GOOD LUCK :)