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Investroy

Power of Having Multiple Confluences in TradingThe more confluences you have, the more confident you are in the fact that your technical setup will play out according to the plan. Confluences come in different shapes and styles, whether it is combining some Moving Averages and Bollinger Bands with price action, or having your grandma flip a coin a decide the faith of Bitcoin. On the graphical illustration that you can see on the screen, 3 confluences have been utilised to back up our idea and they are the following: 1) "Break + retest" formation 2) "Triple Top" pattern 3) Fibonacci retracement tool It can be noticed from the left hand side of the screen, that the price has nicely broken out of the ascending channel and re-tested the local key structure. Moving to the next step, it can be emphasised that a nice "Triple Top" pattern has been formed. Lastly, we add another confluence to back up a possible scenario that we have eyes on by using the 61.8% Fibonacci retracement level, which is referred to as the "Golden Zone". Taking a look at the chart, we can clearly observe that long candle wicks are nicely rejecting this very zone. All in all, combining multiple confluences give us enough confluence to back up our sentiment. However, nothing is 100% guaranteed in the markets, meaning that it is not promised that your trade will play out perfectly no matter how many confluences you have. Thus, be risk-tolerant, patient, and cold-blooded! Have a great upcoming weekend, everyone!
BITSTAMP:BTCUSDEducation
by Investroy
7
ETHEREUM: massive channel formed. Time to pump?Taking a look at higher timeframe charts, it can be inferred that an ascending channel has been formed and that the price is currently trading at the lower boundary of it. Zooming into lower timeframe charts, we can notice a descending channel and a double bottom formed on the lower barrier of it. We will be closely monitoring the price action and waiting for more confirmations before launching BUY positions and aiming of the zone of the upper boundary as illustrated on the graph.
COINBASE:ETHUSDLong
by Investroy
5
EUR/JPY: middle-term SELL opportunityAs it can be inferred from the graphical illustration, the price has been able to break the previous Higher High, and from the looks of it it has potential to plummet even deeper. We will be expecting for the price to re-test the broken structure and complete the formation of the right shoulder before looking forward to opening short positions and aiming for the zone of support plotted on the graph that lines up with 50% Fibonacci retracement level.
Short
by Investroy
6
BITCOIN: enough playing games! Time to pumpAs it can be inferred from the BTC/USD chart, the up-trending channel is still holding. The price has managed to drop below the lower boundary of the channel, but now it is once again trading within the borders of it. We are pretty positive that the price will keep rising from now on and we are waiting for more confirmations before launching BUY positions and aiming for the upper boundary of the up-trending range. Happy new trading week, everyone!
BITSTAMP:BTCUSDLong
by Investroy
22
USD/CAD: a correctional move is needed before bulls are backIt can without a doubt be inferred that the sentiment of the USD/CAD market is bullish and some correctional moves are needed before the price keeps pushing further to the upside. We will be monitoring the price action and waiting for a nice reversal pattern to be formed before aiming for a short-term SELL position. Our initial target will be set at the zone of support shown on the chart that lines up with 0.382 Fibonacci retracement level.
Short
by Investroy
10
EUR/GBP: short-term correctionAs it can be inferred from the graphical illustration, the price printed nice bullish candles last week and kept pushing to the upside. As per usual, after an impulsive move, a correctional move is always needed. We can see that the price is forming some sort of a reversal bottom to complete the correctional move. We are awaiting more confirmations before looking forward to going short and aiming for the zone of support that lines up with 0.618 Fibonacci retracement level.
Short
by Investroy
2
EUR/USD: lacks liquidity for now. Waiting for a pumpDue to the fact that it is Easter and all major banks are closed today, the market has low liquidity and it is moving slow. Our bias and idea remain the same. We are expecting for the price to bounce off the current zone of support and grow till the zone of resistance that lines up with 50% Fibonacci retracement level. Once the market starts picking up some pace, we will be looking forward to executing this trade. Happy Easter and happy new trading week, everyone!
Long
by Investroy
32
USD/CHF: nasty drop pendingAs it can be inferred from the chart, the price has nicely rejected the area of the upper boundary of the ascending channel that nicely lines up with a local zone of resistance. From here, we can expect for the price to keep dropping till the area of lower boundary of the channel that lines up with a zone of support that aligns with 0.618 Fibonacci retracement level. With many confluences lining up, it is time to be patient and wait for the price action to do its thing.
Short
by Investroy
19
XRP/USD: pump time?As it can be inferred from the chart, a powerful bullish candle has been printed and the price has broken out of the descending channel illustrated on the graph. We are expecting for a correctional move to happen before further pump takes place. We are eyeing the 0.74 area of support that lines up with 0.618 Fibonacci retracement level as the end of the short-term correctional move. Then, we will set our target price at the 0.9 area of resistance and patiently wait for the price to keep pumping up.
BITSTAMP:XRPUSDLong
by Investroy
8
EUR/USD: long-term reversal? We are gonna do things step-by-stepAs it can be clearly identified from the graphical illustration, the previous H4 candle left a huge wick to the downside, meaning that the price was unable to break below the local zone of support. Checking the higher timeframe charts and drawing a Fibonacci from the high of the impulse to the finish, it can be observed that 0.5 Fibonacci retracement level nicely lines up with 1.098 zone of previous support later turned resistance. Thus, we are looking forward to opening BUY positions and aiming for that particular target
Long
by Investroy
8