BEAM scalp - August scalping journey trade Nr. 6Another setup from the livestream is coming into play. Shorting some BEAM here at the retest of this range. Looking for the imbalances to be filled on the downside. Maybe even going under MDay-Mid but let's see. Important news later on so keep that in mind.
Analysis of the Chart:
Retest of the Range:
The chart shows BEAMUSDT retesting a previously established range. This level acts as a potential resistance where the price might reverse.
Break of Structure (BOS):
Several Breaks of Structure (BOS) indicate where the market sentiment has shifted. These points are crucial in identifying the potential continuation or reversal of the trend.
Imbalances and Fair Value Gaps (FVG):
The price has created imbalances or Fair Value Gaps (FVG) on the way up. These gaps represent areas where the price moved quickly without much trading, often revisited by the price to achieve equilibrium.
Marketstructure
NZDCAD 4 Hours Technical Analysis ProjectionWe have just spotted a good selling opportunities on NZDCAD 4 Hours Chart as price printed a double top formation at a structural level. This is one of the setups we don't want to miss out on.
1 Hour chart also shows a bearish corrective formation which may give room for sellers to jump onboard.
MEW scalp - August scalping journey trade Nr. 4No loss so far in this month, lets try to continue with this streak. ⚡
Late night session for me today and I am possibly holding this one over the night if it gets filled. I am trying this bid on MEW as I told you just slightly different. I am going to bid the 4H Supply Breaker with a smaller stop loss. I may be updating it later in the night so if you don't like to hold it over the night, don't do it. Risky setup because it's going to run during the night so manage accordingly.
4-Hour Supply Breaker:
The 4-hour supply breaker is identified on the chart. This zone indicates a previous area where selling pressure was significant, but now it could act as a strong support area, hence termed a "breaker."
Break of Structure (BOS):
Multiple Breaks of Structure (BOS) are marked on the chart, showing key levels where the market has shifted from a downtrend to an uptrend, confirming the change in market sentiment.
4-Hour Fair Value Gap (FVG):
The 4-hour Fair Value Gap is another critical zone. This gap often attracts the price to fill it, providing a potential area for entry.
12-Hour Fair Value Gap (FVG):
Additionally, there is a 12-hour FVG, which can serve as a further confirmation of the support level and the potential for price to rebound from this zone.
Holding the position overnight adds to the risk since the market can experience volatility during non-active hours. It is crucial to be comfortable with this aspect of the trade.
SOL scalp - August scalping journey trade Nr. 3The only setup from the livestream that I will be playing is this setup on SOL. You already know the plan, 30m FVG + demand should hold and target new highs.
The chart highlights multiple Breaks of Structure (BOS), indicating key levels where the price has shifted its market structure, moving from a bearish to a bullish trend.
30-Minute Fair Value Gap (FVG):
The 30-minute Fair Value Gap is a crucial zone where the price is expected to find support. This gap represents an imbalance in the market that the price may revisit to achieve equilibrium.
30-Minute Demand Zone:
The 30-minute demand zone, located just below the FVG, is another significant area of interest. This zone is where strong buying activity previously occurred, providing a potential support level for the price.
#OIL Elliot wave analysisAfter the bearish move that oil prices experienced until the fifth of August, it seems like the price has initiated another bullish move, which currently appears to be an impulsive wave.
However, it should be noted that even if this bullish move is an ABC corrective wave, it makes no difference since the price could still go higher to complete wave C.
Therefore, this bullish move seems probable for now, and we could look for buying opportunities near support levels.
GBP JPY - not over yet on the weekly TFMaster Key for zones
Red = Three Month
Blue = Monthly
Purple = weekly
Pink = Consolidative box example (Daily)
Orange = Daily
Risk Warning
Trading leveraged products such as Forex, commodities and CFDs, carries with it a high level of risk and so may not be suitable for every investor. Prior to trading the foreign exchange, commodity or CFD market, consider your investment objectives, level of experience and risk appetite. You should never risk more than you can afford to lose. If you fail to understand or are uncertain of the risks involved, please seek independent advice and remember to conduct due diligence as criteria varies to suit the individual.
Below are some of the take aways from the video - please listen again incase any detail is missed.
Weekly zone
Monthly
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#GBPJPY Elliott wave analysisThere is a high possibility that we are approaching the end of wave 3 of a 5-wave bearish impulsive move.
At the end of this current minor bearish move, we could expect a bullish 3-wave corrective move, which could complete wave 4. After this correction, we should anticipate another drop to complete wave 5.
Let me know if you would like me to publish an analysis in a lower timeframe on this chart to take advantage of this rally.
#USDCAD bearish scenarioPrice on the daily timeframe has completed or is very close to finishing a topping formation in USDCAD. As can be seen in the chart, the market structure has already shifted to the downside in both the 1H and 4H timeframes.
Therefore, we could look for possible selling scenarios in any bullish corrective move.
Let me know if you would like me to publish an analysis in a lower timeframe on this chart to take advantage of this rally.
#AUDNZD bearish move possibilityAs can be seen in the chart, we have bearish divergence in the 4H and daily timeframes, suggesting that the price might have reached the end of its bullish move.
Furthermore, in the 1H timeframe, the price has managed to shift market structure towards bearish by breaking below the previous higher low. Now, the price seems to be completing a pullback to the broken short-term trendline and previous support zone, which now act as resistance.
Let me know if you would like me to publish an analysis in a lower timeframe on this chart to take advantage of this rally.
#GBPUSD begining of a 3wave corrective moveAs can be seen, the price appears to be completing a 5th wave of 5, indicating the end of a bullish impulsive move that reached the upper channel line. Now, we could expect a bearish move in the form of an ABC correction or a reversal.
To open a position, we should wait for a bullish corrective move, which could be either wave B or 2, and then try to catch wave C or 3.
Let me know if you would like me to publish an analysis in a lower timeframe on this chart to take advantage of this rally.
Apple - Back to no.1 in the world!NASDAQ:AAPL is back to being no.1 in the world after rallying 11% in two days.
After moving higher +25% over the past two months, Apple is now back to being the most valuable company in the world with a market cap of 3.4 trillion dollars. This means that Apple is now back to leading the indices but Apple is also retesting resistance. A pullback is definitely likely considering that trees do not grow to the sky, but the overall trend is simply clearly bullish!
Levels to watch: $170, $215
Keep your long term vision,
Philip - BasicTrading
Micron Technology - Patience and price action!NASDAQ:MU is literally creating so clear and repetitive market structure, this is textbook.
Bullish break and retest, cycle and correction. Micron Technology has been repeating this price action for over a decade and is about to enter another correction phase. If you don't want to trade this anticipated correction, you can instead wait for another retest of previous resistance, bullish confirmation and a rejection. Following the cycles, a bullish move there is quite likely.
Levels to watch: $140, $95
Keep your long term vision,
Philip - BasicTrading
S&P500 - Was this already the all time high?SP:SPX is still massively bullish on the smaller timeframes despite retesting strong resistance.
Sometimes trading can be soo simple but yet rewarding. You simply have to buy the S&P500 at support and sell your position at resistance. At the moment, the S&P500 is once again retesting a resistance trendline, which has been pushing price lower for more than 14 years and there is just an extraordinary high chance that we will again see a rejection. Don't say I did't warn you!
Levels to watch: $5.600, $4.800
Keep your long term vision,
Philip - BasicTrading