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EUR/USD - Buy Opportunity On the HorizonWhats up traders, Here we have EUR/USD on the 4H chart. Recently, price has been in a strong down move. Price has recently lost a lof of the momentum that caused the bear run. On the 4H chart, it is clear that price is correcting after some downside. Despite price having a sheer downtrend, it is time for it to correct. I believe now that price will drop and retest the sideways resistance channel as a new support and/or retest the horizontal support level before the new up move. This trade will play out in one of 2 ways. -Price continues to rally to the upside to the upside target of 1.1890. Bare in mind if this plays out that there will likely be some corrections on the way to the upside target on this, and smaller time frames alike. -Price may retest the channel previous resistance turned support at 1.1740 before the upside. It could also equally as likely test the horizontal support zone between 1.1730 and 1.1700. If price tests both the horizontal support level and the sideways channel support this will be even more reliable.
by TomProTrader
4
NZD/USD - Sell OpportunityHi traders, I hope you are all having a nice weekend. Here is a nice trade for next weeks trading. Here we have NZD/USD on the 2H chart. Price recently had an impulse down move, and then an upward correction. The upward correction stalled when price hit resistance on multiple major moving averages, and hit a key Fibonacci retracement resistance level. With these 2 resistance levels converging and creating a dynamic resistance level, it is clear there is quite the resistance ceiling here, and I am expecting price to fall from this level. As well as the resistance ceiling proving that downside is likely, now we need to prove that not only is there circumstantial evidence that price could fall, but also physical evidence. I decided to study the chart closely and I discovered an important development, which provides physical evidence of downside move. See below: When analyzing the pairs behavior after the down impulse and correction, I discovered price action created a support channel as the upward move was taking place. The support channel would indicate up trend after the down move if it holds. However, the support channel was broken, right where the resistance ceiling was found. ^ This is not a coincidence. It is going down. There is 2 ways this trade will likely play out. I have outlined both trading scenarios below, as well as pointing out my preferred scenario. Price breaks down from current levels, all the way to the target level on my chart at 0.6760. Price breaks down, but beforehand, it retests the previous support channel as a new resistance channel to confirm the downtrend. If price uses the previous support channel as a new resistance, then this confirms the down move and resistance ceiling are definitely in play and having an effect on price action. Bare in mind that however price decides to achieve my downside target at 0.6760, that price will likely have impulse legs and pullback structures in smaller time frames as the move progresses (As you would expect in a healthy trending move) Also bare in mind that we want to see dollar continuing in it's current path to support this trade. A major move in Dollar current trend would effect this trade collaterally. I have added my other recent FX ideas into the related ideas section of this post. I would appreciate it if you could view my other FOREX content and give it a like as this motivates me to post more content. I will be updating my analysis starting when next week when the trade is active. Any questions, feel free to connect.
Short
by TomProTrader
2
XBT/EUR - Buying OpportunitiesXBT/EUR looks like a long opportunity on the 4H chart. After analyzing this pair, I discovered price appears to be moving in patterns. Price seems to have an up move, support on a moving average, have a corrective structure right at cycle target, and then have a new rally, exceeding the previous cycle by 2000. Using this logic, I was able to predict and plot the next move up on the chart. I have calculated each cycles move by measuring the amount of points moved up after the corrective structure. After I found there was an cycle + 2000 expansion move after each corrective structure at cycle expiry, I was then able to replicate a cycle + 2000 points to see the future direction of the instrument. I have broken down each point of my analysis below, and explained it in full detail below. Each new cycle is the sum of the previous cycle + 2000 = new cycle. Price has been in a long term uptrend. Price like all up trends has been having the basic principles of any uptrend: Impulse leg; a corrective leg; and a new impulse leg. When analyzing these is when I discovered price is moving in cycles. The rule of the cycles is that XBT/EUR has an up move, then a corrective structure, and then a move which is the measurement of the previous cycle + 2000. Each time there is a move which is "X cycle + 2000", a new cycle is formed. Using the above logic, cycle #3 is now formed. There are some points about this analysis that I have provided below to increase your understanding of my analysis. Price supports on the 50 moving average for the first 2 cycles and relies on the 20 moving average for the third: This indicates that XBT/EUR is having it's final leg, and using the lowest moving average as support. After this the rally to upside will expire. Price has corrective structure before easy new cycle begins: If you analyze my chart, you will see price has a corrective structure (Of a similar measure size to previous cycle corrective structures) before the new cycle begins. If you analyze my chart, you will see I have outlined corrective structure on my chart for each cycle, and we are clearly at the final corrective structure for Cycle #3 to begin. Lack of over expansion: Now, for most traders, this will be hard to swallow and accept. The uptrend is NOT overextended at all!!. Despite price moving so much (1000's of percents) the price is still following the rules of a perfectly normal uptrend!. Due to price supporting on the 50 moving average for first 2 cycles then the third cycle is the 20, it shows the up trend has healthily expanded, and is now using it's final wave (The smallest sustainable moving average) to support price. The support on the 20 would tell me that price is on the last leg of the the trend cycle which is euphoria. When euphoric buying takes place, there will be a very extended up move! This move will be a very steep buying area and will hit target quickly. As soon as cycle #3 completes, the up trend literally expires and then price is free to roam as it wants to. (I would predict huge downside correction) Bare in mind we need to see price stay at the higher levels for this to even be an active trade. Watch this chart very carefully before considering a position. I will be updating this analysis as it progresses.
Long
by TomProTrader
3
ETH/BTC - Downside ExpectedWhats up traders, Here we have ETH/BTC on the 1H chart. Price recently had a down impulse leg, followed by a corrective leg. The corrective leg recently stalled at 0.5 Fibonacci retracement resistance, and price has since made lower lows. Price was correcting in a support channel structure, however the structure has recently broken and price began showing reversal candlesticks, implying a breakdown of price. Price used 20 moving average as resistance, showing that even if the down move is intermediate (Since the 20 moving average is the smallest) it will be enough to break structure, ride the dollar dysfunction, and still deliver a profit anyway. I am now expecting a down move in this pair to the target outlined on my chart at 0.016000. I will update this analysis as the trade plays out.
Short
by TomProTrader
9
BTC/USD - Correction DueWhats up traders, I hope you are all having a good weekend. Here we have BTC/USD on the 4H chart. Recently, price has been in a strong up move. Price has recently lost some of the momentum that created the bull run. On the 4H chart, it is clear that price is correcting after some upside. Despite price having a big bull run, it is time for it to correct. I believe that price will now continue to stall to the sideways support level of 13540. When I looked further back at price action on the chart, I noticed that this pair has a tendency of correction before a strong rally again. This trade could play out in 2 ways, I have outlined them below -Price continues to rally to the upside to the upside target of 18990. Bare in mind if this plays out that there will likely be some corrections on the way to the upside target. -Price may retest the upside resistance level of 15570 before the break down begins to the side-wards support of 13770 I am excited to see how this trade plays out. I will update this analysis as the trade progresses. In the related ideas, I have posted my other Cryptocurrency ideas. Please leave a like and comment, it would be highly appreciated.
BITSTAMP:BTCUSD
by TomProTrader
36
Bitcoin - Correction Levels To WatchWhats up traders, Here we have BTC/USD on the 4H chart. Price recently broke a long term side-wards resistance structure at around 13600. Since then price broke structure and rallied to upside. In the short term, it looks like price is going to correct. At this present moment, there is 2 major levels I have in mind for BTC/USD for a correction. We would prefer see the correction higher as this increases the likelihood of the up trend continuing. The correction levels I am expecting price to hit are: -14100. This is the sideways resistance level turned support. A retest on this level would confirm the long term uptrend resistance is broken and not Bitcoin can trade freely without structure restrictions. -12080. This is the last major structure support that Bitcoin had. This level is a strong support and would likely catch Bitcoin even if the down move was aggressive. I am expecting price to correct at previous sideways resistance turned support at 14100, although both scenarios above are equally valid, and likely to happen. In terms of preference, having price correct to 14100 is preferred. This is a shallow correction but tests a major structure, so we want to see this happen. If price breaks this level it could show first cracks in Bitcoins uptrend. Also, if price corrects to the previous support zone at 12080, the correction will be considered steep and buying to the upside after may lack momentum and the price will definitely not have as much kick as it has in recent times, due to fear. I have also tagged my other recent Cryptocurrency ideas in the related ideas. See the related ideas at the bottom of this post. Please give all my content a like as it motivates me to continue posting. I will be updating this analysis as it progresses.
BITSTAMP:BTCUSD
by TomProTrader
4
BTC/USD - Is Long Term Uptrend Here To Stay?Hi traders, As you know, I have been studying BTC/USD for some time. Price recently broke a minor (Yet significant technical) resistance level at 11820. Price has moved nicely since the breakout, and now I am expecting an up move to the target level of 13580. Our target is based on a measure move of previous bullish impulse leg and the successful breakout of the structure resistance. The measurement target also coincides with sideways resistance, and Fibonacci extension target level. Knowing this, we now have a very probable and robust target for price to achieve. Price has had a nice run since posting, and I am expecting impulse to continue as per. The above is just half of the analysis. There is more. Recently, BTC/USD has been neglecting and leaving behind ALL of the support levels that have been thrown in front of it. This has resulted in obviously a massive price increase, but also a belief that Bitcoin is something not to be reckoned with and is here to stay. Looking back on the chart, there was recent horizontal support levels for Bitcoin at: 8400, 9100 and most recently, 10900. All of the above support levels have been completely left behind every time. All of these support levels were never used (Despite having a massive mode which is a compelling support ceiling) and price just ran away to the highs anyway. Only the most recent support at 10900 has been used as a legitimate support level. Now, even with this happening, BTC/USD used it briefly, and went to the upside. With structure being constantly left behind, and price gradually using legitimate technical rules such as structure support/resistance etc, we can now see Bitcoin might have had its rally to it's desired price and now price is stabilizing. With price stabilizing at such high levels, it is hard to argue with the facts. Bitcoin is in an uptrend, and is now stabilizing. Especially with the technical stabilizing we have seen, it is hard to deny that there is a real possibility that the trend seen now could be here to stay, and there could be much more to come.
BITSTAMP:BTCUSD
by TomProTrader
21
BTC/USD - The LatestWhats up traders, Here we have BTC/USD on the 4H chart. Price recently broke a long term side-wards resistance structure at around 13600. Moving forward, price continued to upside. At this present moment, it appears BTC/USD is losing steam after the breakout of structure, and it looks like BTc/USD is having a correction move to the downside. I am expecting price to correct and retest the previous side-wards resistance as a new support and a new up move to ensue. However, if price fails at the sideways support line, there could be a steeper price correction to the previous support zone. (between 11000 and 11900) There was lots of demand in my private inbox and comments for my to update my BTC/USD analysis, so I have taken the time to share my thoughts here now. I would really appreciate it if you could all leave a like & comment. These are my entire motivation to post more content. I have also tagged my other recent Cryptocurrency ideas in the related ideas. See the related ideas at the bottom of this post. I will be updating this analysis as it progresses.
BITSTAMP:BTCUSD
by TomProTrader
27
EUR/AUD - Buy OpportunityHi traders, Here we have EUR/AUD on the 4H chart. I am seeking a long set up. Price recently had an up impulse after a big down move followed by a correction. When price corrected upside resumed and a key resistance zone was broken. Price is scheduled to complete its impulse measure move at 1.5740 level. When price hits this level I am expecting a correction and a retest on the previous resistance turned support line. If retest is successful at this level, I believe price will then have a new up impulse, with a maximum target of 1.5960. It would be ideal to see price retest the previous resistance zone as a new support zone . If this happens it tells us that price is climbing sustain-a
Long
by TomProTrader
GBP/TRY - Short OpportunityWhat's up traders, I am just quickly posting this chart for you all whilst it is on my radar. Here we have GBP/TRY on the 1H chart. Price restently broke a long term side-wards support level, and retested it as a new sideways resistance. Once price confirmed the line as resistance, broke also broke a flag channel support simultaneously, leading to a breakdown move. Since this trade is already moving, I am advising traders to look for a retest to look for a short opportunity. Updates for this idea will be posted below. Leave a like & follow so you don't miss any of our content.
Short
by TomProTrader
2
Einsteinium/Bitcoin - Compelling BuyTraders I recommend reading this entire post so that you fully understand what I have done, and how I have came to my analysis. EMC2/BTC looks like a compelling long opportunity. I love this set up so far! After analyzing this pair, I discovered that price appears to be moving in patterns. Price seems to move up 5539 points, have a corrective move to the downside, and then move up again, around 5539 each time. With this logic, I was able to predict and plot the next move on the chart. I have calculated each cycles move by measuring the amount of points it moved up before correcting. After I found there was an approximate 5539 point move before each correction, I was then able to replicate a cycle at around 5539 points to see the future direction of the instrument. I am expecting an up move of 5539 which will complete at around 0.00012800. Below I have illustrated the calculations as to how I came to this conclusion. The principle of the cycles being used here is that every time there is an up move, there is a corrective move, and then an up-move which exceeds the previous move by approximately 5539. With this information we can calculate (using cycles 1+2 data) where cycle 3 is likely to end up. Using the calculations below we can make a mathematical assumption as to where price will lead. Cycle 1 = Cycle + 5539 = 0.00008100 Cycle 2 - Cycle 1 + 5539 = 0.00009100 Cycle 3 - Cycle 2 + 5539 = 0.00012800 Following these calculations, we can expect a reliable up-move, using previous trend cycles to predict a reliable, yet conservative move. Do remember that price may correct before cycle 3 initiates. So it is important that you watch this trade carefully before considering a position. I would also like to point out that there is a key side-wards resistance level at 0.00010000. Price needs to break this level and retest this level before Cycle #3 completes. I will be posting updates on this trade below, so leave it a like or follow so that you can keep up to date with this analysis.
Long
by TomProTrader
8
BTC/USD - Buy Opportunity On The HorizonWhats up traders, here we have BTC/USD on the 1D chart. Price recently broke a strong horizontal resistance level, before retesting the previous resistance as a new support line. The test was successful, and price is now moving nicely to the highs. Price is currently under a minor structural resistance at 11820. Price needs to break this resistance before we consider an up move. Despite the resistance being minor, it is having a significant impact of recent price action. Our target is based on a measure move of previous bullish impulse leg. The measurement target also coincides with sideways resistance, and Fibonacci extension target level. Knowing this, we now have a very probable and robust target for price to achieve. With the above in mind, I am waiting for a clear break of the 11820 level, and a retest before becoming a buyer. If price does not break the minor structure resistance level, the trade may go to the downside for some time before a new opportunity to the upside arises. I will update this analysis as the trade progresses. If you have any questions/queries, feel free to connect.
BITSTAMP:BTCUSD
by TomProTrader
48
USD/MXN - Strong Buying OpportunityWhats up traders, I hope you all had a good weekend. With USD/MXN recently rallying straight of a downtrend, it was bound to have a correction. Here I have USD/MXN on the 1D chart. Price recently had a small downside correction after an up impulse. Price recently showed a pullback after the up impulse and small upside since. I believe this is a very high probability upside move. We don't get such good quality trades often and I love the set up! After the up impulse, price corrected to the Fibonacci retracement , 200 major moving average, and sideways support. When price hit the level mentioned, there has been multiple doji candles, and some very gentle bullish pressure. This very subtle shift from bears to bulls is absolutely perfect, and I am expecting a very strong up move from this area. This trade is a gem, and you don't get them this good often. For those who trade indicators, I also accidentally found a compelling bullish Stochastic divergence with this analysis. Usually I would not post indicators on my charts, but due to how strong and compelling the bullish divergence is, it is worth noting for this analysis and can be found on the above chart. I am expecting price to move to the upside, to the 3 wave target of 19.4000. My bias is up for this pair, however there are is 2 key trading scenarios that could play out for price to complete the desired move. -Price retests the swing low (The 18.5000's level where price had it's previous correction low) before having the move to the upside target. -Price rallies from current levels, straight to upside target (Due to the nature of this set up, this is surprisingly likely) Bare in mind that this trade could retest lows before upside, so you must use this analysis as a guide but trade using your own. I will be updating this analysis as the trade progresses.
Long
by TomProTrader
6
Stellar/Bitcoin - Upside OpportunityHi traders, I hope you're all having a good start to your weekend. Here I am analyzing Stellar/Bitcoin on the 1D chart. Price recently had an impulse leg, and a small correction, and has now continued to the upside (See chart for details). I am expecting if that price breaks the resistance zone, that price will go to the highs. There is a few scenarios for this trade and how it could play out. These are below: Price corrects within the resistance zone (the zone it is in now) retests the downside side-wards support level at 0.0000056, and then rallies again creating the up move. Price breaks the resistance without a correction. After breaking the resistance zone completely, then it corrects and retests the resistance zone as a new support zone before price moves to our target of 0.00001239. Price stalls at resistance zone and price corrects and remains under the resistance level. We would be looking to other trades if this scenario occurs. Bare in mind that price needs to either correct or break resistance zone before there is an active trade. With this in mind, do be sure to enter this trade only when one of the 2 scenarios has happened. I will be updating this analysis below, so be sure to give a like & follow to keep up to date with my analysis.
S
by TomProTrader
4
ETH/USD - Buy OpportunityWhats going on traders, today I am analyzing ETH/USD on the 1D chart. After price recently broke a long term horizontal resistance, investors are now able to consider a long position after a successful retest. Breaking the resistance zone and testing it as support is perfect for this trade. I believe now that the retest and new support retest has completed and the up move will now take place. Price recently broke a long term resistance zone, and retested it as a new support zone and were successful. I believe that the bulls are now in control and will bring price to the high target on the chart, which is at the Fibonacci 1.618 extension target at 647.65. I am expecting price to hit target, however it could have a retest of the support zone first. On the chart, I have outlined 2 different trading scenarios for the pair. The likely scenarios are: Price will continue as it is, to the highs, after the morning star at the resistance turned support zone. Price will retest the support zone level (Not breaking the previous low however) and then continue to the upside and achieve our extension target. Bare in mind that this is my analysis, and you should only use this as a guide, and not as your own (Unless you are a signal subscriber then they are entirely applicable as you have my full trading plan on these already) I have some advice that I give to my trading students, and that is "A chart is literally a graphical depiction of investors sentiment." In other words for those who didn't understand- it means that the chart tells you all you need to know about the chart, the condition of trend, AND if the bulls or bears are in control. If you look at the above chart and apply my above quote, you'll see how this quote is applied to the chart. This chart has everything we need to know to see this is a long trade (until invalidated by further action). Over the weekend, I have posted multiple Cryptocurrency analysis. Please take a look at them and share your thoughts. I will also leave the Cryptocurrency ideas in the related ideas. I will be updating this analysis as the trade progresses.
COINBASE:ETHUSDLong
by TomProTrader
1
NEO/BTC - Forecast AheadTraders, how is it going? I am current analyzing NEO/BTC on the 1D chart. Currently price is falling from a recent retest of a resistance level. It appears when analyzing the chart, that current price action is part of a bigger move, where price is falling toward previous structure support. When price hits structure support levels (Around 0.00200000) it could be a nice opportunity for price to rebound and retest the sideway resistance again. This will be an imperative retest, as the test could prove to fail and NEO/BTC could find momentum to start a new trend again to the upside in the near future. But for the time being, price needs to drop more to get a retest it needs. There could be a nice pullback during the fall to retest channel resistance before support is even hit. This would not be a good opportunity to find a cheeky long, but actually just to short into continuation to the support level. Only then you should consider longs (Long plays too dangerous when price is in an uninterrupted free fall. Attached in the related ideas are my other Cryptocurrency ideas. I will be updating this analysis as it progresses.
by TomProTrader
BCH/USD - Trading Opportunities AheadTraders I recommend reading this entire post so that you fully understand what I have done, and how I have come to this analysis. With Bitcoin recently hitting a massive high, it is bound for an eventual correction. Here we have BCH/USD on the 4H chart. Price recently chad a small upside correction after a compelling down impulse. Now, price is at a juncture and there is good opportunities to trade this market. Price recently showed a pullback after an impulse down leg and some continuation downside. My bias is that downside is the most likely option for this pair. However, we must consider both possibilities. I am expecting price to correct further to the downside, however (as above) there is possible opportunity for both a buy and a sell signal on this chart. Below, I have listed a few likely trading scenarios this pair could take below. -Price manages to break channel support and continues the down move started by the previous impulse leg and hits it's target in the support zone at around 1025.000000. (See chart for details) -Price bounces off the recently formed channel support level, and trades to the upside, breaking previous side-wards resistance and moving toward the upward target of 1780.700000 -Price bounces off channel support, retests the side-wards resistance AGAIN, before finally breaking down. (This scenario would prove the safest and best probability trading scenario if it plays out.) Bare in mind we need to see a confirmation before this trade is valid. So you need to watch this chart carefully before considering a position. In my related ideas, I have posted a few Cryptocurrency analysis. It takes me a while to write up these analysis on TradingView, so if you could like & follow my profile that would be highly appreciated. I will be updating this analysis as the trade progresses.
B
by TomProTrader
8
EUR/SEK - The Long Road Back To 10 PointsTraders, we have a set up on EUR/SEK on the 3H chart, with a cycle pattern buy. (Three drivers pattern). When analyzing this chart, I discovered that price appears to be moving in patterns. Price has an impulse leg, and then has a corrective leg, and then has a new impulse leg that measures the same size as the previous one. When analyzing the chart, I started by measuring the first impulse, I discovered that the price correction seemed to hit a Fibonacci retracement, there was a new impulse leg. Price has recently been impulsive and has been showing signs of more uptrend. Sure enough, when I measured the second impulse leg, it was the exact same measurement as the first impulse. I am expecting an up move up to the Cycle #3 completion, which exactly coincides with a historical high to the EXACT pip! Coincidence? Do remember that before price completes Cycle #3 it will likely correct, so it's important you watch this trade carefully before considering a position. I will be posting updates on this trade below, so leave it a like & follow so that you can keep up to date with this analysis.
Long
by TomProTrader
3
USD/CHF - Breakout OpportunityWhat's up traders, here we have USD/CHF, with a breakout opportunity on the 4H chart. This is a great opportunity with an over 1:3 Risk to Reward. I am expecting USD/CHF to make an up move to 1.0020 Bare in mind that price needs to have a successful breakout for this to be a valid trade. So it is important you indeed use this analysis, but use your own to make a trading decision. Our AUD/USD trade is in good profit, and I will be adding to this position. See analysis on my page for updates.
Long
by TomProTrader
4
Bitcoin - Key LevelWhats going on traders, today I am analyzing BTC/USD on the 1D chart. After price reached the 10,000 level, investors are now thinking with logic and not hype and enthusiasm. Reaching this level was the pique of many Bitcoin analysis that I have seen all over TradingView and my Bloomberg Terminal. I believe now the level was hit, a correction is due. Price recently showed 2 huge doji's, showing major indecision. I believe this is the bulls running out of steam and bears starting to nudge the market into submission. I am expecting price to correct. On the chart, I have outlined a few possible places for BTC/USD to correct to on the chart. The correction measurements are: Correction move to 8100-7500. Then price will regulate and continue its intended trend. Correction move to 5530. I believe this will be the maximum correction the pair will have. Bare in mind that however strong an instrument is, however compelling it is, however amazing it is performing, it will ALWAYS CORRECT. A correction is not a sign of a change of ideology, it is simply a sign of trading. Always remember, trade your CHART and not your MIND. If you do this you will be a successful trader always. In my related ideas, I have posted my previous BTC/USD analysis. If you review both of these analysis together you will see how I have come to this analysis. I will be updating this analysis as the trade progresses. Leave a like & follow to keep up to date with my analysis.
BITSTAMP:BTCUSD
by TomProTrader
26
NZD/USD - Quick Long OpportunityHow's it going traders, here we have a short term NZD/USD long setup on the 1H. Price has hit a Fibonacci extension swing bottom and accumulated for some time. I believe now is the time to be buying into an advantageous early position. Bare in mind this does correspond with my NZD/USD analysis, so I would recommend viewing my other NZD/USD analysis so you fully understand why I've decided to jump into this pair again. Will be updating as it progresses.
Long
by TomProTrader
5
EUR/USD - Downside OpportunityWhat's up traders, today we have an opportunity on EUR/USD with a breakout trade on the 8H chart. This is an excellent opportunity to get into a trade where all trading scenarios I have played out indicate at least a 3:1 Risk to Reward. If price breaks structure, I am expecting a down move to around 1.1692 (Which is where price will find strong support). Bare in mind that price will likely have a corrective move before the down move. Dollar is currently in process of forming an up move. With this logic, seeking a short position on EUR/USD makes a lot of sense. I will be updating this analysis in the updates section, so like & follow to receive the latest.
Short
by TomProTrader
Dollar - Bottom Is InToday we have an excellent opportunity for Dollar on the 8H chart with a trend bottom. I really like the look of this set up! Price hit the 1.414 Fibonacci extension leg, hit horizontal support, and hit the channel support level simultaneously. There is so much structure support at current level that it is definitely a good idea to look for a buying opportunity. At this current moment in time, price is correcting to the upside. I have highlighted 2 targets on the chart which could be favorable if the trade works out. I believe this trade could play out in several different ways. I have outlined these below. Price will carry on with the upside move without stalling, to hit the 1st target of 93.62. Price will stall and retest the support level, before going to the upside again. (This trading scenario would be less risky than the first.) Price will travel to the upside, have a small correction, and then go to the highs. (This scenario would be the best. As we can: Add to position on the small wave correction before reaching target. 2: We can take profits on the correction, and then buy in again, removing most risk.) Bare in mind that price could exceed target and go to target 2 (The extended target illustrated on the chart) at 94.96. We will look at this as a target if price exceeds target 1. (See chart for details.) Use this analysis to guide you with this trade, but also factor in your own. Sometimes less is more. Let's listen to the basic message of the structure, and allow it to tell us what to do. I will be updating this analysis as the trade plays out. So like & follow so that you do not miss out of my latest analysis and updates.
TVC:DXYLong
by TomProTrader
3