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2024-08-22 - priceactiontds - daily update - sp500Good Evening and I hope you are well. tl;dr Indexes - Strong day by the bears for most markets and on higher volume too. After climactic moves, many traders keep tight stops and won’t let the market run too much against them because they want to secure their profits. Does that mean the market is reversing? Probably not. But deep pullbacks are always possible. In trading rangs the daily 20ema and the 50% (midpoint of the range) are always magnets, so always mark them on your chart. For tomorrow I expect more volatility since we have BOJ Ueda + FED JPOW speaking. sp500 e-mini futures comment: Huge day for the bears by closing below 5600. I do think it would be fitting if we close the week with a huge bear reversal candle below 5550 or even 5500. Can we get there? Unlikely but not impossible. Could we also close above 5721? You bet. No one knows where we are going because market has moved in such extremes the past two weeks, that absolutely everything is possible tomorrow. Odds still somewhat favor the bulls to close the week above 5600 but just slightly. Daily ema is around 5500 and that are two good reasons for market to test that price. Anything above 5640 would surprise me tbh. current market cycle: Bull trend inside the big trading range on the daily chart key levels: 5500 -5670 bull case: Bulls tried to fight it today but the down moves saw a big increase in volume and bulls could not keep the market above 5600. They need to stay above this price or risk much more downside because I do think many stops will be around 5580-5595 tomorrow. Their first target is a 15m bar close above the ema and then the 1h ema to turn the market neutral again. 50% pullback from today is 5625 and that is also a magnet for tomorrow. Invalidation is below 5580. bear case: Bears surprised me today because the strength of the selling was not expected. Market grinded higher first but since the US open we just saw big selling coming through and every rip was sold. If bears do not keep the momentum going tomorrow, they risk another reversal and potentially another meltup to a new ath but that will strongly depend on Jpow and Ueda and how the market will interpret their speeches. Can you forecast this? Don’t bother. Mark key levels on your chart and hop along on the breakout tomorrow. Invalidation is above 5670. short term: 5600 is neutral and I wait. Bears need follow through selling below 5580 and bulls a strong reversal. Above 5625 I will consider longs. medium-long term: Bearish. I gave the 5000 target 3 months ago and we almost got there way earlier than expected. There is a reasonable chance we will see an event unfolding over the next days/weeks. Something breaks during these violent moves and this time will not be different. current swing trade: Nope. trade of the day: Sell US open. No reason not to and no reason to exit until 5600 where market stalled too much.
CME_MINI:MES1!
by priceactiontds
2024-08-22 - priceactiontds - daily update - goldGood Evening and I hope you are well. tl;dr Gold - Bears created a pullback but could not even touch 2500. It’s a little less bullish as of now because the bull trend line broke but market is still above 2500 and the daily 20ema so odds favor another the bulls. If bears create follow through below 2500, I turn bearish for 2450 or lower. comment: Neutral again at 2520 because we are right above the bull trend line from early August and near 2500, which is huge support for now. Odds favor the bulls to test the upper bear trend line around 2540 again. If bears manage to go into the weekend below 2500, this bull leg is most likely over again and we will test back to 2450 or lower. current market cycle: trading range key levels: 2500 - 2570 bull case: Bulls still see this above 2500 and inside a trading range at the highs. They are trading above the daily ema and the bull trend line is still valid. I do think the bears will not fight them for 2500 on the first try, so odds favor the bulls to stay inside the current expanding triangle and test back to the upper trend line around 2540. A weekly close above 2540 would be max bullish. Invalidation is below 2490. bear case: Bears finally produced more selling pressure and closed at the lows. Whenever bears printed consecutive bear bars above 2500 over the past 4 months, market was not able to hold above and sold off again. Bears expecting this time to be the same, despite the new ath. They want a reversal to 2400 and their target for tomorrow is a close below 2500. Invalidation is above 2550. short term: Neutral between 2500-2520, bullish above and bearish below. medium-long term: For now I think the most reasonable outlook I could give is a trading range 2200-2500. This could hold for some time. Bear in my still thinks this rally is dumb and we will see 2000 again this year but that’s as unreasonable of an outlook one could hold so DON’T. —adjusted 2450 to 2500 current swing trade: None trade of the day: Selling below bar 8 was decent. Stop had to be above bar 3. Market held below the 1h ema and there was decent selling pressure before.
COMEX_MINI:MGC1!
by priceactiontds
SasanSeifi| Will Gold Continue to Correct? (1H)Hey there, By analysing the OANDA:XAUUSD chart in the short-term 1-hour timeframe, it is observed that the price has experienced corrections from the $2531 level and is now showing a positive reaction within the demand zone, currently trading around $2510. In this timeframe, the outlook leans towards a bearish trend, with a potential decline to corrective targets at $2494, $2490, $2482, and $2477. The potential trends are highlighted in the above chart, and there is a possibility of a price reversal from the $2514 to $2523 range. To better understand the next price movement, it’s essential to observe how the price reacts to these levels. If momentum weakens and the necessary confirmations are received from the specified levels, the corrective scenario will gain significance. Conversely, if the price encounters increased demand and successfully penetrates and stabilizes above the mentioned levels, the possibility of further growth and invalidation of the corrective scenario increases. (For the uptrend to continue and to reach higher targets, the $2531 resistance needs to be broken, and the price must stabilize above this level.) 💢 Please remember that this is just my personal viewpoint and should not be taken as investment advice. I’d love to hear your thoughts and share opinions! Happy trading!✌😎 Sure, if you have any more questions or need further clarification, feel free to ask. I'm here to help!✌
OANDA:XAUUSDShort
by SasanSeifi
2
EURAUD: Technical Outlook & Your Trading Plan Explained🇪🇺 🇦🇺 EURAUD is currently retesting a recently broken horizontal support. To sell the market with a confirmation, pay attention to a bearish flag pattern formation on a 4H time frame. Bearish breakout of a support of the flag and a 4H candle close below that will give you a strong bearish signal. A bearish continuation will be expected at least to 1.6465 level then. ❤️Please, support my work with like, thank you!❤️
Short
by VasilyTrader
1
GBPUSD - Bearish Soon...Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst. 📈 As per my last analysis, GBPUSD rejected the lower bound of the medium-term trendline and traded higher. What's next? GBPUSD is currently hovering around the upper bound of the green and orange channels. Moreover, it is retesting a weekly major high marked in blue. 🏹 Thus, the highlighted green circle is a strong area to look for sell setups as it is the intersection of the trendlines and major high. 📚 As per my trading style: As #GBPUSD is hovering around the circle zone, I will be looking for bearish reversal setups (like a double top pattern, trendline break , and so on...) 📚 Always follow your trading plan regarding entry, risk management, and trade management. Good luck! All Strategies Are Good; If Managed Properly! ~Rich
Short
by TheSignalyst
3
SasanSeifi| Short-Term and Long-Term Insights (DOGECOIN 4D)Hey there, In the long-term four-day timeframe, the price faced significant selling pressure after a slight rise from $0.14, breaking through the $0.095 support and dropping to a demand zone around $0.081. Currently, the price is trading around $0.107. In the mid to long-term, further correction to levels between $0.070 and $0.060 is possible. However, in the short term, we might see a minor up tick to around $0.118 to $0.12. The suggested scenario is that after this short-term rise, the price could potentially retrace back to levels like $0.09. For a more accurate trend analysis, it’s essential to watch how the price reacts to key resistance levels. If it breaks and holds above the EMA 60 and the $0.125 level, there could be significant further growth. 💢 Please remember that this is just my personal viewpoint and should not be taken as investment advice. I’d love to hear your thoughts and share opinions! Happy trading!✌😎 Sure, if you have any more questions or need further clarification, feel free to ask. I'm here to help!✌
by SasanSeifi
2024-08-21 - priceactiontds - daily update - bitcoinGood Evening and I hope you are well. tl;dr Bitcoin - Sideways again but the first close above the flat daily 20ema and bulls will try to close the bear gap again. Can go both sides but shorts are slightly favored at the top of trading ranges. comment: Bulls keep buying the fn dip and we are making higher lows again. The bear gap to 64000 is open for now and bulls next and only target. If they manage to close it, they are free to melt up to 68000 again. Bears need to prevent them from doing that and the past 13 days they succeeded. The daily 20ema is as flat as it gets, so odds favor mean reversion trading but this was also the first bullish close above the daily 20ema since end of July. If bears come around, shorts are favored but until then, I am neutral and wait. Buying high in a trading range is a losing strategy. current market cycle: trading range key levels: 56000 - 62000 bull case: Bulls are making higher highs inside this trading range and are at important resistance. They need the break above 62000 and strong momentum for a try at getting to 64000. I do think overall market conditions currently favor the bulls but there are no very good technical reasons why this breakout attempt could succeed, other than the mentioned above. Invalidation is below 58000. bear case: Bears only objective now is to keep this below 62000. They see a 2 week trading range in a neutral market and we are at the highs, where the odds favor the bears to reverse it. If bears fail to keep the bear gap open, they will probably give up until 68000. Invalidation is above 63000. short term: Neutral until bears come around. Want to see prices below 59000 again and a minor bull trend line break. If bulls print strong bars above 62000, I could consider longs if the momentum is strong enough. medium-long term: Down to 40000 (could take 1-3 months). Could also drop to 20000 again but let’s make 40000 first and see how many want to buy there. —unchanged since March, obviously updated the time range which was 6-9 months before. — current swing trade: None trade of the day: Market made higher lows since Monday so buying near previous lows was decent. On the 1h chart the strong break above 60000 was an obvious long too.
CRYPTO:BTCUSD
by priceactiontds
2024-08-21 - priceactiontds - daily update - nasdaqGood Evening and I hope you are well. tl;dr Indexes - All green, all good. Bulls want more climactic buying but have to settle with grinding it up. Bears are not building enough selling pressure to print consecutive bigger bear bars on higher time frames. Only look for longs until that changes. As of now, there is no reason not to expect much higher prices and new ath. nasdaq e-mini futures comment: Much two sided trading today but bulls closed it green and they are making higher highs and higher lows. We are close to 20000 and will most likely hit it tomorrow. Market is not stopping so looking for shorts is a bad strategy right now for most traders. Bears built decent selling pressure today but to no avail. Market refuses to go lower as of now. Above 20000 I don’t think bulls have any resistance until 20200 but that is weak resistance at best so it’s not totally out of the question that we will just continue in an almost straight line to 21000. For bears there is nothing but pain right now. They would need a strong 1h close below 19700 for a start and many stops would probably be below 19450-19500. current market cycle: Bull trend in bigger trading range key levels: 19500 - 20000 bull case: Bulls only see a 15% up move from the lows and absolutely no reason to exit longs anywhere. They want to dance while the music is playing. Buying is becoming climactic and this increases the odds of a pullback. 20000 is a big round number and we could see the start of some profit taking there but for now I have my doubts. Invalidation is below 19500. bear case: Bears are not doing much. They tried multiple times today to keep the market from advancing too much and at least they kept it below 20000 but as long as they are not even touching the 4h 20ema, they have to content with scalps and taking quick profits. The best bears can hope for is to keep it below 20000 but the odds of that are low. Invalidation is above 20100. short term: Can’t be anything but bullish above 19700. Below I turn more neutral medium-long term: This climactic blow off top is/was the grand finale of this bull trend. Perfect break above multiple patterns which I expect is a bull trap and we will test the various support lines next before the new bear trend will unfold over the next 3-9 months. —unchanged since 2024-06 current swing trade: None trade of the day: Between the orange lines was decent two sided trading but many many weird spikes and difficult trades to take. Buying 19800 was probably the best today.
CME_MINI:MNQ1!Long
by priceactiontds
2024-08-20 - priceactiontds - daily update - daxGood Evening and I hope you are well. tl;dr Indexes - Got their expected pullback but indexes have still not touched even the 4h 20ema. Markets closed near their open which was near yesterdays close. Mostly. Since bears could not even print something than a bear doji, we can expect more sideways at the highs before we will probably get another breakout above. dax futures comment: Bears printed multiple bars below the 1h 20ema. What a time to be alive. Bulls took profits on the insane meltup but bought 18400 again, which has a bull trend line running through it. As long as that holds, bulls are good. If bears come around again tomorrow, open of the week is a magnet at 19379 and the low of the week at 18347. Tomorrow evening we get the FOMC minutes, so best to be flat going into it. current market cycle: huge trading range key levels: 17000 - 19000 bull case: Bulls took a breather and kept it above 18400, which is still above the 4h 20ema and max bullish. Below 18347 I think we will see more profit taking and some bigger move down, maybe to the daily ema at 18170. For now bulls remain in control and higher prices are expected as long as above daily ema and the bull trend line intact. For tomorrow I expect mostly sideways movement between 18400 - 18550. Invalidation is below 18340. bear case: Bears stopped the train for now and got near the open of the week, which is good for them. They probably made the market more neutral going into FOMC tomorrow evening. If they could break below the bull trend line, we could see 18300 but everything below would be a huge surprise. They probably wont fight the bulls for 18400 too much and come around above 18500 again. Technically the bears can be hopeful because the high is still a lower high below the start of August at 18650 which was also the high tick for the month so far. Invalidation is above 18650. short term: max bullish - only look for longs as long bull trend line is intact and we are above 18300. Below we can look for lower targets like the daily ema but it will probably be just a pullback in this bull trend (inside the big trading range on the daily tf) medium-long term: 17000/17100 was my target for at least 3 months now and bears got it. We are in a correction since we dropped more than 10% from the ath. Many long term trader buy a 5%, 10%, … dip and a bounce here was expected. I do think we are in a bear trend which will most likely lead down to 15600 or 15000 over the next months but we can only be more certain, once this pullback is done and we make new lows below 17000 and have a channel from which we can calculate new targets. I called the highs in early July and there is a decent chance we will not see them for a long time. —unchanged since early July current swing trade: Nopety nope nope. Only long scalps currently. trade of the day: I fought the bears too many times today. Denial is the death of your account. It was just bearish since the opening reversal below bar 31. 32 was strong enough to expect more downside but it was also the low of the Globex trading range. Tough to take. Market could not print more then tails and bar 54 above the 15m 20ema and bears had no reason to exit their shorts anywhere. Bad trading on my part today.
EUREX:FDXSU2024Long
by priceactiontds
2
2024-08-20 - priceactiontds - daily update - sp500Good Evening and I hope you are well. tl;dr Indexes - Got their expected pullback but indexes have still not touched even the 4h 20ema. Markets closed near their open which was near yesterdays close. Mostly. Since bears could not even print something than a bear doji, we can expect more sideways at the highs before we will probably get another breakout above. sp500 e-mini futures comment: Small stop in the meltup but bulls bought it above the bull trend line. Same as for dax that I do not expect anything below 5600 for now and it should not go above 5650 before FOMC or you can consider me surprised. If anything, I’d bet on a bull breakout and not for strong bears. current market cycle: Bull trend inside the big trading range on the daily chart key levels: 5600 - 5650 bull case: Bulls are currently buying the 2h 20ema and did so today. If they keep it above 5600 then 5650 is probably a magnet for tomorrow. On the 1h chart posted today was a two legged pullback down to the current channel and odds favor the bulls to trade back up. Invalidation is below 5600. bear case: Bears are happy with stopping the advance and scalps. They took profits at new lows today and the market was barely red on the daily chart. I absolutely expect bears to come around big time again but just not right now. Can JPOW surprise the markets this week or can the market look for an excuse to sell it hard again? Sure. Is this more likely than a continuation up? No. Invalidation is above 5650. short term: max bullish above 5600. Below I turn neutral and wait. medium-long term: Bearish. I gave the 5000 target 3 months ago and we almost got there way earlier than expected. There is a reasonable chance we will see an event unfolding over the next days/weeks. Something breaks during these violent moves and this time will not be different. current swing trade: Nope. trade of the day: Selling above 5635 was good multiple times but only for scalps tbh.
CME_MINI:MES1!Long
by priceactiontds
Gold (20/8) sets new ATH around 2520Fundamental Analysis Gold prices extended their bullish momentum with a new high just set around 2520. Traders now appear reluctant and want to wait for further signals on the Federal Reserve’s (Fed) interest rate cut roadmap before positioning for the next step of a directional move. Therefore, the focus will remain on the release of the July FOMC meeting minutes on Wednesday and Fed Chairman Jerome Powell’s speech at the Jackson Hole Symposium on Friday. The risk of further escalation of geopolitical tensions in the Middle East and the protracted war between Russia and Ukraine will continue to support XAU/USD. This, in turn, warrants some caution for bearish traders. Technical Analysis From a technical perspective, the price action within the range has broken out of the bullish consolidation phase, After breaking out around the $2,509-2,510 area to set a new ATH, gold is now stabilizing around 2,520. Our SELL entries are focused on the round port areas and the best Fibonacci resistance around 2,533 On the other hand, the horizontal resistance of $2,472-2,470 now looks to protect the immediate downside. Any further declines could attract new buyers and remain limited to the $2,448-2,446 area. Resistance 2533 2540 Support: 2494 - 2488 - 2481 - 2475 SELL price zone 2533 - 2535 stoploss 2539 BUY price zone 2477 - 2375 stoploss 2471
OANDA:XAUUSD
by TVS-Trader
ZEUS: Ready for a Breakout? Hey there, let's review the KUCOIN:ZEUSUSDT chart on the 10-hour time frame. As you can see, the price is currently trading within a descending trend line. In the short term, if we witness a break above the descending trend line and the 0.20 cent price level, the scenario I have in mind is that the price may rise towards the liquidity zone at 0.22 cents. After a pullback, the price could potentially move towards the second target of 0.2455 and the supply zone at 0.27. However, please note that this potential trend depends on breaking through the specified levels. Important support zones to watch are 0.16 and 0.15. Remember, this is just my personal analysis, not financial advice. Do your own research and make informed decisions. Happy trading!✌😎 Sure, if you have any more questions or need further clarification, feel free to ask. I'm here to help!✌ if you found my analysis helpful, I would appreciate it if you could show your support by liking and commenting. Thank you!🙌
Long
by SasanSeifi
2
Buy on best zoneAnalysis by: EZ7strategy 🎖 📊In these patterns in the chart, the long-term trendline, which we are waiting for a failure to climb, and next to it, the buying areas that have places to be touched at any moment, which is consistent with the end of the second leg of the second move. 🎯Please exit according to the targets and stop loss must be placed. Primary entry: 0.439 ___ Secondary entry: 0.385 Stop loss: 0351 Targets: 0.491 - 0.579 - 0.671 - 0.802
BINANCE:XRPUSDLong
by ehsancrypto72
2
Descending Triangle Patter in SBILIFE For Target @1751+On the 1-hour timeframe, SBILIFE has broken out of the resistance level of a descending triangle pattern. This breakout is a significant technical event, suggesting a potential strong upside rally. Following this breakout, the price is expected to move towards the 1751+ level, indicating a bullish trend. To capitalize on this movement, traders can consider entering a long position once the price sustain above the 1700 level. The targets for this position would be in the range of 1735 to 1751+, aligning with the anticipated upward momentum. It is crucial to manage risk by setting a stop loss just below the 1665 level, which will help protect against potential downside if the market reverses.
NSE:SBILIFELong
by TradZoo
2
Gold Price Analysis August 19Fundamental Analysis Gold prices remained on the defensive in early European trading on Monday, although they held above $2,500 and remained within striking distance of their record highs. Growing expectations that the Federal Reserve (Fed) will begin lowering borrowing costs in September triggered a fresh decline in US Treasury yields. This, in turn, dragged the US Dollar (USD) to its lowest level since January and acted as a boost for the non-yielding yellow metal. In addition, the risk of escalating geopolitical tensions in the Middle East and the protracted Russia-Ukraine war contributed to limiting the decline in the safe-haven commodity. However, traders appeared reluctant to place fresh bets on Gold prices, preferring to wait for further signals on the Fed’s rate cut path. Therefore, the focus remains on the release of the FOMC meeting minutes on Wednesday and Fed Chairman Jerome Powell’s speech at the Jackson Hole Symposium. Technical Analysis From a technical perspective, Friday’s breakout above the $2,470-2,472 horizontal barrier and subsequent strength above the previous all-time high is seen as a fresh impetus for bullish traders. Furthermore, the oscillators on the daily chart are holding in positive territory and are still far from overbought territory, suggesting that the path of least resistance for Gold prices is to the upside. That said, the failure to build momentum above the psychological $2,500 mark warrants some caution for the bulls. Therefore, it would be prudent to wait for some follow-through buying above Friday’s time-allowed top, around the $2,509-2,510 region, before positioning for any further gains. On the other hand, the $2,472-2,470 resistance level currently seems to protect the immediate decline. Any further decline is likely to attract fresh buyers and remain limited in the $2,448-2,446 zone. The latter will act as a key pivot for short-term traders, a decisive break of which will open the way for deeper losses. Resistance: 2509 - 2519 - 2533 Support: 2495 - 2488 - 2475 - 2470 SELL scalp price zone 2508 - 2510 stoploss 2514 SELL price zone 2532 - 2534 stoploss 2538 BUY price zone 2477 - 2375 stoploss 2471
OANDA:XAUUSD
by TVS-Trader
2024-08-19 - priceactiontds - daily update - daxGood Evening and I hope you are well. tl;dr Indexes - That reversal is something you will not witness often while you are alive. I don’t think there are many arguments beside’s “short squeeze” that could produce such a violent move but then again, who cares why. In my weekly outlook I wrote that I can only be neutral going into this week and all was looking decent until US opened and market almost went up again in a straight line. At this point I am fairly certain that in the next 2-6 weeks you will read about funds closing because they got caught so hard on this. Train is not stopping so look for decent entries when market refuses to go down again and ride the big wave up. dax futures comment: I wrote that best for bulls would be to stay above 18000 on a pullback and a measured move could bring us to 18800. Market can’t trade below the 1h 20ema and bulls are just unreal currently. Only look for longs until bears can do a 1h bar close below the 1h ema. Next targets above are 18800 and then 19000. Insane strength. current market cycle: huge trading range key levels: 17000 - 19000 bull case: Bulls are just in a big hurry without any bears around. Must pump the market as fast as high as it can get. Please don’t look for macro reasons here, you are out of your mind if you try to come up with rational arguments. Just find an ema that is holding and long it. Invalidation is below 18400. bear case: Nothing. When bears manage to print a bar close below the 1h 20ema, I will look for bearish targets. As of now it’s 18400 they have to conquer but who on earth would short this right now. Unless we get a huge event and scared traders, this won’t stop until new ath is reached. Small chance we see a bigger pullback on the big bear trend line around 18750. Invalidation is above 19000. short term: max bullish - only look for longs until bears print a bar close below the 1h 20ema medium-long term: 17000/17100 was my target for at least 3 months now and bears got it. We are in a correction since we dropped more than 10% from the ath. Many long term trader buy a 5%, 10%, … dip and a bounce here was expected. I do think we are in a bear trend which will most likely lead down to 15600 or 15000 over the next months but we can only be more certain, once this pullback is done and we make new lows below 17000 and have a channel from which we can calculate new targets. I called the highs in early July and there is a decent chance we will not see them for a long time. —unchanged since early July current swing trade: Nopety nope nope. Only long scalps currently. trade of the day: Long EU open and never look at it until US close. Doji at the 1h 20ema, so go long above it. There were two decent targets above, gap close to Friday and last weeks high. Both are magnets, no reason to exit anywhere. When in doubt, zoom out.
EUREX:FDXSU2024Long
by priceactiontds
2024-08-19 - priceactiontds - daily update - oilGood Evening and I hope you are well. tl;dr Bear channel continued down and next target is probably 72 if 73.5 won’t hold. Pure weakness in this market. quote from my weekly update: bear case: Bears need a daily close below 74.5 to trade back down to 71/72. comment: Look at that beauty of a channel. Holding like a true champ. Market is much weaker than expected and only going down. Bottom of the channel is where a pullback is expected and if bears are strong, they keep it below 74.5. Next targets for the bears are 73 and then 72. Anything above 75.5 would be a big surprise. current market cycle: trading range (triangle) key levels: 72 - 75.5 bull case: Bulls are so weak that they currently can only correct sideways. They need to create a pullback at 73.4 or risk a breakout below the bear channel, where the selling would accelerate. A reasonable target for a pullback would be the breakout retest of last weeks low 74.52. Invalidation is below 73.1. bear case: Bears had a strong bear day again and a measured move would bring us to 71.5. If they manage to create a breakout below the bear channel, we could get there much faster than most expect. My drawn big bullish trend line from the triangle runs through 71.7, so close enough. Bears need to keep any pullback below 75, better would be below 74.5. Invalidation is above 75.5. short term: Pullback to at least 74.5 is expected but below 73.1 we print 72 or even 71 pretty fast. medium-long term: We are seeing the big triangle playing out between 72 and 82/84. The high of the triangle got tested until mid of April and we have now tested the lows around 72.5. We are at the bear trend line and odds favor the bears if they stay below 86.27 for trading back down below 76 again. Update: If we break below 70.67, the triangle is dead and we need to find new support. Will update this again when it happens. current swing trade: None trade of the day: Mostly sideways during Globex and EU session. US session opened weak and when bulls could not get above 75.5 again, bears tried again and bulls just gave up. Had to be short since the bear bar breaking below 75 and the 1h 20ema.
NYMEX:MCL1!Short
by priceactiontds
EURCAD - Trading The Wedge...Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst. 📈 EURCAD has been overall bullish , trading inside the rising wedge pattern in orange. At present, EURCAD is undergoing a correction phase and it is hovering around the lower bound of the wedge. Moreover, it is retesting a massive demand zone marked in blue. 🏹 Thus, the highlighted blue circle is a strong area to look for buy setups as it is the intersection of the blue demand and lower orange trendline acting as a non-horizontal support. 📚 As per my trading style: As #EURCAD is hovering around the blue circle zone, I will be looking for bullish reversal setups (like a double bottom pattern, trendline break , and so on...) 📚 Always follow your trading plan regarding entry, risk management, and trade management. Good luck! All Strategies Are Good; If Managed Properly! ~Rich
by TheSignalyst