Priceactionstrategy
Price Action Lesson: The Basics of How to Read Price Part 2Hey Guys!
As you guys know the current NZD/USD daily bias is short. Or in other words, price is likely to reach 0.6591 before reaching 0.6731.
So on my last post, I mentioned I took a short entry at 0.6722 with a stop loss at 0.6591 with its main target at 0.6591 for the time being.
In this Price action lesson, I just wanted to briefly explain how I read price in order to take the short entry yesterday. Moreover, why I was able to
take the short position "comfortably" even though price pulled back to 3 pips to the stop loss level.
That's it!
Have a great day guys!
Ken
Disclaimer: This is not Personal Financial Advice.
Price Action Lesson: The Basics of How to Read PriceHey Guys!
Just wanted to put up a quick Price Action Lesson on How to Read Price.
I demonstrate this foundational element of reading price with a current eurjpy short trade I'm currently in.
The Key point of the lesson is simply: Directional movement of price is irrelevant when it comes to reading price. What's important is "How Price Gets from Point A to Point B".
So even if price moves up, if there is no signs of strength in the same direction, that move up will be unsustainable.
Moreover, this foundational way of looking at price movement is what allows a trader to always be one step ahead of the market and thus not chase the market.
Ok! I hope this helps guys!
Have a great day!
Ken
Disclaimer: This is not Personal Financial Advice.
1-Hour Order Block Madness On GBP/USD. 2 Order Blocks Hit TargetHappy Wednesday!
Today we are looking at 2 order blocks that played out yesterday.
OB 1) – Yes, I know it sounds like star wars haha!
We can see that the order block zone ( Highlighted in yellow ) was an area of interest and used for liquidity as our entry perfectly sniped.
I always like to place my pending order at the 50% halfway mark in the order block zone.
Price came up and indeed pierced into this zone before pushing down again.
The target was the previous support below which coincidentally gave way for our second OB.
This gave us an RR of 1 / 4
OB 2)
Highlighted in yellow – Gave us a RR of 1 /4
You can see how these order blocks were like ping pong. It bounced from the second one below into the first one, back down into the second one, sniping the second long entry and going back up to the second target.
*NB, these do not always play out like this. It’s about finding price structure that has been broken correctly and trying to attain if the area of interest is at a place where the price needs to come back to push the price further in the opposite direction.
Market makers take advantage of every retail trader like you and me all the time. When we learn how to follow the money, we can start to see these patterns form. They don’t work all the time, but when they do, it can be a great strategy to adopt and use ( only once you’ve backtested it to see what works best for you.
Have a great day.
See you in the next one.
EURNZD: Great Trend-Following Trading Setup 🇪🇺🇳🇿
EURNZD is retesting a major zone of demand.
Our confirmation to buy will be a bullish breakout of a falling wedge pattern on 1H time frame.
Then buy aggressively or on a retest with the initial target - 1.735.
Stop will lie below the lows of the wedge.
In case of a bearish breakout of a blue zone, the setup will be invalid.
❤️Please, support this idea with like and comment!❤️
Penny Stock Ideas: Can It Has Potential To Double Your MoneyPenny Stock Ideas: Eastern Silk Industries
Cmp is 10.50 and has resistance exactly at 20.
It has formed multiple patterns like double bottom, rounding bottom pattern and given a multi Year Breakout in monthly time frame.
In case it manages to break and sustain above 20, then I am expecting it to generate multibagger return
EURAUD: Top-Down Analysis | Important Breakout 🇪🇺🇦🇺
🔻EURAUD is coiling around a broken rising trend line on a daily.
After the last test of that last week, bears break a rising wedge pattern on 4H time frame.
I believe it will trigger a bearish move to 1.57 / 1.56 levels.
❤️Please, support this idea with like and comment!❤️
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GBPAUD: Update. Important Breakout🇬🇧🇦🇺
After a minor pullback from a resistance of the horizontal trading range,
GBPAUD finally broke and closed above its resistance.
Now I believe that the pair will keep growing at least to 1.915 the next key level.
Wait for an occasional retest of a blue area to buy the pair.
❤️Please, support this idea with like and comment!❤️
GBPCAD: Trend-Following Trading Plan 🇬🇧🇨🇦
On today's live stream we discussed GBPCAD pair.
The pair has recently violated key daily structure support to the downside.
Retesting that the price started to coil within a narrow horizontal trading range on 4H.
To catch a bearish move, wait for a 4H candle close below the support of the range.
Then sell aggressively or on a retest.
Initial goal will be 1.6865
In case of a bullish breakout of the resistance of the range, the setup will be invalid.
❤️Please, support this idea with like and comment!❤️
LTC/USDT is finally in UP TREND !!! On the LTC/USDT chart, I see a red important area of daily support and also a green area that shows daily resistance.
We also see the broken trend line H4 and now the broken trend line from chart D1.
In addition, the green trend line from the H1 graph shows us that the current trend is UP TREND, so it is advisable to switch to lower time frames and look for a suitable entry into the position.
We will only enter the position if all the conditions of our Price Action strategy are met.
Thank you for your attention. Alex_UCT
Ethereum breaks Weekly Pivot Point. Can we long it?The ETH / USDT price stopped rising at the important Pivot Point Weekly level.
The level has been broken and now is being tested. If resistance becomes support, then we have a free path to the daily trend line and possibly further to a fair price (Point Of Control).
Entering the trade is needed to confirm all the factors of our Price Action Strategy.
Happy trading, Alex_UCT
ETH/USDT finally in UP TREND now.I found today's setup on the ETH / USDT pair, where an uptrend has finally formed and therefore we have a chance to look for a suitable place to enter the Long position.
The current price is under Point Of Control, which is the current fair price, so we have another reason why the price could go up.
We are always looking for a suitable place to enter on a lower time frame and we enter based on the conditions of our Price Action Trading Strategy.
Have a nice day and Happy trading, Alex_UCT
CADJPY Short TradeLooking at the 4 hour chart, I see CADJPY retesting the broken trendline as well as it touching a daily supply level. Taking a short here could give us a higher probability of getting in a winning trade as it is in an area where the pair has been rejected strongly for multiple times. However, if it breaks above then that will invalidate this trade. We shall see this week! Good luck to everyone!
BAND/USDT goes up to the Point Of Control!The price of the BAND is reflected from the current trend line and goes up to the POC level, which acts as a magnet and also serves as a very reliable Support/Resistance, it is a fair price, it is a place where the market likes to return.
We will switch to a lower time frame and look for a suitable place to enter. Entry into the position must be based on the conditions of our strategy.
Happy trading, Alex_UCT
LTCUSDT : Trading inside current triangle. Our today's Academy setup is found on the LTC / USDT pair.
On the time frame H1 we see a nice triangle and also the current trend line inside the triangle.
If this line is broken, the price will test the bottom line of the triangle.
Otherwise, when the price respects the trend line, we can go in the direction of Long.
However, we determine this on the chart in the lower time frame, ideally M15. More information will be shared with our students and followers.
Thank you for your attention and have a nice day and Happy trading.
@Alex_UCT
Adani Port Special - ADANIPORTS(NSE) | Symmetric TriangleAdani Port Special - ADANIPORTS(NSE) has been forming a Symmetric Triangle since June 2021, when viewed in a 3hr time-frame. Since, 720 (dashed red line) has been acting as a good support zone and the stock has already bounced back from there, a rally can happen till 794(dashed green line) if a long candle cuts the triangle upwards. Please see the 1hr chart below, for a detailed view:
FOREX: NZDCHF - M pattern and our Limit OrderWe are waiting for a confluence of two factors where the S/R zone breaks around the location of the current trend line.
Our limit order is set at 0.62499
This whole idea is supported by the M pattern, where there is a price return to the Neck line.
M pattenr is seen in a higher time frame (W1), which gives us an even greater probability of success.
Happy trading, Alex_UCT