Priceactiontrading
GBPAUD: Bearish Breakout & Bearish Continuation 🇬🇧🇦🇺
I spotted 2 breakouts on GBPAUD on a daily time frame:
first, the price broke and closed below a rising trend line and violated a horizontal key level then.
The underlined blue area on a chart is a potential reversal zone.
I will expect a bearish move from that.
Goals: 1.7414 / 1.7266
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DOLLAR INDEX (DXY) Finally Overbought? 💵
Dollar Index retests the recently broken major trend line on a daily.
Retesting that, the market formed a double top pattern on 1H.
I believe that now we may expect a correctional movement.
Goals:
112.0
111.2
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GBPUSD: Detailed Technical Outlook 🇬🇧🇺🇸
Here is my technical top-down outlook for GBPUSD.
The pair has recently broken a major falling trend line and a solid horizontal supply area.
The broken structures turned into supports now.
The closest resistance that I see is 1.168 - 1.174 area.
Analyzing the intraday perspective, I spotted a falling wedge pattern on 4H time frame.
I believe that the next bullish move may initiate after its bullish breakout.
Monitor the underlined green supports for buying opportunities and look for a confirmation on lower time frames.
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End of Day Trading using Price Action Daily ChartsHey Traders here is a quick video that explains how to use End of Day Trading in your trading strategy. Learning to trade without emotions getting involved during the trade is important for developing discipline. I think that learning to trade when the market is closed is one of the best ways to achieve this. Also using japanese candlesticks with support and resistance, trends can very important. In order to find the best entry on the chart I think it is best to wait until the market has closed. That way you can see clearly the market psychology for the day. Taking the loss too soon or taking profit too soon are all mistakes that I think can be avoided by also using End of Day trading.
Enjoy!
Trade Well
Clifford
USDCAD: Can We Go Higher?! 🇺🇸🇨🇦
Update for USDCAD.
Earlier, we have nicely predicted a pullback from the underlined green zone.
Analysing a 4H time frame today, I spotted a bullish breakout of a wide supply zone.
It may trigger a further bullish continuation.
Goals: 1.3728 / 1.3816
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US30 Short Lived Long > Big Sell OffRed Zone = Market Participant
Long Term: Will be looking for transicional switch in the 1, 3, and 5 minute at blue top zone for a short opportunity.
Short Term: Will be looking for a buy after the pull back in top purple zone with a 1, 3, and 5 minute transicional switch / follow through.
Analysis Time Frame: 4 Hour
Sniper Entries
Short Term: Wait for the buy/long around 31,600 area for a move of around 1,000 points.
Long Term: Wait for the sale/short around 32,700 area for a a move of around 4,000 points.
AUDNZD: Classic Trend Following 🇦🇺🇳🇿
Update for AUDNZD pair.
After a strong bearish impulse, the price was consolidating for some time within a horizontal trading range.
This morning, its support is finally broken.
I suppose that the price will drop soon to 1.1 level.
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Big Move incoming on USDJPY Huge volume spike on levels not seen for since May 2022
Could this pair be loosing steam and a potential move to the downside lurking??
Price in an ascending channel
RSI exaggerated divergence
snapshot
The recent price action was very similar to the BOJ intervention 22/09/2022,
Using factual theory's we could see price bounce from this area but unable to capture new highs creating a Quasimodo pattern - if true then the entry will be on the break of 146s.
The downward factual pattern was taken from 14/07/2022-02/08/2022
USDCHF: 2 Scenarios Explained 🇺🇸🇨🇭
Update for USDCHF.
The price is currently approaching a key daily structure resistance.
Depending on the reaction of the price to that, I see 2 potential scenarios:
If the price breaks and closes above the underlined blue zone on a daily,
a bullish continuation will be expected to 1.02
Analyzing intraday time frames, I spotted a triple top formation on 1H time frame.
1.0036 - 1.004 is its neckline. If the price breaks and closes below that, I will short the pair.
Targets will be 0.9985 / 0.9935
Wait for a breakout, then follow the market.
What do you expect?
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EURCHF: Bullish Continuation 🇪🇺🇨🇭
I am not a big fan of a cup and handle pattern,
but here on EURCHF, we have its perfect example.
The price has already broken the neckline of the pattern.
I believe that the pair will reach 0.9855 resistance soon.
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CHFJPY Buy/Long1: Trendline Breakout
2: Symmetrical Triangle Pattern Breakout
When looking at the larger time frames, we can see that CHFJPY is bullish . We have also seen the market pull back which signalled a chance to enter in the direction of the bigger picture trend.
We have listed 2 reasons as to why we will be looking to buy the pair. The trendline breakout on the daily chart signals shows the pair might have gained interest of buyers. The symmetrical triangle
pattern breakout further adds to our narrative of a continuation to the upside.
GBPUSD: Time to Sell?! 🇬🇧🇺🇸
GBPUSD finally reached a major falling trend line on a daily.
The price formed a double top on that on 4H and broke its neckline then.
I expect a bearish move to 1.116
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CADCHF: Bearish Setup Explained 🇨🇦🇨🇭
CADCHF reached a falling trend line on a daily last week.
Approaching that, the price formed a head and shoulders pattern on 1H time frame.
Its neckline was broken on Friday.
I believe that the pair will keep falling.
Goal for sellers - intraday rising trend line.
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EURGBP: Trading Plan For Today 🇪🇺🇬🇧
EURGBP is approaching a key daily structure support.
To catch a pullback from that, watch an inverted head & shoulders pattern on 1H time frame.
0.865 - 0.867 is its neckline.
Wait for a bullish breakout of that (1H candle close above), then buy aggressively or on a retest.
Goals will be 0.872 / 0.8755
If the price sets a new lower low, the setup will be invalid.
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If It Looks and Acts like a Chicken, It's Probably a ChickenA foundational concept in "pure" price action trading that underlies all trading decisions is that price will never "exactly" repeat itself. What I mean by exactly is that
current and future price will never be 100% identical to past price. At first glance it may seem the same, but when boiled down to the lower time frames, you'll notice
that current price is ever so slightly, different from past price. This makes more sense from a philisophical point of view.
If the markets are a living breathing entity just like you and I, it makes sense that past price will never repeat itself to the perfect degree. Similiar to the way you
and I, as humans, will never be identical in terms of actions, thoughts and biological makeup when compared to past versions of ourselves. Now, if the price action
trader views the markets in this way, it can make a non-price action trader confused as to how a price action trader can profit from a chaotic entity such as the
market. Afterall, a price action trader solely uses price to analyze the future direction of price. Let me explain to you how.
We all know the phrase, "If it looks and acts like a Chicken, it's probably a Chicken". Meaning that if the characteristics of a chicken are there, well.... it's probably
a chicken. Infering that 100% confirmation that a chicken is in fact, a chicken, is not nessecary for a chicken to qualify as a chicken. It's the same in price action
trading. If your price analysis dictates that price will go up, even though there are some pieces of the puzzle missing in your analysis, your analysis qualifies as
legitimate analysis. Now don't get me wrong. Just because your analysis qualifies as legitimate analysis doesn't mean price will follow in suit. That's an entirely
different subject. The point I'm trying to get across in this post is simple.
Price Action analysis cannot be so rigorous that you must wait for a 100% replication of past price. Simply for the reason that past price will "never" identically
repeat itself. This pitfall of waiting for perfect replications of past price leads to the trader becoming overly conservative. Causing you to miss out on trades
that had sufficient analysis, but was missed out on due to the "misunderstanding" that past price repeats itself. So the next time your analysis states that price
should go up; don't let the inevitable nature of markets to never repeat itself stop you from entering that trade. Remember! If it looks and acts like a chicken,
it's probably a chicken.
I hope this helps!
Have a great day!
Ken
NIFTY 50, SHORT TERM PRICE ACTION!!"movement of prices, falling some strategy or a pattern(formed by psychology of buyers and sellers), makes up the price action"!!
i had previously brought up the trend of market, and market is yet respecting towards.
as previously said: INDIA is not in a recession. therefore nifty 50 is most unlikely to go below the support of 16700.
trend line is drawn, and check out the fibonnaci drawn from past two trading weeks, market has been respecting its levels very well.
its acting like a good support and resistance.
more updates will come on the same topic, stay connected!!!
Dow Jones Industrial not looking goodDJI = Dow Jones Industrial is not looking good.
200MA, 200EMA (which has worked as support before) and key level ~29 700 was tested and turned to resistance like it is seen on the graph.
Next target ~26 800 and if that gets broken ~23 000.
IF history repeats itself, then we might go test the 18 200 levels which happened last time 200MA turned to resistance ( 2008 )
This analysis is invalid if we break ~29 700-30 000 and get on top of the EMAs
When Fed pivots and start to print money again the markets will turn, and the markets are probably going to sniff that before it actually happens. I think it's sooner than we expect.
-Jebu
NZDUSD: Waiting For Breakout 🇳🇿🇺🇸
NZDUSD is trading in a bearish trend.
After a strong bearish move, the pair is consolidating for 2 weeks in a horizontal trading range.
I am patiently waiting for its 0.5565 - 0.56 support breakout to short.
We need a daily candle close below that to confirm the breakout.
Next target will be 0.548
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