Priceactiontrading
EURCHF: Update & Bearish Outlook 🇪🇺🇨🇭
This week we spotted a bearish breakout of a key level on EURCHF pair.
I was patiently waiting for a retest of the broken structure to look for shorting opportunities.
Today I finally spotted one.
The price formed a double top formation with a lower high on an hourly time frame.
Its neckline breakout confirms a coming bearish move.
Initial target - 1.01
❤️Please, support this idea with like and comment!❤️
CRUDE OIL (WTI) Time to Grow?!🛢
Hey traders,
As you know, WTI Crude Oil reached a strong trend line on a daily last week.
From that, I was looking for a confirmation to buy.
The trigger that I needed was a bullish breakout of a bullish flag pattern on 4H time frame.
Violation of its resistance signifies a highly probable bullish continuation.
Targets:
108.3
113.0
❤️Please, support this idea with like and comment!❤️
US30 Scalp IdeaUS30 is currently in a huge range on the higher timeframe but there are some quick scalp trading opportunities within this range. Overall price has been bullish but this past week we have had a pullback. If price fails to break and close above resistance, we can see some more bearish continuation. Waiting for the market open to bring in volume to push price either to the upside or downside. I will trade with the momentum for a quick scalp trade opportunity depending on which way price breaks.
PRICE ACTION TRADING | INVERTED HEAD & SHOULDERS PATTERN 🔰
Hey traders,
Inverted head and shoulders pattern is a classic reversal pattern.
It signifies the weakness of buyers in a bearish trend and a bullish accumulation.
⭐️The pattern has a very peculiar price action structure:
Trading in a bearish trend the price sets a lower low and retraces setting a lower high (left shoulder),
then the market goes lower setting a new low but instead of setting a new lower high, the price returns back to the level of a previous lower high setting an equal high (head).
After that bears start pushing again but with an amplifying bullish pressure, the market sets a higher low and returns back to equal highs setting a new one (right shoulder).
🔔Equal highs form a horizontal structure called a neckline.
Once the pattern is formed it is still not a trend reversal predictor though.
The trigger that is applied to confirm a trend reversal is a bullish breakout of a neckline of the pattern.
📈Then a long position can be opened.
For conservative trading, a retest entry is suggested.
Safest stop is lying at least below the right shoulder.
However, in case the heights of the right shoulder and head are almost equal it is highly recommendable to set a stop loss below the head level.
🎯For targets look for the closest strong structure resistances.
What pattern do you want to learn in the next post?
❤️Please, support this idea with like and comment!❤️
🐂EUR/JPYEUR/JPY has been bullish for some time, giving positives on a previous setup we shared.
Price broke out of a resistance and moved higher impulsively, the analysis to this setup is linked below.
On the 1H chart, price has now presented a continuation pattern in the form of a flag.
We should look to long when price touches the supporting trendline for the third time and changes structure
Price has also formed an invers Head & Shoulders, so we should look to buy.
OANDA:EURJPY
Price Action Trading Strategy Resistance level is at price 118.71. Bull candlestick closed above 118.71 price level. Resistance level is now support. Next, wait for a rejection candlestick or pin bar candlestick to retest support level at 118.71.
Enter a market execution order after the candlestick completely forms into a rejection candlestick or pin bar candlestick.
CRUDE OIL (WTI) Important Structure to Watch 🛢
Hey traders,
Crude oil is very close to a major rising trend line on a daily.
From that we will look for buying opportunities.
To buy with a confirmation watch a bullish flag pattern on 4H time frame.
Your trigger to buy will be its bullish breakout.
Then buy aggressively or on a retest.
Local targets will be: 108.0 / 114.3
If the price breaks a trend line to the downside,
the setup will be invalid and then the market may drop lower.
❤️Please, support this idea with like and comment!❤️
BTC closed under a Daily S/R - 48k Resistance / 47k SupportBTC has been pumping absolutely wild in the past few days but with no significant high timeframe retracements.
The interesting thing to note is how the price was pushed all the way down to under the Daily S/R at 47.1k
before finally bouncing back to the mid 47k area.
This push down into the Demand zone (A) which was created right above the all-important Weekly Open.
The current Supply zone (B) was created from the swing of the high at 48k yesterday. As the price came back down
it created a Daily Open for today at (C).
This mini range between 47k and 48k is quite interesting and since the Demand zone (A) has been tested
but the Supply Zone (B) has not, which tells me the key here is the breakout of either the (A) zone or (B) zone
You can draw a range on 47k to 48k if you wanna play that intraday for scalping. Personally, I'm waiting
for the breakout and 4hr or higher confirmation of gain of 48k or loss of 47k and the Weekly Open
Longs vs Shorts is 50/50 on the retail side so don't let your bullish or bearish bias get the better of you,
wait for a key level breakout.
I'm also interested in the forced push down of price to under the key S/R at 47.1k for an overtly bearish
looking at the Daily Open and flushed most of the longs out all the way to the Weekly Open.
EURCAD: Pullback From Key Level 🇪🇺🇨🇦
EURCAD is retesting strong daily structure support.
Analyzing the reaction of the price to that structure on intraday time frames
I spotted a bullish breakout of a falling wedge pattern.
Now I expect a pullback to 1.385 / 1.389 levels.
❤️Please, support this idea with like and comment!❤️
GBPCAD: Time to Buy?! 🇬🇧🇨🇦
Hey guys,
Update for GBPCAD.
As we earlier discussed the pair is trading on a key weekly level.
On 4H time frame, the price formed a double bottom formation
and broke a resistance line of a falling wedge pattern.
It looks like the market will go even higher.
Goals:
1.6767
1.69
❤️Please, support this idea with like and comment!❤️
EURUSD Sell Entry 2022-03-21Sell Entry. EURUSD had a strong push down, breaking a previous resistance. Changing the dynamic to be in a sell side. Right now a Evening star pattern printed in which I will enter right below with a 30 pip stop loss. We will wait and see how far this will go or possibly even reverse on us.
How to Stay One Step Ahead of the MarketHey Guys!
As traders, we always want the sense of being one step ahead of the market. In other words, what's happening with current price should not be of consequence to your trading. It's just another bit of information that's
added into your analysis of what will happen next. Now the polar opposite of this situation is chasing the market. Where a trader is reacting to what price is doing currently. After years of trading, one thing I can state with confidence, is that if you're chasing the market and reacting to current price, you won't make it in trading in the long-term. I mean, you may get lucky from time to time, but ultimately you're luck will run out. So the question becomes how does a trader stay one step ahead of the market? At the basic level, if a trader can stop focusing on price "direction", and instead begin focusing how price travels from point A to B, they have a shot at being one step ahead of the market. Let me explain.
As you guys know, on the Eur/Jpy pair during the month of February 2022, I was consistently taking short trades as price pulled back to the 132.80 levels. Now this is even if price at the moment of entry was moving up. ( I wasn't focusing on price direction) Instead, I was focusing on "how" price moved from point A(on the chart) to point B.(on the chart) Initially, there was 1 minute strong long strength sparking the explosive move up however, there was even stronger 1h strong short strength confirmed on the lower time frames in the beginning of the 1st range. At this point I was already viewing this pair to be short biased,(I was one step ahead of the market) and even if price continued up, as long as there was no confirmation of further long strength I will continue entering short positions. I was able to confidently take multiple short entries because "how" price was moving from point A to point B was not indicative of a long market. Or like I always say, " The lower time frame's price action wasn't complimenting the higher time frames move up." Then finally, there was further 5 minute confirmation of strong short strength and price began its descent. However, if a trader at this point was basing their trades on "current price direction", they're likely to take long positions on this pullback for a possible next move up. A devasting outcome as you can see.
So if you always find yourself on the wrong side of the market, firstly, stop putting value onto current price direction. It is just a result of previous price action. Begin asking yourself, "What is the context of the current price direction".
Or even better, learn how to read price to know how price traveled from point A to point B and begin staying one step ahead market. For if you a can do this, perhaps you will have a shot at staying in this game for the long haul.
I'm sure you guys have questions! Don't hesitate to ask! I'll gladly help!
Have a great day guys!
Ken
GBPCAD: Key Weekly Structure Ahead 🇬🇧🇨🇦
Hey traders,
GBPCAD is very close to 2 years' low.
With a high probability, we will see a pullback from that structure.
To catch it with a confirmation watch a falling parallel channel on 4H time frame.
Let the price reach the underlined potential reversal zone first
and then wait for a 4H candle close above its resistance.
Then a bullish continuation will be expected to 1.6775 / 1.6915
In case of a bearish breakout of the underlined weekly structure,
the market will drop lower most likely.
❤️Please, support this idea with like and comment!❤️
GBPNZD: Classic Trend-Following Setup Explained 🇬🇧🇳🇿
Hey traders,
From the beginning of February, GBPNZD is trading in a bearish trend on a daily
The pair recently broke a strong horizontal key level, now we see its retest.
On a 4H time frame, the price formed a double top formation.
1.924 - 1.926 is its neckline.
We need a 4H candle close below the neckline to confirm a coming bearish move.
Initial target will be 1.906
If the price sets a new higher high on 4H the setup will be invalid.
❤️Please, support this idea with like and comment!❤️
AUDCAD SHORT As we can see with the pair, price has been moving in a bullish direction for several day. The current price behaviour seems to suggest that we might be in for a short term
bearish correction. Price is showing signs of exhaustion shown by a potential break of market structure which further suggestion a change from a bull to a bear market in the
short term. By looking at the Daily chart we can see a double top pattern formation and when we drop down H4 chart, this pattern becomes much more clearer. We can also
see a long bearish pin bar pattern which formed around the high of the current month. With that be said, we will be waiting for price to breakout and close below our key level
as confirmation of the trade setup .Once this breakout occurs we will than wait for the retest of this key level before looking for any entries. Our target area is located around
the low of the previous month of Feb. The potential risk reward for this particular trade currently stands at around 5.33 to 1. We plan to hold this until target is reach or until
price behaviour suggest otherwise and close the trade manually as per our trading plan.