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Rejection

BITCOIN UPDATEas expected, price rejected our round number 10.00 and resistance/supply zone in blue. then price found support around our lower red trendline forming a new swing around it, so our red trendline is now valid and we are waiting for an objective break below it to sell Bitcoin long-term. meanwhile, price is retesting our 10.00 level again so we will be looking for objective sell setups on lower timeframes. unless price breaks aggressively above our 10.0 and 11.0 levels (zone) then we will be looking for objective buy setups on lower timeframes on its retest.
BITSTAMP:BTCUSD
by TheSignalyst
2
CADCHF - Trading the rangeCADCHF is currently at the top of a sideways trend. We already had a good reaction by sellers, with a big candlestick showing a strong upper shadow right on the level of resistance. As usual, in ranging markets I prefer using oscillators instead of trending indicators. In this case, I use the MACD, that is a momentum indicator that here clearly shows how buyers are losing momentum. You can learn more about the MACD here: www.youtube.com Risk to reward ratio is almost 1:3, so good luck :)
Short
by FedericoSellitti
3
GBPJPY potential buy setup formingOn Daily: price is currently sitting around support 130.0 so we will be looking for objective buy setups on lower timeframes. Unless price breaks our support downward aggressively, then a movement till 125.0 would be expected and we will be looking for objective sell setups on 130.0 retest. On M30: price is currently trading inside our red channel (not objective yet). we are waiting for a third swing to form around our upper red trendline for it to be valid and then enter on its break upward. our entry would be above the last swing that forms around the red for extra confirmation (not the trendline break) we also have divergence forming on MACD adding more confluence to our buy setup.
Long
by TheSignalyst
EURUSD - Breakout of the up-channel?EUR/USD offers a great opportunity to trade a beautiful candle showing a rejection in the upper part of the up-channel. Short-term trend is up and it is well represented by the chart pattern that we are studying, but long term trend is not so clear, in my opinion. Fundamentals are against EUR, recently. The setup of the moving average also slighlty prefers short positions. With this risk to reward ratio, it is definitely worth a try. Also, you can consider to have a first take profit at the bottom of the channel, while a second take profit as shown in the analysis, trading the breakout.
Short
by FedericoSellitti
6
GBPCAD potential bullish movementGBPCAD potential bullish movement. we are waiting for a momentum candle close above 1.731 (in purple) to buy this one Reason: 1- Objective Ascending Triangle (in blue) 2- Divergence on MACD (in red) 3- Support zone from Daily Three confluences are enough to consider Buying GBPCAD, after a break below 1.731 (in purple) *meanwhile, this pair is overall bearish, and if price breaks below our lower blue trendline, then a long-term bearish movement would be expected
Long
by TheSignalyst
5
CADJPY with an outstanding risk to reward ratio!Bearish engulfing pattern on a downtrend line for CADJPY. Last week, JPY has been one of the weakest currencies, while CAD has been one of the strongest. In terms of market action, I normally would wait for a confirmation, since buyers have been very strong. The opportunity offered by the risk to reward ratio (up to 1:10!) that we can get, leads me to take this trade on the bearish engulfing pattern on the key-level, without waiting for a second confirmation. I'm planning to take part of the profits on each potential level of support highlighted by the pink rectangles. Good luck!
Short
by FedericoSellitti
EURJPY - Swing Trading sell ideaEURJPY had a very strong short-term up-movement, especially due to a very weak Japanese Yen in the past 2 days. In the long term, I still believe that the market is bearish: We have the chance to trade the rejection on a very good level of resistance. Although the first reaction is promising, we have a bearish engulfing pattern, the market is coming from a very strong up-movement, so I want to wait for a second confirmation. There's a candlestick (the one where the red horizontal line starts) that shows a first attempt by sellers to push the price down, but buyers proved to be strong enough and we had a so-called pin bar. This is a second attempt and we want to see sellers closing the session below the low formed by last attempt, so I place a stop entry order below it, below the red horizontal line. Stop loss above the resistance and take profit slightly above last important long-term swing low, where I will evaluate if it is better to take the profits or keep the trade for a breakout and a new lower low.
Short
by FedericoSellitti
1