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📝 $USDJPY: Watch Potential Breakout and Bounce From Trendline👋 Full-time trader here. Posting out here free Forex analyses for you. Welcome to like, follow, & share. Thanks for your continued support. 👍 Scenario 1: Bullish Breakout Trendline-bounce plays can be dangerous if you're new to trading. It's always good to wait for confirmation. In this case, an ideal scenario would be to bounce off the TL's third touch (now) and break into resistance for a confirmed breakout. If bulls come in here, they'll reclaim the resistance as support and continue higher. That's the ideal move. A safe trader would buy on break of resistance ONLY AFTER resistance becomes support. Here's a visual: Scenario 2: Bearish Rejection Many traders will like to think that this was a bearish rejection on the 4th touch of TL and they hopped in to short it. But wait. Not so fast - that can be a bearish fakeout. Need to be careful here and wait for proper confirmation, which would look something like this: First, the blue trend gets broken. Next, the resistance holds up well for a violent breakdown. You can start shorting on a lower high after that. You can play both sides, as long as you wait for confirmation. Waiting for confirmation is difficult in a fast-paced trading environment. You want to jump on a trade, make some pips right away, and log off. It doesn't work like that. Patience pays off. Wait for confirmation and take safer trades. Always check the shorter timeframe for the best entry and for trend confirmation! If you see the wick of the last candle, it bounced PERFECTLY on the high wick from before. Also, what's great is that it confirmed a fakeout under the trendline on a strong, bullish, high-volume candle. As I always tell my followers, go LIGHT on your trades. Baby gains add up! When you refine your strategy or hit 100 green trades, start making heavier trades. Follow for more free insights. Posting a few times daily!
Long
by kingdips
#USDCAD another selling opportunityIf you remember we already took one successful short trade from the previous red arrow and although we were expecting price to move further down and create new low for higher timeframe this didn't happen. As a result price went up and giving us another selling opportunity. As you can see in the picture price is at important static resistance area and just below 4H and 1H EMA which both acting as resistance. But the thing that we should be consider before taking position from the area that price currently is sitting on is the possibility that if price wants to come and take liquidity from the local top that formed earlier and since there is a lot of stop losses could be a good target for price to reach and take out liquidity. So if you want to take position from this area keep in mind the possibility of price moving higher to take out loquidity.
Short
by mohemati
#EURAUD bearish continuation very well and clean bearish market structure in 4H time frame, price forming lower lows and lower highs and right now price seems like to forming another LH. Price currently testing short term bullish corrective upper channel line which act as a resistance for the price. moreover, price is at static resistance area which add to our bearish confluences. Should be noted that price is below 4H EMA and 4H bearish trendline as you can see in the picture. Also in 1H time frame price formed bearish hammer candlestick formation.
Short
by mohemati
BITCOIN brief correction to the downside❌🧨Hello 🐋 based on the chart, the price is close to the resistance area and channel resistance ✔️📚 so first range candlesticks to the upside and downside before any other sharp movement is logical 📖 and more correction to the downside, at least close to 24k is our main target ❌🧨 👌 Notice: pay attention to the price on shortcut chart (located above the main chart with black colour) 📖💡 Please, feel free to share your point of view, write it in the comments below, thanks 🐋
by MadWhale
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