ETHEREUM Sideways action until proven otherwiseThe trading idea behind it is simple. Ethereum will not move anywhere until it breaks out of this range. Until then, there is no reason to trade. The coin is consolidating and patience is the key here.
Sideways
Review and plan for 16th October 2024 Nifty future and banknifty future analysis and intraday plan in kannada.
Positional trading ideas included.
This video is for information/education purpose only. you are 100% responsible for any actions you take by reading/viewing this post.
please consult your financial advisor before taking any action.
----Vinaykumar hiremath, CMT
USDCAD: Buy the Breakout for 1.3560-80USDCAD is on a breakout from a large sideways formation.The absence of resistance from the left side of the chart and Daily and 4H technical picture are supporting the continuation of the move higher with the area of 1.3560-80 to be the initial target.
Strategy:
BUY at current levels and add at a pullback towards 1.3505-10 area.
Stops below 1.3480
TP 1.3560 and 1.3580
MULTI TIME FRAME TECHNICAL PICTURE AND ANALYSIS
Daily chart
Reversal formation at important technical support with oversold RSI studies
4H Chart
Dollar could be trapped within huge consolidationMarket corrections are tricky and in this post you can see why.
Dollar index weekly chart shows signs of large sideways consolidation (aka flat correction, range) after a strong drop marked with the orange down arrow 1.
This consolidation passed halfway as we can see all first moves are completed.
The first major yellow counter-move is done; it will be connected with the last yellow upmove through two white and two red counter-moves.
Why corrections are tricky? Because they last longer than many think, usually longer than the preceding move. Currently, first legs took the same time as the whole first orange leg down, therefore it will take almost same amount of time furthermore.
After completion, the second orange leg down could resume to hit $93 (orange leg 1 = orange leg 2) or even lower to retest the valley of Y2021 at 89.6
BTCUSDT. Bitcoin is still in the gameHello traders and investors!
On the daily time frame, Bitcoin's price remains in a sideways movement near the lower boundary at 59,005. Despite three expansions below this boundary—on May 1 (56,552), July 5 (53,485), and August 5 (49,000)—only the May 1 expansion was significant, with the daily candle closing below the previous boundary of 59,005. The candles on July 7 and August 5 closed below 56,552 but failed to close below the wicks of the July 5 candle, which previously expanded the range. If the seller is aiming to push the price lower and has made two attempts on July 5 and August 6, we would expect to see a result with a solid close, not just a wick.
If we continue to think in terms of a sideways movement (which I believe we should), the current relevant vector is the buyer's 10-11. On August 8, a buyer's zone was formed (blue rectangle). The absorbed volume of the seller’s August 5 candle is impressive—the largest volume in a year.
Note that there are two levels formed by two tests: 62745 is the test of the seller's candle from August 2nd, which had increased volume, and 57642 is the test of the buyer's zone at the lower boundary of the range. Currently, the price is squeezed between these levels.
Let's analyze the lower time frames for potential trading ideas.
8H Timeframe Analysis
On the 8-hour time frame, a sideways range has also formed. The lower boundary is at 53,485, and the upper boundary is at 71,997. In the buyer's 5-6 vector, a buyer's zone has formed at the bottom (blue rectangle), and a seller's zone has formed at the top (red rectangle). Both zones have been tested. The buyer's zone was tested at 57,642, and the seller's zone at 60,711. Currently, the price is squeezed between these levels, with a potential target of 70,079 for the buyer's 5-6 vector. Let's study what’s happening in the buyer's vector on a lower time frame.
2H Timeframe Analysis
The price has formed a sideways range, with the lower boundary at 49,000 (daily level too) and the upper boundary at 62,745 (daily level too). The level of 57,642 from the 8-hour time frame is the potential target for the seller’s 6-7 vector, while 60,711 is the potential target for the buyer’s 7-8 vector.
Trading Ideas
Medium-term Buys : Can be considered from the idea of the buyer's 5-6 vector on the 8-hour time frame or the buyer's 10-11 vector on the daily time frame.
Short-term Buys : Can be considered from the idea of the buyer's 7-8 vector on the 2-hour time frame, defending levels at 57,642, 56,552, and 53,485.
Short-term Sells : Can be considered from the idea of the seller's 6-7 or 8-9 vector on the 2-hour time frame, defending levels at 60,711 and 62,745.
Good luck with your trading and investments!
HDFC sideways, For Institutional Exits?TrapZone is Red But Sideways. Price is going sideways now. Recent GREEM UMVD Pushing the price Up. Expect a cycle back down if we break the 4th Angle UP.
No need to waste Risk on this action!
TONUSDT. Looking for sales opportunityHi traders and investors!
It might be time to open short positions on TON.
Daily Timeframe Analysis
On the daily timeframe, the price has formed a sideways movement. The buyer's vector 4-5 has reached all its targets. Yesterday, the seller brought the price back into the range, and the daily candle closed below the upper boundary of the range at 7.675. Additionally, a seller's zone has formed at the upper boundary of the range (red rectangle on the chart). The lower boundary of the range is at 4.5983. The current seller's vector 5-6 has a potential target of 5.18. The nearest obstacles are 6.58 and 5.9777.
Hourly Timeframe Analysis
On the hourly timeframe, there is a downtrend. The last selling impulse started from the level of 7.5862. This level also serves as the seller's defense of the breakout from the range on the hourly timeframe (marked as RPL on the chart). Currently, the price has interacted with the 50% level of the last selling impulse (7.2243) but has not been able to overcome it so far.
Selling Strategy
It is reasonable to look for selling opportunities based on the idea of realizing the seller's vector 5-6 in the range on the daily timeframe. Possible levels to look for sales if defended by the seller include 7.5862 (hourly timeframe) and 7.675 (daily timeframe).
Alternatively, after a new selling impulse appears on the hourly timeframe, identify the seller's areas of interest and look for selling opportunities from the defense of these areas.
XAUUSD. There is a context for searching for salesHello traders and investors!
Daily Timeframe Analysis:
The daily TF is sideways movement. Buyer vector 6-7 achieved all goals, going beyond the upper border of the sideways movement at point 5 ($2450.125). The seller returned the price to the sideways movement, forming a seller zone with a lower border of $2420.08 at the upper boundary of the sideways (red rectangle on the chart). Seller vector 7-8 is relevant with potential targets $2286.83, $2277.345.
In the $2420 -$2450 zone, you can look for a pattern for selling an asset. Obstacles on the seller’s path – $2391.52 (minimum of the last buyer subvector in the sideways vector 6-7), $2349.485 (test of the buyer zone formed in vector 6-7)
Hourly Timeframe Analysis:
There is a short trend on the hourly timeframe. Beginning of the seller's last impulse at $2421.7.
4-hour Timeframe Analysis:
On the 4-hour timeframe, the seller broke through the bottom of the buyer's last impulse at $2419.84.
Thus, in the range of $2419 - $2422 there is a context for searching for sales on the daily, 4-hour and hourly timeframes.
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BTCUSDT. What would increase the likelihood of a new ATH?If the seller reaches the range of 54,000-55,000 (taking liquidity below 59000), and the buyer returns the price back into sideways movement (above 59,000), then the likelihood of seeing new buyer momentum with a new maximum significantly increase.
BNBUSDT. Trading opportunityOn the daily timeframe, the sideways movement that began in March continues. Yesterday, the seller pushed the price back below the upper boundary of the range at 645.2. The closing candle had a good spread and volume, confirming the seller's strength. The current seller's vector is 9-10, with a potential target at 508. The nearest obstacle for the seller is at 586.5. The price is close to 50% of the last buyer's impulse (608.8), from which a buyer's movement might start.
On the hourly timeframe, there is a short-term downtrend. The last seller's impulse started at 653.7, and a seller's zone has formed at the base of this impulse (indicated by the red rectangle on the chart). It is preferable to look for selling opportunities in this seller's zone (645-654). However, the price may not return to this zone.
Currently, selling opportunities can be sought if the seller defends the level of 645.2, as an idea to realize the seller's vector 9-10 within the daily timeframe range.
There is no context for buying at the moment.
BTC. Buying opportunitiesHi traders and investors!
The price followed the bearish scenario from the previous review and reached the anticipated target of 60200. It's time to update the possible scenarios.
Daily Timeframe Analysis
Let me remind you that on the daily timeframe, the price has been in a sideways range since February 2024. The buyer's vector 10-11 is currently relevant with a potential target of 72797. The buyer has not yet been able to reach this target. The seller formed a selling zone at the end of the incomplete buyer's vector 10-11 (red rectangle on the chart, lower boundary of the selling zone 66060.31) and pushed the price down to the lower boundary of the sideways range at 59005. Since the price is near the lower boundary of the sideways range, the priority is to look for buying opportunities. Let's look at the lower timeframes.
Hourly Timeframe Analysis
On the hourly timeframe, the buyer is currently trying to start a long trend. The price has overcome the beginning of the last seller's impulse (60548.46). This level is currently key. Protecting this level by the buyer and/or forming a new impulse will start a long trend, confirming the presence of the buyer. A move below 60548.46 and protection of this level by the seller will form a sideways range where intraday trades can be sought from one boundary to the other.
Buying opportunities
Buying opportunities can be sought from the idea of realizing the buyer's vector 10-11 in the sideways range on the daily timeframe:
the buyer protecting the level 60548.46 (aggressive strategy),
forming a new buyer's impulse on the hourly timeframe and the buyer protecting this impulse (semi-aggressive strategy),
after the buyer absorbs the daily candle of June 24, 2024 (conservative strategy).
The potential target is 72797.
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It uses Heikin Ashi candle bars in combination with real price on the hourly chart to smooth price fluctuations and identify early range-bound price action breakouts. Consecutive gray bars indicate a crash move into a sideways market. A breakout occurs when it goes from a sideways market to either either green or red bars indicating the opportunity to cash in on a trending short or long market opportunity. While primarily designed for intraday trading, it can also be utilized for swing trading. It's crucial to use strict trading discipline, gain basic knowledge of trading practices, and focus on risk management. This indicator was created to enhance your marketing strategy.
ETH. Buying opportunitiesHi traders and investors!
The seller's vector 9-10 reached its mandatory target in the sideways range on the daily TF from the previous review. It's time to update the possible scenarios.
Daily Timeframe Analysis
On the daily timeframe, the price has formed a sideways range that began in February 2024. The seller's vector 9-10 reached its mandatory target with a low of 3240, and now the buyer's vector 10-11 is relevant with a potential target of 3977. The first obstacle for the buyer is the high of the last seller's bar at 3435. The price has not yet interacted with this level. Since the price is at the lower boundary of the sideways range on the daily timeframe, it makes sense to start looking for buying opportunities. Let's look at the lower timeframe.
Hourly Timeframe Analysis
On the hourly timeframe, the price has formed a sideways range. The seller's vector 4-5 exited the boundary of the range, and then the buyer absorbed the attacking range boundary candle of the seller, forming a buyer's zone at the end of the seller's vector (blue rectangle on the chart). Currently, the buyer's vector 5-6 is relevant with a potential target of 3653. The price is at the lower boundary of the sideways range on the hourly timeframe, so it makes sense to start looking for buying opportunities.
Buying opportunities
Buying opportunities can be sought from the idea of realizing the buyer's vector 10-11 in the sideways range on the daily timeframe or from the idea of realizing the buyer's vector 5-6 in the sideways range on the hourly timeframe.
From the protection by the buyer of the lower boundary of the sideways range at 3362 on the hourly timeframe.
From the protection by the buyer of the level 3345, which is the test of the seller of the formed buyer's zone at the end of the seller's vector 4-5 on the hourly timeframe.
From the protection by the buyer of the level 3240, which is the test of the seller of the formed buyer's zone at the base of the buyer's vector 8-9 on the daily timeframe.
After the buyer absorbs the daily candle of June 24, 2024 on the daily timeframe (conservative strategy).
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BTCUSDT. Trading opportunityDaily Timeframe Analysis:
The price has been in a sideways movement on the daily timeframe since February 2024. The current buyer's vector 10-11 has a potential target of 72797, but the buyer has not yet reached this goal. The seller has formed a selling zone at the end of the unfinished buyer's vector 10-11 (red rectangle on the chart, lower boundary of the seller's zone at 66060.31).
Currently, the price is squeezed between two levels: 64602.77, which represents the buyer's defense of volume accumulation at the lower boundary of the daily range, and 67298.81, which represents the seller's defense of the selling zone.
Hourly Timeframe Analysis:
On the hourly timeframe, the price has formed a sideways movement. The current buyer's vector 9-10 has a potential target of 67298.81 (!). The upper boundary of the range is at 67370.24, and the lower boundary is at 65078.
Buying Strategy:
From the idea of realizing the current buyer's vector 9-10 within the hourly range, with a potential target of 67298.81.
From the idea of realizing the buyer's vector 10-11 within the daily range - when the price breaks above the upper boundary of the hourly range (67370.24) and the buyer defends this breakout. The potential target is 72797.
Selling Strategy:
From the idea of realizing the seller's vector 10-11 within the hourly range from the upper boundary of the range (67298.81, 67370.24). The potential target is currently unknown and will be formed after the realization of the buyer's vector 9-10.
From the idea of buyer weakness on the daily timeframe - when the price breaks below the lower boundary of the hourly range and the level 64060, and the seller defends this breakout. The potential target could be 60200.
XAUUSD. The seller is aiming for 2326 and belowOn the daily time frame, a sideways movement has been forming since April 9th. The buyer’s vector 4-5 reached a new high. The key candle of vector 4-5 was on May 20th and is located at the top (highest volume, "tKC" on the chart). The seller absorbed this candle, and now the seller’s vector 5-6 is developing. The first target is 2326.515.
On the hourly time frame, there is a short trend. The last seller’s impulse started from 2374.01. The price corrected to the 50% level of the last impulse (2364.498), and we see a strong seller’s continuation.
It makes sense to look for sell opportunities above 2390 if the price returns there or from the defense of the trend by the seller.
ETHBTC. Should we look for buying opportunities?On the weekly time frame (TF), there has been a sideways movement since May 2021. The seller's vector 11-12 interacted with the lower boundary of the range at 0.049081 several times. After the first interaction in January 2024, the buyer performed well with a single weekly candle (January 8th), forming a buyer's zone (blue rectangle on the chart). A similar situation is happening now, with the weekly candle on May 20th also showing a good spread and volume, creating another buyer's zone (blue rectangle on the chart, with the upper boundary at 0.05206). Since the seller's vector has reached all its targets within the range, the current buyer's vector is 12-13. The potential target is 0.085621 (~50%), and it seems reasonable to look for buying opportunities. However, the question remains whether the buyer's activity will develop further or if the price will update the local minimum again (0.04473).
It is reasonable to look for buying opportunities on the weekly time frame from the buyer's zone (upper edge – 0.05206), with the idea of realizing the buyer's vector 12-13. The first potential targets are 0.06117 and 0.06257, with an ambitious target of 0.085621.
Let's examine the lower time frames to determine where else it is reasonable to look for buying opportunities.
Daily Time Frame
On the daily time frame, there was a seller's trend. The last seller's impulse started from the level 0.05249 and ended at the level 0.04473. Then, there was a buyer's impulse, and now the price is above 0.05249, indicating that the seller's trend has stopped. The key candle of the buyer's impulse (the highest volume in the impulse, marked as "KC" on the chart) is at the end of the impulse.
Buying opportunities can be considered if the buyer defends the levels at 0.05332 (the key candle of the impulse) and 0.05249 (the price of the last seller's impulse started from), with the idea of initiating a long trend and breaking above 0.05744. It would be cool, during the seller's attack on the level 0.05249, the price moves into the buyer's zone on the weekly TF (0.05206 or below), and then the buyer brings the price back above 0.05249 and defends this level.
If the price falls below 0.05249 and the seller defends this level, it is likely that the price will move towards the local minimum (0.04473).
4-Hour Time Frame
The price has formed a sideways movement. The buyer's vector 6-7 has reached its targets. The current seller's vector 7-8 has a potential target of 0.05322 (see the 0.05322 level on the daily TF above). The lower boundary of the range is 0.0525, which coincides with the 0.05249 level on the daily TF.
It makes sense to look for buying opportunities on the 4-hour TF if the buyer defends the levels at 0.05322 or 0.0525, based on the idea of the buyer's vector 8-9 within the range.
Sales can also be considered from the seller's defense of the 0.05622 or 0.05744 levels, based on the idea of the realization of the 7-8 vector within the range.
The level defense patternI use the concept of a level being defended by either a buyer or a seller to find potential buying or selling opportunities. This is a specific pattern that can be identified on a chart. Let's consider one variant of this pattern. In this variant, the defense of a level by a buyer looks as follows: a buyer's candle closes above the level. Then, a seller's candle or candles interact with the level, followed by the appearance of a buyer's candle, which needs to be evaluated. If it meets the criteria, entry points can be identified.
Let's look at a concrete example. The pattern developed over 10 hours.
On the chart, blue-shaded areas represent 2-hour buyer's candles, and red-shaded areas represent 2-hour seller's candles. After the buyer pushed the price back above the 6.733 level, they attempted to resume from the 6.7571 level, the volume of the buyer's candle (632K) was less than that of the seller's candle (1.274M).
Then, the seller attacked the 6.733 level with increased volume (709K) but could not push the price below this level. Note where POC of the volume profile for the 2-hour seller's attack candle is: below 6.7571. The high of the attack candle is at 6.8166.
The next buyer's candle had increased volume (792K). Notice where the buyer's movement started in this candle: from the POC of the volume profile of the seller's attack candle.
Now entry points can be identified. In this example, the entry points are visible on the 1-minute time frame. The chart shows two entry points. Note how volumes are distributed at these points and the resulting buyer's zones (blue rectangles on the chart).
The first entry point is the defense of the breakout from the range by the buyer, which was formed in the previous 2-hour candle (RPL on the chart, 6.7784).
The second entry point is the defense of the high of the attacking 2-hour seller's candle by the buyer (6.8166 level).
Trading opportunity. What to buy?In the crypto market, the largest assets are currently experiencing similar situations.
On the charts, we can see that six assets have formed sideways trends. Prices for all six assets are currently at the bottom of these sideways trends. For four assets, the price temporarily dropped below the lower boundary of the sideways trend, where liquidity from sellers was collected, but then returned to the sideways trend. The prices of five assets, excluding BNB, are in zones where it makes sense to consider buying. The most interesting potential is with DOGE and AVAX.
One possible strategy to consider is buying four assets that you like the most.
BNBUSDT. Trading opportunityOn the daily timeframe, the price has formed a sideways movement and reached the mandatory target of the seller's vector 7-8. The next relevant buyer's vector 8-9 has a potential target of $634. The price is currently in the middle of the sideways range on the daily timeframe.
On the hourly timeframe, the price has also formed a sideways movement. The short seller's vector 11-12 broke below the lower boundary of the sideways range at $574 and collected sellers' liquidity. Pay attention to the key volume of the last vector 11-12: the candle with the highest volume in the vector is at the bottom (marked as 'KC' on the chart). Then the buyer absorbed this volume and returned the price to the sideways range, forming a new buyer zone at the boundary of the sideways range (the blue rectangle on the chart, upper boundary at $575.5). The key volume (largest) in the emerging buyer's vector is also at the bottom (the candle on the chart is marked as 'tKC'). This setup increases the probability of realizing the buyer's vector 12-13 with a potential target on the hourly timeframe of $600.
Idea: Look for purchases as the realization of the buyer's vector 12-13 on the hourly timeframe and the buyer's vector 8-9 on the daily timeframe. The target on the hourly timeframe is $600.
The preferred option is to look for purchases from the defense by the buyer of the buyer zone at the lower boundary of the sideways range.
TONUSDT. Trading opportunityOn the daily timeframe, the price formed a sideways movement and hit the mandatory target of the buyer's vector 4-5 (7.2755 was reached). Currently, the price is in a seller's context. The next relevant seller's vector 5-6 has a potential target of 5.18. Yesterday, the seller showed a weak reaction on the daily timeframe (spread, volume, and the tail of the bearish candle), and the tail of this candle tested the volume key candle (on the "rKC" chart) of the buyer's vector 4-5, from which a strong buyer reaction started on the hourly timeframe: 3 buyer candles with good spread from the level of 6.5615.
On the hourly timeframe, the price also formed a sideways movement. The bearish seller's vector 9-10 reached the mandatory target. The next relevant buyer's vector 10-11 has a potential target of 7.2232. A liquidity pool of sellers formed below points 4 and 10 of the sideways movement, at 6.5615.
A weak seller on the daily timeframe may overcome a strong buyer on the hourly timeframe. Sales may be considered:
Option 1: Implementation idea of the seller's vector 5-6 on the daily timeframe: if the price breaks the lower boundary of the sideways movement on the hourly timeframe (6.5615) and defends this breakout. An ambitious potential target is 5.18.
Option 2: Implementation idea of the seller's vector 11-12 on the hourly timeframe. After the implementation of the buyer's vector 10-11 and the defense by the seller of the level 7.2232. The potential target is the opposite boundary of the sideways movement.
Buy entries can also be sought from the implementation idea of the buyer's vector 10-11 on the hourly timeframe.
Option 1: The most interesting option. If the buyer gathers liquidity from the seller below 6.5615, returns the price to the sideways movement on the hourly timeframe, and defends the level 6.5615. Possible targets are 7.2232, 7.45, and 7.675.
Option 2: Upon the defense by the buyer of the level 6.8125, a buying opportunity can be sought. Possible targets are 7.2232, 7.45, and 7.675.
EURUSD could turn bearishWith last week behind us, week 22, hopefully next week will be a little more volatile.
Last week was quite unimpressive, to be honest, with only one day of actual volatility. Wednesday was a nice day for profitability and really one of my most profitable in some time.
There are signs from Thursday and Friday, that the Bulls are going to push for the next session to drive prices higher. However, when you look at the order book on the buy side and see where the bulls have set up their levels of support for the upcoming week, there is a clear sign of uncertainty within their movement and they are actually planning for a lower than expected region.
I suspect that next week's upcoming news events are going to play a major role in the decision making process they have done as they have moved their lowest support outside the their previous methodologies. With more than a 10 pip distance between a second and third level support, I think they are concerned that a good portion of next week is going to drive prices lower.
The Bears aren't going quietly either or sitting by idly. They have already established a rough 10% resistance level in the orderbook. though it is only one level, I suspect this is going to change as the news events unfold. Time will tell, but I expect this week to be just as profitable, if not more so than a previous weeks considering the expected volatility.
AUDUSD. Medium-term and short-term forecastHello traders and investors!
I'll share the forecast I made in mid-March.
On the weekly chart, there's a sideways movement, with a bullish vector 5-6 targeting 0.69205.
On the daily chart, we also see a sideways movement, with a bullish vector 7-8 targeting 0.66345, 0.66676.
I'm awaiting price interaction with the daily targets to update the forecast.
For a more detailed explanation of how to read charts and consider different timeframes when looking for trades, you can refer to the article
