SUPPORT AND RESISTANCE INDICATORIn this video Ill be using 3 indicators RSI , STOCH and Support and resistance
Stocchastics
USDJPY Swing High| Local S/R| Price Action| Trend Evening Traders,
Todays analysis – USDJPY- trading at a key high where a rejection is probable,
Points to consider,
- Price Action Impulsive
- Local S/R Support
(.618 Fibonacci Confluence)
- Daily S/R Resistance
USDJPY’s immediate Price Action is impulsive towards a swing high and a Daily S/R, this increases the probability of a rejection.
The current objective is the .618 Fibonacci that is in confluence with the Local S/R Zone, a bounce here is probable.
overall, in my opinion, USDJPY is a valid short with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps
Thank you for following my work
And remember,
“If you don’t respect risk, eventually they’ll carry you out.” – Larry Hite
UFTUSD Daily S/R| Dynamic S/R| Swing High| Price Action Evening Traders,
Today’s analysis – UFTUSD – trading above its Daily S/R where holding this level will be quite bullish,
Points to consider,
- Price Action Impulsive
- Daily S/R Support
- Swing High objective
- Oscillators Neutral
UFTUSD’s immediate price action is finding support above its Daily S/.R, confirming a bullish retest will allow for a long bias.
The current objective is the swing high, exceeding this level will greatly increase the probability of a trend continuation.
Both oscillators are trading in the bullish control zones, remaining in these regions is indicative of strength.
Overall, in my opinion, UFTBUSD is a valid long with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps
Thank you for following my work
And remember,
Don’t worry about what the markets are going to do, worry about what you are going to do in response to the markets.
Michael Carr
ETH Approaching a NEW All-Time HighPoints to consider
ETHUSDT on the daily is looking quite bullish with a clear objective of taking out the Local Daily S/R. Exceeding this level will increase the probability of testing the Weekly S/R. Being a highly critical level, an influx in volume must be present as this will indicate a true break backed with momentum.
The lead up is considered quite bullish with consecutive S/R Flips followed by a strong bullish volatility expansion. A bullish order block is evident that has supported price with a strong buy-back. This has allowed price action to maintain a bullish market structure leading up to an all-time high break.
The initial attempt of breaking the Weekly S/R resistance failed with an impulsive sell. A solidified grind backed with increasing volume will greatly surge the probability of entering price discovery. At the time, it will be important to monitor the volume profile. An influx in volume must be above average for a true breakout.
NWCUSDT Daily S/R| Volume Profile| .618 Fibonacci| Price Action Evening Traders,
Today’s analysis – NWCUSDT- Trading above Daily S/R with the .618 Fibonacci in confluence,
Points to consider,
- Price Action Impulsive
- Daily S/R Support
(.618 Fibonacci Confluence)
- Long Liquidity Tapped
(POC S/R Support)
- Oscillators Dynamic S/R
(RSI & Stochastics)
- Declining Volume
- Swing High Objective
NWCUSDT’s immediate Price Action is impulsive, acceptance above the Daily S/R allows for a bullish bias as this level has technical confluence with the .618 Fibonacci.
Price Action has also tested untapped long liquidity with the POC S/R coming in as support; this is a strong indication of Demand being present at Lower Levels.
The Volume Profile is currently declining; this is an indication of an influx being imminent, especially when testing key trade locations. An influx will lead to a volatility expansion in Price Action.
Oscillators, the RSI and Stochastics have respective Dynamic S/R’s that have topped major lows in the prevailing trend. Holding above and re-entering respective Bullish Control Zone’s will be indicative of strength,
Swing High is the immediate objective, taking this level out will maintain the Bullish Market Structure as the current Higher Lows are still intact.
Overall, in my opinion, NWCUSDT is a valid Swing Long with defined risk; Price Action is to be used upon discretion/ management.
Hope this analysis helps!
Thank you for following my work
And remember,
“It is always the best discretion to let the market show us where it is going and just simply follow (this would be prudent), rather than predict where the market is going and place a position (this would be gambling).” -Anne-Marie Baiynd’
XLMUSDT Weekly S/R|Dynamic S/R|Stoch Buy Cross|Declining VolumeEvening Traders,
Today’s Analysis – XLMUSDT- trading under key Weekly S/R, this is a pivot on the weekly time frame,
Points to consider,
- Price Action Pivot
- Weekly S/R Resistance
- Dynamic S/R Support
- Stochastic Buy Cross
- Declining Volume
XLMUSDT’s immediate price action is at a pivot point, how price action forms here will help with our directional bias.
The Weekly S/R is current resistance, breaching this level will show strength in the immediate with swing high being the gradual target.
Dynamic S/R has been flipped as support with a confirmed retest; this is an early sign of momentum picking up.
The stochastics has a valid buy cross; resting on support gives it a greater probability of shifting up.
The volume profile is currently below average, an influx is highly probable when testing key trade locations such as the Weekly S/R.
Overall, in my opinion, XLMUSDT is a valid long ONLY above Weekly S/R; price action is to be used upon discretion/ management of trade.
Hope this analysis helps,
Thank you for following my work!
And remember,
“Stocks are bought not in fear but in hope. They are typically sold out of fear.” – Justin Mamis
EURJPY Rising Wedge|Local S/R|.618 Fibonacci|Bearish DivergenceEvening Traders,
Second Analysis – EURJPY – trading in a rising wedge formation where a breakdown is probable.
Points to consider,
- Price Action Bearish
- Local S/R Resistance (.618 Fibonacci Confluence)
- 200 MA immediate support
- Oscillators Divergence
- Volume Declining
EURJPY’s immediate price action is bearish, trading in a rising wedge; this allows us to have a bearish bias on the market.
Local S/R is current resistance which is in confluence with the .618 Fibonacci; price action is likely to respect this level upon first test.
The 200 MA is immediate support, breaking this bearish will make the next trade location the 200 EMA which is in confluence with the .382 Fibonacci.
Both oscillators have a valid bearish divergence, this is indicative of momentum shifting in the immediate term.
Overall, in my opinion, EURJPY is a valid short with defined risk; price action is to be used upon discretion/ management of trade.
Hope this analysis helps
Thank you for following my work!
And remember,
“Win, loss whatever emerges in the short-term, place and manage your next trades untouched, unattached... always keeping your eyes on the long-term picture.”
― Yvan Byeajee
XRPUSDT Bearish Retest|Resistance Confluence|Watch Price Action Evening Traders,
Today’s Technical Analysis – XRPUSDT- respecting its range median, a bearish retest will allow for a short entry.
Points to consider,
- Trend bearish (consecutive lower highs)
- Bearish retest (trade entry)
- Range median (local support)
- RSI and stochastics below 50
- Volume below average
XRPUSDT is in a defined lower high projection, currently trading in a range with strong resistance from multiple moving averages.
A valid bearish retest at structural resistance will allow for a short entry with defined risk. The range median is local support (immediate target), watching how price action forms at this level will help with the directional bias.
The RSI and stochastics are below 50, momentum is shifted down as oscillators show weakness, however breaking structural resistance will negate this.
Volume is below average, influx likely at structural levels. For a bullish bias, XRPUSDT needs to breach structural resistance with increasing volume.
Overall, in my opinion, a short trade will be valid upon another bearish retest, this allows for defined risk. The trade will be invalidated with candle closes above structural resistance.
Price action will be key as any weakness is to be sold into.
What are your thoughts?
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And remember,
“You’re going to learn a million things, then you need to forget them all and focus on one.” -SunriseTrader
