USDCAD After breaking the downtrend, USDCAD is in an upward trend. I am waiting for a price correction to take a buy deal. Good luck to everyone.
Supplylevel
DXY (Monthly Chart Analysis) 2 options here on the DXY monthly chart. Of course both zones could blow right through, but I believe price is going to either one of these zones in the next year.
How do we know which way its going to go? By following the trend on the Daily and H4 timeframes
GBPUSD: SHORT OPPURTUNITY IS POTENIALLY IN PLAYSo this seems to be playing out. HTF on the daily & H2 has played perfectly into a LQS.
Today is Friday and I believe a lot of people will want to take their money out of the market, so as mentioned in my previous chart up we could see some nice PA.
My mechanical structure has played out perfectly in premium and I'm looking for a short from M15 supply. I've extended my supply zone to give it room to breathe.
My target is just below the previous M15 LQS to the left as we begin to push into discount prices on the M15.
My R:R is 5:1 for day trades.
What could go wrong here?
1. The liquidity run could not be finished and my structure is a fake.
2. There could still be a brief liquidity spike on LTF that would take out my supply zone even at the highs
3. My supply zone could not be triggered due to bearish momentum.
All you can do is plan the trade and trade the plan.
What's important is that:
-I'm not chasing trades.
-I'm not buying in the premium.
-I've waited for my structure to inform me of my decision.
If it works or fails at this point is irrelevant. I have done everything by my book
BTCUSDT Diamond to GartleyBTCUSDT is about to draw a beautiful diamond pattern to fill a potential Gartley harmonic pattern, aiming supply levels. The price action tends to make a micro double bottom, which level is the base of a potential diamond.
Short the Long-term Trend I always do the same & it usually works more often than it doesn't; but thats not the point
What is important is to cut the losses & let the winners run. In a world of 50/50 probability. There are four outcomes to a trade. a big win, a big loss, a small loss and a small win. If we can eliminate the big loss; the small win/loss will even themselves out. And we are left with big wins. Here is an example of letting winners run. Although I admit I Closed full position at Profit target 1 & did not let the winner run all the way to the end. Why? a bullish market influenced me, possibly a mistake but thats fine. this is why I document my trades so I may learn along side the reader.
SET UP
. the (W) is in downtrend
. Long-term(M) in downtrend
. price correcting to Lowest High of the (W) downtrend
ODD ENHANCER
. over buying momentum into qualified (SZ) thats also the Lower High of (W) downtrend
. general market in downtrend
. Supply Zone (SZ) never been tested before
AUDCAD - Support-Resistance Here in the graph, we can see clear support and resistance are drawn. My strategy is to place 2 orders here
1. Sell Stop at S2 and SL at S1
2. Buy Stop at R2 and SL at R1
AXSUSDT is testing the key level!AXSUSDT is testing the weekly support at the $9.9 area, which is a crucial level for traders and investors.
The 0.786 Fibonacci retracement level is also in close proximity, which is a key level for traders who use Fibonacci retracements to identify potential areas of support. It is expected that the price will bounce off this level, as it has done in the past, as traders look to enter long positions.
However, in order for this bounce to occur, the price needs to break out from the descending channel and static resistance, which has been acting as a significant barrier to upside movement. Once this breakout occurs, it is likely that we will see a strong move to the upside, potentially towards the $12.5 area.
According to Plancton's rules, a new long position should be opened once the breakout occurs and the price closes above the resistance level. This is because the breakout is a strong indication that the trend has shifted in favor of the bulls, and that further upside movement is likely. As such, traders who follow Plancton's rules may look to enter long positions in anticipation of a strong move higher.
–––––
Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
⚫️ Black structure -> <= 1h structure.
Follow the Shrimp 🦐
AUD/JPY tips its (bearish) hand after struggling at resistanceAUD/JPY is one of those currency pairs that can chop around for periods of time, then one day switches on the momentum. And I suspect the market has tipped its hand to a downside move with yesterday’s bearish candle.
A resistance zone formed in April between 94.24 - 95.75 in April, where breaks above it have ultimately failed and the resistance zone gets respected one more. Since late October we have seen several failed attempts to break the resistance zone, and a bearish divergence formed on the RSI(2) ahead of yesterday's selloff. I suspect the high is now in place.
It closed below the 50-day EMA but found support at the monthly pivot point, so I’m now waiting for a break low to bring 92.89 (call it 93.0) and the monthly S1 (near 92.0 and its 200-day EMA) into focus.
BTC USD 4H chart Analysis!While there might be much more trading opportunities in the way, Shorting Bitcoin around the supply zone and Longing it at around the Strong demand zone is rational.
There are also two other lines which are weaker entry points and cautious traders should avoid them.
A safer Long trade might be after breaking the 23000 or in a reverse to lower ZONE.
A safer Short trade could perfectly be found around the Red zone in the chart
I generally like to call BTC an instrument which is more prepared for Long trades.
EU SHORT EUR USD SELL SHORT POSITIONS
There are so many opportunities to exploit this cross on a weekly & monthly basis.
Remember that we focus on consistent R pcm , with solid risk-management and RR
TRXUSDT is testing the supply zone
The price is testing the 0.786 Fibonacci level, it's a key level for the market.
On the weekly timeframe, the price lost the support on 0.083$
On the daily timeframe, the price had a breakout from the daily resistance of 0.072 $ and retested as new support.
On the 4h timeframe, the price needs to create a breakout from the supply zone above the 0.085 and retest as new support.
How to approach it?
IF the price is going to have a breakout and retest the previous resistance as new support, According to Plancton's strategy , we can set a nice order
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Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
–––––
Follow the Shrimp 🦐
CADCHFHello traders... :)
After the price breaks the support level at 0.76888 and forms a new lower low, we will only wait for the price to retrace and touch the supply area ( 0.76547-0.76888 ), and wait for confirmation using price action... thanks :))
A great SHORT of Ebay in a Bearish marketClassic (W) in downtrend & long term (M) in down trend.
waited for a Bounce (correction) up to the
last Lower High of the (W) took the SHRT at
60.10
My risk was right above the inverted hammer
& down she goes 7 weeks or seven red candles
sticks.
I closed my Short today, while price is coming into a strong DZ
from the monthly chart
I fought Greed to keep the SHRT open, & test the DZ strength
of buyers. But my Target objectives were met.
Am focusing on letting winners run.
NEOUSDT bottom found? ready to reverse?The price is testing the lower trendline of the ascending channel and the monthly support on 20.76$
on the lower timeframe, the price is creating a bear flag on it and the market got a rejection from the supply zone.
How to approach?
The price confirmed the 0.886 Fibonacci level as valid support on the daily static support on 19.7$. So if the price is going to have a breakout from the supply zone and ascending 4h channel, According to Plancton's strategy , we can set a nice order
–––––
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
–––––
Follow the Shrimp 🦐
OGNUSDT is testing the monthly supportThe price got a rejection from the 0.80 Daily resistance where the market created a double top.
On 4h timeframe the price is creating a descending channel and the market is testing the 0.618 Fibonacci level and monthly support on 0.49.
The market is testing the supply zone right now
How to approach?
The price must hold the monthly support on 0.49$ and flip again the supply zone as new support. IF the price is going to have a breakout from 0.59-0.60, According to Plancton's strategy , we can set a nice order
–––––
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
–––––
Follow the Shrimp 🦐
$RCON entry PT 1.05 Next Target PTs 1.40-1.60 and higherRecon Technology, Ltd. provides hardware, software, and on-site services to companies in the petroleum mining and extraction industry in the People's Republic of China. The company offers equipment, tools, and other hardware related to oilfield production and management, and transportation; and develops and sells industrial automation control and information solutions. It also provides equipment for oil and gas production and transportation, including heating furnaces and burner, as well as enhancing techniques comprising packers of fracturing; production packers; sand prevention in oil and water wells; water locating and plugging techniques; fissure shaper; fracture acidizing techniques; and electronic broken-down services to resolve block-up and freezing problems. In addition, the company offers automation systems and services, including pumping unit controller that monitors the pumping units and collects data; RTU to monitor natural gas wells and collect gas well pressure data; wireless dynamometers and wireless pressure gauges; electric multi-way valves for oilfield metering station flow control; and natural gas flow computer systems. Further, it provides Recon SCADA oilfield monitor and data acquisition system for supervision and data collection; EPC service of pipeline SCADA system for pipeline monitoring and data acquisition; EPC service of oil and gas wells SCADA system for monitoring and data acquisition of oil wells and natural gas wells; EPC service of oilfield video surveillance and control system to control the oil and gas wellhead and measurement station areas; and technique service for digital oilfield transformation. Additionally, the company offers oilfield waste water treatment solutions and related chemicals; and oily sludge disposal solutions. Recon Technology, Ltd. was incorporated in 2007 and is headquartered in Beijing, the People's Republic of China.
BTCUSDT: 15 min Elliot Wave of BitcoinHello Friends. It seems that the bitcoin growing to 5th wave of "C" wave correction and I expected touch the 51700 and go ahead to big correction wave "iii" .
SUPPLY vs DEMAND 📉📉📉✅1) Use longer time frames to identify supply and demand zones
By zooming out, traders are able to get a better view of areas where price had bounced off previously. Be sure to use the appropriate charts when altering the between multiple time frames. Draw a rectangular shape to denote this zone. Demand and supply zones do not necessarily have to appear together - often currency pairs can reveal one or the other.
✅ 2) Identify strong moves off the potential demand/supply zone
Certain price levels offer value to either bullish or bearish traders. Once institutional traders and big banks see this value, they will look to capitalize on it. As a result, price action tends to accelerate relatively quickly until the value has diminished or has been fully realized. Witnessing multiple instances of this at the same price level increases the probability that it is an area of value and therefore, a supply or demand zone.
✅ 3) Use indicators for confirmation of support and demand zones
Traders can incorporate daily or weekly pivot points to identify or confirm supply or demand zones. At DailyFX, we have a dedicated page showing relevant support and resistance levels for all major markets. Traders should look for support and resistance levels to line up with demand and supply zones for higher probability trades.
🏦 Often, a currency pair will climb to an area of resistance called a ‘selling zone’, where sellers perceive there to be great selling potential at a relatively overbought price. The reverse is also true for currency pairs that drop to relatively low levels, ‘demand zone’ where buyers perceive there to be great value to buy.
If you haven’t learned the basics of the supply and demand, or would like a refresher, read our guide on the forces of supply and demand.
🏦 Supply and demand zones are observable areas on a chart where price has approached many times in the past. Unlike lines of support and resistance, these resemble zones more closely than precise lines. Traders can customize charts to identify the demand and supply zones
Do you use this concept ? 🔥
Continuing To Sell This Currency PairThis week I'm keeping it light. I'm not interested in overwhelming myself so I'm going to show you how to let the trade come to you just as I am. You need 3 things:
1. To understand direction
2. To plot structure and wait for price to touch it( thats letting price come to you)
3. Permission to enter the trade(it just takes one price action candlestick)
Once you have these three you will know where you want to enter the trade, where you take profit will go, and where to place your stop loss.
How do you feel about AUDUSD today?
EURGBP It Will Correct DownwardWelcome back! Here's an analysis of this pair!
We recommend that you keep this pair on your watchlist and enter when the entry criteria of your strategy is met.
Please support this idea with a LIKE if you find it useful and Click "Follow" on our profile if you'd like these trade ideas delivered straight to your email in the future.
Thanks for your continued support!
Brian & Kenya Horton, BK Forex Academy
GBPAUD overbought at Supply ZoneGBPAUD is has had a very strong run up to a significant level that has acted as an area of supply since August, with price only briefly breaking above this area once before quickly driving back down below it.
RSI is overbought (>70) on the 12H, 6H and 2H charts and but has just had it's first sign of rejection out of this area. Expect price to see a correction back down towards the rising trend line as a short term reversal shouldn't see much support until the 1.86800 area.
Alternatively, if this impulse continues and price breaks through this Supply Zone, we could expect price to push up to test the next key level around 1.91000 - 1.91600, at which point price will be further extended and would be primed for a short term reversal.
GBPNZD UPDATE Welcome back! Here's an analysis of this pair!
** Just a quick update on GBPNZD - it rejected at previous monthly highs (2.0050-70) where we expected selling pressure to come in, however we may see the price come back up during NY Session.
We recommend not risking more than 2% of your entire account balance and use your risk wisely. Banks may push the price to take out liquidity and turn it around. You'll notice the high from June 21, 2001 which was due to an economic event, but we doubt the market will re-test this far up. Only risk what you can afford to lose! Big sell coming soon (in our opinion).
How are you trading GBPNZD? Let us know in the comments!
COMMENT, LIKE, and FOLLOW for more! :)
Brian & Kenya Horton, BK Forex Academy
GBPNZD previous analysis
www.tradingview.com
EUR/USD - Current Outlook ahead of F O M CEUR/USD is currently trading within a Rangebound market ahead of F O M C Minutes later this evening (UK GMT) Market could play off of the extremes within this range or merely inducing Liquidity for later moves, seeing prices come back to visit the Supply levels higher up.
As always we never look at to act pre News but play the reactions. If you're not comfortable with trading around the news or playing the reactions. Stay Patient and let the market play out then come back tomorrow !!!
There are so many opportunities to exploit this cross on a weekly & monthly basis.
Remember that we focus on consistent R pcm, with solid risk-management and RR
