22nd August 1 week XAUUSD biasGold bias for the week of 22nd August 2022 using market structure, support and resistance. Multi time frame analysis up to H4.
Supportandresistancetrader
USDCAD SELLWe will not be providing signals anymore, there will only be analysis.
You can decide on the exact entry price, TP and SL yourself.
Make sure you learn from the analysis and don't just copy the numbers.
Let's break this trade down;
1. Price is on a downtrend; confirmed on the higher timeframes
2. Price hit support
3. Hit again
4. Hit again
5. Support level is reached many times, and therefore it is weakened causing it to break
6. We enter on the retest after a bearish candle confirmation on the Asian/Tokyo session
Orderblocks Explained: A form of Support & ResistanceOrderblocks are a form of Supply & Demand Zones and price can commonly find Resistance or Support on them. For those who are new to Technical Analysis; "Support" is a area on the chart price and demand (buying pressure) increases from, with "Resistance" being the opposite, with price decreasing and sellers increasing from the latter.
This makes them a great tool for finding exit or entry points for trades. The above images show how orderbocks are drawn on the Cryptocurrency markets.
To draw and identify Orderblocks first we must find important areas in the chart where price has reversed or broken market structure or and we are looking for small candle bodies in between these large movements to find our order blocks. A zone is drawn across them using the Rectangle tool.
When price revisits these areas (as you can see on the bottom image) it tends to react to it; giving traders a opportunity to capitalise on these movement's. They also are a useful tool for gouging Risk & Price targets as when one Orderblock is "claimed" price tends to head towards the next like a magnet; so they become ideal take profit & SL (Stop Loss) areas.
In this particular image the upper Orderblock was claimed as Support, (the previous resistance) before heading up. In Price Action Trading this would be referred to as a "Support & Resistance Flip" or "S/R Flip" and it can occur in the opposite also with a previous Support being flipped into Resistance.
GBPJPY Quick Push UpHi fellow traders.
Considering GBPJPY has just tapped the trend line from below acting as support, I plan to swing this trade to the upside where the upper resistance trend line lies. Aim to enter slightly lower than the current price, setting a buy order around 133.350. Could possible retrace lower and then move to the upside, so be ready to buy in at a lower possible price. Keeping a stop loss on this trade around the red support trend line.
Hope this plays out well. Good luck!
This is just technical analysis . Do not follow this trade blindly!
If you managed to read it this far down, thanks for reading this! If you could, please do offer your ideas & perspectives on this pair. Buy or Sell and why? Additionally, drop me your charts for it, that'd be great so I can see where you are coming from. I'm a new guy to the FX & Crypto market, trying to learn FX & Crypto, and I'd appreciate any help people may offer!
Please drop a follow! I need reputation points!!
Drop Could've Been a Big Pullback For The Bull Looks like it's bouncing off the daily to continue bullish. But do not be surprised if we revisit the trendline or go underneath it a bit.
The large drop may give it a reason to test more bearish waters. Not much to say on this one. A trendline break will signal the bearish continuation if there is one.
BULL TPS:
• 144.356
• 144.844
• 145.638
• 146.961
BEAR TPS:
• 142.321
• 141.469
• 140.757
• 140.225
How To Drow Propper Support & Resistance Support & resistance is really something that works in all financial markets, it's worth studying how to determine the proper way to finding and drawing it to be able to find the best trades possible available in any given time.
I use support & Resistance to find direction, (you can find it on any time frame), The way this works is you connect highs and lows, as you can see in the picture above, you must have at least 2 touches, and of course the more you have the stronger it is,
Imagine for example a Floor and a Ceiling. Support is like the floor and Resistance is like the ceiling.
what you do before you want to step on a new build floor, how do you know if the floor is strong enough before you step on it, what you do is you obviously step on it once and twice and the more you step on it and the more weight you put on it you gain more and more confident that its strong enough, and the same goes with the ceiling if you punch it once and twice and the ceiling doesn't break you know its a strong ceiling.
The same goes in trading when you see the market has hit the same price point 2-3 times you know its a strong point where it's really hard for the market to break through it, it must take a massive amount of effort to break through it,
And this you can actually monitor with Volume,
How volume works is a whole new thing for itself to explain so I will do another one on Volume or you can check my recents post where I had live trades based on volume and support and resistance.
Keep in mind that support and resistance can be determined in any angle as you see on the resistance from the picture above.
I hope You Learned A Lot From This I tried Breaking It Down The Simplest Possible For You To Be Able To Understand, But If You Still Have Questions How This Works Don't Be Afraid To Massage Me.
Enjoy Your Trading Journey.
