USDX TRADE IDEAHi all
from the weekly chart, the price high and low are almost retracing 0.618%.
Additionally, the Federal Reserve is aiming to lower inflation to 2%, thus we had a pennant pattern break low, which I see as contradicting.
I therefore expect to see a cpi y/y below 3.3 in this week's upcoming release of the CPI data, which could result in strong dollar.
Therefore, I am targeting the 1.618 fibo extension with my buy stop on the daily chart.
Let me know what you think In the comments!
**My trading strategy is not intended to be a signal. It's a process of learning about market structure and sharpening my trading skills**
Thanks a lot for your support
Supportandresitance
WTI TRADE IDEAHi all
Can the price remain above weekly resistance once the market closes on Friday?
Good Luck to all
Let me know what you think In the comments!
**My trading strategy is not intended to be a signal. It's a process of learning about market structure and sharpening my trading skills**
Thanks a lot for your support
XAUUSD TRADE UPDATEHi all
following the breakout from level 1942.1 gold has reached the fibo extension of 1.618.
So I'm looking for a pullback to the last breakout level to continue shorting as long as the price does not close above the level where I'm comfortable to take a risk.
Let me know what you think In the comments!
**My trading strategy is not intended to be a signal. It's a process of learning about market structure and sharpening my trading skills**
Thanks a lot for your support
XAUUSD WEEKLY TRADE (UPDATE)After a few days, daily support at 1924 was broken. So, what's next? In my opinion, there are two important supports on the daily and weekly charts.
As a result, a break from those levels may result in additional decline. On the other hand, if rejection occurs, the next resistance will be in 1941.
Keep an eye on the weekly trendline as well.
Let me know what you think In the comments!
My trading strategy is not intended to be a signal. It's a process of learning about market structure and sharpening my trading skills.
Thanks a lot for your support.
OIL - DIVERGENCE at resistance level! As we see, the oil is very close to resistance level of 82,0 until 83,50. A divergence has formed which is a sign of weakness.
As soon as we see that the price bounces back from the resistance we can place a short order with SL the highs of the structure and TP 74,0.
We are looking at 1:5 RR which is very good risk to reward.
In case we brake the resistance level we look for a different scenario.
Your comments and support are more than welcome!
USDJPY TRADE IDEAHi all
I'm looking for a long opportunity in the USD/JPY to finish the wave 5.
Good Luck to all
Let me know what you think In the comments!
**My trading strategy is not intended to be a signal. It's a process of learning about market structure and sharpening my trading skills**
Thanks a lot for your support
Support and Resistance- Flipping Roles⚡In simple terms, support is a level where demand overcomes supply, while resistance is a level where supply overcomes demand. In the market, different types of traders participate, and I have broadly categorized them into four groups based on their behavior.
⚡You may have heard that once a support level is broken, it tends to act as a resistance level, and vice versa. This phenomenon occurs because the roles of support and resistance flip, influenced by the psychology of traders at these levels.
⚡Let's illustrate this with an example. Consider Group A, a set of buyers who bought a stock at 80. The stock price rises to 100 but faces some resistance. At this point, Group B, consisting of short sellers, enters the market and starts selling the stock near 100, with their stop-loss orders placed just above 100. Thus, there is supply present at this level.
⚡The price consolidates within a narrow range and eventually breaks out above 100. Group A is delighted as they bought at a good price, but Group B becomes unhappy. Some members of Group B exit the trade as their stop-loss orders get triggered, while others continue to hold in hope of a favorable outcome.
⚡Now, another group of traders, Group C, known as breakout traders, becomes active above 100. Their buy orders, combined with the buy-stop orders from Group B, add momentum to the upward movement, pushing the price up to 110.
⚡As the buying pressure eases, and short-term traders take profits, the market starts to pull back, eventually reaching the old resistance area around 100.
⚡Many pullback traders look for buying opportunities near this level. Additionally, members of Group B, who shorted at 100, realize their mistake and start buying to close their short positions at breakeven. Some of them also reverse their positions. Other buyers who were waiting on the sidelines also start entering the market. All these buy orders create a strong demand.
⚡Notice that once there was significant supply at 100 and now there is significant demand. If this demand is substantial enough, the price resumes its upward movement, illustrating how changes in market sentiment impact a participant's psychology and consequently affect the nature of support and resistance levels.
⚡The reverse is true for how a support level, once broken down, turns into a resistance level.
⚡I hope you found this tutorial helpful. Please stay tuned for more educational content in the future. Feel free to show your support by liking this post.
Disclaimer: Practical knowledge
USD/BRLFOREXCOM:USDBRL price is at a major resistance zone and seems to be forming a double top on the daily time frame. Price should start heading down. Worst case it breaks the daily zone and hits the Monthly descending trendline (red). Price is currently overbought on the RSI and Bollinger Bands so there is a high probability it will go down.
USDCHF FORECASTThe price may increase from here as we can see the market trying pull back from lower support and from few days there is bearish market here we can expect that market may change the movement and try for a bullish market. right now we can expect that market may reach till 1st resistance and if price breaks the resistance then we can expect that price may reach to 2nd resistance.
GBPUSD Buy SetupOANDA:GBPUSD
Hello traders,
This is my Gbpusd trade idea. Just as i predicted last week that GU will likely buy this week in lower time frames, now it seems GU is ready to start this week bullish run, hence this setup.
Reasons Behind The Setup:
Daily structure is bullish
Price retrace to discount price levels on daily
Retest old high on daily.
Price retest 4Hour discount price Order block.
Price created a shift in market structure on 1hour time frame.
What do you see on your chart?
Kindly share your thoughts in the comment section, will be reading them.
If you love my idea, give me a like and follow me for more future updates like this.
AUDCHF FORECASTSELL SCENARIO
Market is moving in a downward direction along with the trend line and price already breaked the support and that support become a resistance and here are chances that market may move in a downward direction following the trendline. if the price moves downward and break the lower support then we can expect a free fall.
EPL- Darvas Box Pattern - 24% ROIAll details are given on chart. If you like the analyses please do share it with your friends, like and follow me for more such interesting charts.
Disc - Am not a SEBI registered. Please do your own analyses before taking position. This post is only for educational purposes and not a trading recommendation