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Supportandresitance

UNVEILING THE COMPREHENSIVE ARSENAL OF TRADING TOOLS The trading landscape in the 21st century is characterized by a revolutionary fusion of cutting-edge technology and financial acumen. As the accessibility of trading increases, traders wield a versatile suite of tools that encompass chart patterns, Fibonacci retracements, Andrews' pitchfork, and the Zig Zag indicator. This in-depth exploration delves into the profound significance of these tools, unraveling their collective potential to empower proactive traders with precision, insight, and strategic advantage. The Evolution of Modern Trading Tools: The digital age has ushered in a new era of trading prowess, where rapid data flows and advanced software solutions redefine the boundaries of trading. Enabled by the synergy of computers, high-speed internet, and sophisticated charting software, traders enjoy real-time access to data analytics and market trends. Within this realm, a rich repository of tools is available, catering to traders' diverse needs with heightened precision and predictive power. Chart Patterns : Deciphering Market Sentiment: Chart patterns occupy a pivotal role as visual conduits of market psychology and price action trends. From classic formations like double bottoms to iconic patterns like head and shoulders, these visual representations encapsulate historical price movements and inform future price dynamics. Proactive traders leverage chart patterns to anticipate pivotal reversals and breakout points, weaving together historical trends and human behavioral insights into actionable trading strategies. Fibonacci Retracements: Unveiling Harmonious Ratios: At the nexus of mathematics and trading, Fibonacci retracements harmonize the natural ratios discovered by Leonardo of Pisa, known as Fibonacci. These ratios, including the Golden Ratio (0.618) and its derivatives, echo natural proportions that echo throughout nature and financial markets. Traders utilize these retracements to identify potential support and resistance levels, choreographing entry and exit points with a mathematical precision that complements market intuition. Andrews' Pitchfork: Sculpting Market Trends: From the annals of technical analysis emerges Andrews' pitchfork—a tool that imparts structure to market trends. Crafted by Dr. Alan Andrews, this method employs three pivotal price points to map out potential trend channels, identify support and resistance zones, and navigate the ebb and flow of market movements. Proactive traders harness this tool's prowess to create strategies that thrive within these discernible channels. Zig Zag Indicator : Distilling Price Trends: Navigating the labyrinthine price chart is simplified by the Zig Zag indicator—a tool designed to eliminate market noise and elucidate significant price movements. This indicator employs precise highs and lows to create lines that showcase trends with clarity, ensuring that traders are privy to substantial trends while disregarding minor fluctuations. In this manner, the Zig Zag indicator becomes a beacon amidst market complexity. A Synergistic Trading Arsenal: The amalgamation of chart patterns, Fibonacci retracements, Andrews' pitchfork, and the Zig Zag indicator engenders a holistic trading approach of unparalleled potency. While chart patterns unveil market psychology, Fibonacci retracements contribute mathematical precision, Andrews' pitchfork orchestrates trend analysis, and the Zig Zag indicator distills trends from noise, thus harmonizing a comprehensive trading strategy. Conclusion: In an era marked by unceasing innovation, success in trading is predicated upon the adept utilization of a multifaceted toolset. The amalgamated prowess of chart patterns, Fibonacci retracements, Andrews' pitchfork, and the Zig Zag indicator constitutes a comprehensive arsenal that empowers traders with foresight, precision, and strategic edge. As the 21st-century trading milieu continues its evolution, mastery over these tools remains pivotal, transforming the intricate dynamics of financial markets into a realm of opportunity and achievement. TCPLTP
BINANCE:BTCUSDEducation
by TradeChartPatternsLikeThePros
BTC drops, what next?Hello everyone, I invite you to check the current situation on BTC in pair to USDT, taking into account the one-day interval. First, we will mark the main uptrend line with the yellow line, then we will mark the uptrend line with the blue line from which the price went down. Now we can move on to marking the places of support in the event of a correction. And here we will start by checking the support using the trend based fib extension tool, we will mark a strong support zone from $25537 to $23992, if this zone does not hold the price we can see a rapid drop to around $21621. It is also worth spreading the Fibonacci grid in order to check the entire movement and here we can see that the price drop touched the so-called golden fibonacci point from which it quickly rebounded. We can further increase the level of the next support from $22,232 to $21,621. Looking the other way, we will determine the places of resistance in a similar way. Here you can immediately see that the price rebound stopped at the $26974 resistance, and then we have a very strong resistance zone from $28663 to $31430, only when the price breaks it will it be able to move towards the $35849 resistance. Despite the strong drop in price when we turn on the EMA Cross 50 and 200, we can see that the yellow line of the ema cross 50 stays above the blue line of the ema cross 200, which indicates an uptrend, it is worth watching these lines at this point because when the yellow crosses the blue line from above, it means that it is a return to a very strong downward trend. Please pay attention to the CHOP index which indicates that the energy in the current movement has been used, on the RSI indicator we have also crossed the lower limit of the range which also indicates no energy depletion, and the STOCH trak indicator itself has exceeded the lower limit which confirms the depletion of energy and the possibility of ending the current correction prices.
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by cryptodailyuk
MATIC/USDT Chart ReviewI invite you to review the MATIC chart in pair to USDT, on a one-day interval. First, we will use the blue lines to mark the downtrend channel where the price is moving in the upper range. Moving on, we can move on to marking support areas when we start a larger correction. And here the first very strong support is at the price of $0.59, but when the price drops below, we can see a drop to the support of $0.31. Looking the other way, we see that the price has rebounded from the first significant resistance at $ 0.90, which so far has no strength to break. then second resistance is at $1.03, then we have another resistance zone from $1.16 to $1.34, then strong resistance at $1.56. When we turn on the EMA Cross 200, we see that the price rebounded from this line and thus remained in a strong downtrend. Please look at the CHOP index, which indicates that there is still energy for this move, the RSI has a strong rebound with room for the price to go lower, while the STOCH indicator also indicates that there is some energy left for the next move.
M
by cryptodailyuk
ETH/USDT 1H Interval Review ChartHello everyone, I invite you to review the chart of ETH in pair to USDT, also on an hourly interval. First of all, using the blue lines, we can mark the downtrend channel in which the price is currently moving. Now let's move on to marking the places of support. We will use the Fib Retracement tool to mark the support, and as you can see the price stays just below the first support at $1828.61, then we can mark a very strong support zone from $1780 to $1712, then we have support at $1625.69. Looking the other way, we can also mark the places where the price should encounter resistance on the way to increases. And here in the first order we have a resistance zone from $1889 to $1916, then there is a second zone from $1944 to $1983 and then we have strong resistance at $2032. The CHOP index indicates that there is a lot of energy for the upcoming move. On the RSI, we are moving in the lower part of the range, and the increase in the indicator gives a very small price increase, while the STOCH indicator indicates that there is still energy, so the price may fall lower.
by cryptodailyuk
BTC/USDT 1H Interval Review ChartHello everyone, I invite you to check the current situation on BTC in pair to USDT, taking into account the interval of one hour. First, we will use the blue lines to mark the local downtrend channel. When we turn on the EMA Cross 50 and 200, we see that the yellow line of the ema cross 50 has crossed the blue lines of the ema cross 200 from above, which indicates the place of return to the strong downtrend where we are. In order to mark the support we will use the trend based fib extension tool and here we see that the price stays just below the support line at $29167, then we have support at $28865, when the support is broken we can see the price drop to the support area of $28022. Looking the other way, we can determine the places of resistance in a similar way. First, we will mark the resistance zone from $29427 to $29660, when we manage to break it, we have the second zone from $298848 to $30032, and then we can mark the third strong resistance zone from $30296 to $30635. Please pay attention to the CHOP index which indicates that we have a lot of energy to move, on the RSI we are in constant rebound with a place for the price to go lower, while the STOCH indicator indicates that the increase in energy gives very small upward moves, which may affect the price correction.
by cryptodailyuk
BTC Short-Term Review 1H IntervalHello everyone, let's look at the BTC to USDT chart on a one hour time frame. As you can see, the price has returned below the local downtrend line. After unfolding the Fib Retracement grid, we see that the price stays in the support zone from $ 29,257 to $ 28,994, however, if I fall lower, the next support is at $ 28,658. Looking the other way, we will first mark the resistance zone from $29,497 to $29,641, then we have resistance at $29,767, then at $29,960, and then at $30,196. Looking at the CHOP indicator, we see that the energy has been used, the RSI shows a rebound, while the STOCH indicator indicates that the energy is running out at the moment, which may give a temporary price rebound.
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by cryptodailyuk
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
VANTAGE:USDXLong
by mytw0cents
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
OANDA:XAUUSDShort
by mytw0cents
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.
OANDA:XAUUSD
by mytw0cents
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!
CAPITALCOM:OIL_CRUDEShort
by mmackk
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
NSE:NIFTYEducation
by Bravetotrade
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