intraday key levelsgold price are going on global central bank rate cut news
currently trading few dollar below all time high
all big level on h4 time frame
horizontal support and yellow trend line (dynamic support)
Suppportandresistance
USDJPY - 2nd chance sharing opportunityI believe the BOJ conducted its second FX intervention yesterday. As the market retested the sell zone, I shorted this pair and placed Stops at 156.82, which is a good 58 pips of initial risk.
Once the market reaches 155.78, I'll shift my stops to the entry-level. This would prevent any losses incurred by hectic volatile movement.
If all goes well, my 1st target would be at 154.85 and I'll keep my second target open.
What are your thoughts on this?
AAPL Update: Log Chart Reveals Key Levels and CluesPrimary Chart: Parallel Channel Defining Downtrend from All-Time High, Uptrend Line from Covid Lows Through June 2022 Low, Fibonacci Levels
AAPL's logarithmic chart reveals some interesting technical facts that are not as apparent on a linear / arithmetic chart.
1. AAPL remains in a trading range. This range developed and persisted over the past month. The top of the range is about $157 and the bottom of the range is about $134 (lows on October 13, 2022). The breakout of this range may determine the next multi-week trend leg in AAPL.
Supplementary Chart: 65m Chart Showing Chop Range for AAPL over Past Month
2. Uptrend Line from March 2020 through June 2022. First, consider the uptrend line (light blue) from the Covid 2020 lows that connects through the June 2022 low. On October 12, 2022, SquishTrade discussed this trendline, showing it on both linear and logarithmic charts. This TL formed the lower boundary of a very large multi-month triangle. SquishTrade's previous AAPL post forecasted whipsaws around this trendline stating on October 12, 2022 as follows:
"But when multi-month triangles like this break, and when multi-year trendlines like this break, it should be expected this could be a process rather than a quick event, assuming the trendline is valid. In part, this is because multi-year trendlines and multi-month triangles do not break and dissipate easily. The lower trendline of the triangle pattern is a multi-year trendline from the Covid lows to the present. Price does not always just break right through such an important level. On occasion, it can slice right through a level deemed consequential and long-term. But often when encountering a very important longer-term level, price can tag it, then break it repeatedly in both directions, whipsawing above and below the line a few times before following the ultimate direction it will take. Or it can break the line and then retest it from underneath a couple times as well."
On the Primary Chart for October 12, 2022, SquishTrade stated: "watch for a retest or whipsaw moves around this line."
The expected whipsaw has occurred to an even greater degree than was expected. Notice on today's Primary Chart the black line showing seven breakouts above and below the line. Price has been whipsawing back and forth around this TL for more than four weeks (since September 29, 2022).
On the log chart, price seems to be making progress, however, back to the downside. But with the long lower wick on the candle for November 4, 2022, one might expect yet another retest or whipsaw before moving lower. If AAPL were to retest this TL, the retest would be at approximately 152.70 if it were to occur next week—the line slopes, so the retest resistance level increases with each day that passes.
3. Major Support and Target Areas in the $128-$131 range . The immediate support zone arises at the base of the parallel channel, currently at $130-$131. The VWAP anchored to the 2020 low lies around $128.03 over the next few days. SquishTrade forecasts that AAPL will reach $128-$131 within the coming weeks or couple months though this will not likely happen in a straight line given the choppy price action in both AAPL and equity indices like SPX and NDX. This $128-131 level shows confluence with the YTD price low at $129.04 as well as a key Fibonacci level at $133.
4. Major Support and Target Areas in the $114 to $122 range. If this $128-131 target is reached and violated to the downside, then further downside targets will be considered as viable and effective. The next lower targets are (i) a Fiboancci projection at $122.25, (ii) a long-term Fibonacci retracement at $118.02 (.50 Fib retracement of the 2020-2022 rally on a linear chart), and (iii) another key Fibonacci retracement at $114.07 (.382 Fibonacci retracement of 2020-2022 rally on a logarithmic chart). This area should be considered as a significant support / target zone from $114 to $122.
