3M (MMM): Patience Before Next StepsWall Street analysts estimate that 3M will report quarterly earnings of $1.66 per share next week, reflecting a significant 31.4% year-over-year decline. Revenues are projected at $5.79 billion, down 27.7% compared to the same quarter last year.
As we mentioned previously, we have not yet set a clear limit for 3M and continue to monitor its chart closely. The current structure suggests that the alternative scenario, where wave 1 is positioned higher, appears increasingly likely. However, a significant surge beyond this point does not seem probable at this time.
We’re keeping a close watch to determine where this wave 1 establishes its top before making any further moves. Patience remains key as we refine our conclusions on NYSE:MMM ’s next steps.
Technical Analysis
1inch Network (1INCH)Comprehensive Analysis of 1INCH/USDT 🪙
Introduction
1INCH is the native token of the 1inch Network, a DEX aggregator designed to optimize trades in the DeFi space. This platform enables users to access the best rates across various decentralized exchanges. The 1INCH token serves multiple purposes, such as reducing transaction fees, offering discounts, and acting as a governance token.
🔍 Technical Analysis Breakdown
1. Long-Term Descending Channel
1INCH has broken out of its long-term descending channel and is currently retesting the channel boundary. This pullback is a positive sign for a potential bullish continuation, but further confirmation is needed.
2. Daily Support Zone (Red)
The $0.3377 - $0.3757 range is identified as a key daily support level.
If the price stabilizes within this zone and starts to rise, it could confirm the pullback and signal the beginning of an upward move toward higher resistance levels.
3. Weekly Resistance Zone (Green)
The $0.6276 - $0.7049 range represents a significant resistance in the weekly timeframe.
A breakout above this zone, accompanied by increased trading volume, could lead to a rally toward the blue target zone ($1.1819 - $1.450).
4. Support in Case of a Drop
If the red support zone fails to hold:
The price might re-enter the descending channel and move toward the weekly support zone ($0.2101 - $0.2338), marked in gray.
📌 Suggested Entry Points
1. Breakout-Based Entry:
Condition: Price breaks above the green resistance zone with increased trading volume and stabilizes above this range.
2. Pullback-Based Entry:
Red Zone ($0.3377 - $0.3757): Enter with a stop-loss below the red support zone.
Gray Zone ($0.2101 - $0.2338): Enter with a stop-loss below the gray support zone.
Note: The gray zone offers a higher risk-to-reward ratio but comes with greater risk.
📈 Entry Triggers and Confirmation Signals
RSI Support:
Price holding above the midline on higher timeframe RSI charts can confirm the start of an uptrend.
Increased Trading Volume:
Breakouts of key zones must be validated by significant volume increases.
Low-volume breakouts could indicate false signals (fakeouts).
⚠️ Key Risk Management Tips
Volume Monitoring:
Ensure volume spikes during breakouts to avoid falling for fakeouts.
Capital Management:
Given the sensitivity of this analysis, strictly adhere to proper capital management strategies and set stop-loss orders at the identified levels.
Patience and Confirmation:
Avoid impulsive entries. Wait for clear confirmation signals before committing to a trade.
✨ Final Conclusion
1INCH is at a critical juncture from a technical perspective:
The breakout from the descending channel and the pullback to the support zone indicate a positive setup for a bullish continuation.
Close monitoring of price behavior in the key zones (red and green) is essential, with confirmations such as rising trading volume and RSI support being mandatory for entry.
A successful breakout of the weekly resistance (green) could lead to targets in the blue zone ($1.1819 - $1.450).
However, if the red support zone fails to hold, a decline toward the gray support zone becomes a strong possibility.
US dollar index remains elevated, but for how long?The US dollar index continues to show strength and with the potential reduction in the amount cuts this year by the Fed, there might be further strength of MARKETSCOM:DOLLARINDEX . But could this be the case in the short-run? Let's dig in...
TVC:DXY
RISK DISCLAIMER
74.2% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Past performance is not necessarily indicative of future results. The value of investments may fall as well as rise and the investor may not get back the amount initially invested. This content is not intended for nor applicable to residents of the UK. Cryptocurrency CFDs and spread bets are restricted in the UK for all retail clients.
TradeCityPro | RENDER: Navigating the AI and RWA Space👋 Welcome to TradeCityPro!
In this analysis, I will be examining the RENDER coin, a project involved in Artificial Intelligence and Real-World Assets (RWA).
📅 Daily Timeframe: Descending Triangle
In the daily timeframe, after breaking the resistance at 6.75 and reaching up to 11.243, we observe a descending triangle forming between these two areas. The price has touched the support at 6.75 multiple times.
🔍 Additionally, the 6.75 area is also significant in terms of Fibonacci levels, lying between the 0.5 and 0.618 zones. The SMA99 is also reaching the candles in this area, turning it into a very strong Potential Reversal Zone (PRZ).
📊 Market volume within the triangle is gradually decreasing, and now that the price has entered the final third of the triangle, the sensitivity in each candle is increasing. If the triangle breaks in any direction, the volume should also increase; otherwise, the likelihood of a false breakout will rise.
🔽 If the price breaks down and passes below 6.75, the next major support will be at 4.18. A breakdown of the 36.45 level in the RSI would support a bearish scenario.
🧩 For long positions, we first need to wait for the descending trendline of the triangle to break. You can then open a position upon the breakout of this trendline trigger. The main trigger will be at 11.243. However, the range from 11.243 to 13.267 is very strong and, being at the ATH, turns into a significant supply zone.
📝 Final Thoughts
This analysis reflects our opinions and is not financial advice.
Share your thoughts in the comments, and don’t forget to share this analysis with your friends! ❤️
XAUUSD Scalping Analysis And NExt MArket MovePair Name = XAUUSD
Timeframe = H4
Analysis = technical + fundamentals
Trend = Bullish
Please see the Above chart To see The Gold Next Moves.
We are currently in new Price Ranges. But we are also using our previous analysis and data to Follow the exact Path.
Currently We Can see between two strong support and Resistance levels. As we can see at chart 2720 Gold Price level and 2650 Gold Price level.
EMA 5 is indicating the trend of the market. EMA Cross over can range between 2698 to 2700
.
This kind market allow us to buy the dip and cash another next trend move.
Strongest retesting zone exists between the price level 2700 to 2735 price level.
EMA 5 Crossing levels:-
2698 To 2700
Retracement Zone:-
2700 To 2735
Bullish Gold Levels:-
2750
2800
Bearish Gold Levels:-
2680
2665
2660
2550
Stay tune we Will update again when market will give up another good direction move. With Different different time frame we check the market to get the Accuracte analysis according market next move. Happy trading.
NZDJPY Rising Wedge Breakout and Consolidation PhaseThe NZDJPY forex pair is currently priced at 87.200, with a target price of 82.000, indicating a potential gain of 500+ pips. The analysis is based on the support and resistance pattern, suggesting that the pair has tested significant levels. A rising wedge breakout has already occurred, a bearish signal indicating potential downside momentum. Currently, the price is in a consolidation phase, signaling reduced volatility as traders await the next decisive move. The pair is holding a strong support level, which serves as a critical area to watch for a potential breakout. If the support breaks, the price could accelerate toward the target level. This consolidation indicates market indecision, offering an opportunity to prepare for the next trend. Traders should monitor volume and price action closely to confirm the breakout direction. Overall, this setup presents a favorable risk-reward ratio for bearish traders.
[INTRADAY] #BANKNIFTY PE & CE Levels(16/01/2025)Today will be gap up opening in banknifty. Expected opening near 49000 level. After opening possible reversal from this level to continue bearish trend. If reversal confirmation at this level can gives 400-500 points downside rally in banknifty. This rally can be extend for another 400-500 points if its starts trading below 48450 level. Any upside rally only expected if banknifty sustain and starts trading above 49050 level.
Thu 16th Jan 2025 BTC/USD Daily Forex Chart Buy SetupGood morning fellow traders. On my Daily Forex charts using the High Probability & Divergence trading methods from my books, I have identified a new trade setup this morning. As usual, you can read my notes on the chart for my thoughts on this setup. The trade being a BTC/USD Buy. Enjoy the day all. Cheers. Jim
Citigroup ($C): Fourth Test of Key Levels Since 2018The shares of Citigroup gained an impressive 7% today following its earnings report, which delivered a beat ✅. The company is projecting revenue between $83.5 billion and $84.5 billion for 2025, up from $81.1 billion last year and $77.1 billion in the year prior (excluding divestitures). Positive news for both the company and its investors!
We’ve been monitoring NYSE:C but haven’t found a trigger yet—this might change soon.
The stock is approaching its most significant resistance zone since 2018, a level tested three times in the past. Could the fourth test finally break through? We remain cautious, expecting that another pullback, even a minor one, might be necessary to push past $83. If this pullback materializes, we’ll evaluate opportunities to position ourselves.
Currently, there’s a bearish RSI divergence, and unless the stock can make a higher high compared to 2021, another major pullback remains possible. However, a short position doesn’t align with our strategy at the moment. We’d need to see a lower time frame structure change to consider that route.
This stock doesn’t lend itself well to Elliott Wave analysis as it has been trending sideways for years, and we’re not forcing patterns onto it.
Stay alert for future opportunities on NYSE:C
TradeCityPro | XVSUSDT Possibility of a Long-Term Move Starting 👋 Welcome to TradeCityPro Channel!
Let’s analyze XVS, one of my favorite coins in the crypto and DeFi space, which operates in the LEND & Borrow sector on the BNB network, as we may work with it more extensively in the future.
🌐 Overview Bitcoin
Before analyzing today's altcoin, let’s start by reviewing Bitcoin on the 1-hour timeframe
Yesterday, I mentioned opening a long position with Bitcoin’s break of 97343 and even suggested using a stop-buy order. Today, following the news announcement, this resistance was broken aggressively, showing strong whale activity.
With this breakout, Bitcoin dominance has begun to drop, so it would have been more logical to place stop-buy orders on altcoins. If you haven’t done so yet, don’t worry! You can wait for the next confirmation by Bitcoin breaking 99485 to take action on your altcoins.
📊 Weekly Timeframe
In the weekly timeframe, XVS remains in a large range and has been moving slowly.
Recently, after faking a breakout above the range, it did not return to its bottom. In 2024, we haven’t revisited the 3.51 support level. Instead, we formed a higher low at 5.33, suggesting a potential shift.
For re-entry, you could consider buying above 12.94. Personally, I entered at the 5.33 breakout in late 2023 and will not make any new purchases at the moment. My stop-loss remains below 3.51.
📈 Daily Timeframe
On the daily timeframe, after breaking 8.21 and exiting the daily range, XVS moved toward the 11.83 resistance, where it faced heavy rejection.
After that, lower highs were formed, leading to a descending triangle pattern with equal lows.
If the descending trendline breaks, we might see the uptrend resume with confirmation from momentum and volume. Otherwise, a break below the triangle’s base at 8.21 could lead to a correction toward 6.09, though this is less likely.
Risky Entry: You could buy now with the current daily candle, but ensure your stop-loss is below 6.09 , Safe Entry: Wait for a confirmed breakout above 11.83, aiming for a target of 17.58.
⏱ 4-Hour Timeframe
Finally, in the 4-hour timeframe, after briefly wicking to the 7.73 support, XVS has bounced back into its range and is nearing the 9.47 resistance.
📈 Long Position Trigger
wait for 9.47 to break with clear momentum and volume or wait for the formation of higher highs and higher lows.
📉 Short Position Trigger
monitor for signs of rejection. If 9.47 turns into a fake-out, a short position below 8.52 could be considered.
📝 Final Thoughts
Stay calm, trade wisely, and let's capture the market's best opportunities!
This analysis reflects our opinions and is not financial advice.
Share your thoughts in the comments, and don’t forget to share this analysis with your friends! ❤️
US30 Breakout And Potential RetraceHey Traders, in today's trading session we are monitoring US30 for a buying opportunity around 42900 zone, Dow Jones was trading in a downtrend and successfully managed to break it out. Currently is in a correction phase in which it is approaching the retrace area 42900 support and resistance zone.
Trade safe, Joe.
AUDUSD Potential DownsidesHey Traders, in today's trading session we are monitoring AUDUSD for a selling opportunity around 0.62600 zone, AUDUSD is trading in a downtrend and currently is in a correction phase in which it is approaching the trend at 0.62600 support and resistance area.
Trade safe, Joe.
WIF ANALYSIS🚀#WIF Analysis :
🔮As we can see in the chart of #WIF that there is a formation of "Falling Wedge Pattern". In a daily timeframe #WIF broke out the pattern. Expecting a bullish move in few days after the breakout of major trendline.
⚡️What to do ?
👀Keep an eye on #WIF price action. We can trade according to the chart and make some profits⚡️⚡️
#WIF #Cryptocurrency #TechnicalAnalysis #DYOR
SWING IDEA - BALAJI AMINESBalaji Amines , a leading manufacturer of specialty chemicals, is showing promising signs for a potential swing trade.
Reasons are listed below:
Crucial Support Zone (1850-2000) : The 1850-2000 range has proven to be a strong support zone, indicating significant buying interest and potential for a price rebound.
0.618 Fibonacci Support : The price has found support at the 0.618 Fibonacci retracement level, often referred to as the "golden ratio," suggesting a likely reversal or continuation of the uptrend.
Bullish Marubozu Candle on Weekly Timeframe : The recent weekly candle is a bullish marubozu, characterized by little to no shadows, indicating strong buying pressure and potential for further upward movement.
Support from 50 and 200 EMA on Weekly Timeframe : The stock is trading above both the 50-week and 200-week exponential moving averages, providing strong support and confirming the long-term uptrend.
Increase in Volumes : A noticeable spike in trading volume often confirms the strength of a price move, indicating greater participation and confidence in the direction of the trend.
Target - 2720 // 3030 // 3800
Stoploss - weekly close below 1875
DISCLAIMER -
Decisions to buy, sell, hold or trade in securities, commodities and other investments involve risk and are best made based on the advice of qualified financial professionals. Any trading in securities or other investments involves a risk of substantial losses. The practice of "Day Trading" involves particularly high risks and can cause you to lose substantial sums of money. Before undertaking any trading program, you should consult a qualified financial professional. Please consider carefully whether such trading is suitable for you in light of your financial condition and ability to bear financial risks. Under no circumstances shall we be liable for any loss or damage you or anyone else incurs as a result of any trading or investment activity that you or anyone else engages in based on any information or material you receive through TradingView or our services.
@visionary.growth.insights
SWING IDEA - JUBILANT PHARMOVAJubilant Pharmova , a diversified global pharmaceutical and life sciences company, offers an attractive swing trade setup with the following technical factors.
Reasons are listed below :
Break of 1000 Resistance : The price has decisively broken above the significant 1000 level and is sustaining, indicating strength and bullish momentum.
Consolidation Breakout : The stock is breaking out of a consolidation phase lasting over 6 years, suggesting a potential long-term uptrend.
Volume Spike : Increased trading volumes highlight growing investor interest and support the breakout.
Engulfing Candle : A bullish engulfing candle on the weekly timeframe reflects strong buying sentiment.
Target - 1450 // 1590
Stoploss - weekly close below 1030
DISCLAIMER -
Decisions to buy, sell, hold or trade in securities, commodities and other investments involve risk and are best made based on the advice of qualified financial professionals. Any trading in securities or other investments involves a risk of substantial losses. The practice of "Day Trading" involves particularly high risks and can cause you to lose substantial sums of money. Before undertaking any trading program, you should consult a qualified financial professional. Please consider carefully whether such trading is suitable for you in light of your financial condition and ability to bear financial risks. Under no circumstances shall we be liable for any loss or damage you or anyone else incurs as a result of any trading or investment activity that you or anyone else engages in based on any information or material you receive through TradingView or our services.
@visionary.growth.insights
SWING IDEA - DEEPAK NITRITE LTDDeepak Nitrite , a leading chemical company known for its diverse product portfolio, is showing a promising setup for swing trading.
Reasons are listed below :
2500 Support Zone : The price is resting on a well-tested support level around 2500, adding to the reliability of a potential bounce.
Hammer Candle on Weekly Timeframe : The appearance of a hammer candle suggests a reversal could be on the horizon as buyers regain control.
Golden Fibonacci Support : The current price aligns with a key Fibonacci retracement level, providing additional support.
50 EMA Support on Weekly Timeframe : The price holding above the 50 EMA is a sign of continued strength and underlying support.
Trend Intact with Higher Highs and Higher Lows : The consistent formation of higher highs and higher lows reinforces a bullish trend.
Target - 3000 // 3170
Stoploss - weekly close below 2440
DISCLAIMER -
Decisions to buy, sell, hold or trade in securities, commodities and other investments involve risk and are best made based on the advice of qualified financial professionals. Any trading in securities or other investments involves a risk of substantial losses. The practice of "Day Trading" involves particularly high risks and can cause you to lose substantial sums of money. Before undertaking any trading program, you should consult a qualified financial professional. Please consider carefully whether such trading is suitable for you in light of your financial condition and ability to bear financial risks. Under no circumstances shall we be liable for any loss or damage you or anyone else incurs as a result of any trading or investment activity that you or anyone else engages in based on any information or material you receive through TradingView or our services.
@visionary.growth.insights
SWING IDEA - JIO FINANCIAL SERVICESJio Financial Services , an emerging force in the financial sector, exhibits signs of a potential upward move, presenting a swing trading opportunity.
Reasons are listed below :
Strong Support Zone at 300 : This level has proven to be a strong support, enhancing the likelihood of a bounce.
Bullish Hammer on Weekly Timeframe : A bullish hammer candlestick pattern indicates potential reversal and buyer interest at lower levels.
0.5 Fibonacci Support : The price is aligned with the 0.5 Fibonacci retracement level, suggesting that it could act as a springboard for further upward movement.
50 EMA Support on Weekly Timeframe : Trading above the 50 EMA adds to the bullish outlook and provides an additional layer of support.
Target - 360 // 385
Stoploss - weekly close below 295
DISCLAIMER -
Decisions to buy, sell, hold or trade in securities, commodities and other investments involve risk and are best made based on the advice of qualified financial professionals. Any trading in securities or other investments involves a risk of substantial losses. The practice of "Day Trading" involves particularly high risks and can cause you to lose substantial sums of money. Before undertaking any trading program, you should consult a qualified financial professional. Please consider carefully whether such trading is suitable for you in light of your financial condition and ability to bear financial risks. Under no circumstances shall we be liable for any loss or damage you or anyone else incurs as a result of any trading or investment activity that you or anyone else engages in based on any information or material you receive through TradingView or our services.
@visionary.growth.insights
SWING IDEA - PNB HOUSING FINANCEPNB Housing Finance , a prominent housing finance company in India, is exhibiting a promising swing trade setup supported by strong technical signals.
Reasons are listed below :
Breakout and Retest of 800 Zone : The stock previously broke a strong resistance at 800 and is now retesting it, showing potential for upward momentum.
Bullish Marubozu Candle : A strong bullish marubozu candle on the weekly timeframe indicates robust buying interest.
Golden Fibonacci Zone : The stock is bouncing back from a key Fibonacci retracement level, suggesting a continuation of the uptrend.
50 EMA Support : Price action is well-supported by the 50 EMA on the weekly timeframe, affirming bullish sentiment.
Volume Spike : A significant increase in trading volumes highlights growing investor confidence.
Target - 1190 // 1380
Stoploss - weekly close below 825
DISCLAIMER -
Decisions to buy, sell, hold or trade in securities, commodities and other investments involve risk and are best made based on the advice of qualified financial professionals. Any trading in securities or other investments involves a risk of substantial losses. The practice of "Day Trading" involves particularly high risks and can cause you to lose substantial sums of money. Before undertaking any trading program, you should consult a qualified financial professional. Please consider carefully whether such trading is suitable for you in light of your financial condition and ability to bear financial risks. Under no circumstances shall we be liable for any loss or damage you or anyone else incurs as a result of any trading or investment activity that you or anyone else engages in based on any information or material you receive through TradingView or our services.
@visionary.growth.insights
SWING IDEA - THE RAMCO CEMENTS Ramco Cements , one of India's leading cement manufacturers, is showing a promising swing trade setup with compelling technical signals.
Reasons are listed below :
Cup and Handle Pattern Breakout : The price is breaking out from a classic cup and handle pattern, which indicates a continuation of the upward trend.
1050 Resistance Zone : This level has been tested multiple times and is now showing signs of a breakout, suggesting strong bullish sentiment.
2.5+ Year Consolidation Break : The stock is emerging from a prolonged consolidation phase, which often signals a significant trend reversal or continuation.
Bullish Engulfing Candle : A bullish engulfing candle on the daily timeframe highlights strong buying momentum.
Target - 1150 // 1215 // 1340
Stoploss - weekly close below 925
DISCLAIMER -
Decisions to buy, sell, hold or trade in securities, commodities and other investments involve risk and are best made based on the advice of qualified financial professionals. Any trading in securities or other investments involves a risk of substantial losses. The practice of "Day Trading" involves particularly high risks and can cause you to lose substantial sums of money. Before undertaking any trading program, you should consult a qualified financial professional. Please consider carefully whether such trading is suitable for you in light of your financial condition and ability to bear financial risks. Under no circumstances shall we be liable for any loss or damage you or anyone else incurs as a result of any trading or investment activity that you or anyone else engages in based on any information or material you receive through TradingView or our services.
@visionary.growth.insights
USDT.DIntroduction
The analysis of Tether Dominance (USDT Dominance) is one of the most essential tools for predicting overall trends in the cryptocurrency market. This metric plays a crucial role in understanding investor behavior, particularly during periods when the market leans towards liquidity or transitions into a bullish phase. This report delves into the technical aspects of Tether Dominance, offering a detailed review of its current state and outlining potential future scenarios. It serves as a valuable resource for millions of investors seeking informed decision-making.
USDT Dominance Analysis
Definition and Importance of USDT Dominance
USDT Dominance reflects the percentage of the stablecoin USDT's market share relative to the total cryptocurrency market.
🔹 Increase in Dominance: Indicates investor preference for holding cash, often signaling market downturns.
🔹 Decrease in Dominance: Suggests capital is flowing into cryptocurrencies, signaling potential price growth.
Technical Overview
1. Breakout of the Ascending Channel
✅ Current Status:
USDT Dominance has broken below its ascending channel and entered a consolidation range.
✅ Range Box Details:
Upper Limit: Green Zone (6.17 - 6.53)
Lower Limit: Red Zone (3.73 - 3.99)
2. Price Target Based on Broken Channel
🔸 Bearish Target Estimate:
The projection based on the broken ascending channel suggests that USDT Dominance might drop to the gray support zone (2.99 - 3.16).
Possible Scenarios
Bearish Scenario
📉 Condition: Breaking below the red support zone (3.73 - 3.99).
📉 Target: A decline towards the gray support zone (2.99 - 3.16).
📉 Market Impact: Bitcoin and altcoin prices may rise as capital exits USDT and flows into digital assets.
Bullish Scenario
📈 Condition: Holding the red support zone and moving back toward the green resistance zone (6.17 - 6.53).
📈 Market Impact: Crypto prices may decline as demand for USDT increases.
Daily Timeframe Triangle Pattern
🔺 Observation: A triangle pattern has formed on the daily timeframe.
🔺 Prediction: A downward breakout is more likely, aligning with the bearish scenario.
Conclusion and Key Takeaways
1️⃣ Overall Trend: The trend remains bearish unless key resistance levels are broken.
2️⃣ Critical Levels:
Red Support Zone: 3.73 - 3.99
Gray Support Zone: 2.99 - 3.16
3️⃣ Trading Decisions: Focus on higher timeframes and confirmation of breakouts before making decisions.
4️⃣ Market Impact: The breakout or defense of critical USDT Dominance levels will have a significant influence on Bitcoin and altcoin movements.
🎯 Recommendation: Considering the bearish trend, approach bullish scenarios cautiously and prioritize confirmation of breakouts for accurate decision-making.
XAUUSD Analysis and Next Marke MovePair Name = XAUUSD
Market = Forex
Timeframe = H4
Analysis = technical + fundamentals
Trend = Bullish
Pattern= Support resistance
Details:-
XAUUSD Is over all bullish. But here because of UK session ending and US session starting. We can see a small retesting. After this retesting it will be again on the way to 2770 to 2800 our main target level.
Bullish Target:-
2770
2800
USDCHF Technical Analysis: Anticipating a Bearish Breakout The USDCHF forex pair is currently trading at 0.91150, with a target price set at 0.89400, indicating an anticipated drop of over 200 pips. The analysis is based on the rising wedge pattern, a bearish technical pattern often signaling a potential price breakdown. This pattern forms when price consolidates within converging trendlines that slope upward, typically losing bullish momentum over time. A breakout below the lower trendline of the wedge would confirm the bearish signal. Traders expect the pair to breach key support levels, driven by this technical setup. The 200+ pip drop suggests a significant move, aligning with the breakout's potential strength. Stop-loss and risk management strategies should be in place to mitigate unexpected reversals. Fundamental factors affecting USD and CHF may also impact the trade outcome. Close monitoring of price action around the wedge pattern is crucial to confirm the breakout direction.
Where & How to Draw Strong Support and Resistance Lines & Zones
In this article, I will teach you how to draw support and resistance.
We will discuss support and resistance lines, levels, zones.
You will learn where and how to find it properly with simply technical analysis technique that works on forex, gold or any other financial market.
First, let me note that the most reliable time frame for support and resistance analysis is the daily . The structures that you will find there will be appropriate for day trading, scalping and swing trading.
Once you open a daily time frame, you should choose a correct perspective . Because this t.f lets you see the price action even for the past couple of years.
You need to see the market movement for the last 2 months . It is more than enough to identify the recent key levels.
Above is AUDUSD on a daily. We see the price history for 2 months.
In order to identify significant supports and resistances, simply find the levels - the highs and lows that the market respected in the past and from where important movements started.
These are all such highs and lows that meet the criteria.
When I do the support/resistance analysis, I prefer to perceive it as clusters - the zones , taking into consideration the candle closes as well.
A support zone will be based on the level of the critical low and the lowest closest candle close.
A resistance zone will be based on the level of the high and
the highest closest candle close.
Following such a rule, here are the zones that I identified.
All the clusters that are identified will be applied as trading zones.
Within the supports, we look for buying opportunities.
While the resistances will be used for selling .
Depending on your trading style, and you choose a proper signal before you execute the trade.
Execute support and resistance analysis with care and attention, because it is the absolute basis of any technical analysis strategy.
With incorrect key levels identification, even the best trading strategy will fail .
I hope that the method that I showed you will help you in your trading journey.
❤️Please, support my work with like, thank you!❤️