CRYPTO of the week: ZRXBTC Trade setupZRXBTC 4H UPDATE - 26/04/2018
The cycle from 4,922 low is called ended at 12,452 as a motive 5 waves , therefore calling for another motive 5 waves to the upside once correction is completed.
So, for now, as long as below 12,452 , I expect a pullback in the form of a corrective 3 waves where buyers will appear. Level of interest while waiting for more data to be more precise comes at 8,606-7,699 . The setup is clear in the 4h and will be executed in the 1h time frame.
Invalidation to the downside comes in at 12,452 but I don’t like to sell any bounce here.
Invalidation level to the upside is 4,922.
Every week, for one particular cryptocurrency, in addition to the charts that I upload on TradingView, I will put the full comments and trade setup for different time frames:
- Daily on Sunday,
- 4h once a day during Asia session and
- 1h twice a day in Asia (post US) and Europe sessions.
This week 22/04/2018-28/04/2018, I propose ZRXBTC
Disclaimer :
This content is provided for educational purposes only. The Trader's Corner is not registered as an investment adviser and the information shared on the website or any other medium is not meant to be a solicitation or recommendation to buy/sell any instrument. Any trades placed based on our content are at the own risk of the viewer. Trading include risks and loss of capital. Future trading results can never be guaranteed.
Tradesignal
BCH Cup and handleA Cup and Handle pattern is formed after a pullback from a swing high rallies back strongly to the prior swing high and stalls due to overhead resistance. The price action then stalls much like a bull flag with slight downward pressure before breaking out of overhead resistance.
We expect BCH/USD will decline to the red line @ 1100$ then rise again to form the handle @ 1300$
Good luck,,,
Thank you
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Bearish Symmetric Triangle Inbound!!Looking at Ethereum you can see a very noticeable bearish symmetric triangle, some people may get this mixed up with a pennant but the difference between the two is that with a bearish triangle, the price starts from the high point, whereas a pennant starts from the low point.
And also looking at the MACD a crossover seems very possible to the bearish side, and the RSI looks to form a head and shoulders pattern which is also a bearish signal.
Thanks, if you liked my idea dont forget to like it and follow me for more ideas!
Market Review 09/04 : BTCUSD, SPX, HSI, AUDNZDHope this idea will inspire some of you !
If you want to see my chart more closely, click the share button below that video.. You will be able to have access to the chart used in that video.
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Indicators used in this forecast are PRO Sinewave BETA & PRO Momentum .
You can check my indicators via my TradingView's Profile : @PRO_Indicators
Kindly,
Phil
If you want to learn more about the basic rules to trade with my indicators here's the educational video link :
BullishAUDCHF retested broken D1 Resistance TL which now stands for mirror Support TL. Also on Test this pair has made Double Bottom pattern which gives a trend reversal confirmation. After breaking and closing above the neckline of Double Bottom Price is now retracing back and testing the broken neckline and currently market is forming "Harami" Price action candlestick pattern confirmation signal. Also price is about to get rejected from the 61.8 level of fibonacci. Once Price breaks and closes above the "HARAMI" Price action pattern im looking to long this pair.
Reason #1: Retest to D1 Broken Resistance TL
Reason #2: Double Bottom at retest the major TL
Reason #3: Price is testing broken neckline of DB
Reason #4: Test of 61.8 Fibonacci reversal level
Reason #5: RSI Bullish Divergence wave
Reason #6: "HARAMI" Bullish Breakout ? (Not completed yet) once it completes I will take long on this pair
Another "Flag Break" on GTO/ETH making a quick 8% profitIt has been a while since our first and last trade but we're at it again with another nice Flag Break trade setup on GTO/ETH at Binance.
To give you some context, the goal with our trading on our Binance account is to increase our ETH. At the beginning of this month, we started with 4.49 and after our first trade that grew to 4.8.
Today we saw a quick trade opportunity on on GTO/ETH at Binance. After a huge run yesterday it consolidated on light volume and found support around 40.500 while forming a flag pattern.
Trade Plan:
Enter trade when the flag is broken
Trade Management:
1. Entry: After flag break, above moving averages (12 and 50 on 3m timeframe) for higher probability.
We missed the initial break of the flag but got in when price started running again at 45.197.
2. Profit: Usually you can take 1/3 - 1/2 of initial run as profit target/exit if you have the patience.
But since we saw some big sell walls in the order book and we're satisfied with a decent quick profit, we decided to take partial profits just before the big sell walls.
Sold at:
1. 47.989
2. 48.979
3. 49.769
3. Stop: -2.5% of entry, 44.067
4. Profit: 7.8%
With this trade our ETH's grew from 4.80 to 5.17.
Please like and share if you found this informative and helpful. Leave a comment if you have any questions.
Leave you with a quote:
"It's not the daily increase but daily decrease. Hack away at the unessential" - Bruce Lee
And until next time, good luck with your trading.
GBP/AUD Multiple setup opportunity
GBP/AUD is inside of a symmetrical triangle formation. You could issue a scalp buy after the break and retest of the descending trend line, as it will try to reach the longer term descending trend line.
Once Price reaches the primary descending trend line, you need to wait and see if it fails to break through on a 4hr time frame. In the event it does break through, wait for a retest on a 4hr time frame, after the retest confirmation issue your buy and hold for at least 50 pips.
XRP/USD LONG
Ripple is starting to correct upwards. After breaking through the bottom horizontal line of what was resistance, is now acting as strong support. It has also broken and retested the descending line of resistance. Now all that is left is for it to continue to push through the remaining primary horizontal resistance levels.
Over all ripple is in a great setup for a long term buy position.
BCT/USD LONGBitcoin is clearly in a fantastic setup for long positions. It is being held by the 0.786 fib level, and if you trace it back you'll notice that prices had faltered around this area in the past. Now would be a solid entry point into a mid-long term buy. However it could still continue lower to the next support zone. Once BTC breaks the descending trend line prices will surely go higher. Prices will most likely slow down around the blue horizontal line of resistance, but the breaking of that line will only strengthen the upside potential of the upward movement.
Trade Plan Using Ichmoku and Fibs retraceThis isn't a trade system that I've used, but one that I'm planning to experiment with after getting decent results with limited back-testing on only Bitcoin (thus, I'd probably only use it on Bitcoin, for the moment).
Pretty simple rules, but it seems to be an effective profit-grabber with decent success rate.
What do you think?
Gold (xau/usd) short position swing tradeHi everyone.
Today's call is on gold which has shown weakness in the last week and I expect this weakness to continue in the following week.
The Uptrend which started in mid january of this year was broken in the first week of october as you can see on the chart, Price is now consolidating as it retestes the 200 day ema. There might even be further price corrections to the upside as the orginal uptrend continues to los its remaining power, this could result in the formation of a J hook pattern. My personal sentiment is bearish or neutral as long as price stays below 1320.
The following is the sell position entered:
I will Enter to sell wehn price reaches 1246
Stoploss at 1282
target profit 1 at 1205
target profit 2 at 1152
Editing the trade:
Once the trade is live wait for target profit 1 (1205) to get hit, In which case I will exit half the position and move the stoploss down to Breakeven. If there is clear momentum and volume which shows consistancy in selling preassure I will wait for target profit 2 to get hit. If however the price gets choppy and volatile after hitting target1. I will further tighten stoploss to 1235 or exit the trade if momentum moves higher and if the patterns at that time indicate price moving up.
Medium term bullish position on USDJPY #swingtrading #forexHi Everyone.
This is a complex one.
There may be multiple opportunities to make pips on usdjpy in the coming months. I have drawn the white line on the chart considering a few factors:..
1. The current downtrend on the daily chart seems to be a simply correction of an uptrend on the weekly chart.,
2. The Momentum of the downtrend on the daily chart seems to be drying up and starting to reverse.,
3. The 20MA has crossed above the 50MA indicating further change in underlying momentum, which is not fully visible in the price action.,
4. Price is moving towards the 200EMA.,...
Taking these factors into account I am thinking of the following outcome.
If and Only If price moves above 106.15 will I consider usdjpy moving higher to touch the 200ema.
If price breaks through the 200ema it will most likely come back for a retest the 200ema before legging higher to continue the long term uptrend on the weekly chart...
The upcoming US elections as well as a weaker Japanese market can bring forth this change in direction over the next few months...
I'll be looking at the following zones of support and resistance (with a buffer of 20 pips)....
106.4, 107.5, 111, 114. 116, 121, and 124.....
I think there will be a very good opportunity for swing traders on usdjpy in the months to come...
Remember not to take big risks, not to over leverage, and manage risk well.
I will not be entering a single long position on usdjpy until price moves above the 200ema
As Always trade safe
... This is not to be considered investment/trading advice. You take full responsibility for the any action taken and any loses incurred.