BRETTUSDT.P A Potential Bullish Setup!!BRETTUSDT.P chart is showing a potentially bullish pattern on the daily timeframe, around the 61.8% Fibonacci retracement level and a long-term trendline originating from May 14, 2024.
BTCUSDT.P has been retesting the 200-day EMA for three consecutive days, indicating a zone of high interest.
Important Note: This analysis is based on a candle that has not yet closed. It’s crucial to wait for confirmation with a full daily candle close above the trendline and Fibonacci level before considering a trade and sometimes even wait for double retest.
This idea adds clarity that the analysis is anticipatory, giving traders a heads-up on a potential setup.
Trendlinesuport
4002: Support from Channel BottomPrice is moving within an ascending parallel channel on weekly TF.
Bottom Support line was retested recently.
Formation of HL is in progress.
(Aggressive) entry can be taken now or
(conservative) entry can be taken after formation of green candle
Ride the trend until channel top.
Manage your risk accordingly.
$SPX A bullish or bearish day? SP:SPX Based on the technical factors that emerge, we are right on the first finger to pivot out of the bear trend. We are officially meandering the bullish pull away with strong momentum right? But we've already have that on our side. Does that mean it will diminish? Or will it continue the alarmingly strong moment.
In this video, I will stay away from the SP:SPX , because the momentum will exhaust soon.
BTC_[Monthly]_Consolidating at Resistance (Watch for Breakout)BTC Monthly Analysis:
Price is respecting a long-term trendline support
Ascending Parallel Channel formation can be observed
Price is consolidating at horizontal resistance zone
Bulls power is required to break the resistance zone
Watch Weekly, Daily, Hourly analysis for details.
SWING IDEA - PUNJABCHEMStock has been on Lower High Lower Low Pattern since mid 2021.
New Higher High and Higher Low Pattern seems to be in play since May 2023.
Could the stock be following the new Trendline and go further upward?
If all is well, the stock could visit until the next Support/Resistance zone.
Art of Trading - Trendlines 101First of all, I would like express my gratitude to all the followers and the support I have recently received from the community!
This one is for everyone who has recently started with TradingView or are existing users but are very new to the art of trading.
Today we'll be looking at "Trendlines" with a certain example that might leverage the importance of these lines.
Before we get started, I want to mention a couple of qualities that are very essential for trading,
-Patience
-Resilience
lack thereof which, the markets would definitely and repeatedly teach you!
So, what is a trendline? Any two closes connected by a straight line can be called a trendline. Usually used in higher TF's (timeframes)but can also be used on smaller TFs.
What is it's purpose? Once a certain trend has been established in a given TF and such line has been drawn, these can be used to identify supports or resistance where a probable bounce and continuation of the trend could occur.
If the market is trending upwards, a line connecting the lows of two candles, usually the first breakout candle and the lowest pullback candle, can be established as a support trendline (see illustration).
The same applies for a market that is trending downwards which will give us a resistance trendline.
Trendlines in my opinion will always be respected by a market, and also act as, for the lack of a better word, magnets, pulling the asset towards it. So when an asset is hovering around a support trendline, chances are that the asset is pulled towards it. If the trend is strong enough the asset bounces, it not it breaks through. Once broken through support becomes resistance and vice versa.
There will be of course instances when the asset breaks through a trendline but still closes above the trendline, faking participants out of the market, usually referred to as shaking out weak hands. But that's a topic for a different time.
Now that you are aware what Trendlines are, what can you infer from the illustration above? Leave a comment!
If you like this sort of posts, hit boost, so I can prepare more such content. I'm also only human, and still learning, and if you think the information I provide is erroneous, please let me so I can correct and learn together with you! Learning never stops! See you in the next one, peace!
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Copper Breaches Key Support but Tech & Fundamentals FavorableThe commodity has registered a notable pullback from last month’s record highs and has now moved below the pivotal EMA200 (black line) and 38.2% Fibonacci of this year’s advance. This pauses the bullish momentum and exposes Copper to the ascending trend line from the 2024 low and the daily Ichimoku Cloud.
However, this region could contain the correction and multiple roadblocks follow, making the downside unfriendly, while the RSI points to oversold conditions. As such, we expect Copper to find renewed vigor and push towards 5.000 and eventually new all-time highs (5.200), with the fundamentals also being supportive.
The improved supply-demand dynamics have driven this year’s rally and can fuel further strength. There may be some risks in the consumption outlook, mostly form China’s property sector and the slowdown in the pace of EV adoption, but consumption for the metal is set to increase due to the AI revolution and the clean energy transition. At the same time, things don’t look good on the supply side, with major miners slashing their output targets for the year.
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Past Performance is not an indicator of future results.
Potential EUR/USD LongSetup is based on a forecasted channel I think price would trade within. Entry at touch of trend line, SL below the low formed to the left, tp at peak just before retracement. On m5 there's an Elliot Wave pattern building up within the retracement to entry on m15, enabling us to predict the end of the m15 retracement. Also, there's an SnR flip right at entry which could potentially cause price to bounce off.
Potential EUR/USD LongSetup is based on a forecasted channel I think price would trade within. Entry at touch of trend line, SL below the low formed to the left, tp at peak just before retracement. On m5 there's an Elliot Wave pattern building up within the retracement to entry on m15, enabling us to predict the end of the m15 retracement. Also, there's an SnR flip right at entry which could potentially cause price to bounce off.
NIFTY DAILY - 13/5/2024Nifty opens gap down and made days low which is 21821 level with almost -160 points.
Into second half bulls took controls into their hand and made days high which is 22131 level with 48 points up almost 0.22%.
Index has formed Bullish candle with long lower shadow which indicates participants were buying from days lower end.
Candle is taking support of Trendline on daily chart.
Nifty is able to hold 22000 level so, further resistance can be 22156 with support of 21995 level.
Bank Nifty levels
Support – 47305 Resistance – 47818
Today’s Advance Decline ratio of NIFTY50
Advance - 29
Decline - 21
FII Sell – 4498.92 crores
DII Buy + 3562.75 crores.
⚠️ Important: Always maintain your Risk & Reward Ratio.
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Disclaimer: I am not SEBI Registered Advisor. My posts are purely for training and educational purposes.
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NIFTY DAILY - 10/5/2024Index opens with positive note and made days high that is 22131 level.
Nifty traded between 50 to 100 points choppy session throughout the day.
Index is trading at trendline support and below the 50 Day’s Exponential Moving Average Line.
Nifty is able to hold 22000 level so, further resistance can be 22156 with support of 21777 level.
Bank Nifty levels
Support – 47305
Resistance – 47818
Today’s Advance Decline ratio of NIFTY50
Advance - 38
Decline - 12
FII Sell – 2117.50 crores
DII Buy + 2709.81 crores.
⚠️ Important: Always maintain your Risk & Reward Ratio.
✅Like and follow to never miss a new idea!✅
Disclaimer: I am not SEBI Registered Advisor. My posts are purely for training and educational purposes.
Eat🍜 Sleep😴 TradingView📈 Repeat 🔁
Happy learning with trading. Cheers!🥂
NIFTY DAILY - 19/4/2024Nifty opens gap down almost -150 points but into second half bulls were back into the market and made days high that is 22179.
(which means nifty recover 150 points from bottom and another rally of 150 points which means total nifty recovered by 300 points).
Nifty has formed a big green body candle with long lower shadow and upper shadow, which indicates buyer were buying from day ends.
Index is able to give closing above trendline.
Nifty is taking support around 40 RSI level.
Nifty reclaim 22000 level and able to break the resistance level which was 22152 so further resistance can be 22276 with support of 221936 level.
Today’s Advance Decline ratio of NIFTY50
Advance - 30
Decline - 19
Unchanged - 1
FII Buy + 129.39 crores
DII Sell – 52.50 crores.
⚠️ Important: Always maintain your Risk & Reward Ratio.
✅Like and follow to never miss a new idea!✅
Disclaimer: I am not SEBI Registered Advisor. My posts are purely for training and educational purposes.
Eat🍜 Sleep😴 TradingView📈 Repeat 🔁
Happy learning with trading. Cheers!🥂
#techmahindra retest entry Setup is really good. on weekly time frame it formed cup pattern and gave break out of it now talking retest of that lvl with good pattern (falling trend line breakout). Technical are really good but fundamental are descent so that why I will say stock is bit risky so keep bit tight sl. Note: this is not any buy/sell recommendation.
AUDUSD continues its uptrend intradayAUDUSD surpassed its recent high of 0.6800 last Friday, reaching levels not seen in nearly five months. The initial rise in the Australian dollar was attributed to increased market risk appetite and a decline in the US dollar. Additionally, hawkish sentiment around the RBA supported the Australian dollar.
AUDUSD continues its uptrend intraday. Upward movement underway, starting at 0.6269, likely targeting a previous stop loss of 0.6846 in the near term, followed by the end of the "upward impulse wave" at 0, 6875. The next target, following the "double top" formed in June and July, would be a test of 0.7156.
On the other hand, a correction below the minor support at 0.6723 would initially result in a more prolonged consolidation of upward momentum. However, as long as support at 0.6541 holds, the outlook remains bullish. In terms of trading strategy, one should focus on buying at low prices.
Dips continue to be buying opportunities, and I don’t think tha As long as the Bank of Japan tries to keep its interest rates as low as they are, the Japanese yen will be one of the least favorite currencies by traders to own.
With the massive interest rate differential, you get paid to hang on to this pair, and I think that will end up being one of the major drivers of where we go next. In other words, it just makes more sense to own the British pound and it does the Japanese yen. Dips continue to be buying opportunities, and I don’t think that changes anytime soon.
Inflation is moving in the right direction. Forecast of GBP fallThe trading opportunities widen next week as we see more corporates report earnings, but the event which Warren Venketas, from Daily FX, is watching is UK inflation. As he says, this will go some way to helping the markets assess the potential for another Bank of England rate increase at its 2 November meeting. The trade to watch is a short GBP/USD position, targeting $1.20 support.
NFLX - Expecting Strong Support @ 380Since it began trendng more than a year ago from July 2022, NFLX has a tentancy to correct back to its rising trendline every 3 to 6 months or so.
As at its close @ about 400 yesterday, it has already corrected 50% from it's recent AB swing. Whether it will find support here remains to be seen.
Another 5% downside from here would bring it to 380, which is likely to be a strong support due to a confluene of:
1. Long term trendline support (Red)
2. Horizontal Resistance turning Support (Black)
3. 61.8% fib retracement of it's AB swing
4. Gap close (minor)
All long bets are off should it break and stay below 380.
Disclaimer:
TA is about improving our odds of a successful trade (not a guarantee). This is just my own analysis and opinion for discussion and is NOT a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management (ie stop loss and position sizing) is (probably the most) important!
Take care and Good Luck!