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Waitingforbreakout

Closer look at the current S&P500 situationThis analysis shows what I am currently looking for in the market, regarding the S&P500 possible outcomes. Since my last post the bulls made a good job and prices reached the previous tops level, at a very strong resistance near 4200. But at such levels a small range is common and expected. I highlighted the zone between the orange lines, that was defined by the last top and the last bottom. I am carefully observing the movements around this small area, and I consider that the outcomes from it may lead to decisive movements. I am considering the breakout of the 4200 to be a long trade trigger, whilst the breakdown would be a short trade trigger. But while none of these cases happen I remain neutral until I can see some outcome out of this relevant resistance level. The overcoming of the 4200 zone would be the final missing confirmation of a trend reversal (from bear to bull). On the other hand, this resistance can do its job once again and hold the prices below it, keeping us in the congestion or in the bearish scenario for the next few months. It is good to note that we're close to the "sell in May" seasonality.
SP:SPX
by thessia_
1
GBPJPY - ConsolidationHello traders, As you may have noticed, I haven't posted anything about GBPJPY for a long time as it is in a major consolidation. It may take a very long time but hopefully within a couple of weeks the price will decide to go somewhere, for now I'm trying to watch the SELL ZONE and BUY ZONE and in case of a touch I'm looking for a rebound opportunity on the lower TF. If the price goes below the BUY ZONE, I will then look for opportunities to sell, and if above the SELL ZONE, I will look for opportunities to buy in continuation up. IMPORTANT WARNING: --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Rebounds from marked zones created by trading positions of large institutions such as banks or various financial funds may not create new HH or LL and therefore it is very important to collect partial profits at least according to these rules. This will help you to keep your equity curve constantly growing and protect your funds from big drops if the price unexpectedly turns against you. But the decision is only in your hands. I personally prefer setting up multiple TPs , here's an explanation: 1) 1:1 allows you to take a 50% position and thus secure a balance against loss in case the market turns 2) 2-5 :1 means profit (25% trade volume ), after reaching this TP I move SL to BE 3) 5-10 :1 means bonus money with rest of trade volume (again 25%) Money is lying on the ground, just bend down for it! Be patient and wait for the price to reach a strong zone and open a position!
by TraderDominik
ETH USDT : Impulsive move or Pull back to previous levels?Hello guys, hope you are doing well. Welcome to today's market analysis as a part of "Aglogains - Daily Trade series". Ethereum is stuck in a range between 3200 - 2900 for the last 2 days, it looks like the market is consolidating here for a while given the fundamental news (US Infrastructure Bill) and other market factors. Here are the two scenarios that could play out: 1. Either we need to see ETH breakout to form a new higher high and close above 3200, to confirm the continuation of the uptrend. 2. ETH could pull back to 2990 - 2900 levels to retest the support. I suggest we wait until one of these scenarios plays out , if it does, here is how we can prepare to take advantage of the move. Scenario 1: If ETH does breakout of 3200 with an impulsive move towards the upside confirming the continuation of the uptrend then, I would look for buying opportunities on the pullback @ 3160 - 3200 Scenario 2: If ETH goes down to the 2990 - 2900 levels to retest the support, I would pay close attention to any wick rejections or bullish engulfing candles to indicate buying pressure at these levels and enter a long trade here. Let's see how the market plays this one out. Do let me know if you have a different way to leverage the current price?
by Nihanth_Aglogains