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EUR ZAR (possible long entry - possible to be a VERY big trade)This is another easy and straight forward setup. This appears to be an Elliot wave 5 wave fractal pattern. It seems to me that we are probably in wave 4, though I do not think wave is finished yet. Wave 4 likes to finish near the top of wave 1. We should be in the ABC/complex correction of the minor waves. We are in a small uptrend that is actually a bear flag in the overall bigger picture. However, it seems we still have upside potential. I will be looking for price to breakout of the counter trend line, probably near the current support level, then ride the counter trend line down to the false break zone near the very bottom trend line. We have stronger support here, the top of wave 1, and an expected place for the bottom of wave 4 to rest. From here it is a long way up to the conservative take profit just before the top of wave 3. If wave 5 is not truncated we can expected a much much bigger move past wave 3 and off of the screen shot. Massive pips can be made off of this trade.
Long
by sgsummers
Ethereum Topped. Where Are Our Targets?It is likely Ethereum has topped out here. Lower timeframes show a tonne of illiquidity patterns and a lower high, indicating total lack of strength to push any higher, so we will need to go down to lower levels until buying steps in. Given how slowly it is moving to the downside, and that all areas of support/resistance get bought up, I would say this is a monstrous liquidity grab and we will set up a consolidation zone before moving much, much higher. I see this as the 3rd leg of the Elliott Wave. It would be great to move to the slower support and have everyone saying crypto is dead etc. If volume come in there it will be a great entry.
Short
by dontdaytrade
3
Bitcoin is Almost Done!This is a fairly simple idea using the only available trendlines from previous runs and Fib extensions. BTC is also coming up to the last extension from the first Elliott Wave in this bull run. I don't think this is the final top, but we will have a large correction from here. We are melting up on low volume after a large volume sell off at around 32k, as well, alts are now lagging, which is usually what happens after they have their run ups near the peak. It's currently past the trendline, I expect a wick up to the fib level on the weekly candle, with a close below the trendline If you look on the daily, this lower trendline definitely caused resistance, so it is valid.
Short
by dontdaytrade
12
Ethereum Has Completed the Measured MoveFrom the breakout point at about $620, where ETH started goin really vertical, it has now completed a measured move, if we assume the entire section underneath that was an accumulation zone. It also matches up with the fib extension of the first Elliot Wave in this bull run, starting from the low in March. Likely retracement targets are around $750 - 800, and best case scenario the breakout point at $620. Not likely, but it might be wise to leave some cash around in case it gets that low. Have fun!
Short
by dontdaytrade
BTC Wave 3 ENDING ? Monthly Elliot Wave! 14K/16K BUYLooking at the monthly chart it looks clear to me that Elliot Waves 1,2,3 has been formed, and now that Wave 3 has hit the 1.618 fib level of wave 1 and dipped signals that wave 3 could be over. Meaning a retracement should occur before continuing the 5th wave. This presents a potential buying opportunity at the 0.236 & 0.382 fib levels, the reason why I think the price will bounce at these levels is because since wave 1-2 was a steep retracement (around 0.618) then we should see a shallow retracement of wave 3-4, because many new buyers who missed out on the last impulse wave will eagerly buy in. If the retracement occurs and it is a shallow retracement of Wave 3 then the retracement should end either at the 0.236 fib ($16.6K) or the 0.382 ($14.6K) fib level. What we do now is patiently wait for this to happen, but in the case price breaks out of 20K and remains above it without faking out, we can consider joining bitcoin ! Not financial advice nor am I responsible for any losses you may incur by following my trading ideas. Happy Trading - WineTrader888
BITSTAMP:BTCUSDLong
by WineTrader888
GOLD Trading Plan - 11/Dec/2020Hello Traders, Hope you all are doing good!! As per last analysis, GOLD has moved down after testing the resistance at 1875. Currently it is trading in Ascending triangle, however facing the immediate resistance at 1845 & have demand zone below as shown in the chart. Normally ascending triangle supposed to be broken upside, however the price action is biased more of downside. Wait for the breakout of this triangle for deciding the next move. Please follow me and like if you agree or this idea helps you out in your trading plan. Disclaimer: This is just an idea. Please do your own analysis before opening a position.
OANDA:XAUUSD
by For3xScalper