Sublime_Trading

Sublime_Trading

In the last post on the USDJPY, price was up 9% since breaking above resistance at 125.85, which is the high from June 2015. Price has now moved up an extra 1%, bringing the total to 10%. Price is forming a neat linear trend with small clean pullbacks along the way up. The 20 simple moving average on the daily timeframe has been acting as support. The next major...

Sublime_Trading

With the US Dollar now on the move, some forex pairs are forming trends and one of them is the USDJPY, which recently broke out from long-term consolidation. Price started to consolidate in June 2015 and broke above resistance in April 2022. There was a nice move up, and then a pullback, then price continued to move back to the upside. Since breaking out, price...

Sublime_Trading

The US Dollar has moved up 3% so far this month and entering price levels we haven’t seen since 2002 and still climbing. Price was previously in an area of consolidation, which ran from 2017. With a breakout from a long period of consolidation, we can expect a strong move in the direction of the breakout. The 3% move to the upside this month equates to $3 and...

Sublime_Trading

The price of US Oil has not consistently traded above the May 2011 high at $114.79 since the high was formed as price has not remained above this level. Price did move above this resistance in March, May, and June, but the sellers forced price back down again. We have a major support level below price in the form of the $100 round number, which may prevent price...

Sublime_Trading

It is still early in the month, and the week has only just started, but Bitcoin is now trading below a major support level which has now turned resistance. Last month, price bounced off the December 2017 high support level at $19,666. The sellers have taken control so far this month but will price close above this level by the end of the month. Bitcoin has been...

Sublime_Trading

Bitcoin has declined further since the last post, dropping down through the weekly 200 simple moving average which is now resistance. Price also declined below the $20,000 round number but has since moved back above this level and is slowly creeping back towards the moving average. This current move up does resemble a pullback, and if it is then we will...

Sublime_Trading

The S&P 500 has moved further away from last year’s low support level at $3662 which is proving to be a strong level to break. There is now a long wick below June’s candle after price bounced hard off that level, but will it be the start of the resumption of the bull trend. May’s candle closed as an indecision candle with a long wick but price still exceeded the...

Sublime_Trading

Bitcoin has now declined 71% from the high of November 2021, almost reaching $70,000 before moving south. Last year’s low at $27,734 was held as support in May this year, but June’s candle has so far penetrated this level. We could see a push up before the end of the month and a close above this level, but for now price is trading below it. Another major level...

Sublime_Trading

Is this the major support level that stops the S&P 500 from dropping further down? If it is, the bull trend will eventually resume, but if not, we will likely see a bear trend. Price is now at last year’s low at $3662, which is a strong level, but we will have to wait and see if it is strong enough to stop the 23% decline from increasing. Other previous...

Sublime_Trading

The S&P 500 was held at the $4,000 round number zonal area of support. We did witness a little strength to the upside, but the previous support from February 28th 2022, at $4114 turned to resistance and prevented price from climbing higher. Price hit this level of resistance and has since displayed weakness and an impulsive move to the downside unfolded....

Sublime_Trading

Bitcoin was held at a major support level for almost 18 months and appeared to bounce from this level to resume the long-term uptrend. Price dictates the next move and in this case, it decided a bounce would not take place for now. Instead, the major consolidation support at $28,800 was broken and so far this week, another level of support has been broken...

Sublime_Trading

The previous post of the GBPY showed price holding at the support level of 156.60. This was the consolidation resistance turned support from the January 2018 high. Price formed a textbook pattern by breaking out of consolidation and retesting the consolidation zone, then bouncing off support. We are seeing an impulsive move to the upside, and should the move...

Sublime_Trading

Last week, price made contact with a major level of support, formed from the low of January 22nd at $28,800. Price stayed at this level for a few weeks. It’s the start of a new week, and already seeing a bounce from the support level. As the weekly candle displayed is still new, we will have to wait until the end of the week to confirm a weekly bullish candle. A...

Sublime_Trading

The forex market has been silent for many years now, so there haven’t been many opportunities to jump into trend-following positions. We have to remain patient during quiet times and keep an eye on the calm markets even when placing positions in more active markets. The GBPJPY is showing signs that watching the quiet market may pay off. Price is setting up for a...

Sublime_Trading

In the last post, I highlighted price holding at support which is last year’s low at $28,540. There is another support level just above that one from the January 2021 low at $28,989. Price has hit this cluster of support multiple times since then. The first was a period between May 2021 and July 2021. Price hit this level again a year later, in May 2022. As this...

Sublime_Trading

The USDJPY went into a long period of consolidation from June 2015 to April 2022, almost seven years, and may be at the start of a potential long-term bullish trend. Before the recent sideways market, price formed a trend that lasted from October 2011 to June 2015, rising from 75.56 to 125.85. Now that price has broken out from the long-term consolidation zone,...

Sublime_Trading

The currency market has not offered consistent long-term opportunities for a number of years now, and looking at the chart of the GBPUSD, we can see why. Price went in a decline from July 2014 to October 2016, falling from 1.7191 to 1.1904. Since then, price has not moved away from the range consisting of a high at 1.4376 and a low at 1.1904. In March 2020,...

Sublime_Trading

Bitcoin has really struggled to gain bullish momentum since the sharp decline it experienced in April 2021, almost falling and hitting last year’s low at $28,540. A rally followed, which created a new all-time high, but a descent followed once again. The recent decline has occurred over six months compared to the three months in the initial decline mentioned...