1h
$NVDA S/R flipPrevious ATH on the daily is $480.88, on the 1H chart NVDA has tested this level as support twice in with price action that looks like a spring —> backtest of spring. Still exceeding expectations with earnings even if guidance wasn’t as bullish as people had hoped. Has obviously run up a lot but very strong uptrend and worth a go to get onboard the trend imo.
EURUSD Swing Trade Potential with Wyckoff RTM AnalysisIn this post, I'll provide an overview of my recent exploration into EURUSD swing trading, employing a combination of two powerful analytical approaches: Wyckoff Price Action Analysis and RTM. While these methodologies can offer valuable insights into market dynamics, it's important to emphasize that this approach is inherently speculative and should be taken with a grain of salt.
GBPCAD in bearish trend.GBPCAD is in bearish trend and printing LH and LL. There is no divergence on 1H timeframe at the moment. Oil prices are also on the rise which will probably strengthen CAD resulting in further bearish trend.
Sellers will be in control once support level of 1.66593 is broken. It will get retested and then hopefully, will go further down to 1.66067.
25/09/23 Weekly outlookLast weeks high: $27490.1
Last weeks low: $26897.7
Midpoint: $26305.4
Despite several big news events relating to the FED funds rate, CPI & PPI, we saw a much tighter range last week than the week previously.
We're already trading lower than last weeks low and confirmed as resistance with a bearish retest.
It is interesting that the news events that used to give us such volatility are now barely noticeable on the chart at all. This leads me to believe we're in the later stages of the bear market, where the speculative investors traders are no longer interested, the market makers are not interested in trading news events that are risky and therefore we have almost a stalemate in price action.
When an asset like BTC fails to have buy side pressure/volume then price will naturally creep lower to find buyers, this is basic supply and demand and the reason for my prediction that we'll see a retest of that yearly open price around 19k in my opinion. By that point smart money will look to catapult BTC back towards ATH over the next couple of years. Survive the next 6-9 months and the patient shall be rewarded, we see it with every cycle.
18/09/23 Weekly outlookLast weeks high: $26894.1
Last weeks low: $25873.8
Midpoint: $24853.5
After CPI and PPI news events that took place last week, we can see a clear uptrend after a deviation below the midpoint, then a reclaim and a move up higher.
This week we have FOMC and the interest rate decision. The forecast is for the interest rate to remain the same at 5.50%. This decision has been priced in IMO but that doesn't rule out any potential whipsawing in the minutes up to and following the decision, we also have the press conference that can give some volatility too. However, if last weeks news events are anything to go by the volatility will be low compared to previous FOMC's.
The bigger picture plan stays the same for me, I do think we're moving towards that yearly open retest before thinking about the run up to the halving and the bullrun beyond. A retest of 28k resistance with a bearish reaction off that level would further add confluence to this idea. As for now staying patient and looking for opportunities outside of the choppy price action.
29/08/23 Weekly outlookLast weeks high: $26824.0
Last weeks low: $26045.0
Midpoint: $25266.0
The weekly outlook starts on Tuesday this week due to the bank holiday. Despite a strong decline 2 weeks ago price has stabilised into a much tighter spread, almost like a sinewave across the midpoint.
Because of this for me personally there is no clear near term direction, however the longer term direction would seem to be bearish thinks to that new lower high after the pullback. We'll know for sure once a new lower high is posted.
If that happens, I would expect most of this years progress to be retraced back down towards the 19k area by the end of the year/Q1 2024.
For now there is not a lot to do as LTF chop is very difficult to navigate currently.