USDCAD - Trade idea! 4HR USDCAD Technical Analysis - COUNTER TREND TRADE.
Technical aspects:
Pattern: Small descending channel smaller term , until it's broken Bullish flag Intra day could come into play if it breaks towards upside.
Resistance: 1.31248, 1.31410, 1.31793, 1.32076
Support: 1.30639, 1.30367, 1.30048
If it breaks towards resistance area of 1.31248 I'd see the reaction of the pull back for further confirmation, would indicate a bullish flag formed and take it to the resistance zones. The way I trade I tend to scale out of my trades my main target areas are the resistance areas and last taking profit would be 0.382 Fib Retracement areas. Nice target area is that beautiful 200 EMA! Easy way to either add alert when it breaks or add an order.
However, if we do pull back within the descending channel we are in the key support area is 1.30438 and that's key area of support! Whilst trading the Loonie I do take into mind WTI Crude and of course dollar index as well.
The type of market we are in, most of my trades at this current moment of time are counter trend - which basically means I am going against the longer term trend. Which you must have a plan for, to build the right confidence you need in trading and journal it the types of trades as well is very important!
It was a very quiet week last week, which I know for some traders I've spoken to that work even within larger institutions it has been frustrating for sure! However, the way I keep myself busy on a very quiet week we must remember to be disciplined and to not over trade, but doing this I do go onto very small time frames 10-15mins time frames and my trades will be not be a swing trade in a range bound choppy market I tend to have my trades closed by the end of the day not doing as many large targets I would do if it was a swing trending market but it isn't right now.
Until we are still within these ranges, best to keep your targets small, keep to day trading until consolidation period is over and if you don't understand what the chart is indicating go to another pair currency or simply don't trade till you're comfortable to get back into the game. Usually, when I step away from the market, I don't step away and do something unproductive, I instead go for walk, exercise or I read and extend my knowledge further within the markets, there are plenty of very resourceful books based not just on markets, but on psychology aspects to help! For any further book recommendations, feel free to message or comment down below I'd be sure happy to help!
Key tip: A large percentage of trading is psychology! Have trust in yourself and your trading plan.
Have a great week ahead.
All the best,
Trade Journal (TJ)
Bullflags
OMG - Gearing up for a breakout? Over 200% Potential Long Term.Looking at OMG on the daily Chart, there's some interesting things potentially shaping up.
Most obvious is the descending triangle we've been trading in. OMG trades on a bullflag historically; which is characterized by a long period of sideways or slightly descending movement followed by a massive pump.
We see a fairly recent retest of bottom support in late september which held strong.
We have steadily increasing volume, however the biggest spike was on a retest of the upper channel boundary that was rejected, marking a decent red day.
RSI is very middling at the moment; could go either way with current priority being up.
Bottom line: good indicators for a breakout coming at some point in the next few weeks, however the heavy sell volume on the upper boundary retest makes me think we might see a lower support retest like in September before things really start cooking.
Wait to see if we retest or if we can break through that upper boundary without a swift rejection.
Short term TP's are green fibs, potential for ATH or more when the bull flag pops.
Thanks to everyone for the support over the last while, let's keep this going :)
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Ascending Triangle breakout for TRIL?It appears as though TRIL is breaking the horizontal resistance of the ascending triangle, only modestly at the time being.
The two green lines are the shoulders of an Inverted Head & Shoulders, and the blue head is obviously the head of the pattern.
On the RSI there's a bullish flag or descending triangle forming, I guess we will see if there's enough momentum to break through the downward sloping resistance, and possibly back test turning into support like I have drawn hypothetically in green.
A bearish cross already happened on the KST, it looks like a bullish cross is on the horizon.
Clearly a divergence between the price rising and the RSI moving moderately sideways.
HIVEUSDT is creating a bullish flag 🦐HIVEUSDT is creating a bullish flag, we will wait for a breakout upwards. According to Plancton's strategy, we can set a nice order
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Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
⚫️ Black structure -> <4h structure.
Here is the Plancton0618 technical analysis, please comment below if you have any question.
The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger.
Bitcoin appears to be flagging on the 4hrPlease tell me if you disagree on the flag especially!
Bitcoin has been the best performing asset of the year, and is certainly challenging the hegemonic order of global finance. What a blessing to be in this bull market guys!
When compared against all legacy financial markets such as Gold , Spiders, Diamonds and the Q's it has outran them all.
We are talking about a stunning year-to-date gain of 148%!
Here are some key concepts to consider:
• Institutional Adoption - MicroStrategy , Square, PayPal (4% of the total supply of bitcoins now reside on corporate balance sheets)
• Paypal and Square treating clients like a bucket shop holding the actual asset for them and only enabling clients to hold. Again good for the price as supply is trimmed down as price bids up.
• CME Group advised open interest on Bitcoin derivatives has reached its highest level ever
• Whales will accumulate the underlying asset to "control/manipulate/influence" the price as a few % points will enable them to make the derivatives market & kick the price around
• Retail all at this point sitting in profitable positions encouraging "hodl" culture
• Viewpoint evolving from retail "median of exchange" to institutional store for wealth or engine of wealth as the derivative market becomes popularized
• According to Forbes "60% of the available supply of bitcoin has not moved in the last year and over 40% has not moved in the last two years."
• Bitcoin flooding out of exchanges at the most rapid rate of its history indicating this is camping in long-term wallets
• Google keyword volume for Bitcoin is only 10% of its peak (2017 runup) indicating retail is not driving the relentless volume
• Technicals are all incredibly bullish - moving averages are all pointing straight up at a very steep angle
• Seeing comments on how the RSI is indicating oversold - it is worth touting that oversold conditions can continue on for a very long time
• Macro environment of central banks easing and pushing for higher inflation targets makes this financial product an outlier as it is engineered to increase in value and not inflate away
• The U.S. Dollar Index is down 0.25% Tuesday and continues to be in the doldrums versus a basket of other fiat currencies.
• Articles speculating into the future (after firmer regulation) that Fidelity/ Blackrock /Vanguard some massive player will introduce a low fee passive ETF fund which will require a huge amount of the underlying asset for the fund creation. Similar thought process of why the TSLA price runup with their inclusion into the S&P 500 - forced institutional buyers as they balance out the passive spider funds
• Adoption and regulation of BTC coming however the SEC is already offering clarity (links below)
• Gary Gensler (Former chairman of CFTC) was tapped to lead Biden's financial policy transition team concluded "that XRP and ether should be regulated as securities."
• Fun idea here, but I have seen so much grumbling from gold bugs on how gold is a greater store of wealth. I likewise am a goldbug and continue to accumulate gold as well - worth stating though what happens in a generation from now when we final visit the last frontier and become a space faring race and start mining asteroids? Supply of gold in the future may be remarkably more prevalent than we could possibly imagine.
Am I one of those calling for $100k in price? Well let's target 19k first bulls.
Bull Flag breakout for TSLA.On the KST there has been a bearish cross where I've placed the blue finger icon.
On the RSI there has not been a higher high creation, possibly a bearish divergence happening here.
Notice how on the RSI it's a similar bullish flag or descending triangle to the price, but on the RSI there hasn't been a break outside the pattern.
Time will tell, see my previous post on TSLA below.
$TUP - Follow Up - Congrats if you were in it!I unfortunately was rotating money out of other stocks and didn't have funds to get into this in time. Bummer. It did break out though!
BELBTC is creating a bullflag 🦐BELBTC is creating a bullflag after a nice breakout from daily resistance and after bounced on 0.5 Fibonacci Level
IF the price will have a breakout upwards and flip 4h resistance into support, According to Plancton's strategy, we can set a nice order
–––––
Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
⚫️ Black structure -> <4h structure.
Here is the Plancton0618 technical analysis, please comment below if you have any question.
The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger.
DAX 13224.42 + 0.49 % LONG IDEA * CONTINUATION PATTERNSHELLO EVERYONE
A look at the DAX INDEX from the monthly, weekly & the 4H charts the sentiment is net bullish meaning we might see a break of the historic resistance level 13570.66 and see continuation with the bulls, the index is currently trading is a bull flag which could signal continuation to the upside and momentum favors continuation, but looking at the index its overbought on most indicators meaning we might see a pull back before continuation to the upside so trade will be triggered once we break above of the bull flag.
As always higher time-frames for direction and whats happening in the overall chart and lower time-frames for entry opportunities.
LET'S SEE HOW IT GOES..
HAPPY TRADING EVERYONE & LET THE WINS RUN...
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ENTRY & SL - FOLLOW YOUR RULES
RISK-MANAGEMENT
PERIOD - SWING TRADE
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If this idea helps with your trading plan kindly leave a like definitely appreciate it.
Is Bitcoin trading in a bullish flag?Or, possibly a descending triangle, there's been a bearish cross on the KST where I have the red finger icon pointing downward.
On the RSI there's a noticeable pattern identical to the price action.
I have drawn a hypothetical potential price scenario outcome in green.
The green human body & head icon represents the head of a potential Inverted H&S pattern, if there's consolidation moving forward it would be ideal to see the head area hold as support to form the right shoulder of the pattern.
SIRI bull flag breakout, triple toSIRI looks like it's formed a bull flag which it's about to break out of. SIRI's fundamentals look pretty good. Analysts are recommending to buy it. $6 is a natural support/resistance, and it has snuck above it a couple of times.
I'm planning on entering in with a medium size position at $6.00.
My risk is $5.85 (2.5%). I'm hoping for it to go up to around $6.70, which is about 11%.
What is a Bullflag $NIO Finding patterns in real time is an essential. This is a bullflag on $NIO that I signaled yesterday, but this was a perfect opportunity to add on this bullflag. Especially if you are scalping. We took $LI $NIO $KNDI long last week an added to strength. Study those patterns and learn to identify them in real time. We do 1 on 1s with our students and this is one of the main points we push...be active! happy trading!
NIO - Bull Flag break upNIO has been consolidating within a narrow bull flag for the past 7 days and today it made a decisive break above this flag. Long as it breaks above @ 27.20 with initial stop below the recent pivot low @ 26.35.
Am expecting the bullish trend to continue but may take partial profits at the 1.62% fib extension ($31.80).
Caution! Presidential Election is just round the corner and could be extremely volatile next week. Trade at own risk.
Disclaimer: 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. Thank you.
Apple Bottoming into Bull Flag. Apple currently coming out of a small bear flag.
Combination of short-term trend line combining and long-term support line hitting a possible strong resistance level of $113.8.
Downward trend hitting compression point with upper bound of bull flag (aka bull flag will pop in next 1-3 days.)
Bottom at 113.80 today with a bull flag breakout tomorrow seems likely.
KEY - SelfKey about to give 200%+++??KEY trades on a bull flag , we've been declining from the previous spike to this point, and just saw our first serious breakout.
Indicators are going crazy... Last time this much volume was in play it was an easy 250%. This is a low volume pair, so high volume means she's a mover.
Shoot high, if this is the pop we can get crazy profit here.