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NVDA: Beware of these Support / Resistance Levels (H & D charts)NVDA shares are losing momentum after a powerful upward reaction this morning. It seems that as it approaches its resistance area, it is becoming difficult for NVDA to maintain its upward trajectory. We had a good reaction near the Fibonacci retracements, which, as we warned in our last public study, was our main area of support. Now the price is trying to recover, but there are still some challenges ahead. The link to our previous analysis is below this post, as usual. It's interesting to note that despite losing momentum, the price could still seek out the $487.61 region, a secondary resistance and previous top that can be seen on the hourly chart: At the moment, there is no clear sign of a bearish reversal, but we should remain vigilant as the price is finding it difficult to break through the resistance of its Ascending Channel, as evidenced by the purple lines. A correction down to the 21 EMA is plausible, but if the price loses this support, then we could see NVDA near the support of its channel again. So, in the short term, it's all about the Ascending Channel, and in which direction there will be a breakout, as well as the 21 EMA. In the medium term, we should focus on the Fibonacci retracements, and the resistance at $487. I must admit that I would like to see the price at $487 again, since that point has been a personal target for me since the first buy signal at $469: Ignition Bar + above the support of the ascending channel + breaking a pivot point + breaking the 21 ema on the 1h chart = Clear buy signal (to me, at least). However, depending on how the price reacts today, maybe the bullish thesis will be thwarted. I’ll keep you updated on this, so remember to like this idea, and follow me for more analysis like this. All the best, Nathan,
NASDAQ:NVDA
by Nathan_The_Finance_Hydra
23
🚀⤴️⤴️GOLD FULLBACK 2100)⏫️hello trader’s what do you think about gold) gold fullbacks support levels 2047) Gold if breakoutdown and this weekend looks better news CPI trader’s 2047) support levels and gold mowing fullback 2100)resistance levels)my position 2047) lounges 2100) key levels 2080 key levels 2090 key levels 2100 Gold finished the year at $2,063 an ounce, climbing more than 13% in 2023 for its first annual gain in three years, and logging a new record high within the year mostly supported by expectations that the major central banks will start cutting interest rates early next year. After implementing an aggressive rate-hiking cycle that started in early 2022, the US Federal Reserve is now expected to begin easing as soon as next March amid signs that inflation in the US is cooling. Moreover, heightened geopolitical tensions in the Middle East and the prospect of a prolonged war in Gaza spurred safe-haven demand for gold.
FOREXCOM:XAUUSDLong
by SMC-Trading-Point
💥 USD JPY bearish moving) 4H )Hello trader’s what do you think about usdjpy)? Usdjpy bearish moving retest rsl levels same Bak sell zone 138.570 The US dollar declined against its major trading partners early Friday, except for a gain versus the euro, ahead of the release of the New York Federal Reserve's Empire State survey for December, the first manufacturing reading for the month, at 8:30 am ET. November industrial production data are set to be released at 9:15 am ET, followed by S&P Global's flash estimates of manufacturing and services conditions for December at 9:45 am ET. With the Fed's pre-meeting "quiet period" now lifted, appearances by officials should pick up in the coming week before the holidays begin. A quick summary of foreign exchange activity heading into Friday: USDEUR fell to 1.0966 from 1.0992 at the Thursday US close but was above a 1.0928 level at the same time Thursday morning. The European Central Bank held its target rate steady Thursday, as expected, and said that rates will need to remain elevated "as long as is necessary," according to ECB President Christine Lagarde. There was no discussion of rate cuts at the meeting, Lagarde said. The next ECB meeting is scheduled for Jan. 25. The Eurozone manufacturing and services sectors continued to contract in December, a preliminary purchasing managers' index released earlier Friday showed. GBPUSD rose to 1.2774 from 1.2766 at the Thursday US close and 1.2664 at the same time Thursday morning. UK manufacturing PMI showed continued contraction in December, but the services reading moved further above the breakeven point to signal faster expansion, preliminary data released earlier Friday showed. The next Bank of England meeting is scheduled for Feb. 1 after the BoE maintained its target rate Thursday and said rates will need to remain elevated for some time. USDJPY fell to 141.6480 from 141.8862 at the Thursday US close but was above a level of 141.5921 at the same time Thursday morning. Preliminary Japanese manufacturing PMI for December showed further contraction while the services sector expanded at a faster rate than in the previous month, data released overnight showed. The next Bank of Japan policy meeting is scheduled for Dec. 18-19, with the statement released in US time Monday evening. USDCAD fell to 1.3381 from 1.3406 at the Thursday US close and 1.3448 at the same time Thursday morning. Canada housing starts data for November are scheduled for release at 8:15 am ET, followed by wholesale sales data for October at 8:30 am ET. The next Bank of Canada meeting is set for Jan. 24. BoC Governor Tiff Macklem is scheduled to speak at 12:40 pm ET.
Short
by SMC-Trading-Point
⬆️ EURGBP) BULLISH) analysis) ⬆️⬆️hello trader’s what do you think about Eurgbp)? The pound rose slightly on Friday as the dollar slipped while investors waited for data on the Federal Reserve's preferred gauge of inflation. Sterling GBPUSD was up 0.36% at $1.2736 and was set for a weekly gain of 0.45%. The euro EURUSD was down 0.26% against the pound at 86.55 pence. The pound has risen for five of the last six weeks against the dollar as investors have ramped up bets that the Fed will cut interest rates sharply next year after consumer price index inflation slowed to 3.1% in November. The November personal consumption expenditure (PCE) index, the Fed's favoured measure of price pressures, is due at 1330 GMT on Friday. Data on Friday showed the UK economy shrank 0.1% in the third quarter of the year. Yet FX investors may have been paying more attention to separate figures that showed British retail sales jumped 1.3% in November, more than expected. "Today’s release provided some festive cheer for retailers," said Alex Kerr, assistant economist at Capital Economics. "But with higher interest rates still percolating throughout the economy, we doubt that there will be a continued rise in sales volumes early next year." In their 2024 outlooks, many strategists tipped the pound for a solid year on the basis the Bank of England would not be able to cut interest rates as much as the Fed or European Central Bank, making British bond yields more attractive. That idea was called into question earlier this week when data showed that UK inflation slowed to 3.9% in November, more than expected, from 4.6% in October. Investors think the BoE is likely to cut rates by 140 basis points next year, according to pricing in derivatives markets, up from about 120 bps at the start of the week. The dollar index DXY , which tracks the currency against six major peers, was last down 0.22% on Friday at 101.55.
Long
by SMC-Trading-Point
2
GBPJPY DIAMOND BOTTOM🎄 Hello Traders, Merry Christmas and Happy New Year! 🎉 As we embrace the festive spirit, let's also dive into an exciting trading opportunity that's shaping up in the Forex market. 📚 Introduction to the Diamond Bottom Pattern: What is a Diamond Bottom? It's a unique and relatively rare chart formation that signals a potential bullish reversal. This pattern is characterized by a broadening price range followed by a narrowing one, forming a diamond-like shape. Why It Matters: For technical traders, spotting a Diamond Bottom can be like finding a gem – it often leads to significant price movements if confirmed. 🔎 Analysis of GBPJPY's Diamond Bottom Pattern: Current Scenario: The GBPJPY has formed a distinctive Diamond Bottom on its hourly chart, hinting at a possible shift in momentum. Breakout Point: The key level to watch is the breakout point at 180.366. A sustained move above this level could signal the start of a bullish phase. Risk Strategy: As always, managing risk is crucial. Placing stops below the low prior to the breakout can help mitigate potential downside risks. Target Zones: Primary Target Zone: 62% Retracement: 181.202 79% Retracement: 181.440 Extended Target Zone: 127% Extension: 182.092 162% Extension: 182.573 🎁 Trading Insights: Confirmation is Key: Wait for a confirmed breakout above the Diamond Bottom for a higher probability trade. Market Context: Keep an eye on overall market trends and news, especially those affecting the GBP and JPY. 🌟 Conclusion: Opportunity Awaits: The Diamond Bottom pattern in GBPJPY offers a promising setup as we head into the new year. With careful analysis and prudent risk management, this could be a great way to start your trading year. Here's to a profitable and joyous trading journey ahead! 🥂
Long
by TradeChartPatternsLikeThePros
3
EURUSD) bearish on the market) analysis)💥💯💯The US dollar fell against its major trading partners early Thursday ahead of a trio of economic releases at 8:30 am ET. The third estimate of Q3 gross domestic product is scheduled for release at 8:30 am ET, at the same time as weekly jobless claims and the Philadelphia Federal Reserve's manufacturing reading for December. Later, the Conference Board's leading indicators report for November is due at 10:00 am ET, followed by weekly natural gas stocks data at 10:30 am ET and the Kansas City Fed's manufacturing reading at 11:00 am ET. A quick summary of foreign exchange activity heading into Thursday: USDEUR rose to 1.0982 from 1.0943 at the Wednesday US close and 1.0937 at the same time Wednesday morning. There are no EU data on Thursday's calendar but European Central Bank policy board member Philip Lane is scheduled to speak at 11:00 am ET. The next ECB meeting is set for Jan. 25. GBPUSD rose to 1.2663 from 1.2639 at the Wednesday US close and 1.2655 at the same time Wednesday morning. The UK CBI distributive trade survey showed expectations of a large contraction in retail spending in December, data released overnight showed. The next Bank of England meeting is scheduled for Feb. 1. USDJPY fell to 142.6838 from 143.5636 at Wednesday US close and 143.4100 at the same time Wednesday morning. There were no Japanese data released overnight. The next Bank of Japan meeting is scheduled for Jan. 22-23. USDCAD fell to 1.3343 from 1.3368 at the Wednesday US close but was up from a level of 1.3338 at the same time Wednesday morning. Canada retail sales and average weekly earnings data for October are scheduled to be released at 8:30 am ET. The next Bank of Canada meeting is set for Jan. 24.
Short
by SMC-Trading-Point
Learn to identify some useful Chart patterns, Merry Christmas🎄 Unlocking the Secrets of Chart Patterns: Navigating Market Trends 📈 Season's Greetings to all our readers! As we celebrate the spirit of the holidays, let's delve into the fascinating world of financial markets. In our journey to understand and navigate the complexities of trading and investing, we've touched upon essential chart patterns that can serve as invaluable guides for market enthusiasts. In the midst of the festive cheer, let's revisit some of these powerful indicators: the Double Bottom, Flag and Pole, Bullish Pennant, Rising Wedge, Falling Wedge, Triple Top, and Inverted Head and Shoulders. Understanding these patterns can be akin to unwrapping gifts of insight into potential market movements. So, grab a cup of cocoa, settle into your favorite chair, and join us as we explore the significance of these chart patterns and share practical tips on incorporating stop-loss strategies to enhance your trading toolkit. Wishing you a Merry Christmas filled with joy, warmth, and prosperous insights in the financial markets! 🎅🎁🚀 Double Bottom: Description: Imagine a smiley face turned upside down. A double bottom is a chart pattern that looks like two rounded troughs (bottoms) next to each other. Interpretation: Indicates a possible reversal of a downtrend. The price has tried to go down twice but failed, suggesting a potential upward movement. Stop-Loss Tip: One can place a stop-loss slightly below the lowest point of the double bottom. If the price falls below this level, it may invalidate the pattern. Flag and Pole: Description: Think of a flag on a flagpole. The "pole" is a strong, quick price movement, and the "flag" is a rectangular-shaped consolidation pattern. Interpretation: The flag and pole pattern often signals a continuation of the previous trend. The flag represents a brief pause before the price resumes its original direction. Stop-Loss Tip: One should set a stop-loss just below the lower end of the flag. If the price drops below this level, it might suggest a reversal of the trend. Bullish Pennant: Description: Similar to the flag and pole but with a small symmetrical triangle (pennant) instead of a rectangle. Interpretation: Indicates a temporary consolidation after a strong upward movement. It suggests that the bullish trend might continue after the brief pause. Stop-Loss Tip: Place a stop-loss under the lower trendline of the pennant. A break below this line could signal a potential trend reversal. Rising Wedge: Description: Picture a triangle with its top side steeper than the bottom side. The price makes higher highs and higher lows but in a narrowing range, with indicator making Lower Highs (Bearish Divergences). Interpretation: This pattern can indicate a potential reversal to the downside. It suggests that the buying interest is weakening, and the price may soon decline. Stop-Loss Tip: Place a stop-loss just above the last price swing high of the wedge. If the price drops below this line, it may suggest a potential reversal. Falling Wedge: Description: Similar to the rising wedge but inverted. The top side is less steep than the bottom side. Interpretation: Represents a potential reversal to the upside. It suggests that selling pressure is weakening, and the price may be ready to move higher. Stop-Loss Tip: Place a stop-loss just below the last price swing low of the wedge. If the price drops below this line, it may suggest a potential reversal. Triple Top: Description: Visualize a horizontal line touching the tops of three consecutive peaks. Interpretation : Indicates a possible reversal of an uptrend. The price has failed to break above a certain level three times, suggesting a potential downturn. Stop-Loss Tip: One should set a stop-loss slightly above the highest point of the triple top. If the price rises above this level, it may negate the pattern. Inverted Head and Shoulders: Description: Picture three troughs, where the middle one (head) is lower than the two on either side (shoulders). Interpretation: This pattern suggests a potential reversal from a downtrend to an uptrend. It signifies a shift in momentum from bearish to bullish. Stop-Loss Tip: One should place a stop-loss just below the neckline (the line connecting the highs of the pattern). If the price falls below this line, it might indicate a failed reversal. I am not Sebi registered analyst. My studies are for educational purpose only. Please Consult your financial advisor before trading or investing. I am not responsible for any kinds of your profits and your losses. Most investors treat trading as a hobby because they have a full-time job doing something else. However, If you treat trading like a business, it will pay you like a business. If you treat like a hobby, hobbies don't pay, they cost you...! Hope this post is helpful to community Thanks RK💕 Disclaimer and Risk Warning. The analysis and discussion provided on in.tradingview.com is intended for educational purposes only and should not be relied upon for trading decisions. RK_Charts is not an investment adviser and the information provided here should not be taken as professional investment advice. Before buying or selling any investments, securities, or precious metals, it is recommended that you conduct your own due diligence. RK_Charts does not share in your profits and will not take responsibility for any losses you may incur. So Please Consult your financial advisor before trading or investing.
NSE:NIFTYEducation
by RK_Chaarts
49
GBPJPY) 4H) tame frame ) analysis)Speculation about when the Bank of Japan will end its negative interest rate policy (NIRP) has been rife, but seen as more likely to come in January than December. Price action in JPY-related FX option markets isn't offering many clues, with increased demand and high volatility risk premiums for both meetings, and also for a speech by BoJ Governor Kazuo Ueda on Dec. 25. Deutsche shares sentiment with other banks who expect the Bank of Japan to maintain its current monetary policy framework in December, while hinting at an end to the NIRP at its Jan. 23 meeting. Deutsche attribute a 60% probability to hints being made. In terms of fundamentals, Deutsche believe that ending NIRP in January is appropriate because the forecast in the outlook report will change since the data already imply a virtuous circle in wages and prices. In terms of practicalities, it is because financial institutions would have sufficient time to prepare for it. Deutsche suspect that the BoJ will hint at the upcoming policy revision by including some key points in its statement; that it will assess and confirm the virtual circle between wages and prices by the January meeting, with the results to be published at the same time as the outlook report; and that, as a result of this assessment, the policy revision will be judged appropriate and it will continue to emphasize an accommodative policy stance and stable JGB markets even after the revision. Overnight expiry FXO implied volatility
Short
by SMC-Trading-Point
2