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Confluence

SPY will run out of gas soonMost of my posts will have a lot more verbiage associated with them than this one but in this case I think a careful analysis of the chart will reveal everything I want to convey. SPY is toppy here with Fibonacci extensions from two separate impulse wave together in a confluence zone. I see 315 as a potential top if we manage to get there. As always anything is possible as I think we will know soon per the duration of previous up-trends if we will make many more new highs or capitulate, I'm leaning towards the latter scenario.
AMEX:SPYShort
by TNasr
PYPL - high confluence bounceAt first glance this chart is a bit of a mess. There are many intermingling trend-lines, but my eyes are drawn to a falling wedge which I have colored with blue to help it stand out. After some analysis, Friday's (11/8) candle has bounced in a very interesting place. Prior resistance (red line & arrows), a newly confirmed up-trend (light-gray), our blue down trend and the 61.8% retracement. Decent volume on this bounce, comparable to previous bounces along this trend-line. RSI appears to be confirming the move. I think we chop below $102 for a few days but eventually revisit the falling wedge top.
NASDAQ:PYPLLong
by danbeaulieu
That is the end of the dump for Bitcoin. Next target @ $11,600That was it folks. Thanks for playing. After that incredible pump from $7,400 to $10,600, we were guaranteed a nice big pullback to enter for the next leg up. As it happens, Bitcoin has just wicked down to the candle-body highs of the previous range, along with the 0.618 confluence of the bullish move from the $7400 lows. I have increased my long position from this move today as I see it a premium buying opportunity, and the last significant low we will see for a while. If we dip below $8450 I will begin to pay serious attention to PA as it develops. Today's candle has already wicked back up near the 200DEMA and nearly reclaimed it as support. If we do fail to reclaim the 200DEMA, I think we may be in a lot of trouble. Price has shown strong rejection from the 200DEMA both as a support and resistance level. To close on the other side would be very bleak for future bullish narratives. As if to mock me, Bitcoins price has just moved down further away from the damn 200DEMA. Typical. Target for this trade is at $11,600 area to take a bit off, before re-entering on the pullback for the move to 20k, finally. Then the ATH's will come fast. Keep it simple. Buy low, and sell way fucking high.
BITMEX:BTCUSD.PLong
by Pillarstric
Bitcoin Buy Alert | Chart Pattern and Support Levels ConfluenceHello Traders, We're seeing a lot of confluence on BTCUSD (more than one analysis method give the same trade signal which often lead to greater accuracy). Confluence 1. Resistance Become Support The last lower high in a downtrend often become a good support level if it breaks (price makes a higher high) and price retrace to that level. Confluence 2. Fibonacci Retracement I always draw a Fibonacci retracement between most recent high and low to get strong support levels where pullback might stop and price reverse. Confluence 3. Double Bottom Chart Pattern A double bottom with a lower low on the right side is a really good chart pattern, especially when traded in confluence with strong support levels. Confluence 4. Bear Trap (Failed Breakout) Amateurs get trapped in short positions and when price reverse up and stays above the breakout level it adds confluence to the bullish trade idea. Do you think Bitcoin's next move is happening soon? Let me know in the comments section! If this was helpful, please like and follow me @tradingwalk Thank you! Happy trading, Johan
BITSTAMP:BTCUSDLong
by tradingwalk
AUDUSD Next Leg UpAUDUSD has been creating a bull flag for the past several days. Price has been supported by the 23.6% of the entire move which is also confluent with 50%. Price bounced from this strong support level and now we expect continuation to the upside possibly as high as round psychological number 0.70 which is confluent with the 61.8% and the -27% extension of the entire move. This confluence of technicals gives us confidence that a move up is on the horizon. From the fundamental side we know that the RBA is not planning on cutting interest rates for the remainder of 2019 which should also support the Aussie. From the sentiment side, progress in US China trade talks should also have a positive impact on the Aussie dollar. This is for educational purposes only. This is in no way intended to be financial advice. I am not a financial advisor.
Long
by csohrab
BTC WEKKLY OUTLOOKGood day folks, had a long break from charting/trading and it was healthy:D Coming back to BTC, the weekly looks good, a solid candle close above the 0.382 Fib level from the previous retracement and as confluence also from the last retracement. Adding to that the RSI bounced back and stayed in the Bull zone. ADX cross between Di+ and Di - didn't happen. With this expecting a healthy ull back for a more uptrend, keep open eyes guys! 4h outlook coming up later on the day.
BITSTAMP:BTCUSDLong
by taryjaya
AUDUSD - Possible bear continuationAs we can see from the chart above, the cross reached a very important resistance first established back in May as a support and tested in June; the "change of polarity" happened in July, when price dropped of more than 4% in 2 trading weeks. As the saying goes: "the first test never fails"; it didn't indeed. We could be in front of a retest of the resistance, which, moreover, coincides with the 50% of Fibonacci level (as you can see from the chart). So here's what I expect: price will drop at least to 0.6755, if not to 0.6725, where there's a high liquidity zone. In addition, some economists expect one more rate cut from the RBA for 2019 and the likely adoption of QE, in order to accomplish the inflationary target of 2-3% (CPI), which is now at 1.6%. The next CPI data will be published on October, 30th and will likely remain at 1.6%.
Short
by UnknownUnicorn3701608
EOSUSDT - INDICATORS AND CONFLUENCESLets see how confluence works: EOSUSDT trend is bearish on D and 12H. On 4H we are having some kind of bounce or consolidation bear flag. We know this channel is going to broke downwards, at least the market in general push bulls and invalidate TA. If nothing extraordinary happens, this is going to be a continuation pattern. I see two possibilities: 1.- Channel breaks now, after testing 0.382. Bulls can't break 21EMA and PA goes fast to green area (S/R + FIBONACCI LEVEL). Over there, is where we want to close our short trade. 2.- PA test higher level of the channel and fibo, where meets 144EMA (12H chart, accurate in this case), previous Support level with high VOLUME, and roof of bear flag. Wow!, this is beautiful. This is where i've rather entering a short position and take profits on green rectangle. Both short trades are possible, trade 2 is TAwise speaking: GORGEUS. Lets see what happens.
Short
by EstebanH
Getting Ready For NZDJPY SellsFor this setup we have: -Major 38.2 Fibonacci retracement. -Minor 78.6 Fibonacci retracement lining up with the major Fib. -End of major & minor channel resistance. -ABCD pattern projection to complete at the end of both channels. -Major counter-trendline resistance. Either you want to be aggressive or conservative, both scenarios offer a good risk to reward ratio. Aggressive: 6.87+ RRR, Conservative 2.93+ RRR. Take entry either at the confluence zone (Yellow Zone) or wait for a candlestick confirmation. Aggressive SL: 68.150 Conservative SL: 68.350 TP1: 67.300 TP2: 66.950 TP3: 66.600 Please feel free to send me a message in regards to any questions, feedback or suggestions that you may have. Enjoy!
Short
by RiverThink
GOLD BULLS SHOWING THEIR STRENGTH.... ROAD TO 1560!!Previous trade ( idea below) Ended up with taking profit from the long and partial profit on the short but ultimately breaking even on the failure. Overall if you have been following these gold setups I was t rying to position for another long but the bulls showed too much strength and we never pulled back. What I was watching during the trade -bulls went as I hoped testing the 61 fib and I went short after taking profit on the long trapping or should I say attempting to trap the bulls at 1504 - looking at the pink arrows you see how price never broke back below the .50 fib and made high lows - by the second pink arrow and it being the time of day I took partial profit and set to breakeven Note: Keep in mind even though I was wrong but finding quality trap areas still produced decent intraday trades even though my target was actually lower. CURRENT PLAN =We broke the 1512 price level at the EOD Friday . Wasn't watching the open as you had a 3 chances of retests of the break to go long. -Currently watching to see if we break the 1524 level as a break is a higher high and confirmation that the bull trend is resuming and I can load on the next higher low. -Just in case if we fail I will still load in the 1503 - 1512 area where there is confluence of emas, bullish trendline, and a .50fib to .76fib zone if price pull backed from here. -Staying away from all bear trades and strictly finding entries for the train to 1560. Happy Hunting Happy Trapping BooBii
OANDA:XAUUSDLong
by rickyboobii
Price action buy signalThis is an awesome setup: 1. Resistance broken 2. Tested as support 3. Bullish engulfing bar 4. Moving average and fibonacci confluence (50%) Best way to calculate stop is where the setup is deemed invalid and the target must be at least 2x that of the risk. Don't invest what you can't afford to lose. This is not investment advice. Subjective view/report of a financial product only. You can learn price action trading at no cost. Join my mailing list to receive more information zc.vg Join me in Forex Bootcamp for live updates using the link below. DISCLAIMER All information published within this website is purely for educational purposes and offers no guarantees. Profit Fx, Forex Bootcamp and any of its associates cannot be held responsible for any trades that you have executed in any way whatsoever. Please familiarize yourself with the relevant risks involved when trading forex, CFD’s and other products. Any trading is done solely at your own risk. Profit Fx, Forex Bootcamp and any of its associates are in no way employed by any broker or any other legal entity. All information published within this website does not constitute advice, but rather objective information about a financial product and analysis or report of a financial product.
Long
by Cmasterza
Roles of confluence zonesIt has been a very interesting move from bitcoin, after a drop to touched the $10095 region, the price was immediately moves back to claim again the support around $10300 region to produce a long shadow on daily candle. This action could be a good representation of the bulls making their best effort to defend the $10000 region as a huge psychological support. And looking at the chart that I've shared, the green dotted line is the resistance trend line if I want to exclude the bull trap region on previous action (body to body connecting method). And the second thing is the white region, those 2 white regions are the confluence zone between the fibonacci retracement and the fibonacci extention which I believe will act as a huge resistance for swingers. The first resistance zone is around the $10750 - $10800 region which is moving align with the green dotted line as resistance trend line. The second resistance zone is the confluence zone between golden ratio and the 1.1 fib extention. My bias here is remain the same as before with a push to the down side for the big picture. but, I see a possible push to the first resistance zone with a bull trap region producing until the 2nd resistance zone if the $10300 region can defend the current price from further drop.
BITFINEX:BTCUSDEducation
by julio24albert
Cardano Short Opportunity amidst BTC uncertainty - H4 ButterflyADA had recovered slightly against the BTC and approaching the next sell level. Coincidentally, one of my favorite Harmonic Pattern - the butterfly pattern completes at the same area at Point D.What I also like about this setup is the confluence it has as shown in the Red Circle. Most people will be caution to sell here thinking that a previous high or resistance level (506) is breached and price is going to trend higher. I like to challenge this thought by asking this - What is Buy Low Sell High? Do you sell when price is going down or when price is going up? Entry - 526 to 540 SL: 563 TP1 - 475 Extended TPs - 447, 418 Do like and share this post. I use a combination of trading strategies such as Supply & Demand ( SND ), Harmonics Patterns, Multiple Time Frame Analysis , Candlestick Analysis to name a few. Follow me if my trading style suits you as I will be posting new trade ideas and analysis regularly.
Short
by TradeWithWayneYia