Entering into a resistance zone, watching for support to hold Ahoy, fellow chart sailors! 🚢
Looks like we're steering into some resistance waters at the moment. Here's the treasure map for today:
The Resistance: We're bumping up against a notorious resistance level. Will it be the plank or will we sail through?
Support Ahoy: Keep your telescopes on the support lines. If we start to sink, these are the levels where we might find some buoyancy.
Volume Waves: Keep an eye on the trading volume. A surge could mean we're about to discover new lands (breakout), or it might just be a siren's song.
Signal Flags: My indicators are fluttering in the wind. The RSI is hinting we might be overbought, but the MACD still waves the bullish flag. What flags are you flying?
Trading Tactics:
Bullish Buccaneers: If you're on the long voyage, maybe set your stop-loss anchors just below the key support.
Bearish Brigands: If you're looking to short, wait for the cannons to confirm a breach below support.
What's your game plan as we sail through this resistance? Drop your thoughts below! Let's navigate these waters together. 🌊
Keep your wits about you and may your trades be ever in your favor!
Let's share our charts and insights. After all, a rising tide lifts all boats!
Community ideas
Gold at a Crossroads: Breakout or Sharp Correction Ahead for XAU1. Daily Time Frame (1D)
Channel Formation: The daily chart shows an ascending channel, indicating a consistent upward trend. This structure suggests that gold has been gradually gaining strength over time, with higher highs and higher lows.
Key Levels:
2,507.90: Price is hovering near this key resistance, close to the upper boundary of the channel. This is also near a 15M Liquidity Zone (LQZ), making it a potential reversal point if the price cannot break through decisively.
2,500.953 and 2,477.895: These are marked as 4H Liquidity Zones (LQZ), providing support within the current channel. A drop below these levels could signal a deeper pullback towards the Daily LQZ at 2,352.710.
2. 4-Hour Time Frame (4H)
Continuation Pattern: The 4H chart mirrors the ascending channel visible on the daily chart. The price is currently testing the resistance area, and there is potential for a pullback if it fails to break above.
Liquidity Zones:
2,507.180: This is a 15-minute LQZ, very close to the current price.
2,500.953: A more significant 4H LQZ is just below the 15M LQZ. The confluence of these zones adds weight to the potential for a reversal or a strong move if this area is breached.
3. 15-Minute Time Frame (15M)
Rejection and Potential Correction: On the 15-minute chart, there is a small rising wedge pattern that appears to be breaking down, indicating a potential short-term reversal. The price is rejecting the upper boundary of the wedge, suggesting that a correction could follow.
Trade Opportunity: A break below 2,500.953 (15M LQZ) could lead to a sharper move down towards 2,477.895 (4H LQZ). This aligns with the larger time frame structures, adding credibility to this potential move.
4. 5-Minute Time Frame (5M)
Immediate Reaction: The 5-minute chart shows a rejection of the upper boundary of the ascending channel and a possible small head and shoulders pattern developing. This further supports the bearish outlook in the very short term.
Potential Targets: If the pattern plays out, a move towards 2,500.953 and below would align with the bearish scenarios on the higher time frames.
Conclusion
Short-Term Bearish Bias: Across all time frames, there's a consistent pattern of the price rejecting key resistance areas, particularly near 2,507.90 (15M LQZ) and 2,500.953 (4H LQZ). This suggests that the price may correct downward before any further attempts to break higher.
Watch for Confirmations: If the price breaks below the 4H LQZ at 2,477.895, it could indicate a deeper pullback, possibly towards the daily LQZ at 2,352.710. However, a strong bounce from the current support levels could resume the upward trend.
This analysis aligns with the multi-touch confirmation approachand the rule of three, which emphasizes the importance of repeated touches on a trendline or key level before confirming a breakout or reversal.
Is the USD selloff too aggressive? Bond yields suggest soTraders continue to sell the US dollar in anticipation of a dovish speech from Jerome Powell on Friday. To the point where we wonder if this could be a case off "sell the rumour, buy the fact". Matt Simpson takes a quick look at the USD dollar index and bond yields.
BLUE DART EXPRESS | 100% returns | Breakout of 9-year resistanceBLUE DART EXPRESS
Monthly time frame
Breakout from 9-year white resistance trend line
Breakout from perfect cup & handle pattern
Stock riding above 20-, 50- & 200-month moving averages
RSI > 60, indicating bullish momentum
MACD crossover done and is above the 0 line, indicating bullish momentum
Volumes have been good since Apr 2020, implies heavy buying
Weekly time frame
Retest of the white resistance trend line almost complete
Stock riding above 20-, 50- & 200-week moving averages
RSI > 60, indicating bullish momentum
MACD above the 0 line, indicating bullish momentum
Daily time frame
Stock consolidating along the white resistance trend line
Stock has made a higher low (Dow theory)
Stock price converging along 20- & 50- day moving averages, breakout possible
RSI > 50, indicating bullish momentum
MACD is about to cross the 0 line, indicating momentum build up
Conclusion
Entry: 8,000
Stop Loss: 6,700
Target 1: 9,600
Target 2: 12,150
Target 3: 16,275
Fundamentals
ROCE = 19.2% {Ideal > 15}
ROE = 22.7% {Ideal > 15}
Stock PE (65) = Industry PE (65) {Stock not overvalued}
Int Coverage = 5.81 {Ideal > 2}
CF Operations / EBIT = 1.83 {Ideal > 1}
Debt to equity = 0.78 {Ideal value < 1}
Promoter stake has remained consistent over the years > 75%
Lessons From my Losses August 19th 2024 Today the price action again was not ideal. I talk about not getting into trades based on FOMO and overtrading, which I did today. I am a little upset with myself as I was not disciplined. I showed a trade with great confirmation on the 15-minute chart I missed. Let me know what you guys think in the comments and tell me about how your trading went today!
Natural gas is the downtrend resuming? Nat gas still fits all the criteria for a large downtrend.
Lower highs & Lower lows are still in place on the weekly timeframe.
This obviously swings probabilities in favour of lower price.
However historically were still at some oversold levels.
Just because this asset is oversold honest mean it can't go lower.
Im watching the daily 50MA & 200MA closely...do we get the death cross formation to occur again?
Usually this signal provides a near term bounce but medium term decline.
BTC Bullish Target $70K vs. Bearish Drop to $41K | ICTIn this video, I dive deep into two potential scenarios for the market:
A bullish scenario targeting $70,000 and a bearish scenario pointing towards $41,000.
I explore the concept of a smart money reversal and the market maker sell model to provide a detailed analysis of possible price movements.
Additionally, I discuss the bearish price structure and what it could mean for the market in the near term. Whether you're bullish or bearish, this analysis will help you understand the key levels to watch and the strategies that may unfold.
I would love to get some feedback! 🔥
Dow Theory: A Guide to Trend FollowingThis is a follow up idea from my recent idea about a trade setup on the Nasdaq that I thought was an excellent opportunity due to the major trend break that had lasted nearly a full year. We'll see if that ends up working out for me or not. I think it's too soon to say, but as of now it did break above and close above the line on Friday.
This is a short version with some more examples, but you can check out the last video along with most of my ideas because they almost all include trend analysis. I think the power of using Dow Theory and basic trendlines is often overlooked. This is why my charts don't have indicators on them, trend following is all I need to be profitable. There are many ways to trade and all kinds of strategies you can make money with, but this is how I do it and it's how legends like Jesse Livermore did it over 100 years ago.
Bitcoin & Ethereum Approaching Decisive Levels!In this video, I dive into the current status of Ethereum and Bitcoin. I discuss why both tokens are approaching decisive levels. Moreover, I also highlight what might happen in case Ethereum and Bitcoin can't manage to stay above these level.
Enjoy and let me know your thought!
NVDA - Short Term Update - $118 Resistance - 08/15/2024NVDA is currently at the $118 resistance we discussed previously. I've moved that position to cash for the time being. Swinging some options in case we do get continuation to the upside, though. I'd like to see NVDA come back to $100 where I'd be buying back my equity but for now, just waiting to see what the price action does.
Short term upside targets if we break out of 118 would be 125, 130, 132.
To the downside, I'd see 112 as the first support, then 106 before ultimately seeing 100.
Taking profit felt good, now I will patiently wait for the market to do something on this historically bearish time period. August on average has a -4.45% return on the S&P since 1950, and Aug/Sep combined is an average return of -5.8%. October tends to be the best month to be a buyer with an average return of 4% after 2 months and 6% after 6 months.
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AST SpaceMobile (ASTS) Analysis: Multi-Timeframe BreakdownYet another great week traders and yet another analysis for us to look at today. I've been closely watching AST SpaceMobile (ASTS) across the weekly, daily, and 15-minute timeframes, and there’s a lot happening here. Let’s break it down:
Weekly Chart
On the weekly chart, ASTS has absolutely exploded. We're looking at a massive 50%+ gain this week alone. My Deno LinReg Candles are showing a steep upward trajectory, which aligns with this strong bullish move. The price has surged well above the MA21, and the momentum is clearly in favour of the bulls.
The RSI is sitting deep in the overbought territory, which is a signal that we might see some cooling off soon. However, in such strong uptrends, overbought conditions can persist longer than expected.
Key Support: The closest support on the weekly chart is around $19.36, but the way this stock is moving, we could see new levels of support form higher up if the bullish trend continues.
Key Resistance: There’s no immediate resistance in sight since we’re in breakout territory, but psychologically, round numbers like $35.00 or $40.00 could act as resistance.
Daily Chart
Moving to the daily chart, ASTS has continued its bullish run, with the price extending far beyond the upper band of the CPR. This is indicative of a strong trend, but it also suggests that we might be due for a pullback or at least some consolidation soon.
The MA21 is acting as solid support, and as long as we stay above this level, the trend remains bullish. The RSI on the daily chart is also in overbought territory, so we need to keep an eye out for any signs of weakness.
Key Support: Immediate support on the daily is around $22.68, with stronger support at $19.88, which is near the MA21.
Key Resistance: We’re in uncharted territory, but again, look out for psychological levels as potential resistance.
15-Minute Chart
Zooming in on the 15-minute chart, things are cooling down a bit. After that massive run, the price is starting to consolidate, which is healthy after such a big move. My Deno LinReg Candles are starting to show some mixed signals, indicating that we might see a range-bound market in the short term.
The price is currently hovering around the MA21 on this timeframe, and if it holds, we could see another leg up. However, if it breaks down, we might revisit the lower band of the CPR.
Key Support: Immediate support is at $29.82, with stronger support around $28.00.
Key Resistance: The next level to watch is $31.36, which was the recent high.
Forecast and What to Expect
Looking ahead, ASTS is in a strong uptrend on the higher timeframes, but with the RSI being overbought on both the weekly and daily charts, we could see some profit-taking or a pullback soon. On the daily and 15-minute charts, I’ll be watching to see if the price can hold above the MA21. If it does, the bullish momentum could continue, potentially pushing ASTS to new highs.
However, if we start to see signs of weakness, particularly on the 15-minute chart, I wouldn’t be surprised to see a pullback to those key support levels I mentioned.
Stay tuned, and let’s see where this rocket ship takes us!
EURUSD: An In-Depth Analysis and Timeless Trading Strategy👀 👉 The EUR/USD pair is the most traded currency pair in the world, and in this video, I take you through a comprehensive analysis of this highly liquid market. I also present a trade idea that can be considered for today. However, the concepts and strategies discussed are not limited to a single session—they can be applied at any time in the future across various market conditions.
In this video, we explore the key features and benefits of TradingView, highlighting some of the essential tools I use in my day-to-day analysis. Whether you're a seasoned trader or just starting out, these tools can enhance your market insights and trading precision.
We delve into critical concepts such as trend analysis, market structure, price action, and the methodology for pinpointing precise entry points on any given trading day. This strategy is not just a one-time trade idea; it’s a robust approach that can be utilized across different currency pairs, making it a versatile addition to your trading toolkit.
Please note that while this analysis is thorough, it should be used as part of a broader trading strategy that takes into account your personal risk tolerance and financial goals. Trading in the currency markets carries inherent risks, and it's important to approach it with a clear understanding of those risks.
Gold, The Dollar, and Everything In BetweenHey there,
So, today we're looking at the recent performance of the dollar and the sudden recovery on Gold.
Which indicates a very interesting outlook in the weeks to come leading up to the expected rate cut scheduled to happen September (Next Month).
So if you're curious about what you need to keep an eye out for, be sure to check out today's video were we discuss the markets from both a fundamental and technical perspective.
BOJ Rate Hike Causes Unrest in the Stock Markets: What next?When the Bank of Japan hiked its interest rate at the end of July, global markets went into turbulence.
We will discuss what currency carry trade is, why the yen carry trade has caused this global volatility, and, importantly, whether the market will resume its uptrend.
Micro E-Mini Nasdaq Futures and Options
Ticker: MNQ
Minimum fluctuation:
0.25 index points = $0.50
Japanese Yen Futures
Ticker: 6J
0.0000005 per JPY increment = $6.25
Disclaimer:
• What presented here is not a recommendation, please consult your licensed broker.
• Our mission is to create lateral thinking skills for every investor and trader, knowing when to take a calculated risk with market uncertainty and a bolder risk when opportunity arises.
CME Real-time Market Data help identify trading set-ups in real-time and express my market views. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs www.tradingview.com
SPY/QQQ Plan Your trade For 8-7 : Perfect Flat-Down PatternToday's Flat/Down pattern played out perfectly. Now, as price nears support, we should be looking to position our trading for the next big move higher over the next 5+ trading days.
If my research is accurate, the SPY/QQQ should begin to setup a base mid/late tomorrow and start to rally into Friday - carrying into early next week.
Watch the video I created this morning to learn more.
This short follow-up video will help you understand how my SPY Cycle Patterns work and how you can benefit from their interpretive capabilities.
Get some.
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