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Falsebreaks

ETHUSDT had a false breakoutThe price is creating a pennant below the daily resistance and the price had a false breakout. On the daily timeframe, the price tested the 0.618 Fibonacci level with a nice candle. As you can see on the left the price created a W pattern and now the price is trying to have a breakout from the neckline. How to approach? The price needs to have a breakout from the weekly resistance and retest the daily resistance as support on 3200$, According to Plancton's strategy , we can set a nice order ––––– Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure. ––––– Follow the Shrimp 🦐
Long
by InkyGrip
13
USDCAD Buy Idea With Two Possible ScenariosD1 - Price is bouncing higher from a key support zone. Multiple false breaks with bullish divergence. H4 - After the strong bullish move currently it looks like a flat correction is happening. Scenario 1 - More aggressive approach. Looking for bullish setups from the bottom of the consolidation. Scenario 2 - Breakout above the consolidation zone, and only then looking for bullish setups. If we get a valid breakout below this strong support zone then it would invalidate this bullish view.
Long
by VladimirRibakov
4
Silver Short Term ForecastD1 - The price which is moving higher has currently reached a key resistance zone formed by the 100%(18.788) fibonacci expansion level of the first wave and the 61.8%(19.380) fibonacci expansion level of the second wave. Until this key resistance zone holds I expect corrections to happen here. H4 - Price has created two false breaks with bearish divergence. If we get a valid breakout below the low at 18.850, we may then expect further continuation lower in the short term.
TVC:SILVERShort
by VladimirRibakov
1
Monday Was a Classic ‘False Breakdown’ in the S&P 500False breakdowns and false breakouts can be some of the most powerful reversal patterns in the market. We saw the start of one last Friday, when the S&P 500 closed below the key 2347 low from December 2018. Many traders had been watching that line in the sand as key support since the selloff began weeks ago. The bears managed to score some early victories with a big limit down on Sunday night. But then the Fed unloaded a bazooka full of cash and the sellers couldn’t push prices any lower. Unlike other limit-down moves, this time the regular session had no follow-through below the overnight price action. That was the first sign things were different. The second sign – and real signal – came first thing the next morning when SPX ripped above 2347 and never looked back. That erased the significance of the breakdown and confirmed the key support line. The candle’s long tail also created another potentially bullish reversal pattern: a hammer candlestick. In conclusion, support and resistance lines are always important but the stage of the move can matter more. The initial breakdown under 3200 on February 25 was a big deal because it confirmed the beginning of a trend. But after four weeks of vicious downside, SPX’s failed violation of 2347 could mark the end of its current decline.
SP:SPXEducation
by TradeStation
1
GBPUSD Buy IdeaD1 - Price reached the bottom of the triangle pattern, bullish divergence completed. We may now expect the price to move higher towards the top of this triangle pattern. H4 - Multiple false breaks with bullish divergences. If the price moves higher and breaks above the high shown in the chart (marked in red line), we may then expect pullbacks to happen with bullish hidden divergence to form. We may then start looking for buys with more bullish evidences. Invalidation: If the price moves lower, breaks and holds below the invalidation level (marked in green dotted lines), then this buy setup will be invalidated.
Short
by VladimirRibakov
USDCAD Sell IdeaD1 - Price is moving inside multiple channels. Currently the price is trading in a critical area where two of the channels coincides. H4 - Two false breaks with bearish divergence. Wait for the price to move lower and break below the low shown in the screenshot (marked in green line). We may then look for pullbacks and sells with bearish evidences. Invalidation: If the price moves higher and breaks above the high at 1.3170 then this setup will be invalidated.
Short
by VladimirRibakov