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Fibonacci

GBP/USD Bullish Reversal - Inverted Head & Shoulders FormationPattern Formation: The GBP/USD pair is currently forming an Inverted Head and Shoulders pattern, which is a classic bullish reversal signal. This pattern indicates that the downtrend may be coming to an end, and we could see a potential upward movement upon confirmation. Key Support and Rejection Level: The price has shown a strong rejection from a key Support level at 1.29050 , which aligns with the 0.618 Fibonacci Retracement level. This confluence strengthens the support, suggesting that the price has found a significant bottom at this level. The repeated rejections at this zone indicate buying pressure, supporting the potential bullish setup. RSI Analysis: Upon analyzing the Relative Strength Index (RSI) on the 4-hour timeframe, there is a clear Bullish Divergence . While the price was forming lower lows, the RSI was forming higher lows. This divergence suggests a potential reversal in price, further validating our bullish outlook. Entry Strategy: An entry is recommended upon the breakout of the Neckline at approximately 1.30020 . For a more conservative approach, entering on a re-test of this level will provide additional confirmation of the breakout's validity. Entry Point: Near 1.30020 Stop Loss: Near 1.29050 (below the support level) Take Profit Levels: To maximize the potential profit while managing risk, the following take profit (TP) levels are suggested: TP-1: 1.30990 TP-2: 1.31960 TP-3: 1.32930 Conclusion: The overall technical analysis indicates a potential bullish reversal for GBP/USD based on the Inverted Head and Shoulders pattern, support at 1.29050, 0.618 Fibonacci level, and bullish RSI divergence. An entry near 1.30020 with a stop loss at 1.29050 offers a favorable risk-to-reward ratio. The market should be closely monitored for a confirmed breakout or re-test at the neckline level. Recommendation: Watch for a clean breakout or re-test at 1.30020 for a potential bullish entry, and follow the risk management plan by placing the stop loss near 1.29050.
Long
by trading_jupiter
CANNABIS BASKET * TC FIB WEEKLY ANALYSIS1. Long-Term Downward Channel : The price has been contained within a long-term descending channel, and it remains below the upper boundary of this primary channel. The fact that the price has stayed within this structure suggests that the broader downtrend may still be intact unless there is a strong breakout above this channel’s upper resistance line. 2. Support and Resistance Zones : The price is currently testing resistance near the $1,600 range. There are multiple Fibonacci levels, such as the 0.382 and 0.5 retracement levels, aligning closely within this range, suggesting a significant resistance zone. If it can decisively break above these levels, it could target higher resistance levels at around $2,571.11 (0.5 level) and $3,091.33 (0.618 level). 3. Short-Term Ascending Channel : Within the larger downtrend, a new ascending channel has emerged, indicating a bullish trend on a smaller time frame. This suggests that, in the short term, the price has shown strength, though it is approaching the upper boundary of this smaller channel as well. 4. Fibonacci Cluster Zones : Fibonacci retracement levels form clusters in certain areas, particularly between $1,500 and $1,800 and again around $2,500. These clusters tend to create zones of strong support or resistance and could influence the price movement in these regions. 5. RSI Bearish Divergence : The updated RSI (Relative Strength Index) shows a bearish divergence, indicating that, while the price has been rising, the momentum behind these moves is weakening. This could be an early warning signal that a correction or pullback may be approaching if it fails to clear its immediate resistance zones. 6. Potential Pullback Levels : Should the price fail to break higher, it may retrace to support levels such as $1,380, or even back toward the recent lows around $1,016.57 and below if bearish sentiment strengthens. Summary: The chart suggests that the cannabis index is at a pivotal point. It’s testing major resistance levels within both long-term and short-term trend structures, and the bearish RSI divergence suggests that momentum may be weakening. A breakout above the $1,800-$2,000 range with sustained volume could validate a bullish reversal. However, failure to break higher might lead to a correction towards lower support levels.
CShort
by Anakyn
NZDJPY → Consolidation before breakout and distributionFX:NZDJPY is forming a pre-breakdown consolidation amid the weakening of the Japanese national currency. There is a chance to get out of the accumulation... The potential, if the bulls hold the victory and go outside the channel, is quite high. Above 92.00 there is a free way to 94.4 - 98.87, there is no resistance that can prevent the movement. BUT, for this to happen, the buyers need to be able to utilize their potential. On H4, a global range of 91.9 - 86.5 is forming. But, more remarkable is that a strong consolidation is forming near the upper boundary of the channel, hinting at a possible upside realization. Resistance levels: 91.975 Support levels: 90.788, 90.03 Technically, there is no pullback at all from the resistance at 91.97. Accumulation before distribution is forming. A break of 91.97, which may happen soon, may trigger a strong bullish momentum Rate, share your opinion and questions, let's discuss what's going on with ★ FX:NZDJPY ;) Regards R. Linda!
Long
by RLinda
9
GBPJPY → Buyers increase positions to break 195.5 ↑FX:GBPJPY continues to climb purposefully towards 195.5, forming a consolidation in the form of an ascending triangle. The goal of this maneuver is to break the resistance with further continuation of the upward movement... The bulls are trying to keep the defense above the key support at 193.5. The change of the fundamental background for JPY strengthens the sales of the national currency, which favorably affects, in our case, GBP. As a consequence, the market starts testing 195.5 with the aim of a breakout. GDP in UK remained at the same level of 0.2%. There is important news ahead - PPI. Based on the previous economic data, we can assume that PPI will also support the dollar, which will negatively affect the JPY. On the background of this influence, the bulls will be able to overcome the key resistance. Support levels: 193.5, 191.7, 190.0 Resistance levels: 195.5 The acutal situation on the chart is directed towards the continuation of the movement. The market structure is changing, the fundamental background is on the side of the buyer. We are waiting for the breakthrough of the key resistance (trigger) and the continuation of growth... Rate, share your opinion and questions, let's discuss what's going on with ★ FX:GBPJPY ;) Regards R. Linda!
Long
by RLinda
8
Trading ICICI Bank Ltd. Using Fibonacci Channels ** Introduction :** As a Fibonacci channel trader, identifying strong resistance and support levels is crucial for making informed trading decisions. The chart for ICICI Bank Ltd. on the NSE provides a clear illustration of these levels, helping traders predict potential price movements and plan their trades accordingly. ** Strong Resistance and Support Levels: ** The Fibonacci channels on the chart highlight several key levels: - ** Support Levels :** - 0.236 (966.75 INR) - 0.382 (998.35 INR) - 0.5 (1,023.90 INR) - 0.618 (1,049.45 INR) - 0.786 (1,085.85 INR) - 1 (1,132.20 INR) - ** Resistance Levels :** - 1.618 (1,266.05 INR) Currently, the price is at 1,299.40 INR, which is above the 1.618 Fibonacci level, indicating a strong bullish trend. The next resistance level to watch is around 1,360.00 INR, as indicated by the upper blue channel line. ** Prediction as a Fibonacci Channel Expert :** Given the current bullish momentum, the price is likely to test the next resistance level around 1,360.00 INR. However, if the price retraces, it may find support at the 1.618 level (1,266.05 INR) or lower Fibonacci levels. ** Trade Type and Position Sizing: ** This trade can be classified as a trend-following trade, capitalizing on the ongoing bullish momentum. To calculate position sizing, use the formula: Where: - **Account Risk** is the percentage of the account you are willing to risk (e.g., 2%). - **Trade Risk** is the difference between the entry price and the stop-loss price. For example, if you enter at 1,299.40 INR with a stop-loss at 1,266.05 INR, the trade risk is 33.35 INR. ** Potential Entry :** A potential entry point could be at the current price of 1,299.40 INR, with a stop-loss at the 1.618 level (1,266.05 INR) to manage risk. ** Personality Fit for This Trading :** This trading strategy suits individuals who are patient, disciplined, and have a good understanding of technical analysis. It requires the ability to follow trends and make decisions based on chart patterns and Fibonacci levels. ** Conclusion :** By identifying strong resistance and support levels using Fibonacci channels, traders can make informed decisions and manage their trades effectively. The current bullish trend in ICICI Bank Ltd. presents an opportunity for trend-following traders to capitalize on potential price movements. Proper position sizing and risk management are essential to derive profitable outcomes while minimizing losses.
NSE:ICICIBANK
by stocktechbot
NQ Power Range Report with FIB Ext - 10/28/2024 SessionCME_MINI:NQZ2024 - PR High: 20622.25 - PR Low: 20525.25 - NZ Spread: 217.0 No key scheduled economic events Relatively major weekend gap up - Advertising potential to break into new month high, into 20800 - Wide NZ spread to start the week above weekend gap Session Open Stats (As of 1:25 AM 10/28) - Weekend Gap: +0.24 (open < 20475) - Gap 10/30/23 +0.47% (open < 14272) - Session Open ATR: 292.33 - Volume: 34K - Open Int: 247K - Trend Grade: Bull - From BA ATH: -2.8% (Rounded) Key Levels (Rounded - Think of these as ranges) - Long: 20954 - Mid: 19814 - Short: 17533 Keep in mind this is not speculation or a prediction. Only a report of the Power Range with Fib extensions for target hunting. Do your DD! You determine your risk tolerance. You are fully capable of making your own decisions. BA: Back Adjusted BuZ/BeZ: Bull Zone / Bear Zone NZ: Neutral Zone
CME_MINI:NQZ2024
by mv3trader5
1
TOYS R BACK - Bullish Beginning & BottomReasons to be bullish on ToysRUs / TSX:TOY : Recently completing a double W bottom, TSX:TOY is looking like it is about to escape the jaws of bankruptcy and begin a dramatic resurgence in price. The long diagonal white line if broken will be the first time that has happened in over a decade and should it do so, it is likely to kickstart a period of intense buying, from shorts covering their positions. If you wish to play it safer, wait until the inverse head & shoulders plays out, above the yellow slanted line. The company recently announced a loss $19m AUD in it's Annual Report , which was lower than expected following the transformation of the 'House of Brands' strategy they are now pursuing. Thanks to the increased margins of their newly acquired brands, the dramatic cost-cutting efforts that are underway, the new store partnerships being pursued as well as the profitable holiday season that is fast approaching - I think we have far more reasons to be bullish than bearish here. Talking of bullish... Target 1 should it come to pass will be 0.850 AUD per share vs 0.063 at the time of writing - a 13.5x. This is the 0.236 fib to retrace just a short distance of its prior decline. Target 2 would be $20 AUD - a 317x from current price levels, at the 0.5 fib level. Target 3 should you wish to dream so big, would be ~78 or 80, at the 0.618 level. Those targets may sound like something from a TOY store, right? Well, this brand has so much going for it in the years ahead. Not only are we on the cusp of a potential boom in its stock price, we may well be about to turn a corner with a huge baby boom all across the entire Western world. This is against the trend & narrative on display everywhere. Something tells me ToysRUs is about to dramatically grow their loyal customer base of 1.3 million customers. So why not benefit whilst that happens? Risk averse? A stop loss of $0.048 AUD will likely preserve your capital from here. I'm expecting a sharp and sudden impulsive move up out of this latest & last grey descending wedge. Likely to Target 1 within the next 6 months, but be quick because your window of opportunity for a turnaround in the huge holiday season is closing. It will likely be priced-in before earnings on 26th March 2025. Thanks for reading!
ASX:TOYLong
by DigiDavid