Get started

FLAG

GBP/USD Bull Flag - 1-Hour ChartToday we are looking at GBP/USD on the 1-Hour chart. We have a potential bull flag set up. Now, this is very important, this is a counter-trend setup. On the 4-hour and daily charts, the price is still incredibly bearish. We have touched a major support zone on the daily time frame so looking for some bullish setups is perfectly reasonable, however, we have to be careful. On the 1-hour chart, we can see we have a nice impulse up which forms the flag pole. Then we have two giant wicks (which I am not a fan of with flag setups) These wicks were filling the imbalance formed on the left. Those gaps have been filled. I then put a zone around those wicks at the very top of the flag pole. This is a strong resistance zone. For this setup to be validated, I want to see the price close strongly above this region. We also need a strong bullish volume to accompany this impulsive move through the resistance zone. If we see this, I would be waiting for a retrace back into this zone. Now, the problem arises with how deep we want the retrace to be. This resistance zone is quite large because of those giant wicks. I am a very conservative swing trader so I would probably wait for quite a deep retrace. This would give me a better entry as well as a higher risk to reward. I may or may not miss an entry by waiting for a deeper retrace. However, in my experience, patience is key and If it does retrace to my entry-level, I can manage my risk and risk to reward a lot better than if I entered with a shallow retrace. My targets would be up above at previous price structure around the 1.1928 price level. However, we must understand that as this is a counter-trend setup, we have to consider that and not risk as much. If we can practice doing this with lower grade probability setups, then this will help us achieve profits with positions even when we go against the trend. If the price does not break above the resistance zone and retrace back into it then I will not be looking for any entries. The flag will become invalidated (in my eyes) and I will move on. I have set up an alert which that will inform me when the price closes through the resistance zone. Let's keep an eye out. It's always bennificial to see what price does on occasions like this. See you on the next one The Vortex Trader.
Long
by TheVortexTrader
Bitcoin - Important Weeks To Come 🚨Hey fam, this TA is important, so please pay a close attention and in the end, let me about your ideas in the comment section. What do we see in the chart❓ There are two strong bearish movements both took 11 weeks and also there is a 9 weeks upward retracement in the between. The price is now in the 4th wave of the main bearish movement and it is a retracement. I expect it too take 9 weeks from the beginning as well. It reaches us to the conclusion that 15 mid August is an important date for Bitcoin and our analysis, you can see it as a purple line on the chart. I personally expect two scenarios for this 4th wave (retracement): 1️⃣ Scenario 1 : The red line on the chart. The price will make an upward movement to the gray and yellow resistance and near our light blue trend-line, just like our previous retracement spoken above. I expect it to see this high peak around mid August as our important time pivot. Because of a bearish flag it can leads the price to our final bearish (5th) wave to the red and yellow support area around $12,000 - $14,000. That point will be be dip of Bitcoin in my view and I expect some consolidation before rise, but I will buy in that dip. NOT A FINANCIAL ADVICE! 2️⃣ Scenario 2 : The green line on the chart. The price will make a slow downward movement to our red support (Around our purple time pivot). This will be a very bullish sign for me, because it shows that the bears are getting weaker. I personally open long positions with leverage in the dip if this scenario happens. Again, NOT A FINANCIAL ADVICE! I'll have expect a smaller consolidation before rise in comparison to Scenario 1. ----------------------------------------------------------------- Don't forget to hit the like button if you liked the analysis and leave any questions you got in the comment section, I'll answer them all💓
by ArshiaZojaji
3
Bitcoin, 1 pump chump bound for correction not sustained pump. BTCUSD 3D Chart - Currently maintaining its validity inside of the bear flag, Bitcoin may be out of steam regardless of the "risk on" morning Crypto had after the CPI release. Looking over the past 50+ days we can see Bitcoin has had a pretty consistent 2 up, 2 down timed count with the exception of 1 data point. Now this is a small sample size but we are in a Bear Market even if the micro trend has been upwards/Bullish. With that said, its not as likely that Bitcoin will just continue to climb and climb and the odds will favor Bearish moves. Currently, in the 2nd candle of the upswing with a lower high we could see 2 consecutive down candles. Upside levels to watch - pivot high at 24.6k or closing above 25.5k for a shot at 28k+ Downside levels to watch - pivot low at 22.4k and the 2017 cycle high of 19.5k.... Keeping in mind anything below roughly 22k becomes outside of the Bear Flag depending on what time frame you are looking at. Anything lower than 25.5k I remain Bearish on Bitcoin.
INDEX:BTCUSD
by jlouvierobv
4