Learning
USDJPY SHORT IDEA-Price is below 200 EMA.
-Expanding Wedge formation.
-Bearish divergence; double top on RSI, as price creates a new HH (Higher High).
DOW SHORT -Harmonic pattern formed.
-Bearish Candle daily close inside the bullish candle (Bearish Inside Bar/Bearish Harami)
-Price reversal zone at green resistance zone.
GBPCAD LONG IDEA-The 1W chart shows a re-test of the support TL on this triangle pattern. This shows that there is a lot of selling pressure and bears are in control.
If you look at price in the circled area, you can see that as price increases, the retracements are strong/deep; showing that if price were to continue higher, the bears will come back and drive price back down again:
-The 1D chart is what you're seeing right now. The exchange rate continues to close above the 61.8% zone on the Fibonacci, which would form the assumption that price is likely to rise to around 1.66920 on the C-D wave of the Harmonic pattern before turning to go south. Numerous tests of the support TL further support an increase in GBPCAD.
Now as, this is a bearish harmonic pattern we would be looking to short as we reach that 1.66920 area. This is inline with my thoughts on the weekly timeframe, (retracements are deep and therefore bulls will be stopped as we find resistance).
Please feel free to comment, tell me your thoughts and what you think!
GBPCHF SHORT IDEAIf price closes under the major resistance line, could be looking for the exchange rate to plummet south on a C corrective wave.
USDJPY INVERTED H&S POTENTIAL? (This is an idea) after playing around.
-The current market sentiment is in a downtrend.
-Price has already made a Left shoulder & a Head for this structure.
-4H chart; Price holds at green zone resistance, so a potential ADAM/ADAM DOUBLE TOP:
-Price is below the 200 EMA.
-15minute chart: Harmonic pattern formation:
GOLD SHORTPrice tests 50% zone on Fibonacci numerous times on the 1D.
EVE-EVE double top on the 4H chart:
To understand what I mean by "Eve/Eve", highly recommend to check out the book: 'Encyclopedia of Chart Patterns; Second Edition by Thomas N. Bulkowski- it has around 850 pages.
Happy Trading!
USDCNH respecting the patternUSDCNH found resistance at 1.272 level as expected. Our view is still on the upside targeting the 1.618 extension to close the ABCD pattern.
USDJPY Learning Volume ProfileI am learning how to use volume profile, in addition to learning how to run my analysis. For this particular pair USDJPY, I noticed where price did bounced off of. It acted as a support, and the low volume node bridge is an indicator that price was going to turn around and head back towards a point of control, as well as head towards a value area with higher value.
Gold Learning Volume ProfileThis is more about understanding volume profile more than anything else. I actually set this trade up based off of the candles to the left wicking low, and my entry was the break of those particular wicks. One thing that I found really interesting about where I put my entry at, was the fact that most of the other candles above had a magnitude of a particular range, but when the sell stop was activated, the candle that painted was actually of a higher magnitude, meaning that it move more pips on average than the other candles.
OKAY BITCOIN, RELAX Bitcoin has finally broken through a $9k support level, due to such a heavy impulse breakthrough, this may suggest 2 possible outcomes:
1. It's just a retracement, market will resume bullish from $7k.
2. Price has also broken below the 200 EMA which may continue a bearish run to perhaps $5k & under.
The RSI is currently hovering in oversold conditions (not saying I follow the reliability of the indicator), ideally I would like to see bulls break through $10450 area before looking to go long.
USDCHF SHORTTemporary retrace for the B correction followed by a short position to go down the C corrective wave.
Ambuja Cement Chart Levels223-223 is seen to be a stiff resistance. Price rejected multiple times from the zones.
If breaks with conviction, then only on the buy side for further target of 245-250 zones.
Both time rejection candles seen near price zones.
EURGBP to continue lowerAs price breaks through TL support 3 times, I assume there is still an overall bearish outlook for this exchange rate.
TRADING IS NOT AS IT’S PORTRAYED ON SOCIAL MEDIA .. READ BELOWThe reason so many people are attracted to trading is because of how it is portrayed on social media. I’m not here to Bullsh#t you, I am only here to deliver pure facts and that is how YOU WILL LEARN.
Firstly, the most us were attracted to trading because of how simple it seemed to actually make money, until we started trading and realised that it wasn’t that simple.. And this may be the stage you are currently at so let me clarify a few things that will hopefully help you in your trading journey.
Your trading account is YOUR business, treat it like one it is not quick money! A business goes through stages of a life cycle, and these are the stages you must go through too before you figure it out:
1. Development / Seed stage
2. Start up
3. Growth / Survival stage – Your most crucial stage
4. Expansion / Rapid growth stage
5. Maturity stage
6. Decline – The moment you stop learning and think you have it figured it out, is the moment you will decline.
Trading is process that may take you 1 year to master If you have the right mentor or even up to 5 years to master if you don’t. But it is a process, you will take losses through the process but that is necessary for success. You have to trust the process and FALL IN LOVE with it.
If you are trading for the sole purpose of making money then you approach is wrong. I trade because it is my passion, it gives me the opportunity to figure out the ‘uncertainty’ and to empower others. The profits are the end result of obeying your trading rules/plan and obeying the unspoken rules of the market.
KEY TAKEWAYS:
1. Trading is a PROCESS, stick with it, be consistent and it will pay off.
2. Find a mentor who has YOUR best interests before theirs.
3. Your trading account is your business, approach is as one. Businesses take years to reach the maturity level so make the same mental shift
4. Focus on the bigger picture, money is an end result. It happens after the fact, after you’ve taken and closed a trade.
I will be doing analysis on GBPUSD, some potential big moves to come.. Follow us to get notified.
Feel free to ask any questions below.
USDCHF SHORT (DOUBLE TOP)-Bearish divergence
-3 bearish candles show bullish momentum decrease.
Looking for price to replicate a pullback like this so that I'm able to re-join trend continuation:
GBPUSD SHORTAfter seeing 3 rising peaks previously, price moved down significantly. I assume a similar pattern will occur now also.
