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Patience

A Bull Trend Continuation on The EURTRYLast post: May 13th. See chart . Review: A break and close above April resistance was required to confirm a trend continuation of the bull trend. Update: The breakout took place, offering a long entry, and a new resistance high has been created. Conclusion: Patience needed until the current May resistance becomes support. Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments! Sublime Trading
Long
by Sublime_Trading
The EURSEK Bouncing Off SupportWe last posted on the EURSEK on April 20th when price had broken above followed by a pull back to the drawn-in pivot support level. This pivot level so far has held strong and we are seeing strength to the upside. We want to see the momentum to the upside continue and take price through and close above the pivot high of April and ideally in the form of a bullish flag. If the bullish flag does not materialise then that will mean further patience until the breakout is confirmed. Either way, we require a breakout for a continuation of the bull trend to be likely and until that happens we will be holding tight and applying patience. If the breakout does happen then we would like to see price move towards the next key level of 11.0000 and offer opportunities to compound on its ascent. We have a long position As the trend suggests, if the breakout does happen, expect a pullback to retest this current April high before a bounce up. Embrace and expect pullbacks as they are a natural feature to price action. These are areas where many panic and lose money or get out of winning positions way too early or areas where people often are sucked in to go against the trend but fail. Those who have a solid understanding of the natural features of price will simply stand aside and apply patience and wait for price to dictate a breakout to the upside in the case of the EURSEK. Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments! Sublime Trading
Long
by Sublime_Trading
PIVXBTC short-term (golden crossed, gonna breakout) I have been watching the PIVX/BTC for few weeks. This is the fourth time in 2 weeks it is trying to break the upper line of the symmetrical triangle, and also poke the H&S neck's line. The 1D golden crossed happened already so we are able to believe that the breakout is in coming. RSI gonna break resistance also. Trading strategy: - on 4H chart, RSI is near overbought, stoch overbought already so the correct gonna happen. - wait for the correct and buy near the support line of the ascending triangle - be patience for this trade is what I found after watching the price. Target - stoploss: below red line (<5400 imo) - target 1: 64000 - target 2: 66000 - target 3: 70000 - target 4: 78000 Happy tradding! Linh,
by linhbeopr0
The USDTRY Steams AheadWe last posted on the USDTRY on April 6th when price had broken and closed above pivot resistance. Prior to that, price had been in a consolidation that stretched back to November of last year. The longer the consolidation, the bigger the breakout is the expression and we would like that to hold true for this currency. Price has seen three strong bullish days since the last post but do not expect this continue. Price does not and will not simply shoot off in a straight line. There will be trends that move faster than others, and this could be an example of that, but even fast moving trends have breather periods and pullbacks within the trend. What we now want to see on the USDTRY is just that - a breather or a pullback of sorts. It may not be as deep as to the support level highlighted above but we do need to see a correction. If the pullback is deep then it could offer a pullback entry. If price simply goes through a breather, then a breakout entry would be more suitable. We will let price dictate that. Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments! Sublime Trading
Long
by Sublime_Trading
Will The TRYJPY Break Pivot Support?While the other JPY currencies that we have posted about, such as the AUDJPY , the CHFJPY and the USDJPY , continue to pullback or remain firmly in consolidation, the TRYJPY is leading the way for a possible breakout and trend continuation. We last posted on the TRYJPY on April 4th when price had pulled back to and found resistance at a previous pivot level. Since then, price has weakened further and is now back at the pivot low of March. This is classic price action movement in a trend. Price does not and will not ever move in a straight line. A trend is made of moves in a direction followed by a pull back to levels of support and resistance before a move back in the direction of the main trend. The TRYJPY has moved in the right direction according to our previous post but we still need to apply patience and wait for a break and close below the March pivot support and ideally in the form of a bear flag. Flags, as trend traders, are our preferred chart pattern as they offer entry points, confirm a trend continuation and bring linearity to the trend structure. This will then give us a strong confirmation of a a continuation of the bear trend and when we will look to enter compounds to the short trade we already have in play. We are close to a setup but we will be standing aside and applying patience until price confirms the breakout. Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments! Sublime Trading
Short
by Sublime_Trading
The EURTRY Closes Above 5.0000We posted on the EURTRY for the first time on Sunday explaining that price had broken out of long term consolidation and was trending nicely towards the major resistance level of 5.0000. It is at these levels where many would enter short positions trying to pick tops. It is a difficult and inconsistent approach as it involves guess work which often leads to losses. If stops are not being used then this is a hair raising journey that leads to blown accounts. The smarter approach, and a proven approach, is to apply patience and wait for the trend to break through resistance and close above ( at the end of the trading day) for the resistance to be confirmed as support. This is the setup we were waiting for as highlighted on our previous post on the EURTRY and our patience has now been rewarded. Price broke and closed above 5.000 at the close of play on Monday. This is now offering an entry point to go long for the more aggressive trader. However, given that this is new territory for this currency, the more conservative trader will wait for a trend to be confirmed above this new key support level before placing long trades. We would now like to see price hold above this level and move towards 6.0000 offering opportunities to compound along its ascent. Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments! Sublime Trading
Long
by Sublime_Trading
GBPCAD Trading Below 1.8000We last posted on the GBPCAD on March 28th when price was being propped up by pivot support. Price has broken through these levels and is now also trading below the round number 1.8000 and the weekly 200SMA which we would have liked to have seen hold strong as support. Price is now back at our entry from initial break an close above 1.8000 last month. All is not lost. Support and resistance levels are not hard levels. They are zonal areas. Price moves to around these areas and can often dip below in a pullback in a bull trend before finding support and resuming the move back up. In terms of support, the daily 50SMA is not too far below which is clustered with the high of 2017. In addition, if we look at the monthly time frame when the bull trend started at 1.6000 support, September, October and November 2017 were all bullish followed by December being bearish. We then saw January, February and March of this year all being bullish with April so far being bearish. We can not expect price to move in a straight line. There will always be pullbacks and periods of profit taking. If this pullback turns into a full on trend reversal, then we have a stop-loss in place with a small risk attached. Patience needed for now. Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments! Sublime Trading
Long
by Sublime_Trading
No Change on The EURUSDWe last posted on the EURUSD on March 24th when price was firmly in consolidation. There has been no change on this since then with price still trading sideways between the drawn in support and resistance levels that define the high and low of this range. Overall, our bias is still very much bullish with price trading above the daily 200SMA and the round number 1.2000. We also have a long position running on this currency pair from the break out when price closed above 1.2000 in January. We are looking to compound into this position and that will be on the next bullish breakout at the earliest. Until then, we will be applying patience and standing aside. The temptation will be to then move down to lower timeframes and take intraday trades. It is an option but it carries more risk. The lower the time frame you go, the more random the price movement becomes and the the weaker your edge, if any, becomes. Trading on larger timeframes means price, to a certain extent, becomes predictable as patterns, based on historical prices, are far easier to identify. Markets can sustain a direction for weeks, months or even years either up, down or sideways. The challenge is applying patience when needed which most fail to understand. No trade is still a trade. This is where protecting your capital his priority. This stance will be rewarded with breakouts and compounds and far simpler profits. Patience for now on the EURUSD . Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments! Sublime Trading
Long
by Sublime_Trading
The USDJPY Pullback and Bounce Off ResistanceWe last posted on the USDJPY on March 23rd when price has broken and closed below, suggesting a continuation of the bear trend. Ideally, we would have like d to have seen price trend in a neat and linear fashion but instead price pulled back to the resistance level close to the entry point of our trade. Because of the way we manage out stops, i.e. not being too quick to move them, we are still very much in this trade. Price is now recovering the ground lost on this pullback with weakness yesterday and so far today. Looking at the structure of the trend in play, it is not surprising to see these pullbacks. The should be expected as they will offer potential entry points to go short. Knowing the structure of the trend will help establish how we enter and compound and manage risk and stops. A lot can be learned by applying patience and letting price dictate what to do. The rewards are also worth the wait. We now need to see price break and close below the low of Monday this week to suggest a trend continuation and we can look to potentially add compounds. Until then, we will be standing aside. Wishing you all a very happy Easter. Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments! Sublime Trading
Short
by Sublime_Trading
GBPCAD Still Finding Support We last posted on the GBPCAD on March 23rd when price had pulled back to a pivot support level. 5 days on and we can see there has been little change in price. However, the positive that we can take from this is that this pivot support level is holding strong. If we look at the structure of the trend from January when priced bounced off the daily 200SMA, we can see that breather areas and pullbacks are a feature of this trend. This is why allowing a trend to establish itself is, in fact, very useful as it not only confirms a direction to the market but it also tells you want kind of trend structure you are dealing with. If it is a fast moving trend, then we enter and compound in a particular way. If it is a slow moving trend, then we enter and compound in a very different way. The GBPCAD still very much has a bullish bias to it but there are times when we apply patience and wait for price to dictate a trend continuation in the form of a breakout. This is a perfect example. We are still waiting for the March high to be broken, just as we were on last blog on March 23rd. As long as this pivot support level holds strong, and price stays above 1.8000, the chances of a breakout to the upside are very much in our favour. Patience for now. Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments! Sublime Trading
Long
by Sublime_Trading
Market sentiment quickly changing, Litecoin will LEAD the packCurrently LTC could be forming the right shoulder of a very bullish inverse head and shoulders reversal pattern. No one can predict how low the right shoulder will go but it would be an extremely bullish formation if it was a higher low than the left shoulder. A breakout from the neckline of this pattern would correlate with a breakout of the current downtrend channel that we have been trading since the last all time high. (Purple dashed line is the downtrend channel.) This formation and breakout from the very LARGE downtrend channel can really change the sentiment of the market turning bullish. If/when this breakout occurs, the move up is projected to be as big as the size of the head of the current INV H&S formation. This measured move up also correlates with a resistance point in the past that I have circled in red. The next wave down will consolidate and bounce off the top of another current resistance zone (turned support after the INV head &shoulder breakout) and consolidate forming a bull flag . Another very bullish sign is the buy and sell volume on the bottom of the screen that has more than doubled in size since the beginning of the year. A breakout of the H&S reversal pattern should also be coupled with large volume at the neckline. This whole move will take place over the next few weeks. Comments both negative and positive are welcome. Constructive criticism is what helps me learn and also grow into a stronger trader. LITELONG
COINBASE:LTCUSDLong
by litelong
2
EURCAD Back at 2016 ResistanceThe EURCAD is one to keep an eye on for potential long trades but is currently faced with a key pivot resistance that dates back to 2016. Price has been trending very well since bouncing off the daily 200SMA at the start of 2018 covering around 1200 pips in that time. Price attempted to break through the 2016 high last week but failed. We saw strong moves yesterday in FX as the CAD weakened across the board. On the EURCAD, price made a bullish move of 200 pips yesterday but has still not broken through this key resistance level. This looks bullish across the board. Monthly - Trading above the high of 2017 and above the major round number of 1.5000. Weekly - Trading above the 200SMA and the 50SMA. Daily - Trading above the 200SMA and the 50SMA. Given that we have alignment across all three timeframes and that we have a fast moving trend in progress that has a neat linear trend structure to it, this is a currency pair that should be on your watchlist. A break and close above the 2016 resistance, ideally in the form of a bull flag, will suggest a trend continuation and will offer long opportunities. We would then like to see price target the ATH at 1.9000 and further towards 2.0000. As has been a feature in FX for quite some time, patience needed for now until we get the required setup. Sublime Trading
Long
by Sublime_Trading
TRON/TRX Head and Shoulders, NOT the First Elliot Up!Hello, This is my first time posting an idea on here. I have been HODL'ing some TRX for some time now, and watching the market. I have been seeing a lot of Technical Analysis saying that we're seeing the first Elliot wave up, and we're getting ready for the second. So much so that I thought I should say something. I have to respectfully disagree. In my opinion, the Elliot waves already occurred before and during when TRX Tron was listed on UPBIT Exchange. The pattern seen here is much more resemblant of a head and shoulders pattern. Being listed on a new exchange, of course we'll see a spike. But we'll also see a quick sellout from people just looking to cash out. People on this UPBIT Exchange, and people in general, need time to understand TRON TRX technology and the implication of Web 4.0 technology. I think we will see further fallback, down to around .00000395 BTC I think it is important to note that the 25% increase we are seeing now is a minor increase back to around 5 cents USD, which occurred just a few weeks ago. On my chart, I have formed a Support level at .00000395 BTC and a long term Resistance/Target at .00000639 BTC (1.618), as further evidenced by being at this price previously (around February 12). Be patient, but also vigilant, and you may see gains T RX will soon launch test net, and later main net, allowing its to technology stand alone and become a full fledged coin (Independent of Ethereum's blockchain). Read More about Coming Tron Events Here (Take everything you read anywhere with a grain of salt) This is not financial advice Please Express Gratitude if this was helpful, and Feel Free to give Feedback!
Long
by primroseverglade
1