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Priceactiontrading

EURGBP: Could we see a new breakout? Today's focus: EURGBP Pattern – Range/Descending Triangle Possible targets – .8600 Support – .8670 Resistance – .8705 Today’s update, will we see the EURGBP make a new push lower, confirming its descending triangle pattern? Price broke the main trend setting up its first leg lower. From that point, we have seen a consolidation set-up with a bearish pattern in the mix. Descending triangle patterns are seen as bearish patterns if they are set up in a new decline. So far, we have the new decline, but we need to see if sellers can confirm the pattern with a breakout through .8670 support. If today’s rally fails to fade and if we see a new rally through range resistance, this will be a worry and could be telling that the pattern could fail. Let’s see over today and tomorrow if sellers can regain control and maybe set up a confirmation. Thanks for stopping by. Good trading, and have a great day.
Short
by Eightcap
USDCHF: Your Detailed Trading Plan 🇺🇸🇨🇭 USDCHF pair is trading in a minor bullish trend. The price sets higher lows, perfectly respecting a rising trend line on 4H. The market is approaching the trend line at the moment, To confirm one more bullish move from that, watch an inverted h&s pattern on 1H time frame. Our trigger will be a bullish breakout of 0.8998 level - the neckline of the pattern. The breakout will be confirmed with an hourly candle close above. A bullish continuation will be expected to 0.9045 then Alternatively, a bearish breakout of a trend line will trigger a bearish continuation. ❤️Please, support my work with like, thank you!❤️
Long
by VasilyTrader
10
FINNIFTY Expiry Day Trade Setup (23-May-2023)This will be my personal trade Setup, This is not an advice of any kind to trade for anyone. Price is moving in Triangle Pattern will Break of this can give good trade setup, will follow these points: 1.) If opens flat between this triangle then will wait for price to break this pattern as buying PE near upper triangle trend line resistance for target of lower triangle trendline will be slow and there will be theta decay which will just eat premium. 2.) If opens gap up will look for nearby resistance levels. CPR Levels to be in a trade. 3.) Same for Gap down opening only will if it sustain support or if it rejects it. 4.) As it is expiry day so there will be volatility and if setup isn't good due to theta decay it will only eat premiums. Also if i place any trade in FINFIFTY i will be sure to book profits as soon as possible. and will try to look for 5 minute chart to enter a position and 1 minute chart to close my position. Hit like to keep me motivated for keeping my trading journal. also one can comment how i can make it better or any improvements i can make in my trading setups.
NSE:CNXFINANCE
by TradeInsights
USDJPY returns to its proving groundToday's focus USDJPY Pattern – Resistance test. Possible targets – 138.50 (Upside) 136.30 (Downside) Support – Resistance – 137.75 Here we are again back at the 137.75 area that has stopped USDJPY rallies since it developed around December 2022. This is the fifth rally from buyers that has tested this area. Will we finally see a break of this level this time around, or will we see sellers continue to hold firm? In our opinion, a lot will come down to yen strength as it was driving the run. The JPN225 has also been staring, hitting levels close to its 2021 high. If we see a small retreat, that's not a bad thing, but we want to see a quick HL and new test of resistance to show buyers hold momentum. A move back below 136.30 or a new LH followed by a new move lower below resistance will be a worry around buyer strength. What do you think? Will we see a break of this level today or during the rest of the week? Thanks for stopping by. Good trading, and have a great day.
by Eightcap
What is Higher High, Higher Low, Lower Low, Lower High In this educational article, we will discuss the foundation of price action analysis: the concepts of highs and lows. In order to grasp that concept, you should learn to perceive the price chart as the sequence of zigzags. Depending on the direction of the market and the shape of these zigzags, its peaks will be called differently. There are 6 types of them that you should learn to recognize. 1️⃣ Equal Highs (EH). The peaks of bullish moves will be called equal highs, if they perfectly respect the same level (resistance), retracing from that and not managing to break above. 2️⃣ Equal Lows (EL). The peaks of bearish moves will be called equal lows, if they perfectly respect the same level (support), bouncing from that and not managing to break below. 3️⃣ Higher High (HH). The peak of a bullish move will be called Higher High, if the price manages to violate the previous high after a retracement. 4️⃣ Lower Low (LL). The peak of a bearish move will be called Lower Low, if the price manages to violate the previous low after a pullback. 5️⃣ Higher Low (HL). The peak of a bearish move will be called Higher Low if, after a retracement from the high, the price manages to set a low that is higher than the previous low. 6️⃣ Lower High (LH). The peak of a bullish movement will be called Lower High if, after a pullback from the low, the price sets a high that is lower than the previous high. Why these terms are so important? Because, firstly, you can apply them to objectively identify the market trend. Secondly, all the price action patterns are based on a combination of these highs and lows. You should learn these terms by heart, and you should learn to perceive the price chart as the sequence of zigzags, with a strict designation of each peak. ❤️Please, support my work with like, thank you!❤️
FOREXCOM:XAUUSDEducation
by VasilyTrader
6