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Psychologicallevels

EURUSD ANAYLYSIS 16/11/2023I'm sorry I'm unable to make a video today. I'm currently down with ear pain, catarrh, cough and sore throat, and they're killing my voice. For today, I'm not expecting much. The price appears to be rejecting the weekly 50% fib level I have been talking about. This means there's a possibility for a move downwards today too. On the 4h timeframe, the price looks like it's respecting the ascending channel I added to the chart in yesterday's video. This is in alignment with the weekly fib level rejection. It also supports a move lower. From the 1h timeframe, We can see that the price is already creating lower lows and lower highs which signifies a down trend. This simply means all the relevant timeframes are in alignment for a move downwards, so I'll be looking for shorting opportunities on this pair today. However, we already know that it's not wise to just take a trade from anywhere so the big question is what level will I be looking out for. I will be looking out for the 1.08500 level. That is the nearest psychological level to the price and it is currently trading below that level. What I will be doing now is just to wait for the price to get to the 1.08500 level. When it gets there, I will expect to see the price show me an entry reason to this pair. If the price does that, I'll take a short trade. But if the price just breaks higher and keeps moving, then there's no trading opportunity. Always apply proper risk management when trading.
by Francisbluepipsfx
EURGBP:Freefall Likely To Continue As Price Met Stern ResistanceThis Pair has been in a spotlight for quite sometime because it has been in a gradual free fall over some previous years. Now the free fall seems likely to continue as the the crucial support level of 0.83000 has been violated on both monthly and weekly time frames! Some few weeks ago, the 0.83000 level was finally violated and now the price seems likely to continue its downtrend towards the next potential resistance lying at 0.8000 psychological level. Last week however we saw an impulse move that was met with stern resistance at the 0.85000 psychological level as evident on the main chart. The price is currently being capped by descending parallel channel. In this scenario the 0.8500 psychological resistance level becomes a vital part as stop loss. The trade criteria has been met already and now would be the ideal good time to take this pair short. Below are the details: TRADE TYPE: SHORT SWING TRADE ENTRY: ABOVE 0.83000 (FOR RR TO REMAIN > 1) STOP LOSS: 0.85500 TAKE PROFIT: 0.83000 NOTE: In unlikely circumstances, this trade would only be considered to HIT stop loss when the price hits 0.85500 level. After this its advisable to wait and see where does the monthly candle closes. Shall it close above 0.85000 then the trade has been nullified, on the other hand shall it close below 0.85000 then we can take this trade short again as the price failed to clear the 0.85000 psychological level! Trade Safely. I hope you find this insight helpful. Please LIKE & FOLLOW for more insights into Major & Minor Currency pairs.
Short
by FX618Analysis
3
Why Are Psychological Levels So Vital In Trading ?WHAT ARE PSYCHOLOGICAL LEVELS AND HOW DO THEY WORK? Psychological levels are market price levels which are often key levels in forex denoted by round numbers. These round numbers frequently act as levels of support and/or resistance. Psychological support and resistance consistently work because of fundamental human disposition. Human beings value simplicity; from a trading perspective this means valuing whole numbers. Traders often use these numbers as entry, exit or stop levels. These stops and limits can alter order flow and price changes. IDENTIFYING PSYCHOLOGICAL LEVELS ON FOREX CHARTS Traders will often call these whole number intervals ‘double-zeros,’ as these prices are at even numbers such as 1.3000 in the EURUSD. See the chart below and observe how the price acts around these levels in the case of EURUSD M charts. These levels works best on Higher timeframes especially on the Monthly charts. The link below reveals one of the example on how a trader can incorporate this particular element of trading in their analysis and setups Cheers, I hope you found this educational material helpful
Education
by FX618Analysis
EURGBP Short Position (05-11-21 at 9 PM)Price breached a clear diagonal support area on the 1h EURGBP chart. Here are the entry qualifications that convinced me to take a short position: 1.) Price seemed to have retraced to and confirmed the former support area as a resistance area 2.) A bearish engulfing candle had formed within the new resistance area 3.) Price breached the 8 EMA with a strong bearish move 4.) Price was still making LHs and LLs My TP area will be a little before the next psychological level of 0.85500, which I think it will hit during wither the London or New York session.
Short
by GizzoFX
EURJPY - Retracement Complete?EURJPY presenting bearish confluences after making a strong rejection (previous H4 bearish engulfing) from the 124.000 psychological area during the Asian session. JPY appears to have strengthened over the Asian session also with other XXXJPY pairs devaluing in price. EURJPY has also rejected the 200 EMA, appearing to have completed a retracement to the descending trendline. I now expect price to reach the previous swing low at around the 122.400 area.
Short
by MMQ_FX
GBPAUD - Bearish ContinuationShorting GA from the top of the range. Saw some bullish movement toward/during today's London session, however I believe price has halted at the 1.83 psychological and we will see a further decline in price. GA is still downtrending on higher timeframes and I believe we can move much lower. PA at the 1.83 psych suggests exhaustion and a reversal, (long wicks/spinning top candlesticks), with price closing clean under the hourly 200 EMA. Initial target is the bottom of the range, if momentum is strong I may hold one of my positions in anticipation of a break lower.
Short
by MMQ_FX