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Easy Trading Setup For GOLD (XAU/USD)Hi Traders, Happy Monday. Today we are looking at GOLD (XAU/USD) We are on the 4-hour time frame. I am noticing that the price is bouncing nicely between two zones of support and resistance. We are also seeing giant wicks on either side indicating that there is indecision in the market. The bulls are trying to come back in but the bears won't let them. This causes the price to stay in between two tight zones and consolidate. We also see that volume has been slowly decreasing and sloping down as time goes on. This too, indicates that this market is tired at this point. Indecision is strong and people are waiting to see which way the price will pop. We have two possibilities. Possibility 1 ) I would like to see the price bounce up and close above the resistance zone above. I would then like to see strong volume accompany this strong move upwards. If we see this play out, I would then look for a retrace back into the yellow resistance zone before opening up a long position with my targets being where the previous price structure was which is around the 1771 price point. Some further confluence that can help validate and give confidence to this particular possible setup, is that we have an imbalance on the left-hand side. We have a gap between 1752 and 1760 and the price needs to fill this gap. Inbalance in the markets usually does get filled. Whether this is a self-fulfilling prophecy is a topic for another day, however, this gives us further confluence to help validate the possibility of price breaking to the upside and heading higher. Possibility 2) If the price moves impulsively down and breaks and closes below the support zone, then I would look for high bearish volume to accompany this move. Once we see the break and close, I would then wait for the price to retrace back into the support zone before opening up a short position. My target for a short position would be around the 1679 price point which lines up nicely with previous daily support. These support points have been respected nicely on the daily time frame for some time however, they are giant wicks which tells me that there are many buy orders in that 1679 price level. So whichever way the price decides to move will dictate to us if we should be bullish or bearish in this time frame and whether we will be opening up a long or short position. Remember, as I am a swing trader, I always stay patient and I only enter into positions that present a viable opportunity to make profits. And on that note, I bid you all a fantastic rest of your Monday and as always, I will be seeing you all in the next one. The Vortex Trader
OANDA:XAUUSD
by TheVortexTrader
BTCUSDT is testing the previous supportThe price had a breakout from the rising wedge as I told in the previous analysis () and after a bounce on the 37300 the price is testing the previous support as new resistance. On the daily timeframe the price goi a rejection from our Daily resistance and supply zone, exactly on 39560. How to approach? We could have a bullish scenario if the price is going to have a breakout from 42k and retest is as new support. In that case, the price will have a breakout from the supply zone and dynamic resistance as well. Otherwise, if the price is going to have a new rejection from the old support (38400-39000) we could see a new breakout from the current support (37k) If the price is going to confirm the breakout, the next valid support is 35k on the weekly one. ––––– Follow the Shrimp 🦐 Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure.
Short
by InkyGrip
10
US Equities at Critical Confluence: Opportunity Knocking!?!Breakout from the downsloping TL on Thursday 10/05 is Bullish. We see the violent churning consolidation of the correction which struggled to find support trading below the 200 DMA in first week of Oct. Price broke above 200 DMA on the 5th, moved above the DTL and also broke out above former resistance at the $3465-75 zone. After a breakout, we almost always see retest of the breakout point. Why? Those who lost and held on through the downtrend are anxious to get their money out and see the breakout as a chance to exit; Support will be found at the former resistance, from those disappointed to have missed the breakout, and eager to get back in. We also have a gap to fill from 10/05 at the breakout price $3465; this price is a Critical Convergence of: The DTL 200 day MA S/R line 50% Fib retracement of breakout NB: Note the RISING RSI and increasing relative strength, this is a market in recovery IMO. Earnings are coming soon, and may be pretty darn good! You may well scalp a few pips off shorting a retest of the convergence, this will likely occur either Monday or Tues latest. By Tues PM price should be moving higher again, if not sooner. Elliot's 3rd wave will be a ferocious Bear-killing rally from Hell IMO. FYI Notice I set the bottom of EW Wave 4 at former resistance, turns support ~4470. Pure speculation but EW 4 must not exceed top of EW1. Bear moves rarely last more than a month, IMO the bull trend is still in place, we had a 7% modest correction lasting from 7 Sep - 4 Oct, four weeks DT, which moved price to next blade of Gann fan, price may be expected to advance at a more leisurely pace into the new year in the lower order of Gann's fan (blue 2:1 band, moved down from the 1:1). IMO you do NOT want to be short at this juncture; you are betting against all the odds, with completed correction pattern in place (March 21 overlay from previous correction), support at the 200 DMA (has been support for every break since the Covid Crash), and convergence of price and time at a bullish buy zone. ONE Caveat: Note that all corrections since 2015 have been Zig-Zags! Therefore do not exclude the possibility of a second selloff in late October after double topping!! ANYTHING can happen and probably will, trade with care! This is my opinion and does not constitute investing advice! Seek that from a licensed bonded insured advisor, LOL; Do Due Diligence (DDD); GLTA!!
TVC:SPXLong
by DaddySawbucks
13
ZEC IN Tran$itLooking strong across multiple timeframes. Need to break above the overhead resistance to get excited. Would then need to see $100 range hold as support. That being said any market could fall drastically in the current world climate. Its a risky game betting your way to wealth. Everyone is quick to say if btc falls alts will too. .... Crypto is going mainstream Btc is not private. Monero is very private but non compliant to the controller's demands. Zcash will be their baby. Not Financial Advice.
GEMINI:ZECUSDLong
by MitchMilli
BTCUSD. Cup with broken handle. A new cup being formed? BTCUSD 30M. Zooming in to see the price action detail. Creating a double cup pattern? The first one failed and as I write this BTC is still trying to go long. I don't think it will. But, I need confirmation. That for me is achieved if Trendline 'A' & 'B' are challenged and break. We have seen a wick down to 10808 and that I believe is a foot in the door for more downside and was anticipated. BTC correcting to the upper 9K area would be good for long term BTC action (CME Gap & strengthening structure). I am eagerly awaiting it. I still see in the shorter term around 10300 being very much on the cards. The long argument is a completion of the ascending triangle. I have moved the lower ascending trend-line to include the 10800 wick. If BTC can close over around 11188 on the 4 hour chart I will be expecting a test of the recent highs.
COINBASE:BTCUSDShort
by iDoji
Moon Cancelled? 4 H EMA Golden cross is not getting any love :((Whazuup my people, hope you are having a terrific trading day and had a phenomenal weekend as well. I think we are primed to have a nice 1000 USD correction within a very short time. 8.5 target lies on FIB 0.5 which is universally beloved retracement level for BTC and IMHO we will at least test this area today or latest tomorrow. Trend reversal theory will be confirmed or disproved based on the price action that we encounter back at 8.5K level. Current price action looks bullish, yet BTC has a habit of closing all the fast gains in a relatively prolonged downturn. Key pivots for me are at 10.3( closing and maintaining daily over there will be a confirmed trend reversal), the medium term-bullish scenario will be if we retest 8.5K and swiftly reverse to the upside. Have a profitable day my friends and don't get rekd :)) Summary Answers: 1. Moon is not cancelled, going down to 8.5k level will test the bullish resolve of the current price action. If we start consolidating at levels 8.5 or blow I'd expect a further sliding continuation of a downtrend. 2. Why 4H golden cross did not get any love? - 1. It is too far away from the price action 2. Bulls are currently exhausted and do not have much power to push the price further. In fact, they are so exhausted that we have closed down an all the gains that preceded to the golden cross.
BITFINEX:BTCUSDLong
by akublashvili
1
PXS waiting, waiting, breakout!This is a lesson in PAYtience!! Looking for a retest gap, opening at $1.35/$1.37 with a small run upwards, then down to retest $1.32/$1.30. This is perfectly in line with trending support action, and if volume reacts, this could pave a new bull motion outside of the $1.18 - $1.35 channel. I hope the double bottom gets confirmed with bull movement. MACD is parallel, waiting, waiting...RSI is quietly waiting, waiting... However, the one kink in all of this is Earnings, right around the corner!! I hate playing towards approaching Earnings! Please let there be only good news, minimizing bad news impact. *Let's see what happens!* *Disclaimer- I am not a financial advisor. These are merely my opinions. Do your own research and formulate your own opinions regarding any moves you make. Seek professional assistance.
NASDAQ:PXS
by mrmaximo74