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Reversalpattern

NVDA: Next target and the most important resistances!Hello traders and investors! Let’s see how NVDA is doing today! In the 1h chart, it is breaking the pivot point at $ 242.14, which is great, but it seems it is losing strength now. There’s a reason for this, and I’ll explain later. For now, let’s keep in mind that the bias is bullish in the short-term, however, a pullback to the 21 ema again wouldn’t be a reason to panic. In fact, it could be another opportunity to buy. The last gap (yellow square) is going to work as a magnet for us, therefore, the $ 269 area is a technical target for NVDA. Now, why is it losing strength today? In the daily chart, the trend is still bearish, and NVDA just hit its 21 ema again. This point is a technical resistance. But to me, the most important resistance to break is the purple trend line, as we see many top levels at this line. The reaction seen in the 1h chart is a good one, and might be the beginning of something great, but NVDA still has its challenges and the situation is delicate. The trend is bullish in the 1h chart, but bearish in the daily chart. Who will prevail? Only time will tell. Either way, I’ll keep you guys updated on this every day, so remember to follow me to keep in touch with my analyses!
NASDAQ:NVDA
by Nathan_The_Finance_Hydra
2
AUDCAD Analysis - Bearish Bias on 4 HRWelcome back! Here's an analysis of this pair! **AUDCAD - listen to video analysis. We recommend that you keep this pair on your watchlist and enter when the entry criteria of your strategy is met. Please support this idea with a LIKE and COMMENT if you find it useful and Click "Follow" on our profile if you'd like these trade ideas delivered straight to your email in the future. Thanks for your continued support! Brian & Kenya Horton, BK Forex Academy
Short
by BKTradingAcademy
8
EURUSD | Perspective for the new week | Follow-up detailsMy bias on this pair is contrary to the expectation of the majority as I continue to see a strong bullish move in the nearest future! Since my last publication on this pair, price did a correction into the bearish trendline (that was broken on 7th of Jan & 2nd Feb 2022) with a strong indication that the bullish momentum is about to begin hence my previous bias still holds (see link below for reference purposes). Tendency: Uptrend (Bullish) Structure: Supply & Demand | Reversal pattern (Triple bottom/Breakout) | Trendline Observation: I. Since the beginning of the last year 2021, the Euro recorded a 9.4% decline against the Greenback to express an emphatic bearish momentum. ii. And if we look closely at the charts, we will notice multiple attempts have been made to break out of key level @ $1.13500 since the beginning of the year 2022. iii. Multiple rejections of $1.115 in the last 3 months from buyers make this zone a strong niche for buyers as we can see how the price rejected this area on Friday to set the tone for a reversal move. iv. I am already in this trade but for those who are still doubtful of this bullish opportunity, a breakout of key level @ $1.13500 remains appropriate to buy... Trade consciously!😊 Trading plan: BUY confirmation with a minimum potential profit of 400 pips. Risk/Reward : 1:5 Potential Duration: 5 to 10days NB: This speculation might be considered to make individual decisions on the lower timeframe. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Long
by darcsherry
EURCHF | Perspective for the new weekMultiple rejections at the Fr1.0300 level after a year-long of bearish momentum appears to be a sign that we might be on the verge of a reversal that might lead into a corrective phase of the bearish leading price action that began in March 2021. Tendency: Uptrend (Bullish) Structure: Supply & Demand | Reversal pattern (Triple bottom/Breakout) Observation: i.Since March 2021, the Swiss franc recorded 7.8% growth over the Euro to confirm a long term downtrend. ii. But after testing Fr1.03200 at the beginning of this year - 2022, we have witnessed the sharp rejection of this area from buyers which informs us of the seller's weakness thereby insinuating a possible reversal or retracement is imminent. iii. FR1.05000 level which has been a niche for selling opportunity was finally broken at the beginning of this month ( February) to emphasize some potentials for the buyers. iv. The third rejection of the Fr1.03200 area during last week's trading session appears to be the icing on the cake to go long v. However, considering the long term downtrend involved in this situation, a conscious approach is required to take advantage of a bullish momentum when it finally happens. vi. In this regard, a breakout/retest of the key level @ Fr1.04500 shall be a confirmation to join the rally... Trade consciously!😊 Trading plan: BUY confirmation with a minimum potential profit of 300 pips. Risk/Reward : 1:5 Potential Duration: 5 to 10days NB: This speculation might be considered to make individual decisions on the lower timeframe. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Long
by darcsherry
AUDCAD | Perspective for the new weekThe scope of a very strong bearish momentum on the daily time frame and a reversal set-up (double top) within the major supply zone at C$0.92400 shares a confluence with the bearish trendline to signal a selling opportunity for us in the coming week(s). Tendency: Downtrend (Bearish) Structure: Supply & Demand | Trendline | Reversal pattern (Double Top) Observation: i. Despite a long term bearish momentum identified on the higher time frame, the last 30 days witnessed a consistent rise in the value of the Aussie over the Canadian dollar but the momentum appears to be thinning out and this can be identified on the chart as a double top structure. ii. Attempts made by buyers to break above C$0.924 was met with strong resistance during last week's trading session to insinuate that the bullish trendline may no longer be strong enough to hold price action above it. iii. It is worthy to note here that, the reversal set-up (double to pattern) awaits confirmation at the breakdown of key level @ C$0.91600 to incite the risk of a decline in price value in the coming week(s). iv. In this regard, I shall be waiting to take advantage of selling the Aussie anywhere below the key level @ C$0.916000... Trade consciously!😊 Trading plan: SELL confirmation with a minimum potential profit of 200 pips. Risk/Reward : 1:3 Potential Duration: 3 to 8days NB: This speculation might be considered to make individual decisions on the lower timeframe. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Short
by darcsherry
EURJPY | Perspective for the new weekIt has been a choppy situation for EURJPY since mid last year as the price keeps juxtaposing between JY128 and 132.5 zones to emphasize the indecision in this market. With a very simple set-up floating on my screen right now on the 4H time frame, my expectation going into the new week remains bullish considering the rejection of the JY128 level which has a strong memory for buying power (see daily and weekly time frame). Tendency: Uptrend (Bullish) Structure: Supply & Demand | Trendline | Reversal pattern (Breakout) Observation: i. A visual representation of a trend after connecting a series of prices with a line drawn over pivots highs shows the prevailing direction and speed of price in the last 2 weeks. ii. Price action came back to the JY128 level during last week's trading session and was immediately rejected resulting in the appearance of bullish engulfing candles that broke out of key level on Friday to set the tone for another possible bullish wave in the coming week(s). iii. I look forward to the breakout of the bearish trend line to confirm the buyer's strength. iv. The early hours/days of the new week might see a drop in price into the key level or new demand level identified around the JY129 area to incite a Trend continuation. v. Hence, above the key level at JY129.350 remains a comfortable level to take a long position on this pair... Trade consciously!😊 Trading plan: BUY confirmation with a minimum potential profit of 300 pips. Risk/Reward : 1:4 Potential Duration: 3 to 8days NB: This speculation might be considered to make individual decisions on the lower timeframe. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Long
by darcsherry
TSLA: Will it be a BUY again or is it too late now?Hello traders and investors! TSLA is doing exactly what we were expecting, and we see some good signs around today. In my last study, we identified an opportunity to buy TSLA, and in this post we'll continue the study and update some key points. In the daily chart, we see that TSLA just did a brief retest of the $ 710 support area and it is bouncing back up nicely. What’s more, TSLA closed above the $ 792 and it did a candlestick pattern called Piercing Line, a bullish reversal pattern. Today, TSLA is triggering the pattern, confirming our previous thoughts that it would go up today. The next resistance on TSLA is the 21 ema in the daily chart. In the 1h chart, TSLA is breaking the 21 ema, and the volume increased a lot. These signs confirm a bottom for now, however I would be happier to see TSLA doing a clearer bullish structure. Honestly, I would like to see it dropping at $ 750 again, and if this happens, it'll be a buy again. It must not drop below this point, though, otherwise it might frustrate the possible reversal. Since we lack stronger signs, the idea of a Dead Cat Bounce still haunts some investors. As I’ve been telling you guys, I don’t think it is the time to sell or short, as the good moment to do it was at $ 1,200, when the R/R ratio was very good. Now is the time to buy, as I mentioned in my previous analysis yesterday, as crazy as this sounds. The link to my last post is below, if you are curious. To me, drops like this are just opportunities to take advantage of the panic. I’ll keep you guys updated every day on this, therefore, follow miss to not miss any of my future analyses.
NASDAQ:TSLA
by Nathan_The_Finance_Hydra
3
TSLA: Great opportunity to BUY? Let's see.Hello traders and investors! Let’s see how TSLA is doing today! Despite the crash, TSLA made a very technical move that shouldn’t be a surprise to no one. As we mentioned in our yesterday analysis (link below), the moment it lost its support level, it dropped more $ 100, and now it is reacting as expected. The support level that held TSLA today was the purple trend line along with the black line (Sep 2021’s support). This dual-support level worked nicely today, and the volume is finally increasing. If you didn’t know better (that there’s a war going on), you would see this movement just as a retest of a support level in a bear trend. This movement is good, but TSLA has a few challenges to overcome. Let’s see the 1h chart: Yes, TSLA is triggering a mini pivot point, a reversal pattern. The problem is, the 21 ema is very close to the red line at $ 792, and although TSLA is breaking it right now, I wouldn’t be too greedy on this. It could easily do a correction again from here tomorrow. If TSLA confirms another reversal sign, the gap at $ 920 will be the next target. I think that we have a good opportunity, but we should go easy on it, as the trend is still bearish. As you guys know, I always like to buy when there’s blood in the streets, but we must do it patiently, as the market confirms our thoughts, using a solid and proven strategy. In my view, there are stocks much more interesting than TSLA, but I’ll always keep you guys updated every day on this, so remember to follow me to not miss any of my future analyses!
NASDAQ:TSLA
by Nathan_The_Finance_Hydra
20
NVDA: Important reaction near a support level! What to expect?Hello traders and investors! Let’s update our thoughts on NVDA today! The market crashed, and it took NVDA with it. However, the drop was not that intense, as it seems the market already priced its main catalysts (or almost priced them). In fact, what NVDA did was extremely technical: A pullback to the previous support at the black line ($208.88), and now it is doing a bullish reaction, as expected in support levels. This doesn’t mean it is reversing, but it is a bullish reaction for sure, as despite the drop, the candlestick is very bullish. This could be the beginning of a mid-term reversal, but the confirmation will come only after we break the purple trend line. In addition, it is important to wait for some bullish structure in the 1h chart, before calling it a buy. So far, we see no meaningful technical reaction, as NVDA is still doing lower highs/lows and it is below its 21 ema. If it does a reversal, I see it easily filling the gap at $ 263 area. For now, we must wait for more patterns, as the situation is still very delicate. I’ll keep you guys updated every day on this, so remember to follow me to keep in touch with my insights.
NASDAQ:NVDA
by Nathan_The_Finance_Hydra
5
GBPAUD: Preparing For Sells As Price ReversesPrice just reversed on the daily timeframe. Buyers were pushing GBPAUD to the upside, but now that AUDUSD is increasing in strength, GBPAUD is decreasing. These two currency pairs are whats called negative correlating currency pairs. The pair they have in common are AUD. It's like a seesaw. AUD is in the middle. If GBPAUD increases AUDUSD will increase. If GBPAUD decreases AUDUSD will increase. There are plenty of websites to find positive and negative correlations. A quick Google search should do the job. Be sure to focus on pairs that move 70 to (-70) with and against each other. AS far as GBPAUD, I'm on my hands until price pulls-back. We don't know how long price will decrease until the pullback happens. Press 👍🏽 if you enjoy this analysis and be sure to comment your thoughts and questions below. Remember, let us be kind to one another and provide value, not just random thoughts.
Short
by ShaquanLopez
US500 4293.4 LONG IDEA + 0.01 % * PRICE ACTION & STRUCTURE RVSL HEY EVERYONE HOPE EVERYONE IS DOING GOOD HAVING A GOOD ONE, A LOOK AT THE US500 INDEX THIS WEEK SWING * The index was trading in a DESCENDING channel but seems the channel is now RUNNING out of steam as we see consolidation at the base of the channel and the formation OF A DOUBLE bottom in the cards. - Short term the index is currently in reversal formation in the form of a possible DOUBLE BOTTOM. - key to the set up will definitely be patience as there is a spike level that could come into play again should we break below. - Looking for LONG entries on the INDEX this week should all the rules of the formation be met. lets see how it goes IF THIS IDEA ASSISTS IN ANY OR IF YOU LIKE THIS ONE SMASH THAT LIKE BUTTON & LEAVE A COMMENT. ALWAYS APPRECIATED ____________________________________________________________________________________________________________________ * Kindly follow your entry rules on entries & stops. |* Some of The idea's may be predictive yet are not financial advice or signals. | *Trading plans can change at anytime reactive to the market. | * Many stars must align with the plan before executing the trade, kindly follow your rules & RISK MANAGEMENT. _____________________________________________________________________________________________________________________ | * ENTRY & SL -KINDLY FOLLOW YOUR RULES | * RISK-MANAGEMENT | *PERIOD - SWING TRAD
ULong
by PULEMokhothu
US100 13808.4 + 0.49 % LONG IDEA * PRICE ACTION & RVSL PATTERNS HEY EVERYONE HOPE EVERYONE IS DOING GOOD HAVING A GOOD ONE, A LOOK AT NASDAQ INDEX THIS WEEK SWING * The index was trading in a DESCENDING channel but seems the channel is now RUNNING out of steam as we see consolidation at the base of the channel and the formation of a reversal pattern. - Short term the index is currently in reversal formation in the form of a possible inverse H&S. - key to the set up will definitely be patience. * entry could include completion of the right shoulder, and momentum shift - Looking for LONG entries on the INDEX this week should all the rules of the formation be met. lets see how it goes IF THIS IDEA ASSISTS IN ANY OR IF YOU LIKE THIS ONE SMASH THAT LIKE BUTTON & LEAVE A COMMENT. ALWAYS APPRECIATED ____________________________________________________________________________________________________________________ * Kindly follow your entry rules on entries & stops. |* Some of The idea's may be predictive yet are not financial advice or signals. | *Trading plans can change at anytime reactive to the market. | * Many stars must align with the plan before executing the trade, kindly follow your rules & RISK MANAGEMENT. _____________________________________________________________________________________________________________________ | * ENTRY & SL -KINDLY FOLLOW YOUR RULES | * RISK-MANAGEMENT | *PERIOD - SWING TRAD
ULong
by PULEMokhothu
DXY 95.81 - 0.3% SHORT IDEA * PRICE ACTION & REVERSAL PTTNS HEY EVERYONE HOPE EVERYONE IS DOING GOOD HAVING A GOOD ONE SOME OPPORTUNITIES IN THE COMING WEEK. LOOKING AT THE DOLLAR INDEX * The index has been trading in a descending channel currently range bound in a descending channel. * Looking for that lucky number 3 touch to see the index respect the descending structure and bearishly rally to test the base of this structure. * The index already saw a delay at the base of the descending triangle structure which may signal having gardered momentum to go give that 3rd touch. - should this happen looking for shorts on the dollar index, a break above changes the whole plan. lets see how it goes IF THIS IDEA ASSISTS IN ANY OR IF YOU LIKE THIS ONE SMASH THAT LIKE BUTTON & LEAVE A COMMENT. ALWAYS APPRECIATED ____________________________________________________________________________________________________________________ * Kindly follow your entry rules on entries & stops. |* Some of The idea's may be predictive yet are not financial advice or signals. | *Trading plans can change at anytime reactive to the market. | * Many stars must align with the plan before executing the trade, kindly follow your rules & RISK MANAGEMENT. _____________________________________________________________________________________________________________________ | * ENTRY & SL -KINDLY FOLLOW YOUR RULES | * RISK-MANAGEMENT | *PERIOD - SWING TRADE
TVC:DXYShort
by PULEMokhothu
1
GBPAUD | perspective for the new weekThe Pound has been trending higher since the beginning of last year and has since been rejected at A$1.915area on two separate occasions (August 2021 and February 2022) thereby leaving a clue for selling opportunity if the price does not break out of this area. Tendency: Downtrend (Bearish) Structure: Supply & Demand | Trendline | Reversal pattern (Double Top) Observation: i. Zooming in on the daily timeframe, the visual representation of a line drawn under pivot lows reveals the prevailing direction and speed of price action in the last 3 months. ii. However, after testing the major supply zone around the A$1.92 area; price action appears to began a spiral downward a phenomenon that wants to be similar to what happened in August 2021. iii. The appearance of a double top structure within an important supplication (A$1.92) area appears to be confirmed when price did a breakdown and retest of its neckline in the last couple of weeks. iv. In this regard, I shall look forward to a breakdown of the trendline for confirmation to open a short position on this pair in the coming week(s). v. Hence, the below trendline remains a comfortable area to sell the Pound... Trade consciously!😊 Trading plan: SELL confirmation with a minimum potential profit of 400 pips. Risk/Reward : 1:3 Potential Duration: 5 to 10days NB: This speculation might be considered to make individual decisions on the lower timeframe. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Short
by darcsherry
EURCAD | Perspective for the new week | Follow-up detailsSince my last publication on this pair, the price moved over 350pips in our direction before the retracement began ( see link below for reference purposes). And I expect the retracement to culminate at a level between 50 and 78.6% before the rally continues hence my previous bias still holds (see link below for reference purposes). Tendency: Uptrend (Bullish) Structure: Supply & Demand | Trendline | Reversal pattern (Double Bottom) Observation: i. Following the bearish run that lasted 5 months, the CAD recorded a 6.20% growth against the Euro and it appears the Euro is gaining traction following the strong impulse leg that began on the 27th of January 2022. ii. Double Bottom: The appearance of this reversal pattern at this juncture (C$1.41) in the market revealed a change in trend and a momentum reversal from prior leading price action as selling momentum continued to reduce. iii. So, I am looking forward to the retracement to test the neckline which is also the key level or within C$1.425 & 1.435 to hop into the potential rally in the coming week(s). iv. Please note that the above key level remains a comfortable area to buy the euro with an opportunity to add to the existing position at breakout/retest of C$1.462... Trade consciously!😊 Trading plan: BUY confirmation with a minimum potential profit of 400 pips. Risk/Reward : 1:4 Potential Duration: 5 to 12 days NB: This speculation might be considered to make individual decisions on the lower timeframe. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Long
by darcsherry
NZDUSD | Perspective for the new week As the Russia-Ukraine headlines worsen the market mood, we witnessed rejections of the $0.67 area during last week trading session to impose a shadow of doubts on the potential of the Kiwi going into the new week. However, with current technical structures; I suspect that the acceptance of above the $0.6700 might give a sense of comfort to push the price higher in the coming weeks with $0.66500 serving as a baseline for the formation of a new trend. Tendency: Uptrend (Bullish) Structure: Supply & Demand | Trendline | Reversal pattern (Double Bottom) Observation: i. For over a year now, the Kiwi has been on a downward spiral as it dropped 12.5% against the USD. ii. If we look at the weekly chart, we will notice that price came back to a significant demand level around $0.655 late in January 2022 which was immediately followed by bullish momentum. iii. Hence, I have projected a potential trendline (bullish) on the chart to guide us in taking advantage of a bullish momentum if it eventually happens in the coming week(s). iv. A breakout/retest of the key level at $0.67500 should present an opportunity to add to our existing position. v. Please note that the bullish trendline projected on the chart is serving as our yardstick as any break below will render the narrative invalid... Trade consciously!😊 Trading plan: BUY confirmation with a minimum potential profit of 200 pips. Risk/Reward : 1:4 Potential Duration: 7 to 20 days NB: This speculation might be considered to make individual decisions on the lower timeframe. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Long
by darcsherry
GBPNZD | Perspective for the new weekThe GBPNZD pair seems to be on the edge of a cliff and it appears to be on the verge of tumbling down into 50 to 78.6% retracement in anticipation of a bullish trend continuation. How do we take advantage of this counter-trend opportunity without getting our fingers burnt? Tendency: Downtrend (Bearish) Structure: Supply & Demand | Trendline | Reversal pattern (Double Top) Observation: i. Since November 2021, the Pound recorded approximately 9% growth against the Kiwi to set the tone for bullish momentum. ii. The visual representation of a line drawn under pivot lows reveals the prevailing direction and speed of price action in the last 3 months. iii. However, multiple rejections of N$2.05 since January 28th signals the possibility of price action transposing into a correction phase that might dip into 50 to 78.6% retracement before the rally continues. iv. The multiple rejections at N$2.05 evolves into a double top look-alike which is an extremely bearish technical reversal pattern that forms after action tests a new high two consecutive times with a moderate decline between the two highs with confirmation of structure at a break below a support level at N$2.025. iv. Coupled with the reversal pattern, we also witnessed a breakdown of the bullish trendline during last week trading session to give credibility to my bearish bias. v. In this regard, below the key level at $N2.025 remains a comfortable area to take on a short position as I strongly anticipate a breakdown/retest of this level in the coming week(s)... Trade consciously!😊 Trading plan: SELL confirmation with a minimum potential profit of 500 pips. Risk/Reward : 1:4 Potential Duration: 7 to 20 days NB: This speculation might be considered to make individual decisions on the lower timeframe. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Short
by darcsherry
AUDUSD | Perspective for the new weekThis will be my first long term perspective on this pair as I have waited a whole 2 months to identify a double bottom structure within a strong demand zone that has held price "supported" since July 2020! The strong memory for buying tendency at $0.7000 is a clue for an opportunity to buy the Aussie in the coming week(s). The Aussie advanced for a third consecutive week and is currently trading at around the $0.717 area - my key level, as lack of demand for the USD looms despite the dismal ruling mood. Tendency: Uptrend (Bullish) Structure: Supply & Demand | Trendline | Reversal pattern (Double Bottom) Observation: i. From the weekly perspective, it is obvious that the Aussie has been on a decline (12.63% drop) since February last year. ii. And the price is back to the $0.7 area two consecutive times (December 2021 and January 2022) resulting in the appearance of a double bottom structure in a zone that has a strong memory for buying power. iii. The double bottom pattern is a technical analysis charting pattern that describes a potential change in trend and a momentum reversal from prior leading price action which has lasted for a whole year. iv. Even as we await a confirmation which will happen if the price break above the resistance level which is the neckline at $0.72750; Above the key level at $0.71700 remains a comfortable area to take advantage of the bullish bias identified with an opportunity to add to our exiting position at a breakout/retest of the bearish trendline. CAUTION: Considering the long term bearish momentum on this chart, it is advisable that we remain conscious with our positions as any break below the demand zone at $0.7 will negate the bullish narrative... Trade consciously!😊 Trading plan: BUY confirmation with a minimum potential profit of 350 pips. Risk/Reward : 1:4 Potential Duration: 15 to 25days NB: This speculation might be considered to make individual decisions on the lower timeframe. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Long
by darcsherry
2
GBPJPY | Perspective for the new week | follow-up detailsThe price moved exactly 400pips in our direction since my last publication (see link below for reference purposes) to set the tone for bearish momentum. In the last week, and with the appearance of a double top pattern; the Pound appears to have found the crucial resistance at JY158 to incite a second downward spiral. The JY158 area already stopped buyers in October 2021 and January 2022. The JY157 area also stopped buyers during the course of last week trading session to signal a bearish momentum. Tendency: Downtrend (Bearish) Structure: Breakdown | Supply & Demand | Trendline | Reversal pattern (Double Bottom) | Descending Channel Observation: i. Despite an overall bullish momentum on this pair (see weekly time frame); the JY157 area has been resisting price action since October 2021 to reveal a bearish tendency at this juncture in the market. ii. Since testing the JY158 area on the 10th of February 2022, price action has continued to find lower highs which culminated in a breakdown of Key level (JY156.450) at the beginning of last week trading session. iii. This development gave rise to multiple rejections of the JY157 area to make this area our new supply zone for future selling opportunities. iv. It is important that we put into consideration that the multiple rejections of the JY157 area share a confluence with the bearish trendline that has been guiding price action since the 10th of February 2022. v. In this regard, I shall be looking to take a sell position below the key level identified at JY156.450 with an opportunity to add to my existing position at a breakdown/retest of the JY155.450 area in the coming week(s). vi. Mind you, the early hours/days of the new week might see a price climb to test our new supply zone around the JY157 area to incite further decline... Trade consciously!😊 Trading plan: SELL confirmation with a minimum potential profit of 200 pips. Risk/Reward : 1:4 Potential Duration: 3 to 7days NB: This speculation might be considered to make individual decisions on the lower timeframe. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Short
by darcsherry