10.09.24 Morning ForecastPairs on Watch -
AUDUSD
EURNZD
NZDJPY
A short overview of the instruments I am looking at for today, multi-timeframe analysis down to what I will be looking at for an entry. Enjoy!
Structureanalysis
XAUUSD SHORT TRADEConsolidating for some time, seen alot of short term resistance at current area of volatility and will be looking for next bearish swing to support
EURUSD / TRADING BELOW TURNING LEVEL - 4H XRPUSDT / 4H TIME FRAME
HELLO TRADERS
Tendency , prices is under downward pressure , until trading below turning level at 1.112 .
Downward Condition : With the price holding steady at the current turning level at 1.112 , it is likely to decline towards the support level of 1.108 . If it stabilizes below this level, it could then reach the next target level of 1.103 .
Upward Condition : for an upward , a potential is expected if the price breaks the turning level at 1.112 , leading to a rise toward the resistance level (1) at 1.118 . For a sustained increase, the price must breaking the resistance level (1) to reach the next resistance at 1.124 .
TARGET UPWARD ZONE :
RESISTANCE LEVEL (1) : 1.118 .
RESISTANCE LEVEL (2) : 1.124 .
TARGET DOWNWARD ZONE :
SUPPORT LEVEL (1) : 1.108 .
SUPPORT LEVEL (2) : 1.103 .
TURNING LEVEL : 1.112 .
USDCAD / BREAKOUT ASCENDING CHANNEL - 4H USDCAD / 4H TIME FRAME
HELLO TRADERS
Tendency , prices is under downward pressure , until trading below turning level at 1.360 .
Downward Condition : With the price holding steady at the current turning level at 1.360 , it is likely to decline towards the support level of 1.354. If it stabilizes below this level, it could then reach the next target level of 1.350 .
Upward Condition : for an upward , a potential is expected if the price breaks the turning level at 1.360, leading to a rise toward the resistance level (1) at 1.369 . For a sustained increase, the price must breaking the resistance level (1) to reach the next resistance at 1.376 .
TARGET UPWARD ZONE :
RESISTANCE LEVEL (1) : 1.369 .
RESISTANCE LEVEL (2) : 1.376 .
TARGET DOWNWARD ZONE :
SUPPORT LEVEL (1) : 1.354 .
SUPPORT LEVEL (2) : 1.350 .
TURNING LEVEL : 1.360 .
Brace Yourself: Is Gold's Bearish Trend to Continue Next Week!?Key Levels:
Resistance Levels:
$2,480: Recent high, acting as a strong resistance level.
$2,449.525: Previous high, another significant resistance level.
Support Levels:
$2,391.612 (4HR LQZ / TP 1): First significant support level and target point.
$2,348.723 (Daily LQZ / TP 2): Second support level and target point.
$2,289.000 (TP 3): Third support level and long-term target.
Trend Analysis:
The chart shows a clear descending movement from the recent highs, indicating a bearish trend.
The price has broken down from a rising wedge pattern, which is typically a bearish signal.
Indicators and Patterns:
Rising Wedge: The price action formed a rising wedge, and the breakdown confirms the bearish trend.
Price Action: The current price movement shows lower highs and lower lows, which aligns with the bearish trend.
Volume: Consider monitoring the volume for further confirmation of the trend. High volume on down moves indicates stronger bearish sentiment.
Strategy:
Short Positions: Traders might look for shorting opportunities at resistance levels or breakdown retests.
Target Points: The support levels ($2,391.612, $2,348.723, and $2,289.000) serve as potential target points for short positions.
Stop Loss: Place stop-loss orders above the recent highs to manage risk.
Conclusion:
The technical breakdown of XAUUSD indicates a bearish trend continuation. With the price breaking down from a rising wedge and confirming lower highs and lower lows, traders should consider short positions, targeting the support levels mentioned. Keep an eye on the volume and price action for further confirmation and manage risk with appropriate stop-loss levels.
Market Overview Part 27Me Going Over My Blue Jay Strategy And My Robin Trap Strategy In Deep Detail. And Going Over My Trades This Week So Far!
Forming Liquidity, Buy opportunityBearish structure has rebalanced with forming liquidity today. Only one zone has swept a liquidity below mother candle 1h, 2h, 3h, 4h timeframe. That candle is the first bullish continuation.
Weekly trade planning sessionHi Traders, this is another episode of charts247 weekly trade planning session. We believe in trade planning because it helps us identify high-probability forex pairs that we should trade during the week.
Below are the indexes based on the 4HR wave structure.
DXY: Bullish Reversal (+ve)
EXY: Bearish Continuation (-ve)
AXY: Reversal (-ve)
SXY: Bullish Pullback (+ve)
JXY: Bullish Pullback (+ve)
BXY: Bullish Pullback (+ve)
CXY: Bearish Continuation (-ve)
ZXY: Reversal (-ve)
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BUY PAIRS: USDCAD, AUDCAD, GBPCAD,
SELL PAIRS: EURUSD, CADJPY, EURGBP, EURAUD
Intel - What is going on?Hello Traders and Investors, today I will take a look at Intel Corporation.
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Explanation of my video analysis:
In April of 2022 we saw a major break towards the downside on Intel stock which was then followed by more bearish continuation of roughly -65%. Then Intel retested a multi year long structure and created a pretty decent bullish reversal and a strong (short covering rally). At the moment Intel just rejected previous structure and is now in a massively bearish market soit is best to just wait for this volatility to calm down.
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Keep your long term vision,
Philip (BasicTrading)
old school market structure reading does it still helpwhen i came into trading the basic thing i was taught by many books or rather many online youtube videos is market structure which i still use till this day and its amazing to see the chart everytime using the same structure and it keeps me from being soo focused on the what will happen rather focus on what is happening now
Upcoming Trading Week WatchlistAn overview of all the pairs I am looking at for this trading week. Full breakdown in the video with analysis and explanations of what I will be waiting for before executing in the markets.
GBPAUD BEARISH IDEA-Broke previous low
-(4h) demand zone is the target
- Bullish falling wedge pattern is being created on higher time frame (4h)-(D), Take a close look, the target of my trade would be stopping early buyers on short term demand zones ( $$$) all the way to the main (4h) demand. And once price reaches this zone, we will be looking for a long term BUY ---> (BLUE PATH)
I highly anticipate some kind of manipulation since both buyers and sellers are currently strong !
FOLLOW FOR INSTANT UPDATES since
price can react differently!
EURGBP: Insights into Current Market Dynamics (Top Down)Right! I will keep it simple. EURGBP on the weekly timeframe currently resides within a DEMAND zone, indicating the possibility of an upward movement in price from this region. Additionally, on the daily timeframe, price has shown rejection at a supportive level. Furthermore, the hourly chart has transitioned from a bearish to a bullish stance, while the 45-minute structure also presents a bullish outlook. In light of these indicators, it is anticipated that price action will likely find support at the marked demand area as depicted on the chart. Goodluck!
USDCAD's Potential Buy Setup!Okay, Short and Simple! The USDCAD pair on the 1-hour timeframe continues to exhibit a bullish sentiment, with recent market movements suggesting a retracement towards a notable demand zone. This retracement presents an opportunity for traders to potentially capitalize on the upward momentum of the pair. Good luck!
AAPL to verse to upside trending ? LONGAAPL on the 60 minute chart is compared on the superimposed indicator on its own scale the
RSI for a similar time frame. The chart shows that AAPL has sunk to its price level in the
pre-earnings period two weeks ago. At present, price and RSI are running in parallel and
RSI is a litle higher than price while on its own scale. Price is currently near to the running
SMA 200. When I see either price or relative strenth move higher. I will be a buyer. I am looking
for some green on the relative volume indicator to tip me off. I will be watching on a lower
time frame of 15-30 minutes to get a clean entry pay off the spread and get into profits
ASAP.
Breaking Down GBPCAD's Current Market Dynamics
Greetings Traders!
GBPCAD has displayed a robust bullish impulse, driving it towards an internal resistance level, signaling a potential corrective phase characterized by a classic rising triangle chart pattern. Should the price successfully breach the resistance trendline of this triangle pattern and sustain its position above the internal resistance, the probability of a bullish continuation towards a marked swing high on the chart becomes notably promising.
Guide to Identifying Potential Profit Altcoins in 2024 Navigating the Altcoin Landscape in 2024
In the ever-evolving world of cryptocurrencies, identifying altcoins with the potential to deliver substantial profits is an art that demands a keen understanding of market dynamics. This comprehensive guide aims to equip you with the tools and insights needed to spot the most robust altcoins poised for success in 2024. Through detailed examples and comparisons, we'll delve into the nuances of strength, resilience, and upward potential.
INJ vs BTC - Riding the Trend Waves
1. Analyzing INJ's Resilience:
Explore the trading patterns of Injective Protocol (INJ) against Bitcoin (BTC).
Highlight instances where INJ, despite mirroring BTC's patterns, has displayed remarkable resilience by not breaching crucial support lines.
2. Drawing Conclusions:
Discuss the implications of INJ's refusal to break support lines.
Emphasize the importance of following the trend and INJ's potential for continued upward momentum.
MAV vs BTC - Decoding Bullish Structures
1. Unveiling MAV's Bullish Structures:
Examine the consistent creation of higher lows by Mav Protocol (MAV) against Bitcoin.
Contrast MAV's bullish structures with Bitcoin's struggles during various market movements.
2. Strategic Considerations:
Extract trading insights from MAV's persistent creation of higher lows.
Discuss the potential for MAV to outperform Bitcoin based on its bullish structure.
AVAX vs BTC - Capitalizing on Market Shakeouts
1. Assessing AVAX's Post-Shakeout Strength:
Analyze the aftermath of the recent market shakeout on Avalanche (AVAX) against Bitcoin.
Highlight AVAX's substantial rebound in contrast to Bitcoin's more modest recovery.
2. Implications for Trading:
Discuss the significance of AVAX's robust bounce after the shakeout.
Explore the potential for AVAX to outpace Bitcoin in subsequent market movements.
Conclusion: Forging Profitable Paths in 2024
As we conclude this exploration of potential altcoin powerhouses for 2024, remember that each comparison offers unique insights into the strength and potential of these digital assets. The ability to discern resilience, bullish structures, and post-shakeout strength positions you strategically in the cryptocurrency market. Stay vigilant, adapt your strategy as the market evolves, and use these insights to navigate the dynamic landscape of altcoin trading.
💡 Unveiling Altcoin Strength | 📈 Riding Trends | 🚀 Decoding Bullish Structures | 💪 Capitalizing on Market Shakeouts
💬 Engage in the discussion: Share your observations on altcoins displaying strength, inquire about nuanced trading strategies, and connect with a community dedicated to deciphering the potential winners in 2024. 🌐✨
EURUSD - NZDUSD - AUS200 Trade RecapThree positions taken last week, two breakevens and one loss. Great trades nonetheless, two structures I would take over and over again with the EURUSD position being on the higher risk side of things. Risk management plan stuck to, frequency is picking up just in the first month of the year as expected. Trade safe and responsible
GBPNZD Presents Ideal Selling ConditionsIn the GBPNZD market, the price has retraced to an area of significant supply on the 4-hour chart, coinciding with an internal daily resistance level. An anticipation of a selling market is prevalent in this region. It's worth noting that the overall sentiment remains bullish on lower timeframes.
A prudent approach involves closely monitoring the structure on lower timeframes. It is advisable to exercise patience and await a discernible shift in market character from bullish to bearish before considering shorting opportunities. Wishing you success in your trading endeavors.
GOLD: Prime Selling Opportunity Unveiled by Harmonic Symmetry!GOLD has recently breached its downside structure. Currently, the price is undergoing a corrective phase on the 1-hour timeframe, characterized by the presence of a Gartley symmetry. This harmonic pattern is poised to conclude at a highly probable supply level. In the event of the successful completion of this harmonic pattern, a robust selling opportunity is anticipated, as visually depicted on the accompanying chart.
EURJPY: Harmonic Bat and Rising Wedge Unveil Insights...SELL?Greetings, fellow traders! In the context of EURJPY, a discernible pattern is emerging as the price unfolds within the confines of a rising wedge. Notably, this pattern is converging towards a prospective supply zone, coinciding with the culmination of a harmonic bat pattern as it reaches its D leg.
Anticipation of a market shift towards selling becomes more apparent in light of this convergence. The confluence of factors, including the potential completion of the harmonic bat pattern and the formation of the rising wedge, adds weight to the expectation of a downturn. The significance of this scenario is further underscored by the likelihood of a breach in the supporting trend of the wedge.
Closely monitor this juncture, as it presents an opportune moment for strategic decision-making. Exercise due diligence and consider leveraging this insightful confluence for informed trading decisions in the evolving EURJPY market. Happy trading!
USDCAD: Bearish Harmonic Pattern and Weekly Range DynamicsThe USDCAD market is currently exhibiting the formation of a potential bearish bat pattern. Notably, the price is approaching a daily level that coincides with a 4-hour order block. This convergence is significant as it marks the completion of the D leg of our discernible bat harmonic pattern. Additionally, it's worth mentioning that the overall market structure is displaying a bearish bias.
Despite the bearish sentiment in the shorter time frames, it's essential to note that the weekly chart indicates a trading range. This information adds a layer of nuance to the analysis, suggesting a potential conflict between short-term bearish dynamics and a more neutral stance in the longer term.
In light of these technical observations, a potential short-trading opportunity is anticipated. The confluence of the bearish bat pattern, alignment with the 4-hour order block at the daily level, and the bearish structure on lower time frames adds an extra layer of confirmation to the trade setup. Traders are advised to exercise due diligence, considering both the potential for a reversal in the indicated zone and the overarching range-bound behavior on the weekly chart. Goodluck!
HOW TO: Lesson 5 - The Importance of ConfluenceLesson 5 - The Importance of Confluence
This video explains what is confluence in trading, identifies confluence structural elements and provides guidance on how to put all the pieces of the puzzle together to increase trading success rate.
