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Supply_and_demand

#JPY upside potentialHi, dear traders and colleagues, Let's take a look at the JPY basket and analyze its potential implications in relation to other currencies. The Japanese Yen (JPY) has been weakening for a considerable period due to the policies implemented by the Bank of Japan (BOJ). However, given that we are now at the end of the hiking cycle in other central banks, it is reasonable to assume that the interest rate differential between JPY and other currencies will start to decrease. This shift could potentially lead to the JPY gaining strength. To support this hypothesis, we can examine the chart, where the price recently broke above a long-standing bearish channel with an impulsive move. This breakout suggests that there might be further bullish momentum in store. Another noteworthy factor that adds confidence to the authenticity of this upside breakout, unlike the previous false breakout marked within the box, is the current price action. During the previous false breakout, the price formed a V-top chart pattern, resulting in a bullish impulsive move followed by a bearish impulsive move. This indicated that the breakout was driven by news events and was not sustainable. However, in the current scenario, we see the price consolidating after the upside breakout and not immediately retracing back into the channel range. This gives us reason to believe that this breakout is more likely to be genuine and mature over time. Now, in terms of trading, an upside move in the JPY basket implies that currencies paired against the JPY are likely to face challenges and experience downside movements. This includes currency pairs like EURJPY, GBPJPY, CHFJPY, and so on. To identify potential entry points, we are currently monitoring two key areas. The first area of interest is marked by the arrow line, which points to yesterday's low. We are keen to observe how the price reacts around this level. The second area to watch is the 4-hour timeframe supply area, which coincides with the upper line of our bearish channel. This area could serve as a potential retest point for the price. Keep a close eye on these areas for potential trading opportunities, and remember to adapt your strategy as the market evolves. Happy trading!
FX:JPYBASKETLong
by mohemati
1
💯 AMD not a lot of sell pressure down here. Watch itFor a swing I'll try to get a good entry on AMD. I've been trading it up and down for 2 weeks now. See my ideas. At 108 I said it should get rejected and fall back to support. We are at 103.XX now. I ideally want 99-101 for a long entry but I don't think there's too much selling pressure here anymore. Watch it above 104.60 for a breakout. We all see the flag on AMD daily chart: Follow and like this idea for more insights. Welcome to join my community! Thanks for reading.
NASDAQ:AMDLong
by kingdips
#OIL selling opportunityHi dear traders and colleagues, lets look at oil and see if there is any selling opportunity in this commodity or not. As you can see on the chart we have done a research and find out that any time when stochastic indicator is in overbought in Weekly timeframe and cross below cross below its signal line we have seen a bearish move by the price. Other things that gives us more confluences to take this trade is the fact that price currently is testing resistance area and also close to tentative bearish trendline. from fundamentally perspective also we know although we shortage supply by the side of suppliers especially from Saudi Arabia but the fact that we are close to the end of hiking cycle by the central banks and as a result we can see some damages in economic which cause lower demand for the oil. These are all showing that at least having a bearish correction move in Oil prices is possible and even if price wants to go higher we can have correction from this area.
CAPITALCOM:OIL_CRUDEShort
by mohemati
USDCAD H4 Wedge PatternUSD/CAD - H4 Chart - Falling Wedge Pattern formation Price need to Break the Trendline and Retest wedge Pattern and after strong Reversal formation, we take entry. Always wait for strong Conformation in Short term for entry. 👈👈👈 If you found my post helpful or informative, could you please leave a comment 💬🖌 and hitting that like button💚💚 “Markets are never wrong, but opinions often are.”-Jesse Livermore Good Luck💛💛
Long
by KABHI_TA_TRADING
27
#USDCAD another selling opportunityIf you remember we already took one successful short trade from the previous red arrow and although we were expecting price to move further down and create new low for higher timeframe this didn't happen. As a result price went up and giving us another selling opportunity. As you can see in the picture price is at important static resistance area and just below 4H and 1H EMA which both acting as resistance. But the thing that we should be consider before taking position from the area that price currently is sitting on is the possibility that if price wants to come and take liquidity from the local top that formed earlier and since there is a lot of stop losses could be a good target for price to reach and take out liquidity. So if you want to take position from this area keep in mind the possibility of price moving higher to take out loquidity.
Short
by mohemati
GDXJ (+ Gold) "Bear Trap" LongGiven USD strength and the sustained pressure of ever-increasing US interest rates, gold has been taking it on the chin. However, we’re getting into buy levels/demand where it may be poised for a near-term recovery. Keep tabs on gold (spot, futures, GLD), but if you see signs of accumulation/trend reversal (use small timeframe charts), consider climbing aboard. FYI, gold futures (GC) have a yet-to-be-filled gap @ 1872.70, so we may drift lower in the immediate-term as the precious metal seeks that level. In the Jr. Miners space, we’re eyeing the 30.57-31.85 demand zone, which formed in November of '22. Protective stops should be placed below the lower bound of the buy zone. Targeting is a bit challenging, but GC futures should be able to rally to ~1910, if not higher. As everything is uncertain in trading, use your judgement. We always take mechanical profits en route to opposing zones, which are used for our target setting, and would highly recommend doing the same given the stress currently being reflected across markets. Just a thought/idea – take it . This is a very aggressive trade given recent price action - be careful! JHart @ LionHart Trading
AMEX:GDXJLong
by LionHart_Trading