Striking Gold with long-Term TradesIn this trading idea, we'll explore a potentially profitable strategy for buying gold by utilizing a combination of technical analysis tools. We'll focus on key factors such as critical support levels, Fibonacci retracement levels, order blocks, and trend reversals.
Support Levels: We'll closely monitor important support levels on the gold chart. These levels often act as significant barriers for price movement. A break below these levels can indicate a potential trend reversal or a strong bearish sentiment.
Fibonacci Levels: Fibonacci retracement levels are essential for identifying potential reversal zones. We'll use Fibonacci analysis to pinpoint key levels where price may encounter resistance or support, offering valuable entry and exit points.
Order Blocks: Understanding order blocks is crucial for spotting areas where significant buying or selling activity has occurred. We'll identify these zones to anticipate potential reversals or trend continuations.
Trend Reversal: Recognizing signs of a trend reversal is vital for shorting gold effectively. We'll analyze various technical indicators and chart patterns to identify potential shifts in the trend direction.
By combining these elements in our analysis, we aim to provide you with a comprehensive trading strategy for buying gold that maximizes profit potential while minimizing risk. Keep a close eye on these factors and stay prepared for potential market moves. Remember to perform your due diligence and risk management before executing any trades.
Supply Zone
❗ USDJPY: Unimaginable Highs ⚡Crazy right?!😲 Who would have thought we would be back trading at the 1998 highs? Well, here we are.
Sooooo what is the game plan now?
Ideally, we need to figure out a zone to sell from! 👇
So let's figure that out together:
Where is everyone trying to sell from currently?
⚡ The supply zone we are currently trading in.
Where will everyone's stop losses be if they are selling now in this supply zone?
⚡ Above the high.
So where can we expect liquidity and stop loss hunting?
⚡ Above the high.
Great! Now wait for the liquidity grab and begin your search for possible sells once that is complete.
Happy trading folks!! 😀😁😆
Golden Buying OpportunityTrading Gold and Oil. As you know, I typically trade these products on a longer-term perspective due to their volatility compared to the FX market.
Recently, I have noticed a Bullish Shark Pattern confirmation on gold, which presents two potential approaches.
Option 1 would be to engage the trade immediately if there is a retest at $1,819.37. This is because the Shark Pattern has completed, and a retest could be an excellent opportunity to enter the market.
Option 2 would be to wait for a retest on the support level of the 1hourly chart at $1,814.97, as long as the market doesn't close below $1,810.12.
Alternatively, if you are interested in shorting opportunities, the sell zone on the 4-hourly chart could be an opportunity for you.
Which option do you think would be the best approach?
AMD opening @ reversal zone with max dip ~97-98Watch AMD for a bounce at 97 on a market open fakeout.
I already alerted puts (bearish) @ 108 and the stock is already down -8%. That's a large gain in 3 days. Watch for key reversal. If it doesn't reverse, can see a lot of volatility.
Tagged the puts idea.
SOLANA LONG TERM (1D)Solana is in the news of late due to the worry that FTX will have to sell their holdings in SOL and Solana based altcoins.
Solana tokens account for $128m out of the $1.5b in assets on the Solana network held by FTX. The fear is that a dump of these coins would be detrimental to the altcoins price.
For me the chart is simple. When we look at the 1D chart there is a clear mini range we're working with. Large wicks at the high and low of the range, at the midpoint there is a small bearish FVG just above. I believe this is where we will trade for the remainder of this year.
Now that we're at the 0.25 line and looking to react off it, I could see a retest of the midpoint, and if a SFP after tagging the FVG I would look to target the demand zone for a long term hold.
For the next bullrun Solana is definitely a large cap alt that is set up to be one of the top gainers. With an ATH of $260, we are already at a great long term hold entry point. However, the best spot buy is in the demand zone. A sweep and reclaim would be great for the bull run to come.
The supply zone may be difficult to fill in the next few months, given the FTX news, general market/macro sentiment and recession fears. I would expect a retest to come in Q1 of 2024. If we don't tag the demand zone and move into the supply zone that would be a good short opportunity in my mind.
Overall, this is a complicated matter. The token itself has huge potential to reach its ATH in the coming years, but Solana must weather this storm successfully in order to get the chance to reach its potential. Buying blood and being patient will be rewarding.
✅GBP_NZD LONG FROM SUPPORT🚀
✅GBP_NZD is about to retest a key structure level of 2.035
Which implies a high likelihood of a move up
As some market participants will be taking profit from short positions
While others will find this price level to be good for buying
So as usual we will have a chance to ride the wave of a bullish correction
LONG🚀
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