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Supply Zone

GOLD on a potential bearish move 🦐Gold has been experiencing a recent drop in price, which saw it test the ascending trend line on a 4-hour chart. After retracing to the 50% Fibonacci level, the market broke below the trend line yesterday and is currently testing a supply area. If the price also breaks this area, it may indicate a bearish continuation, providing a good opportunity for a short order. In technical analysis, the 50% Fibonacci retracement level is considered an important support level, and a break below this level can signal a potential trend reversal. In this case, the recent break below the ascending trend line and testing of the supply area suggest that the trend may be shifting to the downside. However, recently the main trend has been bullish and is always riskier to trade against the main trend specially on the last trading day of the week. In conclusion, while a break below the supply area in the current scenario may indicate a bearish continuation, traders should exercise caution and monitor the market closely to confirm the trend before entering a short order.
OANDA:XAUUSD
by InkyGrip
12
Amazon - Feb - Daily AnalysisBasing Candle with closing below the previous trend line which indicates - Short position. However we need to wait & watch for the next candle for DBR or DBD. Reasons to Go Short: 1. MACD cross over is awaiting. 2. Super trend indicates short 3. Candle closing below the previous break out line 4. Weak Demand zones 5. If 13-Feb closes below 97, then Drop based Drop is confirmed else next candle should be strong green to consider it as a drop based Rally. Strong supply Area Its tested once with 1:4 risk reward ratio from 114 to 97 Weak Demand Area Might give 1:1, if this level breaks our then the target is 83.
NASDAQ:AMZN
by sam669999999999
2
AMD TRADE IDEASI'm loving how AMD looks across the board! On the Daily, we have the 200 holding as support at 79, and the 10ma holding it as resistance around 82.56. MACD is starting to show weakness on the D with the histogram fading and losing momentum and it looks as if the MACD line is about to cross below he signal line. I will look to enter towards the downside if we break below 80, with a target of 78, and a break below there to fill the gap down to 75. if we see strength with AMD, I will look to enter above 82.80, with targets of 84.20, 86, and 88.20
NASDAQ:AMD
0
by WSBB
XAUUSD weekly biasSo XAUUSD has shown us in the last week that it may have to downside potential... this is due to the tap into supply above along with a breakdown of some of our midterm structures, we have yet to confirm this downtrend so we don't want to bank on it just yet... With the CPI looming and a heavy FVG above we could be set to clear some gaps and head lower, Of course, this is dependent on the CPI results, but overall we are looking for possible bearish moves lower. Remember, overall gold is in an uptrend, so we could just see the price continuing in that movement. But if we see a clear reaction at one of our points of supply above, then we could look to take price short. If we see Price had lower in the beginning of the week, this would make me believe that an upward shift coming in the latter half of the week is very probable. If we see an upward shift at the beginning of the week with a consolidation midweek, we could see the drop coming for the CPI. As per all trade ideas, we will be watching this on a lower time frame to establish whether price truly wants to move in the direction we believe.
OANDA:XAUUSD
by PipSurfingSociety
MATIC is at Resistance, Will We See a Breakout?MATIC is currently at the $1.32 resistance. Can it break through and head toward the all-time high? About MATIC: Polygon (MATIC) is a blockchain platform that provides Ethereum compatibility through its Layer 2 scaling solution. It aims to solve scalability issues in the Ethereum network, and make it easier for developers to build and deploy decentralized applications (dApps). Polygon has been making waves in the cryptocurrency world due to its innovative approach to solving the scalability issue and its potential to revolutionize the Ethereum ecosystem. MATIC, a Different Cryptocurrency MATIC has been behaving differently from the rest of the cryptocurrency market. Unlike other cryptocurrencies that reached their lowest levels in November following the FTX crash, MATIC hit its lowest level in June 2022. This shows that MATIC has been resilient and has followed a different trend than the rest of the market. After reaching its lowest level, MATIC has been mainly ranging between $0.70 and $1.00 from July 2022 to January 2023. However, at the end of January 2023, it broke above this range and is now heading toward the $1.32 resistance level. If MATIC successfully breaks this resistance, it will likely head toward its all-time high of $2.91. However, if the resistance holds, MATIC will head toward the $1.00 support level. Additionally, there are 2 more support levels at $0.70 and $0.30, but it is improbable that MATIC will reach the $0.30 level considering the current market conditions. The key to predicting the future price of MATIC is to keep a close eye on how it behaves at the current resistance level. Looking Ahead: Polygon (MATIC) is a promising project that has the potential to revolutionize the Ethereum ecosystem by providing a scalable solution. With its strong performance, MATIC is a cryptocurrency worth keeping an eye on in the coming months.
M
by cryptohopper
1
MANA/USDT Maybe some correction is needed.Hi Dears Why MANA/USDT is going for correction? In this idea, I would tell you the answer to this question in a brief and useful format. First of all, we are moving near the weekly supply in the control zone. Second, the volume is decreasing. Third, the RSI shows clear Divergence. And at last, the rising compression pattern is made. So I think that correction is near. You have to wait until the trigger is activated. Maybe the price wants to spike to the supply zone that is likely fake for gathering the liquidity and then starts to fall. Sincerely Hosein Poursaei
Short
by hosein-9879
POSITION TRADING: BUY LIMIT ORDER FOR USDCAD. TARGET 1.40600TRADE TYPE: BUY LIMIT ORDER TRADE DIRECTION: LONG TIMEFRAME: MONTHLY ENTRY PRICE: 1.33100 STOP LOSS: 1.25500 TAKE PROFIT: 1.40600 RISK TO REWARD: 1:1 ANALYSIS: Price broke the supply zone comfortably and now shall look to aim towards the upcoming supply zone . stop loss ideally placed below swing low. Follow this thread for any future updates regarding this specific trade. CAUTION: Trading outcome is Probability Based and could wipe out your account if risk management and strategy is not followed properly. Cheers
Long
by FX618Analysis
1