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Support and Resistance

NZD/CAD continue with the UptrendOn NZD/CAD , it's nice to see a strong buying reaction at the price of 0.82780. There's a significant accumulation of contracts in this area, indicating strong buyer interest. I believe that buyers who entered at this level will defend their long positions. If the price returns to this area, strong buyers will likely push the market up again. GAP + Uptrend and high volume cluster are the main reasons for my decision to go long on this trade. Happy trading Dale
by Trader_Dale
EUR/CHF Day Trading Analysis With Volume ProfileOn EUR/CHF , it's nice to see a strong buying reaction at the price of 0.94020. There's a significant accumulation of contracts in this area, indicating strong buyer interest. I believe that buyers who entered at this level will defend their long positions. If the price returns to this area, strong buyers will likely push the market up again. Fair Volume GAP + Uptrend and high volume cluster are the main reasons for my decision to go long on this trade. Happy trading Dale
by Trader_Dale
AUD/CAD Day Trading Analysis With Volume ProfileOn AUD/CAD , it's nice to see a strong buying reaction at the price of 0.91130. There's a significant accumulation of contracts in this area, indicating strong buyer interest. I believe that buyers who entered at this level will defend their long positions. If the price returns to this area, strong buyers will likely push the market up again. Fair Volume GAP + Uptrend and high volume cluster are the main reasons for my decision to go long on this trade. Happy trading Dale
by Trader_Dale
ONE ONE ONE I'm oneching you!Just like AXS, An accumulation schematic is present in this asset! And the idea is technically the same as AXS where we take advantage of the accumulation schematic. This asset is stronger as as I am writing this idea, we are approaching a level of interest on ONEBTC. What's the idea? We have made a suspected spring and we have went back into the range, locally we also are inside value range so why am I targetting an entry of 0.0105? This setup aims to snipe the snipest of the low. On my last RUNE setup which catched the low before pumping 28% right up, it was just a weekly open/close along with a local VAL The same idea is to be applied here. WE have a retest of acceptance into the the whole accumulation range's value and LOCALLY, we are in the midst of the value range but momentum is to the downside. Logically, the highest probability of the pivot is the price of 0.01191. It is a monthly open/close. local POC. But hey, if a wick goes to the downside 4% is an easy feat on the crypto (0.01191 to 0.0105 is about 4%) This idea aims to catch that falling knife. so if I go quiet for a few months, know that my hands are still recovering from the wound.
Long
by christoferjuliussayco
2
Correction Gold. H4 04.11.2024Correction Gold 📉 On gold, I expect a deep correction to the buyers' target zone of 2637-2666. Just above the zone is the margin and also hits a strong accumulated volume profile on the rise. Together these factors give a high probability of a price bounce if it can reach the zone. From the current 2730 from 1/2 of the margin a bounce is also possible, but given the importance of the current week, the US elections on 5 November and the Fed rate on 7 November, we should consider the possibility of a deeper correction. CAPITALCOM:GOLD
CAPITALCOM:GOLDShort
by KovachTrader
Gold - Looking to Sell after breaking 2726 (support level)Gold appears to be approaching a critical support level around 2726. The current market structure suggests a bearish sentiment, as the price is testing this support multiple times, increasing the likelihood of a breakdown. 📈⚡ Trade Setup Sell Limit 👇 Entry Price: 2725.45 Stop Loss (SL): 2754.43 Take Profit (TP): 2655.92 Analysis The chart indicates a simple structure-breakout strategy, suggesting that we wait for a confirmed move below 2726 before entering the sell position. The support level at 2726 is crucial; if broken, it may lead to further downward momentum. A sell entry at 2725.45 is positioned just below this level to capture the downward continuation. The Stop Loss at 2754.43 is set above recent highs, offering protection against potential retracements. The Take Profit at 2655.92 is a level where price may find new support or consolidation, ensuring a good risk-to-reward ratio. Summary : Monitor for a decisive break below 2726 before entering the sell position.
TVC:GOLD
by magic_forex_trades
NZDUSD If the support of the bottom of the channel is not lostIf the support of the bottom of the channel is not lost, the upward path will continue and imaginable scenarios. As long as it does not lose the bottom of the long-term ascending channel, it will follow the path drawn by the blue arrow in the current descending channel and the target points can be imagined for it. If it hits the bottom of the ascending channel again and loses it, the next support level is marked in the red path. The results of the US presidential election and the upcoming federal conference of the day and the decision regarding the interest rate should also be taken into account.
Long
by mjdyavari
2
Will Today’s Coffee Market See a 15¢ Drop Like April 18?The coffee market is currently testing its support range around 240-260, but recent patterns suggest a bearish outlook. Looking back at April 18 and September 6, we saw sharp price drops of 15¢ and 10¢, respectively, in a single session—both on the back of bearish signals that are resurfacing today. With the added downward pressure of typical Monday trading, today’s movement could follow a similar path, potentially driving prices down to 233 or even challenging the lower blue band at 230. If the price breaks below 230, it would signal a shift in momentum and open the door for further declines. I should watch for strong volume on any drop below this level, as it could confirm a break in support and set a new range in motion. Given my strategy to enter on a reversal bar, consider waiting for confirmation that price has indeed tested or broken the support around 233 or 230. If the price drops to those levels, look for a reversal signal—such as a bullish engulfing or hammer pattern—forming at or just below these key support zones. My entry level: Short Strategy First Level: Follow advanced school run strategy as it is quite a break-out set-up. Second Level: Reversal bar around Yesterday High 249 Long Strategy First Level: If the price reaches around 233 and shows a reversal bar with strong buying volume, this could be a favorable entry. Second Level: Should the price break to 230 and quickly rebound with a clear reversal pattern, this would serve as another possible entry point.
ICEUS:KC1!
by Qmtrader90
1
XAUUSD - Today's Setup - 04/11Good morning, traders! 🌞 Gold started its downtrend last week, so I’m keeping an eye out for sell opportunities. For now, I’ve got two key zones on my radar 📉—both align well with my confluences and look like promising spots to jump in. That said, I’ll be holding off on any trades until my payout day later this week. Just staying patient and waiting for the right moment ⏳. Wishing everyone a profitable week ahead! 💸✨ Happy trading! 🎉
FX:XAUUSDShort
by alexm1011
1
XAUUSD Daily AnalysisAccording to our previous analysis which showed the exact movement of Gold (based on ichimoku ), the trend of gold is still upward. So we have correction on chart and expecting to move from the range of 2761 to the first support area ( 2698-2688 ) and then move to higher resistance zones ( 2783- 2788 ) and ( 2814-2819 ). Note: *If the 2761 range (4-hour kijensen) is broken, we expect our expected downward correction from the 2783-2788 range to the the support zones. *if the support of 2698-2688 is broken, the next support zone is (2640-2629). *We trade at all these levels with proper mm :)
OANDA:XAUUSD
by SalimiFinancee
18
Market Scenario and Potential Buying OpportunitiesAnalysis of Key Support Levels and Candlestick Pattern Confirmation The financial markets are often characterised by their volatility and the constant ebb and flow of prices. In this intricate dance, key support levels play a pivotal role in determining the direction of market movements. This aims to provide an in-depth analysis of the current market scenario, focusing on two significant support levels, $2,378.36 and $2,327.67, and the potential buying opportunities that arise should the market break and close below these levels. Additionally, the importance of candlestick pattern confirmation at the $2,035.97 level for a Bullish Deep Crab Pattern setup will be emphasised. Understanding Support Levels Support levels are price points on a chart where a security tends to find buying interest as it falls. These levels often act as a floor by preventing the price from being pushed downward. Identifying such levels is crucial for traders, as they help in making informed decisions about entry and exit points in the market. In the current market scenario, the two significant support levels to watch are $2,378.36 and $2,327.67. These levels have historically shown strong buying interest and have acted as a base for price rebounds. However, should the market break and close below these critical levels, it signals a potential shift in market sentiment. Significance of the $2,378.36 Support Level The $2,378.36 level has been a key area of support in the recent trading history. A break below this level would suggest a weakening of the bullish sentiment, prompting traders to reassess their positions. It is essential to observe the market behaviour around this level closely. Importance of the $2,327.67 Support Level The $2,327.67 support level is another crucial price point. Historically, this level has provided a strong base for price recoveries. A break below this level would likely indicate a further decline in market confidence, leading to increased selling pressure. Waiting for Candlestick Pattern Confirmation In the event that the market breaks and closes below the two significant support levels, attention should then be directed to the $2,035.97 level. At this juncture, it is crucial to wait for a candlestick pattern confirmation. Candlestick patterns are graphical representations of price movements for a given period. They are widely used by traders to predict future price movements based on past patterns. In this scenario, a candlestick pattern confirmation is required to validate a potential buying opportunity. Potential Buying Opportunities at $2,035.97 The $2,035.97 level is significant for the Bullish Deep Crab Pattern setup. This advanced harmonic pattern is known for its precision in predicting price reversals. The Bullish Deep Crab Pattern consists of four distinct price movements that create a specific geometric pattern, indicating a potential reversal point. For a reliable trade entry, it is essential to wait for a candlestick pattern to confirm the validity of this setup. This confirmation ensures that the market is indeed reversing and increases the probability of a successful trade. The Bullish Deep Crab Pattern The Bullish Deep Crab Pattern is a harmonic pattern identified by its precise Fibonacci ratios. The structure of the pattern includes: Confirmation Candlestick Patterns Several candlestick patterns can serve as confirmation for the Bullish Deep Crab Pattern. These patterns provide visual cues to traders, signalling a potential shift in market sentiment. Waiting for these confirmations ensures that traders enter the market with a higher degree of confidence. Conclusion In summary, the market's behaviour around the significant support levels of $2,378.36 and $2,327.67 is crucial for determining future price movements. Should the market break and close below these levels, the $2,035.97 level becomes the focal point for potential buying opportunities. However, waiting for a candlestick pattern confirmation is essential to validate the Bullish Deep Crab Pattern setup. By adhering to these technical analysis principles, traders can make informed decisions, minimizing risk and maximizing potential returns. The importance of patience and confirmation cannot be overstated in achieving successful trading outcomes in a volatile market environment.
EIGHTCAP:ETHUSDLong
by RaynLim
1
$SUIUSDT : Ready for a Comeback Breakout!BINANCE:SUIUSDT is attempting to break out from resistance after a recent false breakout and subsequent retracement. With layer 1 blockchains gaining momentum, there’s potential for a significant upward move. Traders should keep an eye on key resistance levels as the price makes this push. It's crucial to manage risk effectively: always use a stop loss and only invest a small portion of your capital in any trade. This approach will help safeguard your investment while positioning you for potential gains. Follow us for more signals! BINANCE:SUIUSDT Currently trading at $2 Buy level: Above $2 Stop loss: Below $1.45 TP1: $3 TP2: $4.5 TP3: $6 TP4: $7 Max Leverage 3x Follow Our Tradingview Account for More Technical Analysis Updates, | Like, Share and Comment Your thoughts
Long
by GreenCryptoTrades
2
SMHI - Can an ugly chart actually be a good play?This is one of those charts I had on a watchlist titled "Waiting For Bottom". I checked in on Friday and it was touching the bottom of the channel. Boom! Is this post a prediction? Nope. Do I think this Elliott Wave count is for sure accurate? Nope. So what is this? First of all, remove all of the markings and look at the chart with nothing but price action. What do you see? If your answer is a "a complete mess that was generally melting up until the middle of 2024", you'd be correct. This is not a trending stock with a high probability setup. There is no clear 5-waves up pattern playing out. In fact, there is no clear anything pattern playing out. But that's exactly why I think this "might" be a diagonal and might be an interesting play for a solid risk/reward. What is a diagonal you ask? Let's make sure you understand. In Elliott Wave, there are only TWO types of bullish patterns. The first is the classic 5-wave impulse where the underlying trends up in odd numbered waves and correcting each one in the even numbered waves. Think of a lightning bolt. 1 - Up off a low. 2 - Corrects 1, can't move below it. 3 - The breakout, usually the most impulsive and powerful wave. 4 - Corrects 3, can't break below the top of 1. 5 - The final move up, can be powerful, can be weak, but will almost always give a higher high. 5-wave impulsive moves start when the underlying is very bearish. Wave 1 starts by getting back to or breaking a key resistance area. Those who jump in during it are considered early adopters. The only support is the previous low. The vast majority of market participants are avoiding. Once it tops and rolls over, the majority are convinced new lows are coming. Some early adopters sell out or take profit. But a successful Wave 2 holds above the previous low, giving a higher low setup. It is followed by a consolidation as momentum builds up in the beginning of the 3rd wave. Once Wave 3 breaks out above Wave 1, smart technical traders start jumping in. Maybe it happens on an earnings report and some fundies jump in. It starts to really trend as more heads start to turn and realize that not only did it hold a higher low, buts its also working on a higher high. And if it is powerful enough, it will break more resistance and more and more participants will jump in. Eventually though, Wave 3 tops. Many early adopters take their profit and leave. It consolidates into a Wave 4, holding another higher low above the Wave 1 top. But as it starts Wave 5, the majority of the participants are now the late adopters and retail traders, with a spattering of early adopters who still have a small tranche left, already being in the green on smart sales at the top of Wave 3. Wave 5 then completes, often trapping late adopters who were sure it was going to the moon. Well this stock doesn't seem to be that. This thing overlaps all over the place. It could be an upward corrective wave of some sort before a drop to new lows. But as of now, it's playing along nicely with what its called a diagonal. A diagonal is a 5-wave structure. But this one is different. With diagonals, Wave 3 "can" overlap below the top of Wave 1. And one of the leading clues you might be in a diagonal is when the subwaves break down into segments of 3 wave moves instead of 5 wave moves. Why does this exist? Well, it starts off similar to a standard 5-wave move. A low is formed and a move is commenced off of it. But the succeeding retracement of that move is VERY deep, retracing almost all of the first move up. The next higher high is then around 100-161.8% of the first move, with the retracement that follows also very deep. All of this is likely happening within Wave (1) and Wave (2) of the diagonal. See, market participants are so polarized with the underlying, that they are whipping it back and forth, neither side able to ultimately win very long, yet the bulls slightly nudging out the bears with marginal higher highs and higher lows. It continues this whipsaw with every move, slowly melting upward. Instead of the whole 5-wave pattern targeting the 176.4%-200% extension of Wave 1 from the bottom of Wave 2 (what happens in a standard 5-wave impulse), it targets lower extension levels, typically the 161.8% level. Diagonals are either LEADING or ENDING moves. They CAN NOT be 3rd waves in larger patterns. So you will either get one as a first wave of a larger move, or you will get one to finish a larger move. In this case, it would be a leading diagonal of something much larger. So back to this specific stock. Thanks for enduring the educational section. Let's talk why I think this is a diagonal. You can see the wave labels clearly outlining the 3-wave moves within the larger 5-wave diagonal. They are labeled ABC within the (1)(2)(3)(4)(5). At present, this is within $1 of the ideal retracement level of the (3)rd wave for Wave (4). And it's clearly the 3rd segment of the ABC we would expect for a corrective (4)th wave. Not only that, it's holding the channel (but that's not required, just an area of support). Diagonals do often retrace deep, so I wouldn't be surprised to see it continue to the 76.4% correction area around $4.50. If you are risk averse, you could enter in the current area with stop just under $4.49. But as long as it holds the Wave (2) low, the diagonal stays valid. Ideally, it would be either contracting (trendline connecting (1), (3), and (5) contracting toward trendline connecting (2) and (4)) or expanding (same thing, but trendlines diverging away from each other), with expanding diagonals being pretty rare, but possible. They can tend to run in channels as well. So ideally, this doesn't get much lower as that would turn it into an expanding diagonal, which we know is rare, and leads to future bullish action being even MORE unreliable. Standard supply and demand zones are on the chart representing major support and resistance areas. If this holds support, it likely finds renewed strength up toward resistance and will bounce around in mostly unpredictable, overlapping structures that generally melt up. But once it engages the next C Wave, you should be able to track a standard 5-wave pattern within that C, as C-waves are always 5-wave structures. As I stated at the beginning, in no way is this a reliable structure. But you see things like this fairly often, and anywhere from second to monthly charts. The longer the duration, the more confusing, as you can have years of price movement that seem to make no sense. Ultimately, you have to watch supports and play smart. Is this something you want to align a lot of your money in? Probably not. It's unpredictable at best. And it could fail at any moment at worst since diagonals are "technically" corrective structures even when bullish. But is a chart like this giving up a setup for potentially phenomenal risk/reward? You bet. Just make sure and manage your risk. And you do that with your position sizing, using an appropriate stop *and if you get stopped, stay stopped. You set it for a reason, don't second guess), and understanding your targets, making sure to de-risk as quick as possible by selling enough at key levels to get your original equity back should it move upward. Feel free to ask questions. This was meant to be educational and shed some light on a complicated chart structure while providing a thesis for how to potentially play it. Standard disclosures: 1. This is 100% my idea. It was not sourced from any other avenue. 2. I am not invested in this company, though I am likely buying shares soon. 3. I am not paid to post content nor do I receive any contributions of any kind. 4. While this is outlining a potential profitable setup, this article is not investment advice. You should do your own due diligence on any company you invest in and apply your own trading strategies. 5. I know nothing about the fundamentals of this company. I suggest doing your due diligence if fundamentals are important to you. 6. Readers should always remember that markets are their own creature made up of millions of individuals and institutions each following some combo of inherent bullishness, inherent bearishness, fundamentals, technicals, stupidity, and pure emotion. Elliott Wave, and specifically Fibonacci Pinball (developed by Avi Gilburt at elliottwavetrader.net and prominent Seeking Alpha author), merely provide a framework based on the observed price action to date. 7. I know that while my wave outline is based on years and years of data and application from not only me, but some of the best in the game, I also know that markets do not follow a set path and that sentiment can remain irrational far longer than I can remain rational. That is why you MUST consider the alternatives and manage risk appropriately. Know the pivot zones that could lead to the primary path failing. I warrant that the information created and published by me on TradingView is not prohibited, doesn't constitute investment advice, and isn't created solely for qualified investors. My analysis is not a recommendation for a specific trade. My analysis outlines a potential scenario and provides risk assessments for multiple alternate scenarios. My analysis is purely educational.
NYSE:SMHIEducation
by mazag08