GBPAUDThere Price Too High/ Too Low in the market.
My perspective, GBPAUD still going up.
Disclaimer On, trade safe.
Supportandresitance
Daily BTC 1WChart - resistance and supportHello everyone, I invite you to review the current situation on BTC in pair to USDT, taking into account the one-week interval. First of all, we will use the blue lines to mark the uptrend channel from which the price goes sideways, while locally, with the help of yellow lines, we can mark the downtrend channel.
Now we can move on to marking support areas in case the correction starts to deepen. And here, in the first place, it is worth marking a strong support zone from $ 26,437 to $ 25,262, however, when we fall below this zone, we can see a drop to around $ 21,684.
Looking the other way, in a similar way, using the trend based fib extension tool, we can determine the places of resistance. First, we will mark the resistance zone from $28,635 to $30,271, when we manage to break it, we have a second zone from $32,979 to $34,819. Only when the price breaks through both zones will it be able to move towards resistance at $37,426
At this point, it is worth mentioning that the price is still in a long-term uptrend above the EMA Cross 200.
Please note the CHOP index which indicates that most of the energy has been used, the MACD indicator indicates the transition to a downtrend, while the RSI is approaching the middle of the range, but there is plenty of room for the price to go lower to the previously mentioned support zone.
Chart for the QQQ going into next week.Currently short QQQ for July with long positions hedged against it.
BNB/USDT 1DInterval Resistance and SupportHello everyone, welcome to the BNB vs USDT chart review. As we can see, the price has moved downwards from the uptrend line, while currently we will use the blue lines to mark the downtrend channel in which the price is moving in the lower range.
Let's start by marking the support spots for the price and we can see that the price is currently in a strong support zone from $310 to $299, however, if the price goes lower, we can see a strong drop in the price even around $268.
Looking the other way, we can similarly determine the places of resistance that the price has to face. And here we see that the price is currently bouncing off the $312 resistance. Next we have the resistance at $320, and the third resistance at $326, once the price breaks it will move towards the strong resistance zone from $331 to $339.
The CHOP index indicates that there is a lot of energy for the move, the MACD, despite several attempts to change the trend, is still in a downtrend, while the RSI is moving in the lower part of the range, which gives room for price growth, but it is worth noting that there is room for the price to fall even more a little lower.
BTC/USDT 1daychart Review Hello everyone, I invite you to review the current situation on BTC in pair to USDT, taking into account the one-day interval. First, we will use the yellow line to mark the uptrend line from which the price went down, while we are currently moving in the downtrend channel, for which we used the blue line.
Now we can move on to marking the places of support in the event of a correction. And here we see that the price is at the support level of $26640, then it is worth marking a strong support zone from $25289 to $23939, however, when we fall below this zone, we can see a drop to around $22028.
Looking the other way, in a similar way using the fib retracement tool, we can determine the places of resistance. We will first mark a strong resistance zone from $29,008 to $29,880 when it is broken, then we have a second support at $31,023 and then a third support at $34,201.
Please pay attention to the CHOP index which indicates that we have a lot of energy, the MACD indicator is on the verge of returning to an uptrend, while the RSI is moving in the lower part of the range, but it is worth noting that a small upward movement gives a visible movement on the indicator, which in the long run can quickly limit room for price increases.
Gold has Likely bottomed out for this monthI decided to go long on gold immediately after receiving a reversal candlestick at a low on top of daily support. This candle also provided bullish volume after breaking a trendline and creating a new high. Price is now on the buy side of a strong trendline as well as the buy side of a strong support. I look forward to adding an entry upon a reversal candlestick at the retest. At the end of the day we're counter trend trading NOW.
USOIL WE WILL BREAK BACK ABOVE 74.00?Hi Traders!
We have strong resistance around the 73.95 level here on USOIL as we have not been above the 74.00 price barrier since the beginning of May 2023.
The price action on the chart tells us that the market wants to go there. We have had numerous attempts to break the 74.00 barrier. We also have swings from the range with higher highs and higher lows.
If we do not break and close above the 73.95 pivot, we are likely to head back into the range. However, if we do break and close above 73.95, we need to see how the market reacts to the 74.00 level. Further to the upside, we have another pivot level at 76.88, which is just before the psychological 77.00 level.
This is a great risk to reward setup as you can either trade the range with a small stop just above either the price pivot or just above the 74.00 level, or you can wait for a possible momentum breakout with confirmation of a pivot retest.
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BluetonaFX
Trading A "WV" Pattern - Trade Setup ExampleHello Traders, here is an example of how to trade a "WV" pattern which given the right conditions is a high probability trade setup.
I'll let the chart speak for itself, however here are some key notes.
A "WV" pattern by itself is a strong pattern, however its best to find setups which combine multiple factors.
In the example above you have 2 strong factors:
1) "WV" pattern (Retrace to Trendline)
2) Retrace to the 200 MA
Either one of those by themselves would not give you a strong enough setup to enter, however when you combine both the trendline retrace and the 200ma you have a very strong setup.
You can see how price reacted in a very strong manner and had a significant bounce, this is testament to how strong a setup can be when factors are combined.
Thanks everyone and best of luck trading!
Initiating a long term bullish position in goldThis is an analysis that I hope that it ages well, as I am starting a long term position in gold today and adding this asset to my investment portfolio. Therefore, this is not a post about an isolated trade, with a specific expiration date or focused on the short-term.
In fact, from a trading point of view I have already lost some great entry opportunities, since November 2022, which the asset provided. Looking back on the chart, I could see four previous entry opportunities that fit my setups. Unfortunately, I wasn't psychologically prepared to trade them and I was left out, but I will try to take some advantage of this situation and later write a study post pointing out these entries. Another post on trading psychology, This is an analysis that I hope that it ages well, as I am starting a long term position in gold today and adding this asset to my investment portfolio. Therefore, this is not a post about an isolated trade, with a specific expiration date or focused on the short-term.
In fact, from a trading point of view I have already lost some great entry opportunities, since November 2022, which the asset provided. Looking back on the chart, I could see four previous entry opportunities that fit my setups. Unfortunately, I wasn't psychologically prepared to trade them and I was left out, but I will try to take some advantage of this situation and later write a study post pointing out these entries. Another post on trading psychology, fears involved, strategies to control them and analysis paralysis may also be written later (spoiler: risk sizing and embracing the risk consciously helps to tame the beast) .
However, from an investment point of view, with a long-term perspective and also taking advantage of some hedging to reduce risk, it is better to buy gold late than never, or as I prefer to say, better late than too late. Because if a strong bull run starts after this breakout, I would regret not buying at the $2000 quote level. And, yes, there are indications that this may become a reality.
The first indication comes from the analysis of the chart, gold prices have been stuck into a multi-year congestion between $1700 and $2000. Tipically, the longer the congestion is, the more intense its breakout and further away the target, and historically gold has been king of this setup. The $2000 level is where the price peaked during the covid crisis and the russian invasion of Ukraine. I mean, this price level is imposing a very strong limit on quotations. But we're now facing the threat of a future interest rate and expected inflation much higher than we've been used to over the last decades (since the 90s, specifically), and these things could be a real game changer for the market scenario. So, here the gold quotes are, back at the $2000 resistance level and showing strong volume near it. Of course, resistance can work once again, but we have to trade probabilities and deal with risk, and that means grabbing a good entry opportunity like this one, and accepting a loss if the signal deviates.
The second indication comes from the analysis of the market cycle. All clues point to the fact that we may already be at the beginning of a secular bear market cycle, which means that expected future returns for the next years (10y average) can be near zero, single digit, or even negative. I'm not predicting some kind of crash here, it's different, this is not a single intense bearish movement, but a future outlook of low stock market growth. Using the model published by Ed Easterling in his book, Unexpected Returns, the top (thus the beginning of the end) of a secular bull market comes with high P/E's, low dividend yields, low inflation and low interest rates. This was just the scenario we had few years ago and it started to crack, first inflation got out of control (2021), then interest rates started to rise (2022) and P/E's just began to fall with last year falling quotes, but it's still on a high level, so this could just be the beginning of this cycle of low returns.
With this in mind, it is important to notice that gold is often the best secular bear market asset par excellence (see the returns in the 2000s and in the 1970s periods), but so far in this newborn bear cycle, gold has yet to shine, despite the very bearish year of 2022.
Considering the secular bear market hypothesis and the very long chart congestion, added to the habit of this asset to make strong breakouts, I decided to initiate a long term bullish position in gold. I made my entry using the ETF GLD. I bought the shares today, March 20th, 2023, at the market opening, @184.17. To manage my risk I also bought a bear put spread with strikes 166/165. I intend to stop the loss if this entry reaches a -6.5% loss. I've bought enough options to pay back my losses if that happens. The protection has cost me 0,8% of the position. Hopefully in the future I will post more about this position, and then I will use the GLD chart. For now, for a general approach, I prefer to do my analysis using the future contract chart.
Potential 25% Swing on GFSTechnicals:
GFS is in an ascending channel
Has just had a reversal off the channel support line
Reversal confirmed by crossover above lower line of regression channel
There's around 30% upside to the resistance line of the channel.
I will play this situation with a short-term, long swing trade. My profit target is ~25%, at 71.39, with a risk/reward of 3.29 and stop loss right below the swing low, at 52.61
BTC/USDT: Formed a falling wedge.BINANCE:BTCUSDT.P BINANCE:BTCUSDT.P
Hello everyone 😃
Before we start to discuss, I'll be so glad if you share your opinion on this post's comment section and hit the like button if you enjoyed it!
Alright folks, Let's take a quick look on CRYPTOCAP:BTC , There's a formed falling wedge on daily TF and I believe that this formation could lead the price to the lower levels.
You might ask yourself why?
Well, The reason is that the last formed DARVAS box at $29000 - $32000 and the historical weekly S/R zone formed around at $28800 are rejecting the price here and filled the potential with bearish momentum, So on High TF, There's a high chance for CRYPTOCAP:BTC to gets the ladder to the lower support at $24700.
But the problem is that we can't locate a good entry for Our SHORT after the pattern breaks down (Breaking below the falling wedge).
So, We'll head to lower Time-Frame charts for better understanding of the chart!
Before that, Let's review our Factors on the current chart:
- CRYPTOCAP:BTC has formed a falling wedge and it can lead the price to the lower levels.
- If Price break below the pattern it won't be a tradeable movement, Cause it's going to be a neutral movement towards $24700.
On other hand, For those who are looking for opportunities:
- If CRYPTOCAP:BTC breaks above $28300, We'll have the chance to enter LONG towards $32000 if with a hold above the marked S/R line!
- If the price rejects below $24700 on daily TF, Then it's more likely for CRYPTOCAP:BTC to dive to the lower supports at $22850, $21650 and $20450.
Let's take a quick look on the 4H's chart too 😉
As you can see, There're two potential Price voids which are solidly made by liquidity candles (Explained it as on TV account).
So, As CRYPTOCAP:BTC gets the rejection from the higher order-block, I would like to set my eyes on the lower support at $26500, If CRYPTOCAP:BTC lose the support there, The it'll be likely for Price void to complete the pattern (Dive to $25300 with liquidity candles).
Also, There'll be more rejection if CRYPTOCAP:BTC break below the support zone at $24250, In that case;
Aside of Price void formation, There'll be high chance for CRYPTOCAP:BTC to reach $18K and $15K again! (Even lower if I want to be clear).
But, On other hand, If CRYPTOCAP:BTC breaks above the S/R zone located at $28300, As I said on High TF chart, Then there'll be a chance for bulls to show the growth towards $30200 one more time and test the resistances till $32000.
Hope you enjoyed the content I created, You can support us with your likes and comments!
Attention: this isn't financial advice we are just trying to help people with their vision.
Have a good day!
@Helical_Trades
Daily ETH 1DChart - resistance and supportHello everyone, I invite you to review the chart of ETH in pair to USDT, also on a one-day interval. First, we will use the yellow line to mark the uptrend line above which the price is currently holding.
Now let's move on to marking the places of support. We will use the Fib Retracement tool to mark support, and as you can see, it is worth marking the strong support zone from $ 1757 to $ 1666 in the first place, but when the price drops below the zone, we can see a drop around $ 1533..
Looking the other way, we can also mark the places where the price should encounter resistance on the way to increases. And here we have the first significant resistance zone from $1989 to $2054, then a strong resistance at $2142, only after breaking above this resistance will the price move towards $2391.
The CHOP index indicates that most of the energy has been used. The MACD indicator is in a downtrend. On the other hand, on the RSI we are moving around the middle of the range, which may cause the price to break down towards the previously mentioned support zone.
SANDUSDTSANDUSDT breakthrough resistance and now is in good bullish momentum.
A retest of broken resistance along with 38% Fib level will be a good area of value for another bullish leg.
AMZN - Breakout Falling Trend Channel- AMZN has broken the ceiling of the falling trend in the medium long term, which indicates a slower initial falling rate.
- AMZN is testing resistance at 113.
- This could give a negative reaction, but an upward breakthrough of 113 means a positive signal.
- AMZN is assessed as technically neutral for the medium long term.
*EP: Enter Price, SL: Support, TP: Take Profit, CL: Cut Loss, TF: Time Frame, RST: Resistance, RTS: Resistance to be Support LT TP: Long Term Target Price
*Chart Pattern:
DT - Double Top | BEARISH | RED
DB - Double Bottom | BULLISH | GREEN
HNS - Head & Shoulder | BEARISH | RED
REC - Rectangle | BLUE
iHNS - inverse head & Shoulder | BULLISH | GREEN
Verify it first and believe later.
WavePoint ❤️
📊 6 Examples of Rejections at S/R Areas📍Support and Resistance 101
Support and resistance are two foundational concepts in technical analysis. Understanding what these terms mean and their practical application is essential to correctly reading price charts. Prices move because of supply and demand. When demand is greater than supply, prices rise. When supply is greater than demand, prices fall. Sometimes, prices will move sideways as both supply and demand are in equilibrium. Like many concepts in technical analysis, the explanation and rationale behind technical concepts are relatively easy, but mastery in their application often takes years of practice. S/R level areas can develop inside different candlestick patterns as well as trend trading patterns. The Resistance being the top of the pattern and the support being the bottom of it.
🔹Technical analysts use support and resistance levels to identify price points on a chart where the probabilities favor a pause or reversal of a prevailing trend.
🔹Support occurs where a downtrend is expected to pause due to a concentration of demand.
🔹Resistance occurs where an uptrend is expected to pause temporarily, due to a concentration of supply.
🔹Market psychology plays a major role as traders and investors remember the past and react to changing conditions to anticipate future market movement.
🔹Support and resistance areas can be identified on charts using trendlines and moving averages as well as different types of patterns.
👤 @AlgoBuddy
📅 Daily Ideas about market update, psychology & indicators
❤️ If you appreciate our work, please like, comment and follow ❤️
$ACN Long with an H4 support level NYSE:ACN Long
NYSE:ACN is in a clear downtrend since the high in December 2021. We have a level of support at ~ 254.00 which often got confirmed. The plan should be to trade the support level with a limit order. The take profit isn't that far away because of the fact we are in a downtrend.
Limit Order: 257,28
Stop Loss: 252,20
Take Profit: 265,04
Daily ETH 1DChart - ReviewAs the second chart in today's review, we will check ETH against USDT, also on a single-day timeframe. First, we will use the yellow line to mark the main downtrend line that the price is approaching, previously we managed to exit the first downtrend line. We are currently moving similarly to the example of BTC in the uptrend channel marked with blue lines.
Now let's move on to marking the places of support. We will use the Fib Retracement tool to mark the supports, and as you can see, we have the first support at $ 1858, which has held the price for now, then we can mark a strong support zone from $ 1678 to $ 1517, but when the zone is broken, then we have a second zone from $ 1382 up to $ 1168.
Looking the other way, we can also mark the places where the price should encounter resistance on the way to increases. And here we have the first very strong resistance at $ 2230, the next resistance at $ 2550, and then the third resistance at $ 3010. Nevertheless, a very important level will be the resistance at the so-called golden point of the Fib retracement at $ 3350.
Please look at the CHOP index which indicates that there is a lot of energy to move. The MACD indicator is on the verge of entering an uptrend. On the other hand, we observed a rebound on the RSI and we currently have an upward movement, with room for further movement.
BTC/USDT 1daychart Review Hello everyone, I invite you to review the current situation on BTC in pair to USDT, taking into account the one-day interval. First, we will use the yellow line to mark the main downtrend line that the price has broken, while we are currently moving in the uptrend channel, for which we have used the blue lines.
When we turn on the Ema Cross 200, we can see that the price remains above the blue line, which means that the long-term uptrend is maintained, while the EMA Cross 10 and 30, also indicate the continuation of the uptrend.
Now we can move on to marking the places of support in the event of a correction. And here we first have support at $ 27381, then second support at $ 25243, then there is a strong support zone from $ 23372 to $ 21569, but when the zone is broken, the next support is at $ 18897.
Looking the other way, in a similar way, using the fib retracement tool, we can determine the places of resistance. And here we see that the first strong resistance is at $ 31724, the second resistance at $ 35799, and then the third resistance at $ 41210.
Please pay attention to the CHOP index which indicates that we have a lot of energy for the upcoming move, the MACD indicator indicates that we are on the verge of returning to the uptrend, while the RSI shows slight increases with room for the price to go up.
Ways to improve chart reading part 3 - Support and ResistanceThis is the third in a series of articles looking at some key tools and different practices that can improve your chart reading skills and your trading overall.
Previously we talked about volume and its role in chart analysis. Still, there is one more feature of volume that can help traders to avoid critical mistakes as well as find good entries to their trades.
Traditional technical analysis looks at tops, bottoms of the market, channel lines, trend lines, Fibonacci levels etc to identify support or resistance, but does not consider bars with significant volume at all. At the same time the tops, bottoms and sometimes the closes of bars with relatively big volume (called Ultra-High Volume or UHV in Volume Spread Analysis) create very serious support/resistance to the price moves. In many cases the professionals prefer to test areas where Ultra-High Volume has appeared for supply or demand before the price pushes away significantly from there, as its presence may impact price movement and cost them a lot.
Look at the chart for Canadian Dollar futures (CME:6C1!) above. First an Ultra-High Volume bar appears on February 16th 2023 at 15:00 UTC+1 time zone. The top and bottom of this bar (marked by the blue dashed lines) create significant resistance. To push the price above it activity (volume) will be required. Later, on February 17th 2023 at 15:00, another huge volume bar appears showing weakness. The effort on this bar was enough to move the price through the 0.7419 level (the bottom of the previous UHV bar) and seeing the change in the direction of the moving average to the up side, many traders may start to consider long trades around 03:00 on February 20th.
Without looking at volume on the bars, they won’t be able to recognize the level of 0.7439 (the top of the first UHV bar in the picture) as a potential resistance. In fact, the volume diminished there, making it impossible for the price to go higher. Then we can see further selling around UHV tops and bottoms in the 0.7419-0.7439 range of the first UHV bar in the picture on February 21st at 9:00 and at 13:00 .
The bottom of the 14:00 bar on February 21st (0.7392) creates another level of resistance and again, the price respects it drifting around for some time. Any attempts to go above (as on February 22nd at 13:00 or 19:00) have met more professional selling (the bottom of February 17th 15:00 bar).
The VSA methodology teaches us how to identify the movements of the professionals so that we can follow them. From the above example you can see how price acts around the tops and bottoms of UHV bars. This confirms bars with big volume are very important to consider because either the presence or absence of professional activity there may reveal what smart money are planning to do. We can therefore trade accordingly.
Daily BTC 4HChart - resistance and supportHello everyone, I invite you to review the current situation of BTC in pair USDT taking into account the interval of four hours. First, we will use the blue lines to mark the uptrend channel from which the price went down, as we can see currently, despite the rapid rebound, it failed to maintain the level above the local downtrend line.
Now we can move on to marking the places of support in case of returning to the correction. And here we first have support at $ 28459, then we have support at $ 27978, third support at $ 27498, and then a strong support where price rebounded multiple times at $ 26818.
Looking the other way, in a similar way using the Fib Retracement tool, we can determine the places of resistance. First, we will mark a strong resistance zone from $ 29232 to $ 29744, when we manage to break it, we have another very strong resistance at $ 30518, and then the third at $ 31511, only when we manage to break it and positively test the price will paved the way for further growth.
It is worth looking at the EMA Cross 10 and 30, which indicate an uptrend, it is worth watching if the red line of the EMA Cross 10 does not start turning back, which could indicate a change in the trend.
Please pay attention to the CHOP index which indicates that the energy is being collected, the MACD indicator indicates that we are on the verge of returning to a downtrend, while the RSI shows that the rapid price increase caused the indicator to overheat, which ended with an equally rapid rebound, but now we are moving in the upper part, so care should be taken before the next release.
NOKIA: Bullish Deep Gartley Visible on the Daily.There's not much to go off of other than the Deep Gartley, but I like the area it's at and it looks like the perfect spot to try to catch a bigger move up after having what could be seen as an overly negative reaction to a slight miss on the earnings report.
WHY NIFTY WENT UPWARDS TODAY, HERE'S WHY - 26/04/23 Nifty took support from the support line tested by previous day support & day before yesterday's strong resistance after the opening of the day and consequently went upwards a lot due to the support line being very strong due to presence of multiple support & resistances on the last 2 days
After that it took resistance from a previous day resistance line and consolidated a lot in the second half
But the resistance line being weak due to the presence of only one earlier resistance it was breached during the end of the day and nifty went upwards again
GLAND - Bullish view - 10% ROIAll details are given on chart. If you like the analyses please do share it with your friends, like and follow me for more such interesting charts.
Disc - Am not a SEBI registered. Please do your own analyses before taking position. This post is only for educational purposes and not a trading recommendation
