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GBPCHF SHORT - PRICE HAS REACHED DAILY LEVELPrice has reached key daily level and is moving very correctively on the H4 timeframe showing signs of weakness and a potential reversal and a swing to the downside is becoming more probable. Price has tried to break through this level 2 times before and is now on its 3rd attempt, so if we see price hold we can expect to see a bearish swing to the daily level below which was resistance but will now be acting as support. Comment below what you think will happen to GBPCHF
Short
by mikoaodu
CHFJPY LONG - Key H4 level is holding and a reversal is possiblePrice has been moving in a downtrend for the past few weeks and has tested the bearish trend line 3 times with strong rejections each time. However, price is starting to lose momentum in its down trend as price is failing to set new lows and we have just recently had a strong bullish reaction from a key H4 support level. Price has the possibility to reverse and give us a counter trend move and break through the bearish trendline and test the key level of resistance above it.
Long
by mikoaodu
Price Action & Psychology - Pullback, Trend, SupportHello ! Key points : Notable support zone Pullback after breakout Direction of trend Volume spikes on uptrend We've pulled back to an historical important zone, which acted as support. We're taking this trade after a breakout on high volume and wide range candles in the direction of the general trend. Volume represents the number of shares traded on any given day (talking about a daily chart). So if on that spinning top (2) we've seen high volume, but prices didn't rise, this must mean that sellers were stronger. I see a few clues here : Those that bought on the previous resistance (1) and were stuck, sold Profit-taking from the breakout (2) The pullback made other traders sell Considering the price action on the last 2 trading sessions, we see relative low volume and some indecision, we've reached a certain " balance ". This tells us that basically, most of the traders are waiting on the side lines. What we're looking for here, before we take the trade, is volume . We wanna see buyers come into the market. Thanks for reading and if you have suggestions or want to discuss the idea, just leave a comment, I'll be happy to answer. ***Disclaimer : This is not an advice to buy the stock. Please, be aware that trading is a matter of probabilities and that it only takes ONE trader to deny your trade.***
KLong
by UnknownUnicorn6734025
Price Action & Psychology - Pullback, TrendHello ! Halfway retracement Key support zone Direction of the trend + wide-range candles Indecision + spike in volume Charts are like books. They tell us a story. We're trading in the direction of the trend, marked by these spikes in volume combined with wide-range candles. What do the shadows/wicks tell us ? Well there's much conviction here. Whenever buyers are in control, they get very aggressive. Anyway, sellers still manage to bring the price back down (buyers are still in control!). Obviously, everytime the price gets over-extended it retraces, usually on low volume. This shows that sellers are : 1) not being aggressive, 2) not being numerous. In other words, whenever prices get down, it's not a shift in investors/traders minds, but rather the natural course of profit-takers. The trade is pretty clear here. After getting rejected from the resistance (and breaking out from the range), the stock comes down, on low volume, showing low interest in selling the stock. The hint here, is the indecision candlestick coupled with a spike in volume. This means, the stock has arrived at an important historical zone and buyers are stepping in. Thanks for reading and if you have suggestions or want to discuss the idea, just leave a comment, I'll be happy to answer. ***Disclaimer : This is not an advice to buy the stock. Please, be aware that trading is a matter of probabilities and that it only takes ONE trader to deny your trade.***
NASDAQ:CNETLong
by UnknownUnicorn6734025