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Price Action & Psychology - Double bottom reversalHello ! Key points : Double bottom, cluster of candlesticks on first bottom Narrow range + low (relative) volume Buying pressure on downtrend I'm defining the resistance (previous support) based on the second gap (Gap2), on the distribution area and on the clear 3-candle swing high. To clarify, above the drawed resistance (previous support) we had a distribution period, followed by a move to the downside (see the spike in volume and the wide-range candles). The selling formed a cluster of 3 candlesticks, defining a pretty strong support. The last selling wave, that formed the second bottom, is pretty indecisive, the volume is low, there's always some buying pressure and the candles are narrow, it's following the path of least resistance, i.e falling from it's own weight. Weekly chart : From a weekly perspective, the rejection and the gap up stress the irrationality of the move. PS : I'm defining my stop loss based on the gap up (Gap1) that happened after the move to the downside from March. 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:GDYNLong
by UnknownUnicorn6734025
EURUSD SELL LOOKOUT Happy Weekend Traders , EURUSD is already showing willingness to continue to drive down based on the 3 weeks Pin Bars formed on the weekly timeframe. However, i am patiently waiting for price to pullback to my interested point before i would be interested in swinging this pair for a huge amount of pips in the coming week(s) . Your likes and comments would be welcomed . Please kindly Smash the FOLLOW botton to get more of this analysis . Thanks to you all for the support .
Short
by hardinnofx
EURJPY LONG OPPORTUNITY GETTING SETHappy Weekend Traders , has we have already seen the price action formed signaling a buy signal to push the market up to give over 150pips before looking for a new swing opportunity to the downside if the previous high holds. I am still consideration the possible gap that could be created when market opens before looking for the buy opportunity. Your likes and comments would be welcomed . Please kindly join me to get more of this analysis in future. Thanks to you all for the support friends.
Long
by hardinnofx
Price Action & Psychology - Pullback, accumulationHello ! Key points : Accumulation zone Halfway retracement Volume uptrend > volume downtrend Currently, I feel like there's an accumulation going on. In fact, we have some clues that buyers were strong : 1) we see several spikes in volume 2) the bodies of the candlesticks grew wider the more the trend advanced As you can see, we've had a little 1-candle pullback at first. Then, the trend resumed, the stock encountered a resistance (previous support on the left side) and pulled back halfway before accumulating. Obviously, from a realistic point of view, the stock could go any way from here. But, as always, we're trying to stack the probabilities in our favor. During the accumulation, the volume was relatively "normal", except for that spike I highlighted. The thing is, despite the high volume, the price didn't move. This tells us that sellers are not able to win the fight against buyers (since we're pulling back from an uptrend movement, buyers are still dominating). 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.***
NYSE:MODLong
by UnknownUnicorn6734025