Price action & Psychology - Triple bottom, rejectionHello !
Key points:
Triple bottom
Rejection at support
Spike in volume
That price rejection actually tells us that people were afraid and panic sold at open, driving the price down until it encountered some buying pressure and price went back up.
When gauging this candlestick pattern, it is important that :
It is at a support level
Occurs after a selling wave
Shadow/wick goes below previous swing point low
A volume increase
An obvious wider price range
Look at the previous candlestick, it clearly tells us that there was some buying pressure but not enough momentum to carry the price up. Furthermore, it pulled back, I'd guess, halfway at previous "resistance" from the second bottom.
Thanks for reading and if you have suggestions or wanna 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 takes only ONE trader to deny your trade.***
Swingtrader
AUDUSD ForecastPrice is currently within an ascending channel and has touched the upper trend line resistance for 2 times. Now, price is approaching the upside and might form a double top right at the 78.60% Fib retracement level of the large bearish move last Mar 09-19, 2020. However, if price breaks the 78.60% resistance level, we might see another push to the upper trend line of the ascending channel, which might also form a bigger double top pattern.
$USO $3.5c 4/24 Short-Term SwingUSO continues to follow the purple downtrend I drew last week. The short term bull trend couldn't hold and today opened below the support levels (shown as 1st the horizonal purple line). I was able to get cheap $3.5 calls at market open, and could've taken a 75% profit but decided to chase more gains (bad move) and the market closed with my options up about 30% instead.
I'll be watching market open tomorrow to see if it'll be possible to squeeze some more profits out before selling. If not, I'll be selling before I get into the red.
BUY SIGNAL Looking for a good buy signal on EURJPY . good luck Traders . Comment would be appreciated . Thanks
USDJPY 4h Swing Long Buy StopAwaiting bullish pressure before entering this trade, current bearish momentum could see price break below current support.
Bull trap or what?It can pull back to $100 and if it doesnt hold 100, its a bull trap and time to short. If it holds, then 115 is the next target.
Weekly Analysis on CHFJPY by ThinkingAntsOkUse this as a guide to develop your view.
Main items we can see on the Weekly Chart:
a) We have two clear structures. A support zone and a resistance zone
b) Currently, the price is in the middle zone between them
c) We can see a Corrective Structure (signals of a continuation movement)
d) Our forecast is a bullish movement towards the next resistance zone
e) For a clear view of this situation OR for developing setups, we would do it on a lower timeframe between 4HS and 1H
GBPUSD VENTA (15MIN)Después de completar 5 ondas de elliot a la alza, este par me hizo un rompimiento de estructura, el cual a partir de este momento yo espero las ventas, unicamente despues que llegue a una zona donde hallan suficientes confluencias para una buena entrada.
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Este es un analisis 100% tecnico basado en mi plan de trading y sentimiento propio aprendidos en el dia a dia en mas de 2 anos de experiencia, siempre es recomendado hacer tus propios analisis y buscar tus propias entradas y salidas basados en tu desicion propia como trader, un saludo.
Yody Iznaga
Pro Forex Trader
Great Dip Buy Opportunity for a 45%+ Return on WynnWYNN has been on a steady horizontal trend for the past couple months. Reaching a strong support, WYNN shows a great dip buy opportunity for a potential 45% return
Launching soon...Have patience... couple of more bucks of pain, till then get some juice as the next move up will not stop until it hits $40....
NAS100 Potential Downside Ahead of FOMCNAS100 Potential Downside Ahead of FOMC, Potential Target sees 7500.00
Let's Play with USDZAR Sell.I am looking forward to seeing a great sell on this pair after making the moves i anticipated and also respecting all my key area . Now it's time to see this fall pretty well to get us our reward . Trade Safe. Your comments will be appreciated . And incase you need to learn , i will be very much available . Have a pipful week people
USD/CAD Trade IdeaHello and welcome to my Trade Idea of the currency pair USD/CAD.
Let's start with the Top Down Analysis.
Monthly: Overall the chart move sideways. But because of the huge bearish candles in the past it's bearish. But because of the huge bearish candles in the past it's bearish.
Weekly: The weekly timeframe is bearish
Daily: We see a bearish trendline as well as the price touched a very strong level.
Have a nice day.
