GBPUSD BUYWe currently you broke the trendline confirming a potential up trend. We got a retest after the break and a confirmation candle for the buy. We aiming for at TP1 and TP2 at 1:1 and 1:2
Trendlineanalysis
SWING IDEA - NDTVThe Stock seems to be following the Trendline and successfully forming Higher High and Higher Low Pattern.
Convergence Divergence is also in play currently.
MACD Crossover has also happened exactly at Trendline retouch indicating a move upward.
Election results has helped the stock to rally as well, since Modi government retains power for the 3rd time.
If everything goes well, stock should be ready for its next leg up and possibly start making new Higher Highs too.
Today trend gold bearishI just analyse the all global data and its, so powerful news come from all around the different countries in fear of USA will be in recession stage. japan maket crash in a single day make low of his history and Taiwan market crash rapidly and India make history low value of Indian currency.
my scenario now market make low lower then low of this bull rally will end i think You take sell position around 2400.00 and make your stock loss around 2420.00 make take profit different level my target 2365.00. if its break definitely its make more low level.
2390.00
2385.00
2375.00
2365.00
Take profit 2 hit then you will move your entry price is your stock loss.
use small lot size on chart market make manipulation so be carefull.
NZD/JPY Daily Setup The NZD/JPY currency pair is currently experiencing a healthy pullback following a significant decline of 1600 pips over the past 26 days. My key area of interest is around the 89.950 level due to several converging factors. These include a rejection point at 89.948, an ascending trendline originating from August 2023, the 0.786 level on the daily Bearish Fibonacci retracement, the psychological round number of 89.950, a descending trendline that started in March 2024, and the overall market structure.
Regarding the JPY Basket, it is also undergoing a pullback after advancing 38% over the last 25 days. I anticipate that the JPY Basket will react and potentially face rejection around the 6437 level.
CHFJPY SELLComing from an uptrend, we broke the trend line breaking the previous higher low and forming a lower low. We have come to retest the sell zone and got a confirmation candlestick which confirms a potential trend change.
Tesla - It was a clear fakeout!NASDAQ:TSLA just confirmed a false breakout and is now reversing towards the downside.
Being able to only read price action properly can already make you a profitable trader. Tesla was attempting a triangle breakout last month but closed with a significant bearish wick. Therefore this is considered a false breakout and Tesla will head lower over the next couple of weeks since it is still trading below the resistance trendline. This was just pure price action.
Levels to watch: $160, $120
Keep your long term vision,
Philip - BasicTrading
Bitcoin's Shocking Pullback: A Hidden Opportunity for Major GainMade new High inside of Weekly and Daily and now broke back inside of old high and making a new series of Lower Highs and Lower Lows. This is not a longterm of the current picture of BTC. Major Trend is Bullish but we could experience some pull back in the market where Larger amounts of money can now enter again.
Trend Analysis:
Down Trending Market: The market continues to show a downtrend, with lower highs and lower lows.
New Highs and Lows: The chart highlights a recent new high within the weekly and daily range, followed by a breakdown back inside the old high, indicating a new series of lower highs and lower lows.
Key Insights:
The annotation mentions that this is not a long-term picture of Bitcoin (BTC). The major trend is bullish, but the market is currently experiencing a pullback. This pullback could be an opportunity for larger amounts of money to re-enter the market.
Key Levels:
New Daily High: Marked at 73,929.
4HR LQZ / TP 1 / Reversal: Marked at 70,229.
1HR LQZ / TP 1 / Reversal: Marked at 53,606.
4HR LQZ / TP 2 / Reversal: Marked at 48,308.
Daily LQZ: Marked at 38,398.
Chart Patterns:
Yellow Trend Lines: Show the descending channel the price is following, reinforcing the downtrend.
Labels: Indicate specific market conditions and key points like "Down Trending Market" and the breakdown of the new high inside weekly and daily ranges.
Current Price:
Current Price Level: Shown as 60,585 with a decrease (-0.14%).
This enhanced analysis provides a more comprehensive view, indicating both the current downtrend and the potential for a bullish re-entry. The annotations also clarify that while the immediate trend is bearish, the overall long-term trend for Bitcoin remains bullish.
Gold at a Crossroad: Breakout or Breakdown? Key Levels to Watch!Chart Overview
Timeframe: 1-hour chart
Exchange: OANDA
Current Price: 2444.100
Key Levels and Zones
4HR LQZ: 2474.524
1HR LQZ: 2370.122
Support Level: 2348.660
Key Low: 2287.754
Patterns and Channels
Descending Channel:
The price moved within a descending channel before breaking out.
Lower Highs (LH) and Lower Lows (LL) formed within this channel.
Ascending Channel:
The price moved into an ascending channel after breaking out of the descending channel.
Higher Lows (HL) and Higher Highs (HH) are visible, indicating a potential upward trend.
Current Price Action
Recent Higher High (HH): Price reached a higher high at the top of the ascending channel.
Potential Lower High: There is a possibility of forming a new lower high, as indicated by the recent price action near the 4HR LQZ.
Rejection at 4HR LQZ: The price touched the 4HR LQZ and showed signs of rejection, pulling back slightly.
Inset Chart: DXY
The inset chart displays the DXY (US Dollar Index), which shows a descending pattern, potentially indicating USD weakness. This is relevant because gold often inversely correlates with the USD.
Market Sentiment
Bullish Signs:
The breakout from the descending channel.
Formation of the ascending channel with higher highs and higher lows.
Bearish Signs:
Rejection at the 4HR LQZ.
Potential formation of a new lower high, indicating possible weakness or a reversal in the uptrend.
Summary
The XAUUSD chart shows a recent breakout from a descending channel and the formation of an ascending channel, suggesting a short-term bullish trend. However, the price faced rejection at the 4HR LQZ and is showing signs of forming a potential new lower high, which could indicate a reversal or consolidation phase. Monitoring key levels and market sentiment (especially USD movements) will be crucial for future price action.
Gold Faces Critical Resistance: Will the Bull Run Continue?Chart Overview
Timeframe: 1-hour chart
Exchange: OANDA
Current Price: 2444.100
Key Levels and Zones
4HR LQZ: 2474.524
1HR LQZ: 2370.122
Support Level: 2348.660
Key Low: 2287.754
Patterns and Channels
Descending Channel:
The price moved within a descending channel before breaking out.
Lower Highs (LH) and Lower Lows (LL) formed within this channel.
Ascending Channel:
The price moved into an ascending channel after breaking out of the descending channel.
Higher Lows (HL) and Higher Highs (HH) are visible, indicating a potential upward trend.
Current Price Action
Recent Higher High (HH): Price reached a higher high at the top of the ascending channel.
Potential Lower High: There is a possibility of forming a new lower high, as indicated by the recent price action near the 4HR LQZ.
Rejection at 4HR LQZ: The price touched the 4HR LQZ and showed signs of rejection, pulling back slightly.
Inset Chart: DXY
The inset chart displays the DXY (US Dollar Index), which shows a descending pattern, potentially indicating USD weakness. This is relevant because gold often inversely correlates with the USD.
Market Sentiment
Bullish Signs:
The breakout from the descending channel.
Formation of the ascending channel with higher highs and higher lows.
Bearish Signs:
Rejection at the 4HR LQZ.
Potential formation of a new lower high, indicating possible weakness or a reversal in the uptrend.
Summary
The XAUUSD chart shows a recent breakout from a descending channel and the formation of an ascending channel, suggesting a short-term bullish trend. However, the price faced rejection at the 4HR LQZ and is showing signs of forming a potential new lower high, which could indicate a reversal or consolidation phase. Monitoring key levels and market sentiment (especially USD movements) will be crucial for future price action.
NZD/JPY Daily setupThe NZD/JPY pair has fallen by 920 pips over the past 15 days. Such a significant and sustained decline is unlikely to continue indefinitely without a corrective pullback. Currently, the price has halted its downward momentum and is beginning to reverse near my key area of interest.
Key Confluences:
The pair is rebounding off a descending trend line that has been in place since November 2023.
It is also bouncing off an ascending trend line that has been in place since August 2023.
The price is reacting to the 0.786 Fibonacci retracement level.
It is rejecting the significant psychological level of 90.000.
Market Structure
The JPY basket has reached a resistance level and is starting to decline.
These factors suggest a potential reversal or correction in the NZD/JPY pair.
NZD/JPY 4hr TF
Has currently closed on the 4 hour TF nicely I expect NZD/JPY to start having an healthy pull back.
JPY Basket weekly TF
Is currently reacting off my area of interest I expect price to start moving lower.
JPY Basket Daily TF
JPY Basket 4hr TF
Gold 4hr setup Gold is presently experiencing a bearish trend, characterized by a pattern of lower highs and lower lows since peaking at 2484.14. I anticipate that gold will encounter resistance at the temporary rejection level before declining further. Subsequently, I expect it to rebound and ascend to my target area, which is approximately between 2400 and 2402.02.
Confluences supporting this analysis include:
A downward trendline indicating a continuation of the bearish trend.
An upward trendline suggesting a potential reversal point.
A rejection zone between 2400 and 2402.02, which is a significant area of interest.
The round number of 2,400, often a psychological level in trading.
The 0.618 Fibonacci retracement level
Market structure.
Expectations of the US Dollar strengthening.
Gold Daily
Dollar Index
Silver
Bitcoin - When will we see the breakout?BITSTAMP:BTCUSD is preparing its most bullish breakout of the entire trading history!
After a couple years of trading experiences, you will simply stop paying attention to your emotions. Looking at the chart of Bitcoin objectively, you can see that everything is still incredibly bullish. Despite the hesitancy at the previous all time high, Bitcoin is also not rejecting it towards the downside. Eventually, we will just see a monstrous bullish breakout.
Levels to watch: $70.000
Keep your long term vision,
Philip - BasicTrading
Nvidia - The tide is (finally) turning!NASDAQ:NVDA is about to create a bearish reversal which will lead to a -60% correction!
Charts just don't lie at all - instead fundamentals are always an illusion. Nvidia was retesting a major resistance trendline and is starting a significant bearish reversal. Nothing changed fundamentally but Nvidia is already down -25% over the past couple of days. This is just the beginning of another potential bear market, like we saw it back in 2018 and 2021...
Levels to watch: $55
Keep your long term vision,
Philip - BasicTrading
SMCI: The Next Major Inflection Point! (D&W charts)On the daily chart, the stock experienced a notable downward breakout, moving sharply below a confluence of trendlines that had previously served as support. This breakout is significant as it suggests a strong bearish momentum, possibly indicating a shift in investor sentiment. The price is below the 21-day EMA, and there is no bottom signal on it yet.
In our previous public SMCI analysis, I warned you about this trend line, as a downwards breakout would frustrate any possibility of a bullish thesis, mid-term speaking. The link to our previous study, here on TradingView, is below this post.
Transitioning to the weekly chart provides a broader perspective, showing the stock's performance over a longer timeframe. Here, the 61.8% Fibonacci retracement level stands out as the next significant support level following the recent declines. This specific Fibonacci level is often watched by traders for potential reversal zones and could act as a strong area of interest for buying activities if prices were to reach this point.
The weekly chart also underscores a general downtrend after failing to maintain higher levels, which aligns with the bearish sentiment observed on the daily chart. The consistency of lower highs further emphasizes the pressure on the stock.
Overall, the convergence of these technical factors across different timeframes suggests that SMCI may face continued downward pressure in the near term, with crucial support at the 61.8% Fibonacci level possibly serving as a pivotal area for the stock's next directional moves.
For more detailed technical analyses and insights like this, be sure to follow my account. Your support helps me continue providing valuable content to help you make informed trading decisions.
Remember, real trading is reactive, not predictive, so let's stay focused on the key points described above and only trade when there is confirmation.
“To anticipate the market is to gamble. To be patient and react only when the market gives the signal is to speculate.” — Jesse Lauriston Livermore
All the best,
Nathan.
LONGING $AVGOWhy I'm bullish on NASDAQ:AVGO :
Retest a broken Resistance level which is now considered Support (4 hour)
Retesting our Trend Line (4 hour)
Wick-to-body Forecast is indicating bullish movement
Entry: $145.00
Take Profit: $165.00
Stop Loss: $138.00
Microsoft - We still have to be patient...NASDAQ:MSFT dropped after reporting earnings and can now create a short term correction!
Simplicity is key, also when it comes to trading the higher timeframes on stocks. All you need are three lines in order to fully understand the trading history and also future of Microsoft. If we get a retest of the triangle breakout level, which is perfectly lining up with the rising trendline, a bullish continuation will be quite expected. Just wait for confirmation first though!
Levels to watch: $350
Keep your long term vision,
Philip - BasicTrading
Apple - Back to no.1 in the world!NASDAQ:AAPL is back to being no.1 in the world after rallying 11% in two days.
After moving higher +25% over the past two months, Apple is now back to being the most valuable company in the world with a market cap of 3.4 trillion dollars. This means that Apple is now back to leading the indices but Apple is also retesting resistance. A pullback is definitely likely considering that trees do not grow to the sky, but the overall trend is simply clearly bullish!
Levels to watch: $170, $215
Keep your long term vision,
Philip - BasicTrading
240729 Weekly OutlookThe following week have major data release including,
240730 Tue CB Consumer Confidence ****
240731 Wed Fed Interest Rate Decision *****
240801 Thu Initial Jobless Claims ****
240801 Fri Nonfarm Payrolls *****
Unemployment Rate *****
Consumer Confidence is the major leading indicator alongside Michigan Consumer index. Investors should follow the rise of two indexes to lead increase in economic data like inflation, GDP, labor market conditions, as well as economic conditions.
Fed rate is expected to remain unchanged, while market discounting the first cut in the cycle to come in September.
Labor market show resilience all the way that give space to maintain higher rates in this cycle for longer. Even the first rate cute is forecasted for September, I would still expect the higher rates to stay here for longer period due to resilient labor market, as shown by labor market indicators.
There are no signs for S&P to weaken this time, rather shuttle up and down at high levels. Note that last adjustment in S&P followed the deviation of 12% from major trend line 200SMA. Attentive investors could observe it previously.
When the market finally digest selling orders, S&P should resume the rising trend.
Micron Technology - Patience and price action!NASDAQ:MU is literally creating so clear and repetitive market structure, this is textbook.
Bullish break and retest, cycle and correction. Micron Technology has been repeating this price action for over a decade and is about to enter another correction phase. If you don't want to trade this anticipated correction, you can instead wait for another retest of previous resistance, bullish confirmation and a rejection. Following the cycles, a bullish move there is quite likely.
Levels to watch: $140, $95
Keep your long term vision,
Philip - BasicTrading
GBPUSD | Perspective for the new week | Follow-upThe Pound Sterling (GBP) extends its correction against the US Dollar following the release of weaker-than-expected UK Retail Sales data for June, showing a monthly contraction of 1.2% against the expected 0.4% decline and the previous month's growth of 2.9%.
🔍 Key Highlights:
📉 Retail Sales Data: A significant indicator of consumer spending, the sharp decline suggests households are struggling with higher interest rates from the Bank of England (BoE).
💼 Economic Conditions: The rise in claimant count claims may indicate worsening economic conditions, favoring inflation doves on the BoE's Monetary Policy Committee.
💸 Inflation and Interest Rates: Annual inflation in the UK remained stable in June compared to May. However, the BoE points to persistently high service inflation at 5.7% and strong wage growth as barriers to cutting interest rates.
📉 BoE Rate Cuts: The probability of a rate cut by the BoE next month has declined, despite positive sentiment towards the new British government.
📊 Technical Analysis:
In this video, I illustrate the technical aspects to watch out for to navigate the current market dynamics effectively. I also discuss key levels and potential scenarios for the GBPUSD in the coming days.
GBPUSD Technical Analysis:
Will the pound maintain buying pressure above $1.29000? Watch this video for key trades this week. Join the discussion for updates on GBP/USD trading. Stay tuned for more content. Happy trading!
#GBPUSD #Forex #Trading #TechnicalAnalysis #UKEconomy #BankofEngland #Inflation #MarketAnalysis #TradingStrategies
Disclaimer Notice:
Trading in the foreign exchange market and other instruments carries high risk and may not be suitable for all investors. The content provided here is for educational purposes only. Evaluate your financial situation and consult with a financial advisor before making any investment decisions. Past performance is not indicative of future results.
400 Pips in a Week! Discover the Secret Behind Trading Strategy!Technical Breakdown
Ascending Channel Formation:
The price has been moving within an ascending channel, indicating a bullish trend. The upper and lower boundaries of the channel have provided resistance and support, respectively.
Support/Resistance Level:
A key horizontal level around 2,430 has acted as both support and resistance. This level was tested multiple times, showing its significance in the price action.
Bear Flags:
Two bear flags are identified, one on the 15-minute chart and another on the 30-minute chart. Bear flags typically indicate continuation patterns in a downtrend, suggesting further bearish movement.
Higher High (HH) and Lower High (LH):
The chart shows a higher high (HH) followed by a lower high (LH), indicating a potential shift from a bullish to a bearish trend.
Price Target (TP):
The TP is marked at 2,348, suggesting a potential downside target based on the current technical setup.
S&P500 - The beginning of the bear market?SP:SPX potentially created a top and is starting to head lower for the next months.
We have patterns, cycles and market structure and if everything is lining up nicely, there is a high chance you will be right. The S&P500 is currently retesting a major multi-year resistance trendling, is starting to shift bearish on the smaller timeframes and just rallied +50% without any noticeable correction. In a couple of months, we will trade at lower levels!
Levels to watch: $5.500, $4.500
Keep your long term vision,
Philip - BasicTrading
