Hey everyone! Hope you're having an incredibly abundant weekend so far! I know it's Saturday night.. so this is post is for the real ones putting in the chart and studying work on a Saturday night rather than out with friends celebrating being in the rat race and in debt!
OK so anyways let me get back to this lol. I wanted to post an opportunity on an indices here I don't usually post on these but saw a nice price action setup with lots of confluence so wanted to make a post on here about it! SO LETS DIVE IN!
OK so if you take a look at this chart you can see that the NAS100 index is sitting at a significant weekly S&R (support & resistance) level showing potential signs of reversal. We have to remember that key levels are the foundation for trading. The best and most profitable trading opportunities happen at these levels. Why? Well because we have to remember the market is psychological. I know we look at the charts and just see candles and a bunch of lines etc. but the whole basis of the market is sentiment or market bias and perspective. The market rises and falls when the participants are placing orders to do so, at least the ones that move these markets. OK so enough with my tangent but just wanted to hit on that to remind you guys to always remember that these levels are so significant because there is a memory from the past at these levels for the big boys and price actions helps to show us if they still feel the same way or not! Read that over a couple times if it didn't make sense. So lets break it down technically!
OK so the weekly timeframe gave us a candle with a large wick to the upside and ending the weak bearish, showing us rejection from this level. On the 1D or the daily timeframe we can see that price action although it's making higher highs, the RSI (relative strength index) is showing us that there is lower lows being formed, showing a divergence in price action and the strength of the buyers behind it. Meaning that the buyers are weakening and a potential reversal is more likely. Also follows buy a bearish engulfing reversal pattern as well! If we look at the hourly timeframes we can see a bearish shift beginning to happen showing us early signs of some more potential downside movement.
ANOTHER QUICK TIP. It's so simple but just think about this. Where price is currently at, is there more room for downside or for upside?....EXACTLY. So the likelihood of this having some relief is greater than price completely skyrocketing. Why you might ask? Because the big boys don't buy expensive, they ALWAYS GET A DEAL.
never forget that! Cheers!
OK so anyways let me get back to this lol. I wanted to post an opportunity on an indices here I don't usually post on these but saw a nice price action setup with lots of confluence so wanted to make a post on here about it! SO LETS DIVE IN!
OK so if you take a look at this chart you can see that the NAS100 index is sitting at a significant weekly S&R (support & resistance) level showing potential signs of reversal. We have to remember that key levels are the foundation for trading. The best and most profitable trading opportunities happen at these levels. Why? Well because we have to remember the market is psychological. I know we look at the charts and just see candles and a bunch of lines etc. but the whole basis of the market is sentiment or market bias and perspective. The market rises and falls when the participants are placing orders to do so, at least the ones that move these markets. OK so enough with my tangent but just wanted to hit on that to remind you guys to always remember that these levels are so significant because there is a memory from the past at these levels for the big boys and price actions helps to show us if they still feel the same way or not! Read that over a couple times if it didn't make sense. So lets break it down technically!
OK so the weekly timeframe gave us a candle with a large wick to the upside and ending the weak bearish, showing us rejection from this level. On the 1D or the daily timeframe we can see that price action although it's making higher highs, the RSI (relative strength index) is showing us that there is lower lows being formed, showing a divergence in price action and the strength of the buyers behind it. Meaning that the buyers are weakening and a potential reversal is more likely. Also follows buy a bearish engulfing reversal pattern as well! If we look at the hourly timeframes we can see a bearish shift beginning to happen showing us early signs of some more potential downside movement.
ANOTHER QUICK TIP. It's so simple but just think about this. Where price is currently at, is there more room for downside or for upside?....EXACTLY. So the likelihood of this having some relief is greater than price completely skyrocketing. Why you might ask? Because the big boys don't buy expensive, they ALWAYS GET A DEAL.
never forget that! Cheers!
Comment:
Seeing nice seller reaction from supply zone
Comment:
Bulls quickly snapped back the bullish move from yesterday. No selling on this pair at this time
Comment:
Selling momentum starting to come in. Daily showing failure to move higher! Cheers!
Comment:
Price has clearly broken the 15300-15200 area of price. Have seen a nice push from supply as posted. Charts leave clues! Cheers!
Trade closed: target reached:
Target was reached last week on this! Just now doing update! On to the next! Cheers!