Breakoutretest
UMABTC 8h long setup; Breakout of 1.5 year downtrendTA explained
Starting with the bigger picture for UMA using the 1W TF. A long lasting downtrend (starting at Sept 2020) was broken at the start of November with a very strong bullish weekly candle, after which the price pullback and retested the broken TL.
Zooming into the 8H TF we can see two interesting things. First we see the price retested the descending TL twice. Second interesting fact is the second time it tested the trendline it also aligns with the center of the demand zone on the left.
Last thing to consider is the break of the local descending trendline. After getting rejected 3 times, the fourth time price was able to break through. With this little pullback we might already start the upward continuation. If not a deeper retracement could happen by retesting the latest low and creating a double bottom which would give us our second entry as well:
Trade setup
Entry zone: 0.0002022 - 0.0002174
TP1: 0.0003279
TP2: 0.0004411
TP3: 0.0005539
SL: 0.0001745
RR: 9.93
Max leverage: na
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TATA Steel BSL - Retesting breakout1. Retesting breakout, should sustain above 87.
2. Volume supported move.
3. Levers as mentioned on the chart.
Triple RetestOP Currently retesting the trendline after breakout out - Also testing Top BBand.
If this Holds, 5EMA should catch up by tomorrow, signalling that this short term Uptrend is still going strong.
Friday Gap almost closed, but a complete closing of the gap would be preffered.
Bearish if the retest of the breakout trendline fails.
Breakout - Test Highs - Retest - Consolidation - Continuation -Yurlo (please hit that like button if you appreciate the visuals & idea's) 👍👍👍👍
Breakout: August 28th
Test highs: September 1st
Retest of previous support levels where breakout originated from: September 1st - 2nd
Consolidation: UNDER WAY
Continuation: Will likely start to pick up bullish price action after 11600 holds as support.
IMO
NZDUSD [Potential Long Setup]1. Current support level has been tested and confirmed 3 times.
2. Price broke previous range top and coming back to retest the supports, in particular the market support zone.
3. If next couple of hourly candle shows rejections to the upside, will be high potential to make a higher high
4. Eventually, it might go test the high make a double top.
$WMT Sitting at strong support going into ERNYSE:WMT Wal-Mart is sitting at what should be a strong area of support going into its quarterly ER this Thursday. Strictly technically speaking, this is a convergence of multiple supports that should provide a stop to the selling pressure. There is a horizontal former resistance that should turn support, an uptrend support line, and the 125 MA all in a cluster right around the 105 area. In addition to this, there is a strong short term bullish divergence in the RSI. Typically this is an ideal area to look for a bounce, when the price drops, bounces slightly, then drops further than the initial drop. If the RSI from the secondary drop stays quite a bit higher than from the initial drop in my experience this provides a strong indication of reversal. One final note technically speaking is that WMT recently broke out of a consolidation pattern to reach its ATH's, and this drop represents what many like to think of as an ideal entry point--the retest of the breakout area. Add it all up and it looks like the spot where I want to take my chances going long on Wal-Mart, even knowing the headwinds retail has faced across the board. Because of the expectations of retail difficulties, any sort of surprise positive result will likely send this thing flying well past it's ATH's. So, I have bought some shares here at 105.25 (only 5 shares) and have also took a shot with Sep 20th C120 at .17 apiece (5 contracts). Total risked is only just over 600 bucks, with possible returns far far outweighing possible losses at this point. Stop at 102.5, selling options either worthless or at WMT 115 by end of August. Happy hunting and GLTA!!