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Here is the top-down analysis for CADJPY, feel free to request any pair/instrument or ask any questions in the comment section below.
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GBPCAD has formed a significant bullish engulfing on the daily time frame near a previous support level.
The engulfing candle engulfed 4 previous candles and closed Friday.
Clear accumulation reversal visible on the 1 hour time frame.
Expecting price to bounce off of the 50% retracement level.
SL set at engulfing candle body low.
TP set at 3X risk.
Hello everyone, as we all know the market action discounts everything :)
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The EUR/GBP heads higher on the last trading day of the week in the early European trading hours. The EUR/GBP is trading at 0.8564.
The EUR/GBP market has been having a good...
We are in a downtrend but this pair loves to retrace back to a level of support or resistance until it has enough momentum to push through support. Since this support line was a key level and had a hard time breaking through the only other choice it has is to retest resistance. It has created a higher low and there are several wicks on the candles showing...
Hello traders! We see the trend being broke on the smaller time frames like the 15 minute. It has passed the 50 ema as well as the 25 ema on the 1 hour.
We see it was a bullish ride but now the bears are in control of the market. There was also a bearish engulfing candle for the entry so now we ride it all the way down.
It is overbought on the larger time frames...
Hello traders and investors! Let’s see how NIO is doing today!
First, it is worth noting that it is in a short-term bear trend , because we do have lower highs/lows in the 1h chart. It also defeated the purple trendline, indicating some weakness.
Now, NIO found a support around the $ 43.78 and it is bouncing back up. There’s some light in the end of this...
This is great news. We are seeing a beautiful retest. It is getting close to support level which means we could see a possible buy entry. I was unsure about this play until I saw us moving back down. Now we wait to see if it’s respected or not. If we get confirmation that this zone is respected I will take a buy position.
The piercing line is a two-stick pattern, made up of a long red candle, followed by a long green candle.
There is usually a significant gap down between the first candlestick’s closing price and the green candlestick’s opening.
ETH just reached an important support level and - if broken - it could keep decreasing toward the next support line at 2.183
If the support will show to be strong enough, we could see an immediate bounce to the resistance level at 2.920.
Next candles are crucial
Bitcoin has been going sideways for around 3 weeks now and holding above 30k and below 40k wich is a good sign. The bad sign is the weekly candle, at the moment it is below 34.700 wich means a lower low . We still have 5 days before the week closes so there is still time and room for bitcoin to move back up again above 34.700 .
If not it would not...