AUDCAD hits the first confirmation onto the demand zone. The First bearish candle to hit our key zone is around 5/13/19 and the low before the reversal is set at 0.093542 on the minor demand levels before jumping out the zone. This will be a break shorting oppotunity at the next major demand level since price hasn't been back around this aera since the end of...
# Lower highs formed
# Support turn resistance re-tested and pinned
# Bearish engulfing candle pattern completed (sell signal)
I am selling at market price @ 1.12003 with
# SL above the bearish engulfing @ 1.12430 and
# TP lower down at support @ 1.11215
As usual don't bet the farm, good risk management won't kill you but the lack thereof could :)
Understanding Japanese Candlesticks give us insight to market psychology in a given time session.
We see the buyers stepped in from our support line we can conclude that a bullish move to 1.32300 as a TP1 and possibly to TP2 @ 1.32630 for an additional 33 pips.
Expect a test of Dynamic Resistance at the 200 EMA.
EURAUD is inside shadow pre-identified in previous post. Goto back story for basis of this discussion.
The boundaries of current resistance/shadow zone are 1.5717 and 1.5618. Black candle last Friday is a price reaction or rejection to this zone.
Since today is up we have luxury to wait and see if another rejection in the daily chart. Window panel below shows...
Recent Price Action: Bullish
Pattern: Rising wedge (short-term correction)
Long-Term Momentum: Bearish
Short-Term Momentum: Bearish
Action: Potentially enter short position after price breaks 4H trend support. Otherwise, wait until price closes and tests trend support on the daily chart.
Comments: Price had a strong retracement after a huge sell-off....
I posted a trade setup yesterday where a very large bullish pin bar candlestick had formed on the weekly charts that coincided with a previous low (which acts as a major support line) as well as an important price level of 0.75. You can view that analysis here . Price...
I'm working on a new technical analysis indicator that identifies candlestick patterns through an AI algorithm. Today it spotted an outside reversal candle on #MELI right at a very important support.
What do you think about it?
Option 1: Buy after the trend line break. We wait for a retracement back to 1.39037 and go long until 1.40651.
Option 2: Price respects the trend and bounces off the trend line after touching it, without breaking it. Wait for a reversal confirmation candle or pattern and short it till 1.37593
Note: this idea is extremely time constrained and may be irrelevant by time you read it.
1 hour just closed with a doji candlestick! We still have time to play alts as long as BTC is carefully watched.
+ Closed right on the 38.20% retracement (peak is drawn from $11185.10)
+ Jumped speed resistance fans like it was made for puppies
+ BTC can definitely drop a...