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Confluence

EURGBP: Are Bears Back?8hr Time Frame: Reading price we can see that EURGBP was created a new swing low and has failed to make any new highs beforehand. after the double top formation at .92000 key psychological resistance and immediately reacted and broke through .90000 key psychological support. If price holds below .90000 look for shorts down to .88750 key support. However, if price snaps back above .90000 key psychological and retests look for potential longs. Due to the uncertainty of market fluidity, risk management is highly recommended.
Short
by ChartAddicts
Price target till february 2021. Thoughts please.Price target of $220-230 because the confluence of : - Fibonacci retracement (0.618 - $219.06) from ATH to September '15 low - Fibonacci retracement (0.5 - $223.52) from ATH to December '18 low - Fibonacci retracement (0.382 - $225.76) from ATH to March '20 low - Low side of the parallel channel formed since the IPO - Low side of the broadening wedge formed in December 2018 - Price target of the new descending triangle forming since 16 November 2020 - MACD convergence divergence negative in Weekly - Chinese regulations risk - U.S delisting risk But probably trend reversal in first weeks of February 2021 when : - New democratic POTUS arrive to the White House in 20 January - New Alibaba earnings release between 02-09 February with sustained growth Please leave your thoughts to create a better community with better ideas. Do you think I'm right or not? Why? I'm from Barcelona so sorry if there are some spelling mistakes :)
NYSE:BABAShort
by HumanBias
7
EURAUD, daily tf, buy upside ABC correctionHello my friends, Another trade i took today is EURAUD pairs. As you can see, i've marked the elliott wave movement and in my opinion we're now done with all five waves. Wave-5 usually end at the 127% fibonacci retracement of Wave-4. We can expect an ABC correction to the upside from this point. Notice that price actually broken above the descending trendline but only retested it down below at 1.6070. It looks like there is also horizontal support here as well. In conclusion it is an area of confluences. I already take a buy position from 1.6070 and still holding it. Buy EURAUD 1.6070 Stop loss 1.6000 Take profit 1.6210 (2R) RR Ratio 1 : 2 Use only 1-2% risk Good luck
Long
by HayatoDragonFX
3