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Confluence

USD/JPY AnalysisPrice has been in a Descending Channel since February this year (7 months now). The medium-term outlook for the US Dollar is poor and Safe-haven currencies like JPY are still preferred. There is a Strong Confluence of Resistance at the 106.60 - 107.40 area. This is the Sweet Spot..🤗🤗 We have Four (4) types of resistance in this area. -Round Number Resistance at 107 -Horizontal Resistance at 107.30 -61.8% Fibonacci Resistance at 106.60 -Trendline Resistance at 107.30 Trade Idea First Move (Sell) Looking to sell when price gets to the Tested Horizontal Resistance on the Chart with Target TP at 106 Second Move (Buy) Join the Bulls in the retracement move to retest the 107 level. Target TP is 106.75 Third Move (Sell) (Main Plan) This is my main plan and this should have the biggest reward/profit. After the Second Move, I will wait for price to get to the Sweet Spot at 106.85 and then Sell. Target TP1 is at 105.20 and Target TP2 is at 103.10 As usual we enter all trades with a tight stop loss to reduce the risk. Cheers!!
by Benettel
EUR/AUD AnalysisPrice has been moving in an Ascending Triangle Pattern for sometime now. There is major resistance at 1.6540 - 1.6557. A lot of Sellers are in this area. Bulls are pushing the price upward (Bullish Compression but now Price is below the Daily Pivot Point which makes this pair bearish. We have a confluence of support at 1.6440 which is holding the price. We have Three types of Support at 1.6440. Trendline support, Pivot Point Support and Horizontal Support. There are two Trade Ideas. Trade Idea First Idea (Buy) This is my main plan. I'm Looking to buy at 1.6440 with Target TP1 at 1.6480 and Target TP2 at 1.6500. Second Idea (Sell) But If the weak support at 1.6414 is broken, I will prepare to sell this pair with First Target TP1 at 1.6400 and Target TP2 at 1.6390
Long
by Benettel
XAU/USD (GOLD) LONGDaily timeframe is bullish as we didn't break our previous low 4H timeframe is bullish as we didn't break our previous low and made a new high Based on the 4H chart, Gold will come down to retrace our Fib level around 50-61.80% where we also have a resistance/support level (look left) So personally I would wait for a 4H buy signal confirmation around that area Once we have a confluence area of support being formed+ golden fib level+ a candlestick pattern (preferably bullish engulfing) Only then I would take buys TP1: -27% fib level TP2: -61.80% fib level S/L: Below the previous swing level *Bare in mind that any news or fundamentals can change the bias at any time, so manage your risk accordingly
OANDA:XAUUSDLong
by YerwantKansabedian
BTCUSD Outlook last idea hit 500+ pips Hit the like/ follow button to motivate me to continue; last time we hit 500+ Pips First scenario: Update on this, I circled the possible price rejection scenario that can lead into a sale. Second scenario is a buy position from pullback zone near 50% on Fibonacci. Third scenario would be if prices break resistance and continue to uptrend, keep in mind for a false break which leads to the first scenario. Why I chose neutral? Because we can get paid Both ways if you trade with the trend and not against it. Check my correlation map, let me know your thoughts.
BITSTAMP:BTCUSD
by Cangaceiro
2
XAUUSD updateHit that like/follow to motivate me to continue. Not much has changed since last update, if you were tracking this set up you would notice 50% golden retracement zone was respected. Meanwhile buying on dips and exiting until a better long term buy position. Probably won’t see it until elections or Covid vaccine, I’d like to see 1700s again. Fundamentals playing big time here: “Buffett’s decision to completely close Berkshire’s position on Goldman Sachs follows the bank’s second-ever highest quarterly trading revenue of $13.3 billion. It suggests Buffett is not comfortable in betting big on the banking industry in the long-term. Instead, Buffett purchased a single stock in Barrick Gold, whose stock has reflected that of gold in most of 2020. The firm is a gold mining company based in Canada, which recorded a 45% increase year-to-date. Following Berkshire’s investment, the stock rose by 8.11% in after-hours trading.” Search for an article titled “Warren Buffett Buying Gold May Push Bitcoin to $50K, Investors Say“ read up and take notes. Check my correlation map and keep up. Every dip with confirmation is an opportunity to buy. This article is for educational purposes and not financial advice. Do your own diligence and research.
TVC:GOLDLong
by Cangaceiro
13
GBPJPY: Bounce or Break?Daily Time Frame: Reading price action we can see that GPBJPY has been bullish since price created a double bottom at 112.000 key support. As price approached 139-140.000 key resistance, we can see that price started to slow down by showing long wicks to the upside and indecision candles. After the double daily pinbars created last week, price reacted to the downside. Right now, we have a potential bounce or break situation! 4hr Time Frame: Scaling down we can see price is creating double bottom at previous swing lows. If price manages to hold above this zone 137.750, we can potentially see short term buys back to previous swing highs at 139.000 and if we break and retest above, we can potentially see price go even higher. However, if it breaks below 137.750, we can anticipate short term pullbacks to previous swing highs at 136.500. Due to the uncertainty of market fluidity, risk management is highly recommended.
by ChartAddicts
Keeping it simple Head and shoulders pattern I believe this pattern will play out for the bears also head and shoulders pattern play really great in Risk reward as well as a high probable trade for binary options as well as spot trading opportunities: I also know there is a lot of confluence at the level of the left shoulder failing already as i type this. i will put my SL into TP . i have a bearish engulfing signal on the 15 min that you would see but on the hourly its a RED BE WHICH IS CANDLESTICK ANALYSIS ALSO PLAYING IN. Also the risk reward is about 4:1 which is something i really like. Were keeping it simple and we will see how this plays out in the hourly
Short
by Helloandtrade