price is currently trading at the highs of $1340, an obvious head and shoulder reversal pattern has been formed, and candlestick is forming a potential C pattern at the key barrier before possibly rallying towards targeted zones of $1320 and then lower towards our D extension price region.
- Risk reward is great, as usual, is 1:3
Price extended to the highs of $9000, however, was not able to sustain this level as price clearly has been trading sideways around the psychological level of $8000. With singular wicks hitting both the highs and lows, however, the head and shoulder pattern could elude to the fact that reversal may be imminent. Bear in mind that from the new monthly highs price...
price has rallied to the downside and broken a key weekly trendline with a significant bearish engulfing candle, however 1.32500 proved to be a minor area of support in which price seems to have sustained this level and could potentially retest the key trendline which is confluence with the ideal 61.8% fib level and MA acting as additional resistance before...
the price tested its 3Rd drive into the 0.89101 however was unable to penetrate above this key intraday resistance, price then broke the trendline which was an additional confluence. Price could rally towards downside targets.
Great risk-reward ratio of 1:4
Price has shown 4 to 5 days of consecutive bullish momentum to the upside. However, we are approaching a key area of resistance which has proved to be a reversal region in the previous yearly highs. Awaiting for candlestick confirmation of signs of buying exhaustion before reversing to the confluence target zone of 1.61555 for a new swing low.
- possibly great...
Price has rallied towards a key dynamic resistance for the 3rd drive, 1.72250 could be a key barrier which many sell orders may be filled at these highs, however we may see some manipulative price action at and therefore take opportunities on additional -sell positions at spike levels that could potentially tap the 61.8% fib level, overpriced region, before price...
Based on the higher time frames, the price has been declining rapidly to the downside, the trendline was broken and tested our key daily area of support 1.81500 which was created by the previous swing to the low before retesting the key institutional area of supply1.88000. I will be monitoring candlestick behaviour around this key region to see if we can get more...
Good Afternoon traders!, I will be actively using this platform to journal and share my perspectives on trades to hopefully add value and inner confidence to your very own analyses. To begin with, il be giving my perspective on the DXY because of its validity in helping understanding how USD majors may be performing in relation to the performance of the DXY. So,...
price has demonstrated a lot of bearish pressure, however, we have reached a key area of institutional demand and dynamic area of support as previous price action showed that 108.000 was an area of accumulative orders. If price closes as a Doji candle then the price could reverse to the key psych zone of 110.000 candles on smaller time frame must demonstrate a...
3 Fibonacci grids drawned :
1 : Fibonacci retracement from November high to 15 February swing low
2 : Fibonacci extension from 15 February low to 9 March swing high
3 : Fibonacci extension from 15 February low to 3 April swing high
Confluences provides 4 very interesting resistance / support levels (if confirmed) to watch for ((x) indicates above...
CHFJPY
Timeframe: H4
Direction: Long
Confluences for Trade:
- Strong Bullish Engulfing Candle
- Break of Trendline in H4 (Established since Sept 2018)
- Hovering around 50% Fibo levels of previous uptrend move
- Narrowing gap between 8EMA and 50EMA
- SL Levels is placed below the M/T Trendline (since May 2018) and 61% Fibo levels of previous uptrend...
AUD/USD:- After a choppy week of price action last week, Friday's candlestick closure confirmed a strong bullish hammer , after rejecting major support levels, and broke back above the 0.7400 level. This was critical for the pair as this now provide us with a valid trend direction and trade set up. With multiple confluences aligning, I still favour a run back...
DCR/BTC (Decred token) Daily bars, semi log scale, candlestick wicks removed.
5/21/18, 6:00 PM EST, by Michael Mansfield.
BOTTOM LINE:
Decred is approaching the confluence of numerous strong resistance lines and measured price move-price equality projections-for our first price target area. This looks like like Wave V of (III) or possibly Wave C high. See...
AUDCAD bottomed out with an inverse head and shoulders reversal which was confirmed with a break through the neckline at 0.97054. The pattern targets 0.985 which currently aligns with the 200 DMA which is a useful reference for aligning longer term directional bias. Currently we can see price is undergoing a natural pause around the 38.2% Fib. retracement level of...
so we have a 1h support i marked with a green line
2. supply zone in play
3. 38.2 fibonacci
4.macd confirming
5. awaiting confirmation on candlestick
6. MARKET STRUCTURE IS BROKEN ON 1H HOWEVER WE HAVE A 4H PLAY IN THIS AS WELL THATS WHY ITS IMPORTANT TO WAIT AND SEE WHICH MARKET STRUCTURE PLAYS OUT
I see USDJPY melting due to several reasons
It has been creating LH and LL
It has broken the counter trendline (blue)
I see it retesting the trendline (red) before going back down
The retest of the trendline is not only a support area but also a 61.8% on the fibonacci tool
Many confluences for it to keep going down
So we see first that we have a break of structure on our previous low showing that we are in a bearish movement, Second we see that we are at a supply zone: Third we are at a 38.2 retracement with Fibonacci. Four we are waiting for a candlestick to form and so far we are looking like a Bearish engulfing candle. Fifth we are seeing a cross in the MACD
