Hey guys! It's been over 100 days that IoTeX has been in a downtrend. This could be yet the bottom to be confirmed. We need a good breakout of the trendline to the upside with nice strong volume otherwise this could go back into ranging more for a long time or even continue falling despite the bullish bounce off this key monthly level.
TRADING PLAN AS FOLLOWS:...
Trading in the cryptocurrency market can be an exciting and potentially profitable venture. However, it is essential to approach trading with a clear understanding of the risks involved and the potential rewards. One important concept that traders must grasp is the risk reward ratio. This ratio compares the potential profit from a trade to the potential loss,...
Do not be fooled. Many again calling a new bull market. Not yet IMHO.
This is a B wave and likely close to topping. Expect top within days, or hours.
The ferocity of short squeeze rallies in bear markets is amazing.
The best bullish moves often occur in bear markets! Because shorts scramble to cover, driving price higher.
But this is NOT a buy and hold...
Our analysis suggests that there is a sideway bounce trading opportunity, with resistance at 158.49 and support at 156.79. With a difference of 170pips, this provides an incredible profit potential that can lead to close to 1,790usd/lot.
We have two sideway bounce trading strategies that we could utilize to maximize our profits. I would love to hear your thoughts...
I wanted to share with you one of my favourite trading strategy, the Sideway bounce. Not only is it easy to execute, but it also delivers some of the most relaxing results.
In this particular case, the resistance is at 148.40, and the support is at 147.51, which means they're 89 pips apart. This translates to an approximate profit potential of $890 per lot, both...
EURUSD is currently experiencing a bearish trend, but for those who are counter-trend traders, there may be an opportunity to buy at the AB=CD pattern completion at 1.0602.
It is important to wait for confirmation from a magic candle confirmation before executing this strategy.
The initial stop-loss should be set at 1.0562 (-40pips) or -400 USD/lot.
Trading on the Euro Yen has been on a bullish trend, with some market consolidation due to the over-extended movement. To take advantage of this trend, we recommend buying at support and selling at resistance, which can potentially produce a profit potential of 170pips on the 4-hourly chart.
On the daily chart, we have just broken the very aggressive and trending...
It is crucial to have a good grasp of how to interpret the market before making any trades.
Although the current pound dollar movement leans towards bearish, the weekly chart indicates a positive trend.
To capitalize on this, trend traders should sell, while counter-trend traders can take advantage of a shorting opportunity at 1.2317.
The buy zone lies...
King W. Harbmayg's Journal Entry #33
Lesser Position— 1:5 R
Scheme 1— Thesis via 15M
a. who is currently in control of the market?
b. is the market currently in its pump phase?
Scheme 2— Execution via 1M
a. is the market at a significant price level?
The AUDUSD's prolonged bearish journey has sparked interest among traders seeking a potential rebound. However, it's vital to remember that market dynamics don't always adhere to expectations.
For those exploring counter-trend opportunities, the presence of an over-extended Bullish Shark Pattern accompanied by a Bullish Trendline forms an intriguing combination....
In the realm of counter-trend trading, NZDJPY emerges as an intriguing prospect. Keep an eye out for a bearish shark pattern, poised for completion at 87.69. However, exercise prudence and wait for the magic candle confirmation before taking action.
Remember, patience is the bedrock of consistency and profitability in the world of trading. 🕰️💹
The overall outlook for USDJPY leans towards a bullish trajectory. However, this week's strategies are tailored for counter-trend traders.
For position traders, keep an eye out for a potential Bearish Bat Pattern forming at 149.28. Exercise patience and await confirmation before making a move.
Zooming into the 4-hour chart, an ABCD Pattern coupled with an RSI...
Ah, the good old days! This GBPUSD setup takes me back to my early trading days. The strategy? Simple yet effective: buy at support, sell at resistance.
While some may view it as a scalping trade, dismissing it as low volatility, here's the kicker — there's a potential 56 pips in profit. 💰
My game plan? Patience. I'll wait for the next support retest, keeping an...
Diving into the EURUSD action, the weekly chart indicates a continuing bullish trend. 🐃 However, before diving into a 1-hour buying opportunity, let's pump the brakes for two crucial reasons:
RSI Not in Oversold Territory ❌
Bearish Bias on 1-Hour Chart 📊
This pair now ranks as my lowest priority. 📉
📉 Monthly Chart:
- Support at 0.6160, but no end to bearish trend.
- Consider countertrend moves carefully.
📉 Weekly Chart:
- Market near resistance, but don't miss the bigger picture.
- Be cautious with countertrend trades.
📉 Daily Chart:
- Strong bearish movement.
- Market shows weakness at previous resistance.
📉 Four-Hour & One-Hour Charts:
Despite the prevailing bullish movement on Dollar Yen, a shift in strategy beckons this week. Embark on this journey with me. On the weekly chart, a slight break and closure above the prior high is evident. The magnitude of this "bit" rests upon your filters – will the subtle breach be overlooked? An RSI divergence, however, raises concern. This divergence...
The USDJPY trades with choppy price action between the 145 and 146 price range.
With increasing comments about the weakness of the Yen and the possible invention from the BoJ, the longer the USDJPY stays at this price level, the higher chance we are likely to see an intervention.
However, we cannot rule out a continuation of the upside, especially if the DXY...