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EURUSD SHORT: TRIGGER AND ENTRY USING RISING WEDGE PATTERN Price sold below the RWP (RISING WEDGE PATTERN) to 1.20952 before a pullback to retest lower channel trend line. A retest of the lower channel trend line is the trigger for a short entry which is bearish until the next logical support region. The first support region is at 1.20867-1.20789 and the second at 1.20269-1.20198 region on the chart. The strength of a RWP depends on the measure of convergence of the trend lines at the apex of the channel trend. This is a good pattern for a short entry within a bullish trend. Hope you've enjoyed the read, more RWP analysis ideas are welcomed!
by dvburn3r
Will AUD Trump The USD - Short To Long Term Analysis Of AUDUSDFrom a daily perspective AUDUSD has been in a in a clear uptrend, displaying higher highs and higher lows which, looks to continue rising, after potentially making a new higher and a further higher high. What this can means for short to medium term traders is that there could be shorting oppourtunities down to around 0.7650 and 0.7500, a confirmation of this will be a break of the daily double top neckline, down to the daily support 0.7650 and outer trendline. As previously stated, a break of daily support at 0.7650 and the outer trendline will take price down to 0.7500, this is where I'll be looking for longs up to monthly resistance at 0.8000. 0.8000 is a interesting target price at it's both point A of the weekly decending trendline and the D1 fib extention.
by DANIELDOTS
2
Why most people fail as retail traders?I see two main reasons which complement each other for the high rate of failure. First and foremost, the media and the industry promote this idea that it’s easy to become a profitable trader and anybody can go it. This is, of course, not true. Theoretically, anybody can do it if willing to put the effort and approach it as a business. Practically almost nobody approaches trading with the same rigorousness as any other professional endeavor. Let’s put aside the first reason, about which there is not much we can do. A big chunk of the industry relies on peoples being naive and we’re not going to change that. On top of the first reason, we have a second reason related to people themselves. Most of those who try trading financial markets simply don’t manage their emotions and risk well enough to survive the learning curve. Managing your own emotions turns out to be a complex endeavor and constantly changing market conditions lengthen the learning curve. One of the things that makes this business so attractive is also the main thing that makes it so difficult to master. The direct and sometimes violent feedback you receive from the market, after each trading decision, has an astonishing impact on a human’s ability to keep his psychological well being in check and control his own reactions. It has the potential to disrupt executive functions and trigger instinctual “fight or flight” responses. This leads to emotional trading or trading on tilt which quickly generates more losses than any other mistake you could make in this business. Most other jobs have a protective buffer zone between usual day to day work decisions and the ultimate feedback — end of the month paycheck. This profession doesn’t. Every little call you make has an immediate impact on your capital. Every little mistake can take a portion of your capital away and every good decision can bring it all back and more. This kind of psychological exposure is heavily distressful and being aware of its mechanisms makes a huge difference. So … psychology differentiates the pro. Don’t get me wrong … professional discretionary traders are not emotionless but are much more aware and in control of their reactions. The successful pro deeply understands that trading is mainly about people's perceptions and the rest are just details. You may ask yourself how can such a level be reached? A starting point is to stay away from any market, financial instrument, time frame, trading technique, or any combination of those that doesn’t fit who you are deep inside. The least the exposure to triggers that can awake the demons within, the best. Always seek strategies that you understand and match your inner self. For example … if you are impatient trade shorter time frames, if you are very risk-averse don’t use huge margin, if you are risk-averse but you don’t have enough capital use margin with a tight risk management (maybe options), if you have a statistical mind try quantitative approaches etc. There are infinite possibilities to adapt to yourself and is a must to do it if you want to have a chance. It always amuses me to see the vast majority of educational resources geared towards what market does when most of the success in this business is knowing how you adapt to the market, whatever it may do. And, of course, the market is, more or less, the other traders.
COINBASE:BTCUSDEducation
by Mihai_Iacob
1
Gold off to another take off?OANDA:XAUUSD Gold seems to be respecting the support/resistance areas confirmed by: trendlines, support, pivot standard, and Fibonacci levels. It is a great time to be alive and see gold with a support at 1883 on the 15 min chart, make sure to go through all time frames for stronger levels. Fundamentals are also at play here since no good news surfacing the planet yet. There is a list of good news headlines to watch out for that could make this downtrend: Covid-19 Vaccines; End of Recession; DXY uptrend; US Elections,which we will probably see August or September. When you have two or more levels come together at a certain point on your chart that is called confluence zones, they can further validate the areas. If you liked the chart please leave a thumbs up and check my previous analysis as it will motivate me to continue. Have a great weekend & Happy Trading! About my style of analysis, I like a simplistic route of Naked Forex and Candlestick patterns. I do combine tools, but I don't like to base my analysis on indicators alone even though they are great help for confirmations sometimes. While embarking on this trading journey remember to pick whatever style works for you, everyday is a learning experience. If you have any trading ideas please drop in the comments. This chart is for educational proposes only, this is not financial advice. KEY LEVELS R3 1937.47 R2 1917.95 R1 1902.75 PP 1883.23 S1 1868.03 S2 1848.51 S3 1833.31
OANDA:XAUUSDLong
by Cangaceiro
USDCAD Go Long Entry Trigger Not Met Yet Of PostingThis trade looks very promising. The market is currently moving in a descending triangle as shown. This means lower lows and lower highs. We are currently approaching the low of the edge of the triangle. Secondly, the 50 Period EMA has been dis-respected therefore we expect it to bounce back from it. Thirdly, the market is moving above the 200 EMA supporting the trend that the market is moving in the uptrend. We are currently looking for an entry point to go long which could include a MACD signal overlap (which is looking very probable and soon) and some sort of bullish candlestick pattern.
Long
by MarlzRana
Bitcoin - In your dreams!There will never be another Bitcoin, but there will always be opportunities that can make you as much money as Bitcoin made early adopters. The trick is to be able to spot those opportunities and to take advantage of them, either in this asset class or when something new comes along. You'll like to think that if you bought BTC at $10 you'd be rich by now, the fact is you would have sold once BTC pulled back to $9.90. Why do I say that? Because a lot of you tend to listen to the crowd, when we hit 19k the crowd said to buy now because we'll hit one million soon, you bought and price fell to $3500 and so you panic sold along the way. The crowd says don't buy now because we're going to $600 so you don't buy at $3500 and we hit $14,000 and this manipulation will continue forever. If this is the story of your life now you know why. The good news is that a lot of you are beginning to catch on and are taking steps to make your own choices. WHAT'S BTC DOING NOW? On the daily chart, BTC is hanging around the 200MA too much, as expected it dipped under and it jumped back over it right away before closing. We are now back under it with the current candle set to close tonight. We had a buy order at $8500 which hit and one for ETH at $210.00 which was coordinated with BTC's dip, both turned out to be right on the nose. Needless to say, losing the 200MA on the daily time frame is a big deal. This drop immediately after the golden cross seems suspicious at best, but we'll give it the benefit of the doubt because we have a global event disrupting everyday life, not to mention that the Dow and other indices have taken a beating this week. Lastly, for those expecting to continue the move up, BTC needs to get to $9250 asap if we are to continue moving up. Hanging around $8600 - $8700 will lead to a tumble. WHAT'S THE OUTLOOK? None of us have experienced a pandemic so we are in uncharted territory, but in cases of national emergency, most people just want cash on hand, which will lead to withdrawals and a drop in prices. That being said there are a set number of places that price will have to visit if we keep falling and one of them will be the absolute bottom, our job is to map out that possible scenario. To be clear our trade continues as planned. VERY IMPORTANT: Hitting the "Like" button is like a tip, please don't forget to do so after reading, this is your way of thanking me for my time and so I thank you for yours.
by cryptoGats
102
Bitcoin - Shift HappensA few weeks back I made a post about how BTC appears to have made a shift from running downhill to starting a slow uphill jog. Is this slow walk uphill going to hold? So far it has (for two weeks now) but we're about to find out since we are coming up to a decision point very quickly. There is one area of concern that can answer the question, but we'll circle back to that in a bit. In the smaller time frames, BTC has been on a sideways range. On the 4H chart, BTC has managed to stay around the 61.8% pull-back. On the 6H chart, BTC is showing weakness since it has lost the 50MA for now and yet to conquer the 20MA, Also, it is about to close candle #3 under the 50MA -- which is not good at all. Price needs to be above $7600, keep this number in mind it is a key number. Let's bring it in together. The area of concern is the 1W chart, BTC has got to close a few candles above the 50MA very soon or we are going down. Simply put BTC has to close at $7600 this week's candle which is a key number now. Out of all of these things, what do you need to keep an eye on? Keep looking at the 1W chart if BTC closes under the blue line we go down, if BTC closes above the yellow line we'll go up. Need it simpler? BTC needs to close above $7600 by Sunday night. VERY IMPORTANT: Hitting the "Like" button is like a tip, please don't forget to do so after reading, this is your way of thanking me for my time. Follow me and you'll know exactly which coins to buy and when to buy to maximize your profits. NOW, THE LEGEND; Support trend lines are green Resistance trend lines are Red Horizontal support lines are white, the thicker the stronger the support 50 Moving Average is yellow 200 Moving Average is white THE TREND: Going Down but finding stability THE OUTLOOK: Beginning to see the end of the downtrend a rally may be coming soon.
by cryptoGats
52
Bitcoin - The legendIn this chart you can see that a couple of things happened. #1 Just as I have been saying for a few weeks now, keep an eye on the 12H and the 200MA, once price goes under the 200MA on the 12H BTC will struggle to come back up, moreover, If price can't make it above the 200MA we will go down quite a bit. #2 We've had a trendline violation which it's yet another indication that BTC is weak and does not have any buyers at this point. The first X (from top to bottom) is sitting on very strong support so it may take a while to break through and keep going down. This is what I will be on the lookout for: The first X has very strong support, it may stage a rally once price gets there, that rally may lead to a big up move. The first X has very strong support, if it breaks easily we'll tumble down to the upper 6k's (This is the likely scenario) The first X has very strong support, it may take a while to break and if so we'll go to the low 8k after a little rally. There are always leading measures (early signs) that give you a heads up about what is going to happen. In this case, the red downtrend channel line has become insane resistance. BTC can run up to it all it wants but if it does not go over it, it will lead to a big drop as punishment. If BTC goes over this line we sit up and pay attention, what specifically are we looking for? We are looking for a new "High Low" or a new "High high" at which point I will indicate where to jump in. Going back to leading measures; On the last post, I told you that if BTC closed more than 3 candles below the 50MA on the 12H it will lead to a down move. Well... here we are, it happened just as I said. Now, today we're about to close our second candle below the trendline, needless to say, that will lead to a further drop. NOW, THE LEGEND; So my charts are easier to understand I'm creating a legend, so here we go. Support trendlines are green Resistance trendlines are Red Horizontal support lines are Black the thicker the stronger the support 50 Moving Average is yellow 200 Moving Average is Black
Long
by cryptoGats
9
Quick Tip for Traders: (Please Read)In the past I've often left trades and forgotten I had them open. It's ALWAYS ALWAYS ALWAYS IMPORTANT to place a Stop Loss and Take profit, for every trade you place, especially if you Day/intraday/Swing & Position trade. I don't often scalp and if I do I'm usually in and out very quickly in around 10-15 minutes. Now lets say you place a trade, entry after candle close, from a level of support or resistance, test/re-test, pullback, breakout etc. Main priority is to establish the risk which I either make tight which is dependent on the trading environment (Trending) or if I'm going to hold the trade for a long time then SL below previous low. Followed by how much profit to take. Let's say the market is likely to increase 200 pips, I personally would make sure my TP is is around 20 pips under. Then, for joining the trade, I make sure almost every trade is made on either 1 hour chart or 15 minute, because pullbacks are more defined if you're able to establish the trend. I only use the 5 minute chart for re-entry if I've missed an opportunity. If I entered at 1.20514, I would be in around 60 pips profit. The beginner idiot me would have left the trade and done something else. It's important to establish if you're in profit, pips are like points that you score in a game. You play tactically and defensively to score as many points as possible, so if you place your SL at say 30 pips in profit, if the market turned on you, you'd close out in profit rather than a loss, in which case you'd now be running a risk free trade. Obviously, as the pips stack up, naturally you'd increase your SL in profit as well. So I hope this tip is helpful and improves your trading and limits your losses. Have a blessed day!
by UnknownUnicorn2215917
2