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XTZUSDT Rising Wedge|Daily S/R|.618 Fib|200MA|Stoch Bearish DivEvening Traders, Today’s Analysis – XTZUSDT- trading in a valid rising wedge, approaching key resistance where a rejection will be plausible, Points to consider, - Rising wedge pattern (Bearish) - 21 MA immediate support - Daily S/R Resistance (.618 Fibonacci Confluence) - RSI Respecting Trend - Stochastics Bearish Divergence - Volume Below Average XTZUSDT’s immediate Price Action is trading in a bearish Rising Wedge pattern. This allows us to have a bearish bias on the market. The 21 MA is acting as dynamic support, as long as price respects this average, XTZUSDT will continue grinding up. Daily S/R is strong resistance as it is in technical confluence with the .618 Fibonacci. The 200 MA is also lurking from above, an initial rejection here is expected; this may lead to a break of the Rising Wedge. The RSI is currently testing its trend line; a break will coincide with Price Action rejecting. The Stochastics has a valid bearish divergence and a sell cross, this is indicative of further downside. Furthermore the current volume is below average, an influx is highly probable when a break up or break down comes to fruition. Overall, in my opinion, XTZUSDT is a valid short with defined risk; Price Action is to be used upon discretion/ management of trade. Hope this analysis helps Thank you for following my work! And remember, “The market can stay irrational longer than you can stay solvent.” – John Maynard Keynes
Short
by The_Alchemist_Trader_
4
GBPUSD Weekly S/R| 200DMA| .50 Fibonacci| Local S/R Evening Traders, Second Analysis – GBPUSD- testing Weekly S/R that has technical confluence, a bounce here is probable. Points to consider, - Impulsive Price Action - Weekly S/R (Support) - .50 Fibonacci (Resistance) - Stochastics Buy Cross - Evident volume Climax GBPUSD’s immediate Price Action has been impulsive to the downside, currently testing a key Weekly S/R, a strong support that has confluence with the 200 DMA and the .618 Fibonacci. This added confluence increases the probability of a bounce. The .50 Fibonacci is immediate resistance; price is likely to test this level with a reaction. The Stochastics has a valid buy cross in over-extended conditions along with the RSI. A reversion to their mean is probable; this will coincide with a bounce in Price. A volume climax node is evident; this usually indicates a temporary bottom as price finds its equilibrium. Overall, in my opinion, GBPUSD is a valid long with defined risk; price action is to be used upon discretion/ management of trade. Hope this analysis helps Thank you for following my work! And remember, “Trade What’s Happening…Not What You Think Is Gonna Happen.” – Doug Gregory
Long
by The_Alchemist_Trader_
1
TSLA Swing High| Range Low| .618 Fibonacci| Bearish RetestEvening Traders, Today’s analysis – TSLA- swing high back into range, price action is currently bearish under range high. Points to consider - Bearish impulse break - Range low support - Range high resistance (bearish retest) - Stochastics sell cross - .618 Fibonacci TSLA’s bearish impulse back into range allows us to have a bearish bias on the market. The Range low support has been respected, leading into a sizeable bounce. Price action respecting range high will establish a bearish retest. The stochastics has a valid sell cross coming to fruition, this is indicative of momentum shifting. Immediate target is the .618 Fibonacci, holding this area will be crucial for the bulls. Overall, in my opinion, TSLA is a valid short with defined risk; price action is to be used upon discretion/ management of trade. Hope this analysis helps Thank you for following my work! And remember, “Hope is bogus emotion that only costs you money.” – Jim Cramer
NASDAQ:TSLAShort
by The_Alchemist_Trader_
SPY Daily S/R| 21 MA| Bearish PA|Low Volume|.618 Fibonacci Evening Traders, Today’s analysis – SPY- confirming support on Daily S/R, short term bounces are likely to respect .618 Fibonacci. Points to consider, - Bearish price action - Daily S/R (Support) - .618 Fib Resistance (21 MA Confluence) - RSI below 50 - Stochastics buy cross - Volume below average SPY’s immediate price action is bearish from swing high; this allows us to have a bearish bias. The Daily S/R has held as support, price action respected the 200 EMA in confluence. An immediate rejection is plausible at the .618 Fibonacci in confluence with the 21 MA. Price action is likely to range between local S/R and Daily S/R. The RSI is currently below 50, indicative of short term weakness. Current stochastics is showing a buy cross which has coincided with the immediate bounce. Volume profile is currently below average, price action rising on low volume is typically bearish, thus an influx is probable. Overall, in my opinion, this short term bounce is likely to respect the 21 MA on first attempt. Price is likely to range between Daily S/R and Local S/R. Hope this analysis helps Thank you for following my work! And remember, Timing, perseverance, and ten years of trying will eventually make you look like an overnight success. – Biz Stone
AMEX:SPYShort
by The_Alchemist_Trader_
1
GBPAUD Weekly S/R| Oversold Bounce| Oscillators Extended| PARepost** Evening Traders, Second Analysis – GBPAUD – Strong impulse sells likely to lead to an oversold bounce play, following technical points to consider, - Trend aggressive sells - Weekly S/R HTF Support - .618 Fibonacci (lower high) - RSI oversold - Stochastics flat - No volume climax GBPAUD is respecting its weekly S/R in the immediate term. This is a high time frame support that the market has respected historically, thus a bounce here is probable. The .618 Fibonacci is a probable lower high projection as the immediate trend is bearish . The RSI and Stochastics are both approaching oversold conditions, this is indicative of an oversold bounce coming to fruition. On the volume profile there is however no volume climax node signalling a temporary bottom. Cautious approach is to be taken when trading the oversold bounce. Hope this analysis helps! Thank you for following my work! And remember, “Sheer will and determination is no substitute for something that actually works.” – Jason Klatt
Long
by The_Alchemist_Trader_
4
EURJPY Structural S/R|Hidden Divergence|.50 Fibonacci|Low VolumeEvening Traders, Today’s analysis – EURJPY- respecting structural S/R, price action is likely to retrace for a swing low failure. Points to consider, - Bearish Retest (Structural S/R) - Hidden bearish divergence ( RSI) - Stochastics valid sell cross - Volume below average - .50 Fibonacci target EURJPY respecting structural S/R will validate a bearish retest allowing for a short term bearish bias. The Structural S/R level coincides with a hidden bearish divergence; the RSI has made a local high whilst price action established a technical lower high. The Stochastics has a valid sell cross, this is indicative of momentum shifting as buyers become exhausted. Volume profile is currently below average, an influx is probable as price accelerates towards key levels. Overall, in my opinion, EURJPY is likely to test the .50 Fibonacci for a swing low failure. This will allow for a short with defined risk at current level. Price action must be used upon discretion/ management of trade. What are your thoughts? Thank you for following my work! And remember, “Don't ever make the mistake of believing that market success has to come to you fast. Trade small, stay in the game, persist, and eventually, you'll reach a satisfying level of proficiency.” ― Yvan Byeajee
Short
by The_Alchemist_Trader_
VET Dynamic Resistance|.618 Fib| Swing high|Structural supportEvening Traders, Today’s analysis – VETUSDT- breaching dynamic resistance with an impulse move, swing high being the immediate target. Points to consider, - Local downtrend broken - Retest confluence (.618 Fibonacci) - Key dynamic resistance breached (swing high target) - Stochastics flat - Volume below average VETUSDT’s down trend has been breached by taking out its dynamic resistance. This gives us a bullish bias on the immediate trend. A structural support retest is probable; price is likely to respect this level due to high demand, currently holding the .618 Fibonacci. The RSI is declining, remaining above 50 will allow for a bullish bias on the market. The stochastics is currently flat; this is an indication of momentum being stored to the upside. Price action must remain bullish for upside target (swing high). The volume profile is currently below average, an influx will coincide with an impulsive move. Volume needs to be backed up by price action for follow through. Overall, in my opinion, VETUSDT reaming above structural support will allow for a valid long with defined risk. Price action is to be used upon discretion / management of the trade. What are your thoughts? Thank you for following my work! And remember, “Trading effectively is about assessing probabilities, not certainties.” ― Yvan Byeajee
Long
by The_Alchemist_Trader_
2
RLCBTC Daily S/R| .618 Fibonacci|Technical Confluence|Swing highEvening Traders, Today’s Analysis – RLCBTC- in strong uptrend breaking daily S/R. A retest of the level will allow for a long. Points to consider, - Immediate trend bullish - Daily support confluence (.618 Fibonacci & 200MA) - Swing high (immediate target) - RSI above 50 - Stochastics flat - Volume declining RLCBTC’s trend has been establishing consecutive HH’s and HL’s giving us a bullish bias on the market. The daily support is a key trade location with multiple technical confluences. The .618 Fibonacci and the 200 MA is likely to be respected upon a back test. RLCBTC’s swing high is the immediate target; price action breaking this level will increase the probability of trend continuation. The RSI is currently above 50, likely to dip with the correction, maintaining above 50- midpoint will keep the bullish bias intact. Stochastics is currently in the lower regions, there is stored momentum to the upside that will coincide with price movement. Volume is currently declining; this is an indication of an influx being probable at daily S/R as it is the next trade location. Overall, in my opinion, RLCBTC is a valid long at daily S/R, risk being defined below previous low. Price action is to be used upon discretion/ management of the trade. What are your thoughts? Thank you for following my work! And remember, “All statistics have outliers. Money management, therefore, is key to the process of good trading.” ― Yvan Byeajee
Long
by The_Alchemist_Trader_
CADJPY S/R Flip|Oversold Bounce|.618 Fibonacci|Volume InfluxEvening Traders, Today’s Analysis- CADJPY – price impulse through key structure, an S/R flip retest will validate it as support. Points to consider, - Trend oversold bounce (RSI) - .618 Fibonacci (Resistance) - Structural support (S/R Flip) - Stochastics sell cross - Volume influx CADJPY trend impulse was due to oversold conditions indicated by the RSI. A swing lower failure will indicate continuation. The bearish .618 Fibonacci has been respected, price is likely to retrace for an S/R Flip retest. This will solidify structural support holding true. The stochastics has a valid sell cross which is indicative of momentum shifting in the market. A volume influx is also present, these influxes usually mark temporary tops. Overall, in my opinion, CADJPY is likely to retrace and hold structural support. This will validate a long trade with defined risk. Discretion is to be used upon management. What are your thoughts? Thank you for following my work! And remember, “If you can’t take a small loss, sooner or later you will take the mother of all losses.” – Ed Seykota
Long
by The_Alchemist_Trader_
EURAUD S/R Flip| .618 Fibonacci|Range Midpoint|Oversold BounceEvening Traders, Today’s Analysis – EURAUD- impulse break through daily support, reclaiming the level. A retest of structure must hold for continuation. Points to consider, - Oversold bounce follow through - Daily support (S/R Flip retest) - Range Midpoint (Immediate target) - RSI neutral - Stochastics overextended - Volume follow through EURAUD’s oversold bounce had valid volume follow through; breaking back into key daily support, a retest needs to solidify the level. The .618 Fibonacci as overthrow is in confluence with daily support, giving the level more significance upon a probable S/R Flip retest. Immediate target for EURAUD is the range midpoint; taking out this level establishes a technical higher high. The RSI is neutral whilst the stochastics has a valid sell cross. This signals a probable momentum shift aligning with the price action S/R Flip playing out. In context, volume had follow through from oversold conditions, this shows immediate strength in price action, market is likely to trade higher. Overall, in my opinion, the immediate trend is bullish as long as key levels hold. A long trade is valid upon the probable S/R Flip, risk needs to be defined. Price action must be backed with volume for continuation. What are your thoughts? Thank you for following my work! And remember, “He who knows when he can fight and when he cannot will be victorious.” – Sun Tzu
Long
by The_Alchemist_Trader_
GBPJPY Short Trade|Daily Resistance| RSI Trend| Range Midpoint Evening Traders, Today’s Analysis – GBPJPY- back tested daily resistance after impulse sell, breaking dynamic support will make the immediate target range midpoint and below. Points to consider, - Macro trend bearish - Daily Resistance (back tested) - Dynamic Support (objective) - RSI uptrend - Stochastics bear cross - Volume below average GBPJPY’s macro trend is bearish with consecutive lower highs; this projection gives us a bearish bias on the market. Price put in a liquidity grab above daily resistance, trapping in long buyers; this is evident due to the impulse sell back into the range. The Dynamic support is the next objective, breaking this will increase the probability of testing lower structural levels. The RSI is in a clear uptrend, breaking its support line will coincide with a breakdown in price. Stochastics has a valid sell cross, indicating momentum is shifting in the market. Volume is clearly below average, an influx is highly probable as price is at a key technical trade location. Overall, in my opinion, GBPJPY is likely to test range midpoint if this indeed is a liquidity grab. A short trade is valid with defined risk. Breaking key levels need to be backed with increasing volume to avoid false breaks. What are your thoughts? Thank you for following my work! And remember, “The expectation that you bring with you in trading is often the greatest obstacle you will encounter.”― Yvan Byeajee
Short
by The_Alchemist_Trader_
BATBTC Trade Setup | Trend Reversal | Hidden Bullish Divergence Today's chart - BATBTC – Consolidating at key support; a successful re-test validates technical targets above. Points to consider: - Trend Reversal - 21 EMA visual guide - Hidden bullish divergence - Stochastics oversold - Low Volume BATBTC testing trend support after a strong bull move into daily resistance, price respecting support level will form a higher low on the chart, indicating a trend reversal and will allow for trend continuation. The 21 EMA will assist as a visual guide, price breaking and trading above the EMA is a confirmation of strong trend continuation. Although trading below 50, the RSI confirms a hidden bullish divergence: price has made a higher low whilst the RSI has made a lower low, indicating a strong market accumulation. This also allows for ample space before the oscillator reaches overbought conditions as price breaks bullish. Stochastics are also overextended, although they may remain there for some time, momentum has been stored to the upside. Volume has been tapering off, indicative of an influx being imminent, likely to coincide with a break in either direction. Overall, in my opinion, BATBTC needs to hold trend support and break above the 21 EMA to validate a conservative entry for a long trade to technical targets above. What are your thoughts? If you’ve read this far - thank you for following my work! And as always, Focus on you, and the money will too!
Long
by CryptoInsider009
BTC Short Trade|Rising Wedge|Resistance Confluence|Price ActionEvening Traders, Today’s Analysis – BTCUSD – a short trade is valid at major resistance confluence Points to consider, - Dynamic resistances converging - .618 Fibonacci objective ( bearish resistance of dynamic resistance) - Price Action in a Rising Wedge pattern - Stochastics divergence - Bull impulses (No follow through) The .618 Fibonacci is the objective for this trade; price is likely to wick there for a liquidity grab as this is a clear trade location on the chart with key dynamic resistance confluence. Price Action is currently trading in a rising wedge which has a greater probability of breaking down. The stochastics has a valid bearish divergence, which has technically played out; this shows weakness in the market. Furthermore all bull impulses have been sold into, another impulse above local resistance is likely to be a wick into the .618 Fibonacci area. Overall, in my opinion, a short trade is valid at the .618 Fibonacci. The immediate trend is bearish; any rallies are to be sold into until the recent high is taken out at around $9796.5 What are your thoughts? Thank you for following my work! And remember, “If you don’t respect risk, eventually they’ll carry you out.” – Larry Hite
BYBIT:BTCUSD.PShort
by The_Alchemist_Trader_
9
USDJPY Impulse Bear Move| Range Support| Resistance Confluence Evening Traders, Today’s Analysis – USDJPY – Impulse move into daily support with an oversold bounce recovery. A swing low failure in the RSI will show strength, immediate target will then be range resistance. Points to consider, - Trend oversold bounce - Range support retest - Resistance confluence (200&21 MA, Range Mid-Point) - RSI below 50 (Weakness) - Stochastics projected up USDJPY is currently testing resistance, multiple confluences with the range midpoint and the Moving Averages. Price is likely to retrace back into Range Support (Retest) to solidify an S/R Flip. The RSI is below 50, indicating weakness in the market. If the RSI puts in a swing low failure at Range Support, this will indicate a probable bounce. The Stochastics current momentum is shifted up, no official sell cross, it can stay here for an extended period of time. Overall, in my opinion, USDJPY is likely to retest Range Support; this will solidify the level with the immediate target being Range Resistance. A further sell off is likely at Range Resistance due to the magnitude of the impulse sell off. What are your thoughts? Please leave a like and comment, And remember, “The market is a device for transferring money from the impatient to the patient.”- Warren Buffet
Long
by The_Alchemist_Trader_
8
BTCUSD Key Levels|Pivotal Point|Volume Climax|10K PsychologicalEvening Traders, Today’s Analysis – BTCUSD – breaking down once again from the $10,000 Psychological level, now trading at local resistance. Points to consider, - Impulse bear move down - Local resistance (multiple confluences) - Range support (bear target) - RSI and Stochastics overextended - Volume Climax evident. BTCUSD’s impulse move down broke below local resistance which has multiple technical confluences. The 200 MA is in confluence with the .382 Fibonacci retracement , body candle closes below or above this will give us a directional bias. The bear target is range support; BTCUSD is in a clear range on the daily timeframe Both RSI and Stochastics are recovering form overextended conditions, a swing low failure will be a bullish sign. BTCUSD has established a volume climax node; this usually indicates a temporary bottom as price finds its equilibrium before its next impulse move. Overall, in my opinion, BTCUSD’s price needs further development; price action will help with the directional bias as this is a pivotal point in the chart. What are your thoughts? Please leave a like and comment, And remember, “The game of speculation is the most uniformly fascinating game in the world. But it is not a game for the stupid, the mentally lazy, the person of inferior emotional balance, or the get-rich-quick adventurer. They will die poor.” – Jesse Livermore
BYBIT:BTCUSD.P
by The_Alchemist_Trader_
5
GBPUSD Bullish Div|Swing Low Failure|Structural ResistanceEvening Traders, Today’s Analysis – GBPUSD – making an impulse move back into structure with a valid bullish divergence playing out, price is likely to put in a retest. Points to consider, - Swing Low Failure - 200 MA Resistance - Support Retest (S/R Flip) - RSI above 50 - Stochastics projected up Price put in a swing low failure which was backed by bull volume allowing GBPUSD to break back into structure. The 200 MA is immediate resistance that price needs to break in order to test structural resistance. A retrace back to structural support will establish an S/R flip that will further solidify the level. The RSI is breaking above 50, showing strength in the market, it also has a technical swing low failure. Stochastics currently is also showing strong momentum, immediate projection is up. Overall, in my opinion, price needs to retest structural support to solidify the level. A long trade will be valid here with defined risk. What are your thoughts? Please leave a like and comment, And remember, “Sheer will and determination is no substitute for something that actually works.” – Jason Klatt
Long
by The_Alchemist_Trader_
VET Abnormal Volume|Structural Resistance|Important Weekly CloseEvening Traders, Today’s Analysis – VETUSDT – Trading at a high time frame structure where a pivot in the trend is highly probable. Points to consider, - Structural Resistance Cluster - Abnormal Bull Volume - Important Weekly Close - Stochastics Momentum Up VETUSDT is trading at an important resistance cluster where a weekly candle close in the zone will be very bullish. The last time an established weekly close in this zone was during early November 2019. The volume has been increasing abnormally which is usually a sign of a volatile move being imminent. Price action itself is showing strength at high time frame resistance, the probability of a break will increase the longer price trades here. The Stochastics is showing strong momentum on the weekly, not officially overextended which is an indication that VETUSDT still has further upside fuel. Overall, in my opinion, VETUSDT has a very clear level to close above. Holding structural resistance will be very bullish, price action will help with the directional bias the longer VETUSDT trades here. What are your thoughts? Please leave a like and comment, And remember, “The expectation that you bring with you in trading is often the greatest obstacle you will encounter.” ― Yvan Byeajee
Long
by The_Alchemist_Trader_
AUDUSD Oversold Bounce| Trading Range| Technical Divergence Evening Traders, Today’s Analysis – AUDUSD – recovering from weekly oversold conditions, trading in an important range where further price development will allow for a directional bias. Points to consider, - Weekly Trading Range - 21 MA Breached - Technical Bearish Divergence - Oversold Bounce - Extended Stochastics AUDUSD has entered its macro weekly range from oversold conditions, where it is likely to consolidate and test the range median before another impulse move. The 21 Moving Average has been breached, the indicator can now act as a visual support guide upon a back test. AUDUSD has a technical bearish divergence at the range high; this is a sign of weakness in the current market. The oscillators are putting in higher highs whilst the price is establishing a lower high. The Stochastics is currently overextended; a retest of at least the range median will cool of oscillators. Overall, in my opinion, AUDUSD is likely to retrace and trade within the range before its next impulse move. The immediate direction is short due to trading at the range high. Further consolidation will help with the directions bias. What are your thoughts? Please leave a like and comment, And remember, “Intelligence is the ability to observe yourself without judging yourself. In essence, this is mindfulness.” Mindfulness” ― Yvan Byeajee
Short
by The_Alchemist_Trader_
2
RLCBTC Weekly Falling Wedge|Local Resistance|Technical Target Evening Traders, Today’s Analysis – RLCBTC – breaking out of its falling wedge , it needs to establish a weekly candle close above resistance for further continuation. Points to consider, - Local Resistance (Key level) - 21 MA (Visual support) - Technical Target Confluence - Stochastics Buy Cross - RSI Breaking 50 - Increasing Volume RLCBTC needs to close this weekly candle above local resistance, this will allow for the smaller time frames to back test the level (S/R flip retest) for a long entry. The 21 MA will act as a visual guide; price trading above this indicator will be very bullish . The target for the falling wedge is in confluence with structural resistance – discretion needs to be used here for when taking profits. Stochastics has a valid buy cross, indication of momentum shifting on the macro time frame. The RSI is attempting to cross above 50, trading beyond this level will indicate increasing strength in the market. Volume is noticeably increasing, this must sustain on the weekly time frame from continued follow through. Overall, in my opinion, RLCBTC next most important move is closing above local resistance on the weekly. This will validate a true break of the falling wedge and allow for a risk defined entry. What are your thoughts? Please leave a like and comment, And remember, “There is no single market secret to discover, no single correct way to trade the markets. Those seeking the one true answer to the markets haven’t even gotten as far as asking the right question, let alone getting the right answer.” – Jack Schwager
Long
by The_Alchemist_Trader_
2
CADCHF S/R Flip Retest| Structural Resistance| Long Trade Setup Evening Traders, Today’s analysis – CADCHF –broke local resistance from oversold conditions; next technical target is at structural resistance. Points to consider, - S/R Flip retest - Structural resistance (trade location) - RSI above 50 - Stochastics in an rising wedge CADCHF needs to put in an S/R flip retest to validate support, this retest will allow for a long entry with defined risk. The immediate target is structural resistance; a back test of this trade location is likely due to the initial impulse move down. The RSI is above 50 after recovering from oversold conditions whilst the stochastics is in a valid rising wedge formation. A breakdown is likely which will coincide with the S/R flip retest. Overall, in my opinion, CADCHF will likely put in a retest at local support allowing for a long entry. Risk will be defined by the recent swing low. What are your thoughts? Please leave a like and comment, And remember, “If you can learn to create a state of mind that is not affected by the market’s behaviour, the struggle will cease to exist.” – Mark Douglas
Long
by The_Alchemist_Trader_
BTCUSD | Bull Trap| Resistance Cluster| Apex| Low Volume Evening Traders, Toady’s Analysis – BTCUSD – establishing a bull trap, now trading back into its apex where a breakout is probable Points to consider, - Strong resistance cluster (Bull trap) - Support and resistances converging (Apex) - RSI and Stochastics showing weakness - Volume declining BTCUSD has had a sharp sell off at resistance cluster, trapping long buyers. The significance of this resistance cluster has now been solidified three times. The local support and resistance are converging; a price break in either direction will be imminent. The RSI and stochastics are both below 50, showing immediate weakness in the market. Volume is clearly declining, indication of an influx being imminent, this will coincide with the possible breakout. Overall, in my opinion, a break in either direction is imminent; the probability down is greater due to the recent impulse sell. The break needs to be backed with increasing volume to avoid any fake outs. What are your thoughts? Please leave a like and comment, And remember, “People normally describe this kind of internal mental shift as an “ah, ha” experience, or the moment when the light goes on. Everyone has had these kinds of experiences, and there are some common qualities associated with them. First, we usually feel different. The world even seems different, as if it had suddenly changed. Typically, we might say at the moment of the breakthrough something like, “Why didn’t you tell me this before?” or, “It was right in front of me the whole time, but I just didn’t see it” ― Mark Douglas
BITSTAMP:BTCUSDShort
by The_Alchemist_Trader_
7
Bearish Divergence| S/R Flip Retest| Long Structural Support Evening Traders, Today’s Analysis – NZDJPY – breaking a key level where an S/R flip will confirm structural support. Points to consider, - Impulse bull move (breaking key level) - Bearish Divergence evident (allowing for a retest) - Structural Resistance (immediate target) - RSI putting in lower highs - Stochastics sell cross NZDJPY broke resistance with an impulse move, currently trading at its range median with a valid bearish divergence. A retest of structural support well let the bearish divergence play out – will also confirm the S/R flip retest. The RSI is putting in lower highs whilst the stochastics is projecting a sell cross – putting more emphasis on the bearish divergence. Overall, in my opinion, NZDJPY is likely to confirm support with a retest. A long trade will be valid with defined risk below structure. What are your thoughts? Please leave a like and comment, And remember, “In order to succeed, you first have to be willing to experience failure.” ― Yvan Byeajee
Long
by The_Alchemist_Trader_
6
GPBJPY Bearish Divergence| Resistance Confluence| .618 FibonacciEvening Traders, Today’s Analysis – GBPJPY – trading at a key Fibonacci Retracement with local resistance confluence, a short trade here is plausible. Points to consider, - .618 Fibonacci - Trend line support - RSI bearish divergence - Stochastics neutral - Bull volume climax GBPJPY is at a key trade location with resistance coming from market structure and the .618 Fibonacci. A short trade is valid with the immediate target being the trend line support. Risk defined will be above the recent swing high. The RSI has a valid bearish divergence, a sign that the local trend is weak. The Stochastics on the other hand is neutral – momentum stored in both directions. A bull volume climax node is evident; this is an indication of GPBJPY topping out at structure. The temporary top maybe in if price starts to retrace. Overall, in my opinion, GBPJPY is likely to correct from this structural level validating a short trade. A clear break above the .618 Fibonacci will NEGATE this trade setup. What are your thoughts? Please leave a like and comment, And remember, “There are no guarantees in trading. The sooner you accept that you sooner you can release your expectations and focus unconditionally on a proven process.” ― Yvan Byeajee
Short
by The_Alchemist_Trader_
1