Support and Resistance is one of the most used techniques in technical analysis based on a concept that's easy to understand but difficult to master. It identifies price levels where historically the price reacted either by reversing or at least by slowing down and prior price behavior at these levels can leave clues for future price behavior. There are many different ways to identify these levels and to apply them in trading. Support and Resistance levels can be identifiable turning points, areas of congestion or psychological levels (round numbers that traders attach significance to). The higher the timeframe, the more relevant the levels become.
Finding the most important ones can take many hours of practice. They exist due to an influx of buyers or sellers at key junctures. The fact that these levels flip roles between support and resistance can be used to determine the range of a market, trade reversals, bounces or breakouts. Each of these trades will have their own rules for entry and exit. TradingView has a smart drawing tool that allows users to visually identify these levels on a chart.
ETHUSD update: This market has performed the weakest during the recent bout of bearish order flow. The resulting structure points to a higher chance of lower prices. How low? A close below 300 increases the likelihood of testing the 250 area.
Keep in mind, BTC is holding up so far. At S.C., we have been monitoring it carefully and have identified a new swing ...
https://www.tradingview.com/x/5ArhDrOZ/
hey traders,
on usdcad we have completed bearish gartley pattern.
For entry I use 1272 extention of AB.
Targets are based on 382 and 618 of AD leg.
Stops go above X.
For this pattern we have really good RR ratio!
Good luck!
Happy Monday traders,
Last week we've seen strengthening of dollar index and great rallies on dollar pairs.
On pound dollar today we have descending triangle. As the market is in clear bear trend
this pattern is a nice option to join bearish side.
Generally, we are waiting for breakout of support that is locally established,
as it happens, two strategies come ...
Hello All,
Like, Follow and Share for more regular updates on Ethereum on this chart.
Note: We have been tracking this falling wedge and mini-H&S target $360 for far more than 3 weeks with the BG members.
Ethereum has a triple history so far of downtrends within falling wedges . Currently, we are clearly completing the 4th downtrend within one of the largest ...
I believe that it is possible to beat the market through a consistent and unemotional approach. This is primarily achieved through preparing instead of reacting. Click here to get my complete trading strategy and click here to learn more about how I use the indicators below!
Previous analysis/position: “If bulls can breakthrough $6,500 resistance then I will be ...
Price is at support zone now.
PA is still very bearish.
Late to short, early to long.
We can wait for a momentum bullish candle to break out of 142.5 and look to long at retrace, that would be safer.
Disclaimer:
The information contained in this presentation is solely for educational purposes and does not constitute investment advice. We may or We may not ...
Price has broken the ascending trendline, & below 110.850, which this candle is rejection as new potential resistance. Will be watching for a reversal on the H4 timeframe for potential shorts..
For updates on my watchlist pairs & when they are executed, they will be posted in my telegram group that me & my mentor are running! : )
Price is below 1.68000 key level resistance, & will act as a potential barrier lining up with trendline resistance. Will watch for a break & retest of the red line to signal a reversal back to the downside..
Me & my mentor started a telegram channel, send me a private message if your telegram ID if you are interested in joining! Thanks for the support.. ...
Price following a strong downtrend structure, & I will be watching for a break of the basing pattern for potential shorts down to the next area of support.
https://www.tradingview.com/x/vy4L4MUI/
hey traders,
after strong bullish wave that we had seen from april to july
market started its correction cycle establishing flag pattern.
It is a trend continuation pattern and we are waiting for the market to cross and close above falling
resistance zone.
targets are based on projection of flag pole:
I divide flag ...
After more than 2 months of struggle for the dollar, it finally took control of the trend as it broke above 95.6.
As seen in EURUSD, multiple structures have been broken such as the bottom of a 2-months symmetrical triangle and the bottom of the overall range 1.17 - 1.15.
It is next to inevitable that EURUSD will face a prolonged period of rapid depreciation.
We ...
Techn Analysis: 7 4hr candles could not make a Lower low have price has terminated at 127% of the Fib extension on the Daily chart.
Double bottom on 4hr. This is a high risk trade as the 15min has a change of trend.
Looking for a move fib of the break down.
Price should retest confluence TL and 38.2% Fib correction level before more selling occurs.
Buy at ...
