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.
BTCUSD update: With the short term bearish trend line still intact, this market is poised to test lower prices. The next major support area is 3K and until the weakness is absorbed, it is within reason to go even lower. While we maintain our inventory, we continue to avoid any new trades.
Momentum continues until evidence appears that proves otherwise. That is ...
This is an update to my larger timeframe analysis. (see Ideas below).
Currently looks to be in a wave 4 nearing completion.
That leaves a final wave 5 (capitulation spike?) that should test 3k or even pierce it briefly.
The fact that the drops have been more shallow, and the bounces stronger, tells me we are nearing a bottom.
I say ''a'' bottom as I am not ...
I think this is a plausible explanation for what we're seeing play out in current day, compared to similar conditions of 2017. I took a deeper look at some of the trends prevalent in 2017, and found similar comparisons to what is happening in real time. Let me know your thoughts.
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 learn more about how I use the indicators below and Click here to get my complete trading strategy! Please be advised that I swing trade and will often hold onto a position for > 1 month. ...
https://www.tradingview.com/x/F6baRWlb/
hey traders,
on new zealand dollar / us dollar pair from the 8th of October the market is in a clear up move.
Though my bias is still bullish, I am always looking for trend violation patterns.
on a 4h chart we have a nice head and shoulders pattern.
The violation of neckline will trigger a selling reaction and will drive ...
UJ looks to be finishing a 5 wave impulse down.
Not sure what the risk sentiment will be to open the week, so watching equities and gold for clues.
Regardless of risk sentiment, the downard momentum looks strong, so I expect one more dip yet.
Hello All!
It has been a while, but I have been active privately. From today on I will start to post some charts every now and then.
For now I have this long on the radar, advanced traders see why I would long this.
Good luck.
Planning on publishing charts more often.. instead of just on twitter.
As the aussie moved up strong into the beginning of November, it started to range higher before heading up and peaking just under .74, double-topping around .73935.
After it formed the double top on 3/12/18, it harshly sold off, bouncing off the range at .72xxx a few times before plunging ...
Despite the bullish wedge in the 4hr microtrend, the general bearish sentiment should be proceeding straight past Christmas.
However, we are staying neutral here, as there is clearly a "knowledge" gap: Either the bullish wedge will fail and cause an immediate drop beyond the 3.4k mark, or extending its "lifetime" throughout December to continue the bearish trend ...
GBPUSD has a clear short bias with weekly and daily downtrending, however price action is not showing a clear scenario after having had weekly demand level at 1.2667 eliminated. There is a lot of room for price to keep on dropping, shorts at new supply levels. In a downtrend new supply imbalances are created, waiting for these imbalances to be created on GBPUSD ...
Some very interesting signals here on DNT. Can’t confess to know much about the project, but I can say something about what’s happening on the charts. Especially the 3-day chart. Higher lows on the RSI, Stochastic patterns change direction from downward to upward trend. Bottoming candle finds support on the 1-day chart and most importantly, volume. Volume levels ...
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