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.
Chop. c h o p. CHOP.
The last 3 months have been nothing but ranging chop and have humbled many traders.
I am not a big fan of trading ranges, but have had some good trades nonetheless playing the support and resistance levels.
I've also had my fair share of stop losses hit in the nasty stop hunts on the low liquidity...
The daily timeframe provides bullish signals, and they can be used for buying.
The price reached a support zone formed by the uptrend line, SMA50, and 1500.00 support level. If the close price is above 1500.00 and we have the bullish candle, it will be a reversal signal.
RSI confirms a possible reversal.
MACD histogram supports the upward movement.
MACD lines...
Price is above the Daily, 60 and 15 KS as well as the cloud. This is a Type 1 trade with a High probability and good RRR.
BO Entry = 1.9643
Stop = 1.9618
Risk = 25 pips
Profit target = 1.9741 (The projected daily High)
Reward = + 98 Pips
RRR = 3.92 - 1
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Allen
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If we look at the 1H chart, we can see a rather interesting trading opportunity. The market moves upward in the bullish trend. The price consolidates in the borders of a triangle.
It looks like the breakout upward will be good for opening buy trades with stop-loss orders below the uptrend line and profit targets at the resistance levels. But higher timeframes...
Finally seeing a drop... Still got a long long way to go though. Could get interesting if we start seeing the altcoin market pick up and when fomo kicks in, we could see some nice moves in the alt-coin market.
Here is a detailed set up for trading inside the current BTC consolidation pattern.
Rather than identifying all of the Elliot Wave detailed counts, the key is identifying where Wave C ends. Wave Cs always have five wave structures that are much easier to identify than other complex corrective wave patterns.
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BUY & SELL As Per Above Given Chart or
You Can Also set Own Risk reward.
Let see what Will be Next Move.
Warning- I m Not a Financial Advisor this idea Only For Educational Purpose Only.
Thank You !
Price is in an uptrend making higher highs & lows. Price has pulled back to previous resistance now acting as new support creating a higher low, & is looking ready to create a higher high next & resume the downtrend up towards the descending trendline.
BUY & SELL As Per Above Given Chart or
You Can Also set Own Risk reward.
Let see what Will be Next Move.
Warning- I m Not a Financial Advisor this idea Only For Educational Purpose Only.
Thank You !
POWR - perhaps located at the very bottom and there will be a break in the trend - the formation of a saucer shape.
Coin - TA textbook. We see a global downtrend on a coin. Each figure was a continuation of the trend. Bear flag - rectangle (horizontal time channel) - downward wedge - rectangle (horizontal time channel). Now the coin is 1 month in lateral movement....
SPY is consolidating on the 1 hour chart.
With recent events - air strikes on Saudi refinery, possible war with Iran, Fed uncertainty, etc - I am leaning towards "option 1."
Volume has steadily declined since the start of the consolidation which tells me a break out is soon to occur. The RSI has been trending downwards since before the consolidation, which...
For ES numbers add 4 points to the lines on the chart.
The over night is balanced with a small negative drift and could be signalling a further move lower.
A strong red zone is developing of 13 points so pretty big and could see further contraction before breaking out, hope not, small ranges are not much fun.
I posted a major S and R chart and is either the...
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SHORT INTEREST
1.64M 08/30/19
P/E Current
-2.07
P/E Ratio...
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Quick plot to observe the correction after ECB spike yesterday.
Blue Fib sequence of the retrace has been accurate thus far.
Next leg down "should" be 2.618 > 4.618 or 2.236 > 4.236.
Disclaimer: I am an EU perma-bear, at least for last 1.5 years.
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See some of my other Forex calls below.
I also plot Crypto and some Stocks, check my Profile Page.
EUR.USD...
The oil move is very balanced and range bound and could have a directional trade if the red zone is broken. Without this red zone break will look to trade the inside of this zone.
After a big move oil will put in some conjestion time before the next move.
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