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.
This is a trade setup based on timeframe agreement and price action.
Looking at the relationship across the timeframes, these are some of the things to take notice of:
====DAILY CHART====
The daily chart shows good evidence of bearishness: there are lower lows and lower high; and the price is overbought, interacting with the upper linear regression...
Bearish week in the sector is having some longer term charts get crushed, but others are much more neutral such as HEXO which has been trading sideways for the past two months. Looking at some potential price targets (NOT buy targets) using the longer term charts if we confirm daily & weekly bear flags this coming week.
At this point I believe odds favour another...
EURUSD is H1,H4 make sell and earn profit
D1 Time frame show little up , then can down
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Lack of any bull moves on the SAFE Act passing Congress means it was already priced in, and bulls who were holding looking for a move, who exited their positions when that move didn't come, was a contributing factor in significant red week we saw, in my opinion.
The other factor to be aware of is all the bearish news articles around the vaping illnesses we've been...
Major Canadian MJ names are largely in similar patterns with notable ACB post-earning weakness. Many of the smaller names are in weaker setups. HEXO is one to watch for a few weeks out from now.
CGC bulls have their first shot at changing the daily trend for the first time in many months, and the entire sector will be watching to see if the sector leader can...
Looking at XRP/USD, BTC/USD, and XRP/BTC.
We've been consolidating with XRP/BTC for some time, and appear to be making a transition into a bullish phase. Also notable that BTC could potentially be in a large H&S pattern, and XRP has a lot of fundamental things coming down the pike- will be interesting to watch.
Thanks- and let me know your thoughts!
Looking for a Double Top pattern formation
Placing a Sell Limit @ 1.24031
S/L = Above the highest high
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Placing our T/P @ 1.22843
If this gets hit, we will close half our position + move S/L to B.E. (leaving a runner)
Patience is necessary.
I personally believe we'll see about 8 more months of sideways motion.
There are some very compelling charts on TradingView indicating that moon is right around the corner, however a lot of these are based on the assumption that there is a mirror image between the (so far unproven) resistance of previous bullish moves and support; however...
In my attempt to understand support and resistance, I have identified areas where I believe price will reverse. Nothing is promised but an idea can become real.
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