Hello my beauties.
I think Silver is in a phase of distribution.
Look at the chart for reference, and look up Wyckoff yourself.
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The price failed to break the resistance and now the price is in the middle of support and resistance area.
wait and see if the price rebound from support area (151.899) take a long entry until the next resistance, but if the price break the resistance, it is very possible that the price forms a falling wedge pattern. FX:GBPJPY
There has been a strong support level since April 17, after the breakout that occurred on April 13.
Also in the meantime, we can see a near resistance/ support level
I confirmed these strong and near level by circling each testing that occurred on the level
Also EMA 10 & 20 period tends to become the dynamic resistance
Also have same view on 4hr...
There is a descending triangle breakout happened on GBPUSD at 4-hour time frame, but there is also a strong support at 1.36780. So, if the price is able to break that support then you can Open a SHORT entry with the target of 1.34950 or 1.2 risk-reward ratio.
REMEMBER: Always do your own analysis before entry & take 2-3% risk per trade
Hope you all are doing good!!
I am sharing here the possibly coming waves for this pair.
The first big move is expected as a LONG trade.
Please follow me and like if you agree or this idea helps you out in your trading plan.
Disclaimer: This is just an idea. Please do your own analysis before opening a position. Always use...
AUDUSD (H4) - Last week we saw the Aussie make a corrective move back to 0.76000 following an aggressive sell off from 0.77000 the week before. The market closed just below 0.76000 on Friday with a pinbar on the daily timeframe after price tested the level from below and failed to close above. On the daily timeframe this level is also currently acting as a...
Weekly Head and Shoulders? Strong bearish close last week on the weekly after bears stepped in from around 1.21500 driving market prices lower. This has created what seems to be a right shoulder with price pushing towards the neckline for the completion of the pattern. High volume and a strong bearish engulfing weekly close last week indicates that sellers have...
Weekly timeframe Double Top? Strong rejection to the downside after price, for the second time has failed to break above 1.41200 in recent weeks. A strong bearish engulfing weekly close last week indicates that sellers have now stepped into the market. 1.37000 is the next support level which is also acting as the neckline for a potential double top pattern...
AUDCHF has been on the recovery from 2020's bullrun throughout 2021 so far. That said, key monthly pivot levels sit just below price, and we may see another bull run commence from these levels. Watch out for these pivots!
Wait for a closing above 481 on daily timeframe candle.
Easy trade maintain sl targets are mentioned on charts. If break above pattern then hold it for medium term.
Queries in comment section.
Good risk / reward ratio on this trade.
Breakout past a 2 month-correction. Good momentum.
- Target Entry: $112.90
- Target Stop Loss: $112.18
- Target Exit: $125.00
- Risk / Reward Ratio: 16.81
- Note that I tend to adjust stop losses in order to secure profits early and preserve capital. This means that the target price is going to be achieved as...