🔍 Analysis:
Support Found: GRT has potentially found support at $0.333, signaling a possible reversal.
Entry Consideration: Entry at $0.333 provides an opportunity to capitalize on the anticipated reversal, with a clear support level identified.
Take Profit: Targeting the next areas of resistance at $0.419 or $0.485 to capture potential gains as GRT moves...
The daily chart shows bearish continuation following the pullback of the 61.8% level from early March.
On screen I have two bearish targets. The first one around the 1.0650 where we may find support from the descending trendline. My final bearish target is currently set at the 1.05 handle where we had support back in October of last year.
== How to trade this...
📊 Analysis:
Support Zone: PYTH is compressing down to $0.905, indicating a support zone.
Building Up: Signs of building up are observed in this support area.
Laddering In: Consider laddering into positions at this level.
Next Support: If $0.905 fails, next support likely at $0.80.
📈 Trade Plan:
Entry: Initiate a trade around $0.905.
Take Profit: Target set at...
To start the week, this pair continues to consolidate above the 1.08 handle amid mixed market sentiment from last week.
On the 15 min timeframe I placed two areas of interest (aoi) with horizontal lines. Should price action reach either of those lines within the next 2 trading sessions, I'll take look to see if there's a low risk trade.
Continued talks of...
📉 Current Situation:
LINK is consolidating at a support level.
Opportunity identified for a long trade.
📈 Trade Plan:
Entry: Ladder into a long spot trade in the $17.50 - $19.00 support area.
Take Profit: Target the next resistance areas at $21.00 - $23.00 or $26.00 - $28.00.
Stop Loss: Set just below $16.00 to manage potential downside risk.
🔄...
Traders often talk about the need to be patient but to be patient, we must know what we are being patient for. That is why we have a trade plan and know ahead of time exactly where to enter, where to place a stop, where to exit, and how much size to put on.
In this post I continue with our trade planning exercise of 30 planned trades by making a trade plan for...
📊 Analysis:
Price Discovery: SEI is in "price discovery" mode, testing the $0.77 - $0.83 support area.
Laddering In: Planning to add to the position in this support area.
Upside Potential: Anticipating further upside over the next few weeks.
📈 Trade Plan:
Ladder In: Between $0.77 - $0.83.
Targets: Aiming for targets at $0.96 - $1.00.
Stop Loss: Set just below the...
Intro
BINANCE:BTCUSDT gearing up for a significant move today, and I'm here to break down the potential price action. Over the weekend, BTC moved interestingly, closing the CME gap and aligning with the CME's close price as we stepped into Monday. With this setup, we're eyeing an imminent breakout.
Weekend Wrap-up and the CME Gap:
The weekend saw Bitcoin...
This post is a trade plan of IOT. Making a consistent trade plan helps to structure ourselves as traders. This give us some control in the ever-changing uncontrollable environment of markets. At first, it may seem tedious to do all this work, but that is only because our mind resists any kind of structure. The title of this post is saying to quit chasing after the...
So I actually expect to see CAD strength following the Bank of Canada Interest Rate Decision on Wednesday, however it would be nice to see some weakness heading into the week.
For that reason, I'm not looking to go short just yet, but on my chart I have a small up arrow then down arrow. That's what I'm hoping will happen. If not and I miss the trade... oh...
I don't usually trade any central bank meeting but my technicals in this case are really suggesting some further downside pressure with this pair.
Technical Indications Include:
Evening Star Formation with the last 4 candles on daily
RSI Below 50
Fundamentals Include:
Inflation cooling off
Oil showing signs of a bottom
Equity market may spark...
First thing I notice when looking at the daily chart, is the divergence with RSI and price action. Then I can also see we had a breakout below the ascending support.
Now when I take a look at the weekly chart, this is what I see.
The weekly timeframe definitely shows that the bullish momentum has stalled out. Indications of that include; RSI held below 70...
With everything going on, I'm looking to enter at 0.6585 with a stop loss just below the last 4hr candle's low. I do have a target set at 0.6678 giving this trade idea a 5:1 risk-2-reward.
Reasons why I like this trade include:
1. Economic Calendar forecasts this week are for negative US data
2. Technically on the 4hr, RSI closed above 50 following a...
Clear topping action is beginning to develop with RSI confirming as bearish momentum is strengthening.
With that said, I'm expecting a stock market correction after such a solid year of performance. Unless US30 makes additional fresh highs, I'm shorting as I expect to see profit taking happening in the days ahead.
That's it - That's all
Trade Safe
Should price action present itself with a retest of the ascending resistance I'll look for an entry to sell short.
Additionally I'm looking for a least a bullish pullback of at least 38.2 to consider my entry. You can note my fib levels on the screen.
Weekly timeframe shows that this stock is likely to pullback to my level of support highlighted on the chart.
I need that level to be tested before deciding on what to do with this stock. If we reach that level, I'll assess market conditions and momentum to determine if it's a low risk entry. There might be a chance of further declines as shown with my second arrow.
Jan 04th 2024
1. The weekly swing is bearish on the weekly time frame. (See green 1 for strong market structure)
A. I expect price to move through my risk management strategy to move from 1 to the 2 on the weekly timeframe
2. Price is currently in the equilibrium between the weekly high strong (see green 3 & 4 for reference)
Price is more likely to move from...
