Jan 4th 2023 - Daily Chart Analysis
1. The Daily swing range is from 1 & 2
(See Blue 1 & 2 for reference)
My prediction will move from 1 than to 2 but that is in a long term horizon
2. Current price action is between the D-Ibos high weak & the 4h-Swing High Weak.
3. Price has mitigated the equilibrium of the daily swing range
4. The trades off the supply...
Big move in Bitcoin today. Some rumors (could be fake) that US regulators will not approve Bitcoin ETF. While the rumor remains, my bearish sentiment target is 40k
Taking a look at the 1 hour timeframe, price action with Gold beginning to look quite bearish. Seems like all major assets are selling off today and all the value is getting pushed back into the greenback.
RSI on the 15 min timeframe is now back above 30 suggesting we may see a short-term bottom. With that said, I mapped out a 3.62:1 R2R setup.
Important note when taking my trading recommendations is to always move SL to breakeven once in profit by 25 points with the US30 and then apply a trailing SL to the target.
This helps manage to manage risk in the event...
First thing to note is that we have a bearish breakout below the ascending trendline on the 1hour timeframe. Additional RSI is suggesting selling pressure with the bearish divergence.
== Game Plan ==
Wait for a pullback as outlined on the chart to enter a sell targeting a 3:1 risk to reward.
This is a 1:1 sell setup but this trade is more likely to win. I'm using 2 bearish confirmations to decide on this sell trade.
1.) Break below the ascending support
2.) Bearish Strength with RSI
Taking into account today's strength with the Swiss Franc, I'm expecting further bearish continuation with this pair. But before going short, I would like to see a pullback roughly to the 50% retracement area of today's bearish candle.
Should price action pullback to my area of interest (AOI) I'll go short with stops above yesterday's high with targets down...
Today's daily candle closed slightly above yesterday's high while maintaining RSI divergence. With that said, I do believe we may see a bounce from these lows.
Trade Idea: Stops below yesterday's low with targets around the 50-61.8% retracement area of this most recent bearish leg.
Daily timeframe, PA broke above 2 levels of resistance last week and now looks to stall out with RSI providing information on lack of bullish momentum.
For now, I'm waiting to see my small green line on the chart get tested where I have an alert. Will PA break back below support which was previous resistance and will we test the 50% pullback area (small green...
All green lines on the chart are equal in length. I'm using the last green line as a projection tool which estimates BTCUSD above 50k around the first week in January.
Should BTC pullback to 42k, that in my view would be an excellent area to enter with stops around 39k.
== Simply in Summary ==
Long at 42k with TP at 50k and SL at 39k would be a simple 3:1 R2R...
Considering the fact that this pair is trading above the 200 SMA on both the daily and 4 hour timeframes, I'm looking for buy entry areas in this ascending channel formation.
On the chart I pointed out several areas which basically are along the ascending trendlines. If at any point I receive an alert of price action tagging one of these trendlines, I'll look for...
EURCAD continues to trade within a wedge formation.
I'm waiting for either wedge support or resistance to break. I have my alerts set for when this will happen. Upon receiving one of the alerts, I'll then look for an entry point.
I'm not one to jump in on trade the moment we get a breakout. I've learnt my lessons the hard way many times in the past with that...
FAIL TO PLAN - PLAN TO FAIL
So this trade plan is fairly simple.
Rules to Follow
1. First and foremost, we need a break and hold above the descending trendline
2. Second, if or once we get the bullish breakout, we need price-action to pull back approx 50% of the bullish breakout impulse. This setup doesn't need a full pullback to support, which is currently...
Taking a look at the 4h chart, price-action remains confined in a wedge formation. RSI is suggesting we might get a bullish breakout as this is now the third signal of a break above 50 in this current wedge.
The 50% Fib Retracement level is also something important to note as the most recent large impulse was an impulse to the upside. See chart below.
I do...
