Trend lines can be used to identify and confirm trends. A trend line connects at least 2 price points on a chart and is usually extended forward to identify sloped areas of support and resistance. Lines with a positive slope that support price action show that net-demand is increasing. As long as the price action stays above this line, we have a bullish trend. Lines with a negative slope that act as resistance to the price action show that net-supply is increasing. As long as the price action stays under this line, we have a bearish trend.
Price usually retests a sloped trend line several times, until it breaks at which point we may have a trend reversal. The more points there are to connect, the stronger a trend line becomes. Different strategies have different rules on how far apart connected price points can be and whether to connect wicks or candle bodies, but all trend lines break eventually. TradingView has a smart drawing tool that allows users to visually identify trend lines on a chart. This tool can also be used to illustrate trends on indicators.
Hi guys, I share with you my technical setup for USDCAD for the next days.
The chart speaks by itself.
If you find it useful please hit the like/follow button and leave a comment :)
Happy trading!
We were forming a bear pennant (yellow lines) which actually broke to the downside yesterday. Obviously, you could always redraw your support (purple line) but this is when the use of trendlines becomes dangerous. I wrote an article about the misuse of trendlines and we have the perfect example right here.
We already broke support but since price didn't bleed ...
Hey guys, I'm here to make an update of my last idea. Let's take a look and understand
what happened in this past 5 days.
The RSI that I mentioned was oversold exited the oversold zone as expected, than it
made a retracement and failed achieving a lower low: this is bullish and a possible
bullish reversal signal. The bearish trend I mentioned on the RSI just got ...
Hi there, GBPCHF is setting up for breakout. Sell the breakout and watch for the continuation. In case price break up the previous high then it will change the bearish pattern .
Hi guys, I share with you my technical setup for AUDNZD for the next days.
The chart speaks by itself.
If you find it useful please hit the like/follow button and leave a comment :)
Happy trading!
Wassuuuuup ?!
Simple trade setup idea. I've been looking at IOTUSD regularely. It just broke the long term upward support here. This is a clear short opportunity :)
The red line is the support on a even longer timeframe. We might see a bounce from here.
It will depend a lot of BTC movement, the market, etc... So make sure to put a tight stop loss (just above ...
Let's make a deeper analysis of BTC price action now that BTCUSDSHORTS stopped
increasing exponentially.
At left you can see BTCUSDSHORTS (candles chart) vs BTCUSDLONGS (line chart).
I told you that increase was unsustainable. It was. Shorts stopped increasing
and price went up, as expected. All biased crypto twitter didn't see that coming,
as expected too. As ...
Good day to all.
50 MA crossed 200 MA down, it is possible to continue falling.
From the level of 24200 there may be a slight rebound of the price to 27,200 satoshi, but the drop is likely to continue. Strong resistance levels are not visible. Theoretically, the level of 21,400 satos can become reversal after lateral movement, but purchases at this level should be ...
The currency pair has lost more than one percent in the past 24 hours. However, in general the situation is neutral meaning sellers have no power to push Bitcoin lower. The buyers are hesitating but have chances to change the situation while there are no important news.
Let’s zoom in to see the current situation. The currency pair fluctuated with no clear ...
Sadly I got stopped out of my ROKU position with an overly aggressive stop-loss ($43.92), after having longed ($41.52) a flag breakout just below the downtrend line. Second silliness was that I didn't buy the retest and bounce off the former downtrend resistance (now support) line. Right now ROKU is obviously in a little consolidation zone right above the ...
Over the last week I have been wanting to see the price return to equilibrium after being oversold on the 6/9. For me that would require a retest of the 12 period EMA on the daily chart.
https://www.tradingview.com/x/Enq4K26S/
The price could continue ranging between $6,300 - $6,600 until running into the moving average or it could spike up to $7,000 which is ...
It appears to me that on the 14th of June, the lower high hit the upper limit of a EUR/USD downtrend channel. At the moment we are right in the middle of it and so any move either up or down is possible. What we can spot however by looking at this channel is that in less than 10 days our highest possible lower high will be below 1.1650. Any fearless traders could ...
Immunogen tested the support at 9,5-10 and it seems to be holding, giving IMGN the opportunity to climb high.
Positive:
Moving nicely above its 200 SMA.
Support seems to hold
Negative:
RSI failed to break above 50
MACD value is negative and below its signal line
Target 1: 11,40 - Upside: 13%
Target 2: 15,00 - Upside: 50%
Hey all
This is the first Market Update for the USD/JPY! Check out the recent "Update + The Way Forward" video for an explanation of what these are and why I'm doing them :)
Suffice to say, the USD/JPY is reaching a critical point that will likely define the market for the coming years. That's the longer-term view, but over the short term I'm expecting a swing ...
