Price is testing a key supply and demand level on the daily timeframe and has been moving correctively in a descending channel for a few weeks now. The market has now tested this area twice recently on the H4 timeframe and is showing signs of holding. If the market holds at this level, we could finally see a swing to the upside, breaking out of the descending...
The targets for the break of the previous channel (sent to our students) were hit perfectly, before we saw a retrace back down. The beautiful thing about the retracement is that it appears to have moved directly into a new descending channel.
I think we are likely to see a little more of a dip before this pair moves away, but i for sure will be looking for longs...
BTCUSD 1H. Watching & Waiting. I see BTC is currently in a descending channel and rejecting the level in the 'blue box' on it's journey back up after the sell off. In the process of this rejection I think we have created a bearish flag. I currently believe more downside is a greater probability than upside.
I have had to re-publish this as it was removed by T-View. My outlook is stil very much the same.
The difference is now we have converted 1.73 and we saw a continuation form yesterday targets will be slightly lower than is marked above, but ill see how it moves and adjust lower accordingly.
Looking to see if we can confirm some longs on this pair today. We have a small ascending channel that broke yesterday, we appear to have seen a retrace over the course of last night / this morning. I personally dont think the retrace is done just yet but i could be wrong.
If this is a valid channel break my 2 targets will be 1.190 and 1.197
Looking at the possibility of a retest of 10775 where there is reasonable support correspondent with the Fibonacci 0.382 position. Also, price is under the 21EMA & in a bearish descending channel currently. The daily closed 21st July with a reasonably proportioned 'Shooting Star' on the daily. I'm looking for slight decrease in price from here to then springboard...
-Good sell opportunity on the rest of the descending channel which is in line with the 38.2 fib level which adds confluence that price could rest from that level.
- The Ema's are above price which indicates bearish momentum of the pair.
- Wait until price has reached the significant level and look for a strong bearish candle to sell this pair.
Lovely little set up here. GBPJPY approaching a double bottom set up and a key buy zone historically.
Confluences for this trade
1. Need to see price reach same area as previous bottom. If not i will not take the trade. Once reached look for continues rejection probably on lower time frames (15 min and 30 min).
2. This pair has dropped a lot recently so normally...
Confluences for this trade
1. Multiple time frames indicating the same long term price movement (bearish)
2. Orange highlighted zone is a key area where price was previously supported and i will be looking for a retest of that region
3. Many touches of the descending channel showing a valid channel as we can see where i have circled in blue where price is...
Trading is about stacking confluences to support your prediction.
Therefore below are a list of confluences to why i took this trade.
1. Monthly and weekly timeframes (higher timeframes) both indicate bearish moment as price is in a longterm descending channel
2. Head and shoulders formation forming on the hourly and 2 hourly chart (Bearish candlestick...
Been away from trading due to holidays (Thank you Isreal you were amazing!!)
So here we are in a long term descending channel from a higher timeframe. Price will most certainly reach the top and re-test it.
And during this long term channel, we have a shorter ascending channel with a perfect place to enter.
If it was only that easy ever retail trader...
As you can see we are currently topped-out below a major resistance level, I've labelled some areas in which I wouldn't be surprised if there were to be a reversal.
D is where I'd expect the price to go, following my AB=CD pattern. So I wouldn't expect a breakout to the top, but it still has time to occur and still hit the D point.
it's important to note that...
A descending triangle may be forming, the price has stayed predominantly towards the top of this triangle but due to other factors (current downtrend, ABCD pattern) I believe there will be a break to the bottom.