we got stopped out from our initial buys on this pair and are going for another buy now after it has reached yet another strong demand zone. we can see that the bears are losing momentum and there can be a trend switch.
Here we have a short opportunity we can take on eurgbp. We can see that price is having a hard time breaking above the minor supply zone and therefore we can expect a continuation to the down side. This is a 1:8 Risk:Reward trade.
Whenever you are looking at a technical level, always ask yourself the following:
- Am I buying at a potential bargain/wholesale/discount price? (supply or demand zones)
- Why is there more likely to be more supply/demand orders at that area? (new traders entering/traders taking profit at horizontal, diagonal & dynamic support/resistance areas)
- What are the...
Hopefully, my annotations are simple enough. It is classic Sam Seiden but with a twist from my own experiences as a trader. I entered this trade when price was in the supply zone and i will be looking to close it in the next 2 hours...depending on the candle formation.
-We saw the historical 30+ year ascending trendline hold up as resistance after a fakeout spike higher, red 786% & 618% bearish fib levels are prominent & also holding
-Price is now breaking a medium term ascending TL & has retested successfully
-Recent Weekly candle close saw a confirmation of bearish pressure
thus I expect a test of green 618%...
We can not use fundamental analysis without technical analysis this two things need to do together.
If we worry about the war and pray the gold price go bullish moving but the big trend is moving down
"what is the different"
Volume and Supply Demand zone is answer every time we trade, we should have a backup plan.
another chart today, this time it's CADCHF's turn. As you can see the daily chart is giving us multiple reasons to look for long opportunities, and pay attention to the "look for" verb, it doesn't mean we're going to take the trade with no confirmation (since we're on the daily i don't trade patterns on the daily itself). Instad, i've outlined the...
Silver seems to be forming a topping structure, there is a major supply zone around 18.40, if price can close below the trend line i would be short to around the next trend/200EMA.
The RSI is also losing momentum and showing a divergence with price.
Weaker than expected NFP could be the catalyst needed here.