Get started

Ascending Channel

#DXY Possible scenarioHello, traders. Let's take a look at the DXY chart and discuss the possible movements of this chart for the next couple of days. As we know, the price recently broke below an important bullish channel for the first time since July 4th when this major bullish run began. However, as you can see, it failed to break below the previous low, which has been identified as an important support level. Based on Dow theory, the bullish trend is still intact since we have not violated the most recent lower low. So, we currently have two conflicting signals. One is bearish due to the breakdown of the long-term bullish channel, while the other is bullish because the price hasn't breached the last low. Furthermore, following the rejection of the low, the price moved higher impulsively, suggesting that buyers are still active. This is another bullish indication. However, the formation of a descending triangle chart pattern, which is bearish in nature, provides a mixed signal. For trading and as a personal opinion, the current price area may not be the best entry point into the market. Additionally, any upside breakout of the triangle chart pattern could potentially be a false breakout and may not be an optimal trading opportunity. However, if the price retraces lower to test the previous low and fails to break below it, we might consider taking a long position on the US dollar. If you've found this analysis helpful, please take a moment to like, comment, or share your thoughts with me.
TVC:DXYLong
by mohemati
3
USDCHF → A breakout of trend support. Retest is a signal FX:USDCHF is entering the correction phase after a prolonged bullish trend. The trigger is the DXY correction (on the local timeframe).The support at 0.89866 may be broken soon. On the chart, we see a breakout of the support of the ascending price channel. The support tandem consists of the ascending line and 200-SMA, which is a rather strong signal, foreshadowing a medium-term decline. We consider 0.8778 as a target, as there is a strong liquidity accumulation in this area, which may interest the market. The dollar index ( TVC:DXY ) is going down through local support and is preparing to test 105.8 and 105.5 - this movement will affect the forex market accordingly. Support levels: 0.89866, 0.8932 Resistance levels: previously broken trend support, 0.9030. In the long term, I expect a break of the nearest support with the formation of a medium-term decline to the above targets. Regards R. Linda!
Short
by RLinda
18
💱 USDJPY - Pending a breakout of resistance USDJPY continues to trade within the upward price channel. Following the dollar index, the currency pair continues to strengthen TA on high timeframe: 1) A resistance retest is being formed. If the global zone is broken through, the price will continue its growth 2) The ascending price channel is formed following the DXY. TA on the low timeframe: 1) Important level 149.65. Consolidation is formed on the background of the level retest 2) No deep pullback. A retest is being formed for a breakout of the level 3) Consolidation above 149.65 will give a buy entry point. Key resistance📈: 149.65, 150.16 Key support📉: 149.300
Long
by AndeWave
7
💱USDCAD - symmetrical triangle on a bullish trend USDCAD is in consolidation. A symmetrical triangle with a correction phase to the support area is being formed. The trend is upward, the currency pair follows the dollar index TA on the high timeframe: 1) The dollar index is going to rise, and so is the USDCAD currency pair. 2) A rebound from the support area with further breakout of the triangle resistance is possible. TA on the low timeframe: 1) the price is heading towards the triangle support. This is acceptable as long as the dollar indes stands still 2) A bullish bounce may follow from the support on the backdrop of the uptrend 3) I will wait for a breakout of the pattern resistance to open a trade Key resistance📈: 1.36559 Key support📉: 1.36190
Long
by AndeWave
14
GOLD → A counter-trend correction is forming. Panic zone OANDA:XAUUSD has been forming a correction since the opening of the session and has reached the area of 1910. The price enters the panic zone relative to 1914. What should we expect from gold next? The correction on the background of a strong surge of energy and distributive movement should have happened. The market should pull back and gather potential before further upside. The price is testing the 1914.15 area for a breakout. The price is trading in the panic zone, where there are a lot of buyers' bids and sellers' bids are formed. A false break of the level will give us an impulse to 1928.8 and then to 1946. But, if the market consolidates below 1914.15, the correction may continue towards 1905 and 1900, but before further growth. The upward movement in the medium term may continue, for this price will have to overcome 1914, 1928 and 1946, At the moment we are waiting for the price to find support before further growth. Support levels: 1905, 1900, 1895, SMA Resistance levels: 1914, 1928, 1946 In the future I expect the continuation of growth, but only after the end of counter-trend correction COMEX_MINI:MGC1! COMEX:GC1! OANDA:XAGUSD COMEX:SI1! CAPITALCOM:US500 TVC:DXY Regards R. Linda!
OANDA:XAUUSDLong
by RLinda
22
🥇GOLD - Target 1900. Possible pullback from resistance GOLD is actively strengthening. At the moment the cost is 1890 and this is not the limit for today's session. We are interested in the mentioned resistance, will gold be able to reach it? TA on the high timeframe: 1) Both gold and the dollar are strengthening, but how long will this tandem be accompanied by an overall direction? 2) There is no important news today, but gold is supported by the fundamentals and will continue to rise further TA on the low timeframe: 1) Price has updated the high from 1885 to 1890. Target 1901 2) A pullback from 1900 is likely to follow before further upside. 3) Our task is to find strong support levels so that it is safe for SL to buy. Key resistance📈: 1901 Key support📉: 1885, 1877
OANDA:XAUUSDLong
by AndeWave
20
BNB => Ascending channel retest 🚀🚀🚀Binance Coin (BNB) has emerged as one of the stalwarts in the cryptocurrency space, showcasing remarkable strength and resilience. Let's delve into the fascinating world of BNB's price action, particularly its impressive ascending channel on the weekly chart, and explore the potential for a bullish breakout. Binance Coin's Ascending Channel: A Powerhouse of Potential The weekly chart reveals BNB's remarkable performance within an ascending channel. This channel represents an area where BNB's price oscillates upward within well-defined boundaries. Ascending channels often serve as powerful indicators of a bullish trend. Anticipating a Fakeout: A Clever Strategy As BNB moves within the confines of this ascending channel, traders should be aware of a potential fakeout. A fakeout occurs when the price temporarily breaks below the channel, tricking traders into selling. Look how fakeout can be done : A fakeout is a strategic move by whales and market participants to shake out inexperienced traders. The Art of the Retest: A Bullish Sign Should BNB execute a fakeout, it often follows up with a retest of the ascending channel's upper boundary. The retest serves as a validation of the channel's significance and a strong bullish signal. Experienced traders often view retests as prime entry points for long positions. BNB's Weekly Strength: An Encouraging Indicator BNB's ability to maintain its upward momentum on the weekly chart is a promising sign. Strength on the weekly timeframe is often seen as a sign of potential further growth in the mid to long term. Conclusion: Seizing the Binance Coin Opportunity As Binance Coin demonstrates its strength within the ascending channel, traders and investors have the chance to make informed decisions and capitalize on potential opportunities. Understanding the nuances of a fakeout and the subsequent retest can be a strategic advantage. While the cryptocurrency market remains dynamic and unpredictable, recognizing and leveraging these patterns and signals can empower traders to navigate the ever-evolving landscape. Remember to employ sound risk management practices and stay informed. Engaging in discussions, sharing your insights, and being part of the crypto community can be invaluable in this exciting journey. 🚀💼🌐 ❗See related ideas below❗ Feel free to like, share, and leave your thoughts in the comments.💚🚀💚
Long
by Yaroslav_Krasko
A BEARISH IDEA ON USDJPYHey traders, haven't done my TECHNICAL ANALYSIS on the 30MINS time frame, my idea on USDJPY is a bearish one ..... looking closely at the 30MINS chart on FOREXCOM:USDJPY , one can see the market formed an before we eventually saw a break of structure outside of the lower trend line ...... later on, price came back to retest the lower trend line giving us an ENGULFING BEARISH CANDLE closing below the previous opening candle Hence, i have a convincing However, i will be sharing a TOP DOWN ANALYSIS on this same pair on the 1MONTH TIME FRAME. SEE YOU THERE INNNNN ANNNND OOUUUUT.
Short
by EniolaOluwasoga
2
Amazon -> Continuation TradeMy name is Philip, I am a German swing-trader with 4+ years of trading experience and I only focus on price action and market structure 🖥️ I am trading the higher timeframes because this allows me to massively capitalize on the major market swings and cycles without getting caught up in the short term noise. This is how you build real long term wealth! In today's anaylsis I want to take a look at the bigger picture on Amazon. After the recent rejection away from the lower support trendline of the rising channel I do now expect a short term correction back to the $105 level. Then we could see an inverted head and shoulders pattern which indicates more upside potential and eventually new all time highs. - - - - - - - - - - - - - - - - - - - - When the market moves where, and how, and if - these are all unknown. The only thing which you can control is your risk. - Philip Basic Trading - Keep the long term vision🫡
NASDAQ:AMZNLong
by basictradingtv
11
💱USDJPY - Symmetrical triangle may continue the price growth USDJPY is forming a pre-breakdown consolidation in the format of a symmetrical triangle. If the resistance of the figure is broken, the price will fly to 149.65 TA on the high timeframe: 1) Strong bullish trend 2) A bullish reaction to the trend support will be formed TA on the low timeframe: 1) Symmetrical triangle - consolidation of potential before its realization 2) on the background of the bullish trend resistance 148.9 may be broken soon, which will form an impulse and further growth to 149.65. 3) I expect growth and continuation of the uptrend Key support📉: 148.6 Key resistance📈: triangle line, 148.9
Long
by AndeWave
1
USDJPY → A retest of trend support. What could go wrong?FX:USDJPY is forming a correction to trend support amid the corrective movement of DXY (Dollar Index). Logically, on an uptrend, support should push price up, but what could go wrong? On the daily timeframe TVC:DXY is forming a correction to an important support, the reaction could be bullish, thus USDJPY will start to form a rise to resistance. At the moment the fundamental part is quite complicated, with the Fed's tough stance, the dollar is forming a correction under the influence of other levers. So, we will start from the technical analysis. The currency pair is heading towards the uptrend support, consolidation near this area is confusing and increases the chances of further support breakout. A sell signal (counter-trend strategy) will be the consolidation of the price below the uptrend support line, after its breakout. And the buy signal (trend strategy) will be a false break of the support line. Resistance levels: 148.9 Support levels: 148,46 The situation is complicated by the fundamentals. From a technical point of view, the price can form a trend growth, but we need to wait for a signal. The setup may break, and in this case the target will be 147.38. Watch the reaction of DXY and USDJPY price to the trend support. Regards R. Linda!
Long
by RLinda
16
💱GBPUSD - The market is preparing for a resistance breakout GBPUSD is forming a breakout of local resistance and a retest of the key resistance. A technical pullback may be formed, but the market is ready for growth. We expect a breakout of 1.2269 and growth to the far frontier TA on the high timeframe: 1) On D1, the market is overcoming the resistance at 1.22246, thus breaking through the base of the reversal set-up and forming pattern realization. 2) On H4 another resistance retest is formed a few days later. High chance of a breakout TA on the low timeframe: 1) A triangular consolidation is formed within the local ascending channel 2) Price breaks the consolidation resistance 3) The level may be broken on retest of the key resistance. There will be a potential for growth Key resistance📈: 1.2269 Key support📉: 1.2215
Long
by AndeWave
11
💱USDCHF - The market is preparing for a support breakout USDCHF breaks trend support and below forms another barrier. Consolidation and another retest of the lower line is forming, which may lead to a breakout and price decline to 0.90910 or 0.90225 TA on the high tamframe: 1) A retest of the 0.91202 level is forming after 3 months. There is not much chance that price will break this area on the first try 2) The liquidity area to which the price may head is below 0.91000. TA on the low timeframe: 1) A break of trend support forms a sell signal 2) We are waiting for a break of the local zone 0.91350 to enter the market. 3) In the medium term, the price may quickly reach the 0.90225 area. Key support📉: 0.91350 Key resistance📈: 0.91800
Short
by AndeWave
10
Bitcoin - 39k in December! (last chance to buy low) Bitcoin will hit 39k this year in December 2023, according to my technical analysis and calculations. This new analysis is on the 12h chart and shows very important technical data! First, we need to consider the major yellow descending trendline. This trendline has been destroyed by the bulls, and we also had a successful retest of it! This is your chance to buy / long BTC at the current low price. Thank me later! Before BTC hit 39k, we had some resistance on the way up. Of course, we are not going to go to 39k in a straight line. The first resistance is the 0.618 FIB of the previous wave, which is at  29167 USDT. We also have a POC of the previous structure near this point, so it's a big deal. There is no next resistance until 31804, which is the major previous swing low. I don't know how about you, but I am prepared for the bull market that is coming in the next few weeks until January! Expect January to be a bearish month. From the Elliott Wave perspective, I see this uptrend from 24900 to 28500 as a strong nest (1-2-1-2) or an expanding leading diagonal wedge (1-2-3-4-5). Both of them are bullish patterns and support the start of the bull market! Let me know in the comment section (right now) what you think about BTC and have you bought it. Thank you, and for more ideas, hit "Like" and "Follow"! This analysis is not a trade setup; there is no stop-loss, entry point, profit target, expected duration of the trade, risk-to-reward ratio, or timing. I share my trades transparently and privately.
Long
by UnknownUnicorn2537518
109
SPX - Still within longer term supports Despite a difficult last 2 months when both SPX and NDX have formed a potentially bearish Head and Shoulders formation, both are still holding at their respective necklines so far. Upon zooming out, we could also see that SPX is still trading within its rising channel that was formed since the start of its bull run from Oct 2022. what transpired so far was a mean reversion to channel support and towards a rising VWAP anchored at a major pivot point on 13 Mar this year (creating next possible supports for SPX at 4260 - 4275 should its H&S neckline be breached). Similarly, I am seeing that heavyweights like META, AAPL, AMZN, GOOG, TSLA are now sitting on (or near) their respective VWAPs anchored from their respective major pivot low during March or April this year. Might not be time to be longer term bearish yet unless we see a breach of the rising channel. On the flip side, markets are still fragile and momentum for any rebound is still lacking and it's best to be cautious until we see a clearer direction over the next few days or even a week or 2. Disclaimer: TA is about improving our odds of a successful trade (not a guarantee). This is just my own analysis and opinion for discussion and is NOT a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management (ie trailing stop loss and position sizing) is (probably the most) important! Take care and Good Luck!
SP:SPX
by Juliac
💱USDJPY - Active bullish trend. Target 152.00.USDJPY continues to go to its target. The market is interested in the mark of 151.95. Against the background of a strong trend, we should look for either support levels and buy on the bounce, or resistance levels and buy on the breakout. TA on the high timeframe: 1) Strong pattern on d1. V-turn pattern. Price is breaking through the base, which is a strong medium term signal 2) There is a void ahead and liquidity area only around 152.00 TA on the low timeframe: 1) A retest of 148.86 support is forming. False breakout increases liquidity for further upside. Fundamentally, we have a strong dollar and a weak JPY, which can be seen on the chart 2) We are interested in resistance at 149.934. Consolidation of the price above the level will form a buy signal. 3) Targets: 150.5, 151.0 Key resistance📈: 149.934 Key support📉: 149.7
Long
by AndeWave
10