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Parallel Channel

TMF Swing Trade and Long-Term HoldConfluence 1: On the 4H Chart, TMF has been respecting the upper channel. Back on 8/1, TMF broke out of the resistance trendline and then re-tested it on 8/8. That trendline is now acting as support which we recently bounced off of. Confluence 2: On 9/24, TMF touched into the fair value gap highlighted in gray. From there, we showed some signs of bullishness. This is where I initiated a starter position in TMF. Confluence 3: On 9/26, we came back to sweep liquidity (stop out initial longs) and tap into the order block (the red shooting star candle before the big green candle) on 9/3. On the Daily chart, we see the trendline was not broken (did not close below, only wicked through) Confluence 4: RSI also hit 25 (<30) on the 4H on 9/24, and a bullish MACD crossover occurred on 9/26. Take Profit : At the top of the channel AKA upper trendline which is currently acting as resistance. I plan to trim some of my position and begin to sell covered calls to generate income. Stop Loss : A close below the lower trendline in the low 50s. If the middle support trendline is broken, I will add to my position. If you are looking to swing trade this (not long-term hold), I would exit if we close below this line at around 56-57. From a macro standpoint - there is economic and geopolitical uncertainty due to Middle East tensions. There are several factors that could put us into a recession, so TMF, TLT, or BND are good holds to hedge a equity-heavy portfolio. TMF is 3x leveraged so please do your own due diligence before trading this! My positions: [ ADDED TODAY ] 100 shares of TMF @ 59.70 100 shares TMF @ 57.61 100 shares TLT @ 98.61 Sold 2 Cash-Secured Puts for 10/18 @ 57 This is in total (including CSP collateral) makes up roughly 5-10% of my portfolio.
AMEX:TMFLong
by TaiwaneseTrader
3
$WEED * CGC CANOPY GROWTH CORP. EWP TC FIB 3W TF ANALYSISAs of October 2024, NASDAQ:CGC TSX:WEED is positioned within a significant Elliott Wave cycle, suggesting a complex market environment. Elliott Wave Analysis: Wave Structure: Wave 3 is currently in progress, with expectations to bottom around $2.46 to $2.06 CAD. This wave represents a major impulsive move downward. Wave 4 is anticipated to follow, retracing 38.2% to 50% of the decline from Wave 3, likely targeting the $6.50 to $9.00 CAD range. This wave is expected to exhibit a corrective structure, potentially forming a flat correction or triangle. Wave 5 is projected to extend down to $0.25 to $0.04 CAD, signaling a final capitulation phase in this bearish cycle. RSI Analysis: 1. Current RSI Level: The RSI is currently at 32.77, approaching oversold territory. This indicates that Wave 3 may soon reach its conclusion. 2. Divergence Signals: Bullish Divergence Potential: As we approach the expected bottom of Wave 3, monitor for signs of bullish divergence. If the price moves lower but the RSI shows a higher low, it could signal weakening downside momentum and a potential reversal. 3. Wave 4 Behavior: During Wave 4, we expect RSI to recover towards the 50 level, reflecting the corrective bounce while targeting the $6.50 - $9.00 CAD range. 4. Wave 5 Confirmation: In the subsequent decline of Wave 5, a final push to new lows accompanied by bullish divergence in the RSI would indicate a weakening downtrend, suggesting a possible bottoming pattern and future reversal.
TSX:WEEDShort
by Anakyn
4
HelenP. I Gold will rebound from support zone and start move upHi folks today I'm prepared for you Gold analytics. A few moments ago price declined to support 2, which coincided with the support zone, and some time traded near until it broke this level which trend line. Then the price turned around and started to grow inside the upward channel, where it soon broke support 2 and later reached the trend line. After this, Gold broke this line and tried to grow more, but failed and dropped to the support line of the channel. Then it rebounded up, breaking the trend line, and reached support 1, which coincided with one more support zone. XAU broke this level and some time traded inside the support area, after which rebounded up to the resistance line of the channel and some time traded close, after which turned around and dropped below the trend line. Then price fell to the support zone, but a not long time ago bounced up to the trend line and then started to decline. For this case, I expect that Gold will fall to the support zone and then rebound up, higher than the trend line, breaking it and continuing to grow. For this case, I set my goal at 2700 points. If you like my analytics you may support me with your like/comment ❤️
OANDA:XAUUSDLong
by FirstNameHelen
1
Bitcoin can rebound up from support line, exiting from channelHello traders, I want share with you my opinion about Bitcoin. Looking at the chart, we can see how the price a not long time ago rebounded from the support line and broke the support level, which is located inside the buyer zone (59600 - 59200). After this, the price rose a little more and then made a correction to the buyer zone, after which made a strong upward impulse. Then BTC started to grow inside the upward channel, where it later almost reached the 64400 level, but soon turned around and corrected almost to support line of the channel. Next, the price rose to the 64400 level, but at once turned around and fell below, after which repeated movement to this level again and even entered the support area. Soon, however, BTC turned around and made a correction to the channel's support line, which coincided with the general support line and bounced up, thereby breaking the 64400 level. After this movement, the price made a retest and continued to move up, until it reached the resistance line of the channel. And then price turned around and started to decline. So, I think that BTC can decline to the general support line and then rebound up, thereby exiting from the channel. After this, the price made a retest and continues to move up, therefore I set two TP, first at the 66800 points and second at the 69000 points. Please share this idea with your friends and click Boost 🚀
Long
by LegionQ8
12
Bitcoin can decline a little and then start grow to 64500 levelHello traders, I want share with you my opinion about Bitcoin. Observing the chart, we can see that the price entered to range, where it at once dropped to the support level, which coincided with the buyer zone and then rebounded up. In a short time later, BTC reached a resistance level, which coincided with the seller zone, and then turned around, after which it started to decline. BTC declined to the 57000 support level, and broke it, thereby exiting from range, but soon turned around and started to grow inside the upward channel. Inside the channel, the price reached the 57000 level again, broke it, and continued to move up next. Some time later BTC reached a resistance level, which coincided with the seller zone, broke it, but quickly turned around and dropped, breaking the 64500 level and exiting from the channel also. Now, BTC continues to decline, so, I think that price can fall a little more and then start to grow to a resistance level. For this case, I set my TP at a 64500 resistance level. Please share this idea with your friends and click Boost 🚀
Long
by LegionQ8
2
BITCOIN → False breakout of $ 65,000. What's next ↓ ?BINANCE:BTCUSD entered a strong buying zone (above 65K), but the bulls failed to realize the potential. The price returned in the channel boundaries, eliminating the positively-minded... A false breakout is forming relative to 65K. After the liquidation and strong impulse, a small correction is formed, directed to the imbalance zone. The retest may end with the bears holding the defense below 65K, in this case the price may start a gradual decline due to the lack of opportunity to break through 65K (in this case the all-time favorite pattern “Head and Shoulders” may form here). The focus is on the support 62745, below which an ogrom pool of liquidity is formed, if the price enters this zone, the market may spill down.... The global range of 65K - 55K is still relevant. It is not excluded that the resistance can be broken quickly, but for the moment the fight for 65K is still going on... Bears will be able to confirm their victory provided the price consolidates below 62800. Resistance levels: 65K, 66K Support levels: 62745, 61320 As the fight for 65K continues, the bulls may make another attempt on the background of the retest. If they will be able to consolidate above the 65-66K zone, the price will head to the global resistance - 68-69K, where a more serious, fierce struggle will develop... Rate, share your opinion and questions, let's discuss what's going on with ★ BINANCE:BTCUSDT ;) Regards R. Linda!
Short
by RLinda
12
#AVAXUSDT #4h (Bybit) Ascending channel breakdownAvalanche lost 50MA acting as resistance now, seems to be heading towards 200MA support. ⚡️⚡️ #AVAX/USDT ⚡️⚡️ Exchanges: ByBit USDT Signal Type: Regular (Short) Leverage: Isolated (7.0X) Amount: 4.9% Current Price: 28.095 Entry Targets: 1) 28.435 Take-Profit Targets: 1) 25.140 Stop Targets: 1) 30.085 Published By: @Zblaba CRYPTOCAP:AVAX BYBIT:AVAXUSDT.P #Avalanche #Web3 avax.network Risk/Reward= 1:2.0 Expected Profit= +81.1% Possible Loss= -40.6% Estimated Gaintime= 1 week
Short
by TradingOn
Euro can reach seller zone and then rebound downHello traders, I want share with you my opinion about Gold. By observing the chart, we can see that the price some days ago started to decline from the resistance level inside the downward channel. In channel, the price rebounded from the resistance line of the channel and dropped to the support level, which coincided with the buyer zone and support line of the channel. Then the price made a fake breakout of 1.1050 level and then rebounded up, thereby exiting from the downward channel and then turned around and started to decline inside the wedge. EUR dropped to the support line of the wedge, breaking the support level, but soon it started to grow and rose back and broke this level again. Then price continued to grow in a wedge, and later reached the resistance line, after which made a correction below. EUR fell to the support line of the wedge and then in a short time rose to the resistance line of the wedge, but soon turned around and declined back. A not long time ago price repeated movement up from the support line and at the moment it trades very close to the resistance level. So, I think that the price can rise to the seller zone and then it turn around and fall to support line of the wedge. That's why I set my TP at 1.1155 level. Please share this idea with your friends and click Boost 🚀
Short
by LegionQ8
10
GOLD - Price can bounce up from support area to $2710 pointsHi guys, this is my overview for XAUUSD, feel free to check it and write your feedback in comments👊 A few moments ago price started to trades inside flat, where it bounced from support level and rose to almost top part. Then Gold made correction to $2475 level and then bounced up, reached top part of flat again, and exited. After this, price continued to move up inside rising channel, where later it made a correction to support line. Next, price bounced and in a short time rose to $2620 level, broke it, and reached resistance line of channel. But a not long time ago, XAU turned around and started to decline, so, I think it can fall to support area. Also then, price can turn around and bounce up to $2710 resistance line of a rising channel. If this post is useful to you, you can support me with like/boost and advice in comments❤️
OANDA:XAUUSDLong
by WalterMoon
3
CNY/USD Trend since 06 2007. Channel. Reversal zone.Logarithm. Time frame 1 week. At the moment, the currency is stronger than the dollar. The main trend is a descending channel. The price is in it now. Secondary trend — breakout of the descending trend line. Price growth to the median of the channel, and in case of its breakthrough, to the resistance. If not, then a pullback to the lower zone of the channel. Local trend — The nearest events and news background, which can affect (not necessarily) locally (movements to the median of the channel, i.e., the middle, if it is positive) on the yuan rate. This, in less than 1 month, namely from October 22 to 24, 2024 will be held 7.16 XVI BRICS summit (short for Brazil, Russia, India, China, South Africa) in Russia in Kazan. Line graph for visualization.
Long
by SpartaBTC
2
Navigating the Downtrend: DXY’s Critical Battle Within the rangeHey Traders, The U.S. Dollar Index ( TVC:DXY ) is currently trading in a downward trend channel, showing bearish momentum. However, the index is approaching critical levels where a potential breakout could lead to a shift in market sentiment. Let's take a closer look at the technical landscape and identify key levels to watch for both bullish and bearish scenarios. Current Market Conditions: Trend: The DXY is trading in a well-defined descending channel, with lower highs and lower lows confirming the bearish trend. Resistance Levels: The index is nearing a crucial resistance zone at 101.526, which also aligns with the upper boundary of the descending channel. This level will be critical to watch for potential rejections or breakouts. Support Levels: On the downside, immediate support lies at 100.762, followed by further support at 100.550 and 100.175. These levels may provide potential buying interest if the downtrend continues. Candlestick Patterns: Currently, the price action is showing hesitation as it approaches the upper boundary of the channel, signaling indecision in the market. Fundamental Analysis/Outlook: The strength of the U.S. dollar has been impacted by several factors, including recent Federal Reserve interest rate decisions, inflation reports, and mixed economic data from the U.S. While Treasury yields have been fluctuating, any changes in market sentiment around future rate hikes could provide directional cues for the DXY. Additionally, movements in global risk sentiment, particularly related to major economic events, could influence the dollar's trajectory. With uncertainties looming, traders should stay vigilant for news around U.S. GDP reports, employment data, and other key macroeconomic indicators. Targets: Upside Target: If the DXY breaks above the resistance zone at 101.526, the next key target would be 101.751, which marks a significant resistance level. Downside Target: In case of a bearish continuation, traders should watch for a move towards 100.550, with the possibility of reaching the lower support at 100.175. Risk Management: Stop-Loss: A recommended stop-loss level for a long position would be slightly below the 100.550 support level, around 100.400, to protect against further downside movement. Position Sizing: Given the volatile nature of the market and the proximity to key levels, consider adjusting your position size accordingly to manage risk effectively. Conclusion: DXY is at a pivotal juncture within its descending channel/range. A breakout above the 101.526 resistance could signal a potential reversal, while a rejection at this level may lead to a continuation of the downtrend. Traders should closely monitor key levels, as the next moves will likely set the tone for the index in the coming sessions. Sign-Off: "Success is not final, failure is not fatal: It is the courage to continue that counts." I would love to hear your thoughts in the comment section, and please hit boost and follow for more ideas. Thank you, and profitable trading to you all!
TVC:DXY
by SignalSage_Ben
NVIDIA - A leading Indicator for the AI trend and market NVIDIA - NASDAQ:NVDA 🟣The upper purple parallel line is acting as resistance to price at present. A rejection from this long term purple line may be an early warning signal of a significant correction. A break above it would suggest continued positive momentum. ⏳In combination with the above considerations, a breach down and out of short term parallel channel would be a secondary warning signal of a trend change to the negative. ⏳Falling below the 50 week SMA (red) would be a third confirmation of a negative trend shift. Obviously these levels could all act as support but if they are lost one after the other (price falling below them). It could be an early warning sign of this AI trend slowing. ✅Otherwise, a repeated 142-152 week bull trend out to June 2025 or April 2026 probable for now. Why Watch Nvidia closer than the rest? ▫️ Apple, Microsoft and NVIDIA are the top three largest companies in the world by market cap. Collectively they are almost $10 trillion worth of market capitalization. That is almost 22% of the total market cap of the S&P500 Index, so all 3 are worth watching for warning signs or positive momentum. ▫️ Nvidia could lead the market as it is providing the shovels (graphics cards) for the AI data digging/sorting and general compute/data storage. If their performance starts to wane its a signal of less digging/sorting and a slowing of purchases from NASDAQ:AAPL , NASDAQ:MSFT (indicating slowing growth in both). Keeping a close eye on this chart could provide the early warning signals of a trend change, both on the AI front and the entirety of the market cycle. There is no guarantee of the time sequence continuing on this chart however, these cycles tend to rhyme over time. I hope Nvidia breaks above the purple line at the top of the current long term channel. At present it is stiff resistance, and if price is rejected from here lower, this could be an early warning sign of the a market correction. Remember, you can check in on this chart and press play to get updated data at any time by clicking the link in the comments below or by following me on TradingView. PUKA
NASDAQ:NVDA
by PukaCharts
USDJPY → No upside potential. Prepare to fall!FX:USDJPY is facing a sell-off at the end of last week, which proves that the currency pair is not ready to go up. The dollar still continues to prepare for a breakout of 100.0. The currency pair is not able to approach the local highs, however, after the reduction of interest rates in the U.S. Japan refrained from any economic decisions regarding this issue. The pressure on the dollar has a corresponding effect on the currency pair. At the moment the price is facing a strong support at 141.74, from which a small correction to the liquidity or imbalance zone may follow, but with a high probability (technical and fundamental nuances) we may see a continuation of the fall. Resistance levels: 143.25, 144.0, 145.18 Support levels: 141.74, 139.5 In the short term, I expect a slight pullback followed by a continuation of the fall, breakdown of the key support and price decline to 139.5-138 Rate, share your opinion and questions, let's discuss what's going on with ★ FX:USDJPY ;) Regards R. Linda!
Short
by RLinda
8
MarketBreakdown | AUDUSD, USDCHF, EURGBP, GBPCAD Here are the updates & outlook for multiple instruments in my watch list. 1️⃣ #AUDUSD weekly time frame 🇦🇺🇺🇸 The market opening is very bullish for the pair. We see a breakout attempt of a major horizontal weekly resistance. If a weekly candle closes above the underlined blue area, it will open a potential for much more growth. 2️⃣ #USDCHF daily time frame 🇺🇸🇨🇭 The market is currently consolidating within a relatively wide horizontal parallel channel. The price is currently approaching its support. With a high probability, a consolidation will continue, and we will see a bullish movement from that. 3️⃣ #EURGBP daily time frame 🇪🇺🇬🇧 The price violated a significant daily/weekly horizontal support last week. Because the pair is trading in a long-term bearish trend, such a violation indicates the strength of the sellers and a highly probable bearish continuation. 4️⃣ #GBPCAD daily time frame 🇬🇧🇨🇦 The market is trading in a strong bullish trend. Currently, we see a breakout attempt of the resistance based on a current high. If a daily candle closes above that, it will confirm a bullish continuation. Do you agree with my market breakdown? ❤️Please, support my work with like, thank you!❤️
Long
by VasilyTrader
5
Btc at confluence support. 68k still in playSince the beginning of the month, BTC has been in an uptrend, recently breaking above its previous high of 64,500. After reaching a high around the 66,500 zone, the price began to decline in what appears to be a correction. Currently, the price is sitting right at a key confluence support level. If we're aiming for a move toward 68k, the price needs to hold above this level and not close the day below it. However, if the price drops below this support, there's a strong chance that we've reached a local top, and further losses may follow.
BITSTAMP:BTCUSDLong
by Mihai_Iacob
5
Ethereum : ETH still BULLISH - Here's WhyFrom a macro analysis, ETH is very clearly in a bullish season. Apart from the obvious (following Bitcoin) there are a few other factors from which we can deduce that ETH is gearing up for another impulse wave UP. 👉 Higher lows 👉 Diagonal trendline acts as macro timeframe support 👉 Currently Three-White-Soldiers in the weekly - Bullish candlestick pattern From a technical indicator perspective, we can see a healthy bounce on the lower white trendline. We can expect the rally AFTER the price reclaims the now upper red trendline (at which point it will turn GREEN). The price is about to reclaim the 50d Moving Averages which, in the weekly timeframe, signals a bullish move: ________________________ BINANCE:ETHUSDT
Long
by CryptoCheck-