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USD/JPY: Ride this Third wave Decline.The decline from 160.24 high subdivides into five waves. This move is significant as it identifies the dominant trend as down. The technical name for this pattern is a leading diagonal. The subsequent three-wave price action unfolding in USD/JPY supports this bearish conviction. Countertrend price action commonly subdivides into a three. It is often slow, choppy and typically contained within a parallel channel. The technical name for this rally is a Zigzag pullback. As illustrated earlier in my education ideas, in zigzag formations, the upper boundary of a parallel channel often projects the end of wave C with dramatic precision. Moreover at 158.52, wave C would equal the length of wave A which is a common Fibonacci relationship in zigzag formations. It is also the case that when a leading diagonal occurs in wave (1) position of an impulse, it is sharply retraced by a zigzag correction with 61.8% and 78.6% levels common targets. Although not shown,the 78.6% retracement level corresponds to the upper boundary of the trend channel and wave C equality target. So in anticipation of wave (3) decline; a trader's bread and butter, the recommendation is to short at or near the 61.8% retracement level. The Protective Stop will be placed at 160.24; the origin of this decline. Why? Wave (2) of an impulse can NOT retrace more than 100% of wave (1). The target for this trade is a drop of at least 13.58 as in (160.24 - 151.83) X 1.618. Why? As a guideline, wave (3) of an impulse often extends and commonly travels 1.618 times the length of the (1). A Risk: Reward of 1:3 Working with 153.60 as our key level. A break below this level would hint that wave (2) is over and wave (3) to the downside is underway. Have a profitable trading week!
Short
by Aquanet_Market_Forecast
GOLD (interest rates would remain elevated for a longer period)Gold prices fell to a one-week low on Thursday, marking the third consecutive session of decline. This drop is attributed to profit-taking following the release of the Federal Reserve's latest meeting minutes, which suggested that interest rates would remain elevated for a longer period. Technical Analysis of Gold: The price of gold declined after breaching the 2410 level, hitting our previously mentioned targets. Currently, gold maintains a bearish outlook, likely to reach 2354 and 2344 due to the ongoing high inflation rates addressed by the Federal Reserve. However, if the price stabilizes above 2369 and closes a 4-hour candle above this level, it may attempt to reach 2388. Pivot Price: 2369 Resistance Levels: 2388, 2397, 2410 Support Levels: 2354, 2328, 2308 Today's anticipated trading range is between the support level at 2344 and the resistance level at 2388. Previous idea:
OANDA:XAUUSDShort
by SroshMayi
1
Trading Plan for Friday, May 24th, 2024Trading Plan for Friday, May 24th, 2024 Market Sentiment: Uncertain, as the market has transitioned from a rally to a short-term dip. Bulls are attempting to defend key supports, while bears are looking for further downside continuation. Key Supports Immediate Supports: 5265 (major), 5253 (major) Major Supports: 5230-35 (major), 5202 (major), 5177 (major) Key Resistances Near-term Resistance: 5293 (major), 5302 (major) Major Resistances: 5317 (major), 5380 (major), 5400 (major) Trading Strategy Post-Rally Dip: The market is now in a short-term dip after a prolonged rally. Exercise caution and avoid chasing longs or shorts. Long Opportunities: Look for a bounce and reclaim above 5274 for potential long entries. Consider failed breakdowns at 5265 or a dip and reclaim at 5230-35 for more aggressive long entries. Short Opportunities: Consider shorts at 5317 (if the market rallies strongly) or on failed breakdowns below 5265 after a bounce/retest. Exercise caution and take profits level-to-level. Focus on Reactions and Price Discovery: Wait for confirmation signals and clear reactions at key levels before committing to any trades. Bull Case Defending Support: Bulls need to defend the 5265-72 zone to prevent further downside and maintain the possibility of a bounce. Reclaiming Resistances: If bulls reclaim the 5293 and 5302 levels, the dip could be considered over, opening up a potential move towards the previous highs. Bear Case Breakdown Signals: A convincing break below 5265 could trigger further selling, targeting 5230-35 and potentially deeper levels. Look for bounces/failed breakdowns at these levels for potential short entries. News: Top Stories for May 24th, 2024 📈 U.S. Durable Goods Orders: The latest data shows an unexpected increase in April, suggesting resilience in manufacturing despite economic headwinds. 🌍 Geopolitical Tensions and Their Economic Impacts: Recent surveys indicate that geopolitical risks are a top concern for global family offices, with significant implications for asset allocations in North America and Asia Pacific. 🛡️ Shifts in Safe Haven Assets: In an environment of growing debt concerns, investors are increasingly turning to gold over traditional government bonds, marking a significant shift in safe haven preferences. 🌎 Climate Change and Economic Impact: A session at the 10th World Water Forum highlighted the severe economic repercussions of climate change and water scarcity in Laos, underscoring the urgent need for sustainable water management solutions. 📊 Global PMI Data Releases: The release of the S&P Global Services and Manufacturing PMI reports provides critical insights into the economic conditions of the services and manufacturing sectors, which are key indicators of overall economic health.
CME_MINI:ESM2024Long
by spytradingpro
GOLD (Continuation of Bearish Trend )Technical Analysis of Gold: Continuation of Bearish Trend with Key Levels The price maintained its bearish trend from yesterday, as indicated in our previous analysis starting from 2369, successfully hitting all our targets. The downward pressure remains intact, aiming for 2327 and 2304, provided the price continues to trade below 2354. A retest up to 2354 is possible, after which the bearish trend is expected to resume. However, if the price stabilizes above 2369 and closes a 4-hour candle above this level, it may attempt to reach 2388. Pivot Price: 2344 Resistance Levels: 2354, 2369, 2388 Support Levels: 2327, 2318, 2302 Today's anticipated trading range is between the support level at 2305 and the resistance level at 2369. Previous idea:
OANDA:XAUUSDShort
by SroshMayi
xauusd weekly reviewxauusd faced the largest one week drop in last 5 months. the exact reason for this can be elicited as many. 1) soon there will be no change in interest rate of us dollar and its decided as it is may happen by september not in june 2) strong us job data 3) lot of positive economic news from usa which powered dollar 4) in last two months xauusd was over brought and now a correction is happening in that price. 5) market manipulation. What you feel please comment us
OANDA:XAUUSD
by realmillionairefx
2
S&P 500 Falls 0.7% Amid Investor Uncertainty S&P 500 Falls 0.7% Amid Investor Uncertainty The S&P 500 OANDA:SPX500USD declined by 0.7% on a subdued Thursday as investors adjusted their portfolios amid fluctuating market sentiment. The trading session was marked by an uneasy atmosphere following the release of the Federal Reserve's latest meeting minutes, which indicated that central bankers are not in a hurry to reduce interest rates . This cautious stance from the Fed has been a key factor in supporting the recent upward trend in stocks. Technically Side: The price has declined and reached the breakout zone, indicating a potential return to the 5266 level. To continue the bearish trend, the price must break below 5266, confirmed by closing a 4-hour or 1-hour candle under this level. If this occurs, the next targets would be 5226 and 5193. Conversely, if the price closes above 5282, it would suggest a bullish trend, with the potential to reach 5307 and subsequently 5320. Pivot Line: 5282 Resistance Levels: 5305, 5325, 5350 Support Levels: 5245, 5227, 5193 Today’s expected trading range is between the support 5192 and the resistance 5320.
OANDA:SPX500USD
by SroshMayi
(SOLUSD) Crypto Market Liquidations Top $330 Million in 24 HoursCrypto Market Liquidations Top $330 Million in 24 Hours, Led by Ethereum As Bitcoin and Ethereum prices surged toward new all-time highs, short-term traders have borne the brunt of liquidations. In the past day alone, over $330 million was liquidated from the crypto market, primarily affecting short traders who anticipated a price decline. **Over 78,000 Traders Liquidated for $330 Million** Data from Coinglass reveals that the last 24 hours have been particularly harsh for crypto traders. More than 78,000 traders saw their positions liquidated, resulting in substantial losses totaling $330 million. Of this amount, 81.42%—equivalent to $268.76 million—came from short traders, while long traders accounted for $61.31 million in liquidations. Technically: The price is expected to test the support zone at 169.70 before pushing up again to reach the resistance zone at 192.72. Solana's price is likely to consolidate between 169.70 and 192.72 this week until a breakout occurs. Despite the consolidation, bullish pressure remains, aiming for 192.72 and 202.50. Long-Term Scenarios: Bullish Scenario: A breakout above 202.51 will initiate a new bullish phase, targeting 226.00 as the first bullish milestone. Bearish Scenario: Breaking below the support zone between 169.70 and 159.00 will lead to a drop towards 141.84 and potentially 126.00. Pivot Price: 179.20 Resistance Price: 192.72, 202.51, 226.42 Support Line: 169.70, 158.50, 142.50 The Movement range will be between Resistance 19272 and Support 169.70
COINBASE:SOLUSDLong
by SroshMayi
3
EURUSD (Toward 1.08030)EUR/USD: Euro Dips Near $1.08 as Traders Await Fed Minutes Despite the anticipation, analysts foresee no surprises, expecting the familiar "we're data dependent" stance from the US central bank. Fed Chair Jerome Powell has repeatedly emphasized that policymakers are closely monitoring all incoming data and are prepared to reduce interest rates if signs indicate the economy is at risk of derailing, potentially impacting businesses and consumers. Technically: The price reached the price we mentioned in the previous idea, it was the upper of the channel. Now, the price will continue the bearish trend toward 1.08030 and then should break that to get 1.0770 and 1.07070 stability above 1.0883 means will start a new bullish trend toward 1.0992, Previous Idea: Pivot Price: 1.0853 Resistance Levels: 1.0992, 1.1045, 1.1075 Support Levels: 1.0803, 1.0768, 1.0707 The price is expected to oscillate between the support at 1.08030 and the resistance at 1.0883.
Short
by SroshMayi
US30 Forecast US30 New Forecast Nasdaq and S&P 500 Futures Rise on Chip Stock Rally Following Nvidia’s Positive Revenue Forecast Futures tracking the tech-heavy Nasdaq and the benchmark S&P 500 climbed on Thursday as chip stocks rallied, bolstered by Nvidia's optimistic revenue forecast, which strengthened investor confidence in the rapid growth of artificial intelligence technology. Traders anticipate the U.S. central bank will reduce interest rates by nearly 40 basis points by year-end (FEDWATCH). Additionally, markets closely monitor economic data scheduled for release throughout the day, including weekly jobless claims, S&P Global flash PMIs, and housing figures. Technical Side: As noted in the previous chart, the price corrected to the support line at 39,540. Now, it will remain in the bullish zone as long as it trades above 39,540, targeting 39,790 and potentially 40,005. However, if it stabilizes below 39,540, the price is likely to drop to 39,360. Pivot line: 39650 Resistance Prices: 39850, 40005, 40130 Support Prices: 39360, 39070, 38790 The movement range will be between support 39360 and Resistance 40130
OANDA:US30USDLong
by SroshMayi
NAS100 FORECASTThe current forecast for OANDA:NAS100USD indicates a likely bullish trend. As long as the 4h candle opens above 18550, the index is expected to trend upwards, initially reaching 18725 and then continuing to the strong bullish target of 18805. Conversely, if the 4h candle opens below 18550, the trend will likely shift downward, first reaching 18415 and then moving to the strong bearish support at 18330. Key Levels: Bullish Line: 18675, 18725, 18805 Pivot Line: 18550 Bearish Line: 18475, 18415, 18330
OANDA:NAS100USDLong
by RojBarwari