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Trendfollowing

S&P Bounces After PullbackThe S&P 500 ended last week with a big bearish candle. The Dow Jones 30 also closed bearish with a gap-down candle. Price action today was important to give us an idea where price may be heading next. If we continued to see bearish moves today, then that would have indicated the potential end of the trend. But Monday and Tuesday so far have seen a nice reversal with bullish moves. We now need to see bullish momentum through the rest of the week. The bounce came at the 50 simple moving average and price even closed above the 20 simple moving average. Price is not too far away from the all-time high, which lies at $4257, and we could see a breakout this week if the momentum continues. Following a breakout of the high, we want to see the trend go on to the end of the year. This will allow our portfolio to increase in profit and give us many opportunities to compound and maximise our profits further. See below for more information on our trading techniques. As always, keep it simple, keep it Sublime.
SP:SPXLong
by Sublime_Trading
Palladium Bounces After Free FallFollowing the free fall we witnessed in Palladium last week, price has appeared to have found some form of support just above the 50 simple moving average. Price does tend to hit the 50 simple moving average, so if we see further declines, we may see price tag this indicator before seeing a continuation to the upside. In April this year, price had finally broken out of the 14 month-long period of consolidation but then struggled to remain above the consolidation resistance level at $2875. With price back inside the consolidation zone, we need to see another breakout but this time above the new all-time high at $3017. This would also mean a breakout above the $3000 round number. Overall, price is creating higher lows, but as price is still in the consolidation zone, its behaviour may be unpredictable, which is why we wait for breakouts to confirm trend continuations. See below for more information on our trading techniques. As always, keep it simple, keep it Sublime.
TVC:PALLADIUM
by Sublime_Trading
1
GBPUSD kick-starts the key week on a bearish noteGBPUSD remains pressured around mid-April lows, down for the fifth consecutive day, amid early Monday. Although oversold RSI conditions recently probe the cable bears, a clear downside break of 100-day SMA and an ascending support line, now resistance, from January 18 favor the pair bears. Hence, a horizontal area comprising March-April lows surrounding 1.3670 remains on the traders’ radar before directing the sellers toward 61.8% Fibonacci retracement of December-June upside near 1.3560. It’s worth observing that the lows marked during mid-February and early March, close to 1.3775, can act as immediate support. Meanwhile, corrective pullback needs validation from the previous support line from early 2021 around 1.3855 to challenge the 100-day SMA level of 1.3940. During the quote’s run-up beyond 1.3940, the 1.4000-4010 area and multiple levels around 1.4085 can test the GBPUSD bulls. It should, however, be noted that the bullish impulse remains challenged until the quote refreshes the yearly high beyond 1.4248 on a daily closing basis.
Short
by MTradingGlobal
GBPUSD 💵💵💵😊💵💵💵🅶🅷🅾🆂🆃 _ 🆃🆁🅰🅳🅴🆁 _ 🆂🅰 Guys, I'm hoping everyone is doing well and printing a lot of pips 💵💵💵😊💵💵💵 during this bear move... This (wave(2)) invalidation level will point us to the right direction, but for now, please, make sure you validate this level before placing any trade. If BULLS proved to have completed the (1,2,3,4,5) pattern, then we may see BEARS be InControl all the way to (1.28258) , (1.24896) , (1.20736) or for worse scenario all the way to (1.18172) But if wave(2) invalidation level is never broken by these BEARS then we may see more Upward momentum as BULLS will have to take control to complete the pattern. Please, make sure you validate this pattern before placing any trades. I wish you all the best.... 💵💵💵😊💵💵💵
by Ghost_Trader_SA
GBPUSD 💵💵💵😊💵💵💵🅶🅷🅾🆂🆃 _ 🆃🆁🅰🅳🅴🆁 _ 🆂🅰 Guys, I'm hoping everyone is doing well and printing a lot of pips 💵💵💵😊💵💵💵 during this bear move... I have re-analyze the chart guys, It looks like wave(5) of wave(3) of wave (1,2,3,4,5) has completed , we were not expecting it to short cut itself this way but history repeat itself, So far it may prove to be valid. So for now, If these BEARS prove to be InControl , we may see cable correcting all the way to 1.34160 and for worse scenario till 1.31453 . Other scenario, we might be correcting for wave (2) of (1,2,3,4,5) of (5) of (3) .... If all this failed, then we are in a different pattern all together .. Please, make sure you validate the pattern before you place any trade... Will share the latest chart very soon.. I wish you all the best💵💵💵😊💵💵💵
by Ghost_Trader_SA
EURUSD bounce off key Fibo. but bears remain hopefulEURUSD fades bounce off 61.8% Fibonacci retracement of November 2020 to January 2021 upside amid fresh selling pressure witnessed ruing early Friday. However, oversold RSI conditions test the quote’s further selling below the key Fibo. level surrounding 1.1885. In a case where the bears dominate past 1.1885, the early March’s low near 1.1835 and the 1.1800 round figure could entertain them ahead of an upward sloping support line from September 2021 near 1.1740. Meanwhile, recovery moves need to cross the 200-DMA level of 1.1990, also the 1.2000 psychological magnet, to restore the upside momentum targeting the 1.2100 threshold. During the run-up, the mid-May low near 1.2050 can act as an intermediate halt. It should, however, be noted that the quote’s run-up beyond 1.2100 will battle the 1.2160 and the 1.2210 resistances before chasing the 1.2265-70 key hurdle to the north. Overall, EURUSD remains bearish following the clear downside break of the important moving average but short-term pullbacks can’t be ruled out.
Short
by MTradingGlobal
Palladium Down 9%Palladium is currently taking a dive, and something similar is happening with Gold and Silver right now. The news is likely fueling this and the decline could be short-lived. In April of this year, price had broken out and created a new record high at $3017, hitting the $3000 round number. This psychological level of resistance created an obstacle for price and forced price down. This week, we see a strong bearish move with the next level of support based on this timeframe being the 50 simple moving average. Price has used this indicator as support several times in this stock’s history, so this is the obvious level that price may gravitate towards. Palladium has been making good progress since the 47% decline during the 2020 global pandemic, and this is just another bump in the road that price will need to navigate around. Patience for now as we wait to see how far price will drop and what price will decide to do once it finds support. See below for more information on our trading techniques. As always, keep it simple, keep it Sublime.
TVC:PALLADIUMLong
by Sublime_Trading
3
Nasdaq Making A Break!The Nasdaq 100 was leading the way and trending stronger than the other main two US indices, the S&P 500 and the Dow Jones 30, during the pandemic last year and looks to be leading the way once again. This week we saw price break above the previous all-time high at $14073 but price has since retreated back below this level. If the week closes above $14073 then we should see further moves to the upside. There is a battle going on right now between the buyers and the sellers this week, as we can see an indecision candle, but one will eventually come out on top. The weekly 50 simple moving average has been used as support in the past, the last contact was made in April 2020, so if we are due another pullback, then price may come down to this indicator to find support again. Nasdaq has been in a bull trend since 2009, but has been moving sideways since February this year. Once the momentum picks up again, we should see price clear resistance and continue the bull trend. See below for more information on our trading techniques. As always, keep it simple, keep it Sublime.
TVC:NDQLong
by Sublime_Trading
Gold stays on the road to 200-DMA support ahead of FOMCGold struggles for a clear direction, after a three-day south-run, during early Wednesday. Even so, the yellow metal stays on the bears’ radar while keeping the downside break of a 2.5-month-old support line, now resistance, around $1,860 by the press time. Hence, sellers are directed towards 200-day SMA (DMA) level near $1,840 during further downside. However, any more weakness past $1,840 depends upon today’s US Federal Open Market Committee (FOMC) announcements. Among them, a direct hint of tapering and/or rate hikes could be considered detrimental to gold prices. On the contrary, a positive surprise from the Fed Chairman Jerome Powell & Company will help the quote portray a corrective pullback towards crossing the previous support line near $1,885. Though, gold bulls aren’t likely to be convinced until the quote stays below the yearly resistance line, around $1,908. In a case wherein gold prices offer a daily close beyond $1,908, a run-up to refresh yearly high near $1,960 can’t be ruled out.
OANDA:XAUUSDShort
by MTradingGlobal
AUDUSD stays directed towards 2.5-month-old support lineAlthough AUDUSD keeps Monday’s recovery moves around 0.7700, the pair bulls have a bumpy road ahead. That said, a 100-day SMA level of 0.7725 and a monthly falling trend line near 0.7760 probes the short-term recovery moves amid sluggish MACD. It should also be noted that an absence of directional signals from the RSI also challenges the pair’s corrective bounce inside a symmetrical triangle formation between 0.7760 and 0.7660. While the absence of bullish signals isn’t enough to back bears, the market’s anxiety ahead of tomorrow’s US Federal Reserve (Fed) meeting adds to the sellers’ favor. However, a clear downside below an ascending support line from April 01, near 0.7660, becomes necessary for the AUDUSD bears to retake controls. Following that, the monthly low near 0.7645 and the mid-April bottom surrounding 0.7585 should gain the market’s attention.
Short
by MTradingGlobal
Hands up anyone else on EURUSD longs? 🙋‍♂️🙌The USD weakeness is being picked up by out script. EURUSD long is now in full swing. Entry details are shown on the chart. We're only looking for TP3. Trade history can be seen below this trade idea too for full transparency. ------------------------------------------ I try and share as many ideas as I can as and when I have time. My trades are automated so I am not sat in front of a screen daily. Jumping on random trade ideas 'willy-nilly' on Trading View trying to find that one trade that you can retire from is not a sustainable way to trade. You might get lucky, but it will always end one way. ------------------------------------------ Please hit the 👍 LIKE button if you like my ideas🙏 Also follow my profile, then you will receive a notification whenever I post a trading idea - so you don't miss them. 🙌 No one likes missing out, do they? Also, see my 'related ideas' below to see more just like this. The stats for this pair are shown below too. Thank you. Darren
Long
by pow_removetheguesswork
1
S&P 500 - 9 Points Till Breakout!In the previous post on the S&P 500, price appeared to be moving fast towards the all-time high at $4238, but it has taken longer than expected to get there. The pullback has turned into consolidation but used the 20 simple moving average as support, which did help price move higher towards the end of last week. The monthly candle for May closed with an indecision candle, suggesting a potential reversal/pullback, but price is looking strong so far this month. The fact that rice pulled back last week and bounced off the 20sma gives us the confidence that the uptrend is likely to continue, but a break and close above the all-time high will confirm this. Friday’s candle closed with a solid bullish candle and price is now just 9 points away from breaking out. If the bullish momentum flows into next week, then we should get that breakout we are waiting for. See below for more information on our trading techniques. As always, keep it simple, keep it Sublime.
SP:SPXLong
by Sublime_Trading
EURCHF - Purple War Zones!Hello everyone, if you like the idea, do not forget to support with a like and follow. EURCHF rejected our lower red trendline. However, it is still overall bearish trading inside the red channel, so we will be looking for Trend-Following Sell Setups. As per my trading style/plan; Here are the two strong zones where I will be looking for high probability buy setups: I call them War Zones, (highlighted in Purple circles) Zone 1: (around 1.10) This highlighted purple circle is a strong area to look for sell setups as it is the intersection of the green resistance and upper red trendline. (acting as non-horizontal resistance) Zone 2: (around 1.088) This highlighted purple circle is a strong area to look for buy setups as it is the intersection of the blue support and lower red trendline. (acting as non-horizontal support) As per my trading style: As EURCHF approaches one of the purple circles, I will be looking for reversal setups (like a double bottom/top pattern, trendline break, and so on...) Always follow your trading plan regarding entry, risk management, and trade management. Good luck! All Strategies Are Good; If Managed Properly! ~Rich
by TheSignalyst
21
Microsoft Forming A Textbook TrendMicrosoft is following a pattern of trend then pullback/consolidation followed by trend and so on. Although the pullbacks and consolidation zones do last a few weeks, this stock is a consistent mover, and just requires patience if a position is held. At the moment, we are seeing a trend in play, forming higher highs and higher lows with price now making its way towards the all-time high at $263. The 50 simple moving average is below and should act as support if we experience a deep pullback. The last time price made contact with this indicator was back in March of this year. The fact that price has not hit it since demonstrates how smooth the current bullish move is. Microsoft has formed strong linear trends in the past and although the current move is not linear, we could see momentum pick up and form another nice move. The $300 round number is above and is the next level of resistance as this is a psychological level. We are now in a waiting game as price approaches resistance. See below for more information on our trading techniques. As always, keep it simple, keep it Sublime.
NASDAQ:MSFTLong
by Sublime_Trading
Will the S&P Break Out This Week?The S&P 500 is progressing well and after bouncing off the 50 simple moving average last week. The 20 simple moving average appeared to be acting as temporary support, but today we can see price is above this indicator. As mentioned in previous posts, we have support levels in the form of the 20 and the 50 simple moving averages and the $4000 round number, which is a psychological support zone. This recent pullback does appear to be a mini period of consolidation, but this should not matter as long as the trend continues. We are now waiting for a break and close above the current all-time high at $4238, which was created on May 7th, a few days ago. A close above this level will confirm the buyers are in command and should be set to push price higher. As long as the moving averages continue to act as a ladder, helping price climb to the upside, we should see record highs continuing to be made through the rest of the year. See below for more information on our trading techniques. As always, keep it simple, keep it Sublime.
SP:SPXLong
by Sublime_Trading