This is a possible head and shoulder pattern, one neckline is broken and price is creating another shoulder aka pullback before heading down in a reversal after price attempted to push up.
EURUSD Dollar looks like it may be ready to bounce after a significant bearish trend. And so I have been looking for a suitable currency pair. Euro is printing a long wick; it looks good on the 2D chart that I will post below ⤵️. But up on high time frame, I thought it was interesting to notice that the impulsive uptrend since January appears to be topping slightly higher than the previous trading range spanning back to 2023. Whenever I see whipsaw at a slightly higher high, I am always thinking it may be a liquidity sweep as part of a Wyckoff Distribution. Here it gets interesting ?... Because the move up was impulsive, but yet it has is printing potential topping candles at a slightly high high. This suggests that this impulse wave may actually be a blow of 3rd wave as part of a 3 wave correction. This blow off 3rd wave does not appear in any textbooks that I am aware of but I have seen this pattern in various contexts. And it can be quite a useful one to be aware of because if it is a 3 wave completion, then potentially the dominant trend may re-assert to the downside. If correct then this could be a great long term hold; down and down below the current ATL. With this in mind, I have taken a fib extension from the lows... And surprise surprise; the current wicked candles are printing tidily within the 1:0.618 Golden Window; captured nicely just shy of the 0.786 overshoot ratio. If you've done the Fibonacci homework, then you'll know that this is a weak ratio band and exactly the ratio area we would want to see topping action print within for the purpose of looking for a bearish trade setup. So okay, we have - Whipsawing candles, often seen at high time frame pivots. - Slightly higher high as part of a 3 wave 1:0.618 GW correction. - Impulsive 3rd wave suggesting it is a blow off wave which could lead to significant downside. With all this in mind, I have then looked back in the chart to take a high time frame Fib Retracement from the last major high - which was back in 2018 down to ATL which is the foot of the 3 wave correction. Again, surprise surprise; the whipsawing action appears to be printing a high time frame retracement Golden Window failure. This is a likely ratio area for rejection and further adds confluence to this bearish idea. Then in low time frame, the impulse wave completes a 1:1 upside correction; a tidy ratio for wave completion. ... In lower time frame there are 2 upper wicked candles printing a slightly higher high. So again we have Wyckoff distributive structure signalling that this is a top ?. https://www.tradingview.com/x/0ZwBWs7U/ So we'll see how it develops. I entered a short position here. Not advice
Bitcoin is now trading within my equilibrium zone. This will be one to watch for clues about the broader market, as it's currently leading the way. Good luck, and always use a stop-loss!
The area between 0.8410 and 0.8330 has been a solid support but recently broke (to the downside). Price has been pulling back for a re-test and I believe that next week we may see a bearish continuation. Price will also come closer to the 20ema that I rely on as a guide. I will be watching this area on a lower time frame, looking for bearish price action to go short. If bearish price action does resume, we are likely to see the round number 0.8000 be achieved. This is not a trade recommendation; it’s merely my own analysis. Trading carries a high level of risk, so only trade with money you can afford to lose and carefully manage your capital and risk. If you like my idea, please give a “boost” and follow me to get even more. Please comment and share your thoughts too!! It’s not whether you are right or wrong, but how much money you make when you are right and how much you lose when you are wrong – George Soros
XLM, which has historically traded closely with XRP, will be one of the big winners during the upcoming breakout in May—potentially continuing into June, July, and even August. Good luck, and always use a stop-loss!
"Daily Bias" is one of the most asked questions by traders! You’ve probably heard someone say: “If only I knew where the candle would expand, I’d be rich!” Well, today I’m sharing a framework that can help you start answering that exact question. ??♂️Walk with me as we break down the ES Futures Daily Candle for April 24, 2024. By the end of this video, you'll have a solid starting point to study and apply this method— #OneCandlestickAtATime
Nations may be lining up to kiss Trump's a??? but SPX has come to kiss a confluence of trendline resistance as well as POC Also markets we approaching month end. You only need to look at the past month ends and see what happens to the price, yes they tend to reverse very often if not always, specially if the prices are below 200 ema as it is now. I would be watching how the market behaves next week. Soft economic data are pointing to weaker economy and the underlying problem of highly leveraged Hedge Funds remain. I wonder if they begin to deleverage some more at this level. Any future decline would be a good entry point
Hedera's technology is leaps and bounds ahead of nearly every other crypto in the space, both in terms of current capabilities and future potential. If you own crypto, you'd be crazy, in my opinion, not to hold HBAR. Good luck, and always use a stop-loss!
XCN is a speculative play, and in my opinion, speculative plays should never exceed more than 15% of your overall portfolio, as they can be very risky. That said, as far as speculative plays go, XCN is my top spec pick. Good luck, and always use a stop-loss!
Market reversal, probably, market selloff pausing.. confirmation regarding our trading strategies is what we need, a great time to catch up SOXL again because the semiconductor sector was punished!! Stay safe, Sebastian.