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Confluence

LUNA offers 60% upside and 50% downsideHear me out. LUNA is at an inflection point and with the crypto market not showing any signs of strength right now, it's hard to be a bull. One must be open to 2 opposing scenarios and have a plan for both directions. The Bull case: - LUNA is holding its 200 day MA. - We have a nice 5 wave pattern on the downside. - We've made a 786 retracement (and more) off the move from $35 to the ATH. - Upcoming MACD crossover on the Daily - RSI oversold on the Daily - Willy oversold on the Daily - Even if you are a Bear (I am a Bear), a relief rally based on pure technicals is most likely. The Bear case: - BTC has room for downside - it can still go as low as 20k support which many are calling for. - LUNA has had FUD news as of late (I tend to be a chart purist but you can't ignore this one) - there are some major concerns around the staking and returns for LUNA / TERRA in the down market. This could lead to a panic selloff. - We haven't quite touched the 618 retracement, and the chart leaves much room to what would be a major support level around $22. - The 786 retracement lines up with the $22 range noted. - The 1.618 extension of the bear move from the top lines up on top of that 786 retracement. One cannot ignore confluence. My hypothesis: - We have a chance to rally to $90, before correcting all the way to $22. Be very careful out there!! What am I doing?: - I've entered a LUNA long, which I already sold and made profit on, and I'm currently filling up another LUNA long. STOP IS TIGHT! Just under the recent low below $46.50. I am trading on margin so cannot afford to put my stop below the low of $43. That's just personal discretion and being willing to re assess if I should re-enter if the stop hits. Taking profits earlier helps me a lot if a stop hits to minimize or even eliminate my downside risk.
Long
by Shadowfigure
20+ pips bagged, more projected moves below.Price is likely to come all the way down to hit 1.34500/1.34400 then bullish all the way to the next psychological level @1.3550. This projected move has a very high probability of occuring so watch out. Don't buy just yet, our bearish move isn't quite complete yet because at the moment. price in H1 got stuck in the 200EMA and it's gathering volume to break that level hence the consolidation. Hopefully Jolts Job openings provide the necessary volume we need to make this analysis happen. We have another strong pattern that supports this analysis and as you can clearly see on the chart. It's our favourite pattern the inverse Head and Shoulders pattern. We're waiting for our Last shoulder to form before taking those buys💯.
Long
by LaBOSS_FX
Get ready to short GBPUSDHello everyone !. This signal meets all shorting requirements except the "M" pattern that will definitely form once price hits the flipping zone which is also a confluence and price will therefore be touching the trendline for the third consecutive time. The DXY has been bearish which has been taking the price of GBPUSD to previous highs and once the news for Jolts job openings Is out, DXY will bounce back to it's monthly high and send GBPUSD and subsequent XXXUSD pairs back down. Once fundamentals come out and supports our analysis,please go all in using proper risk management but we have an incredibly bearish bias on GBPUSD. Price should head back down to it's 1.34400 region before any more major move !.
Short
by LaBOSS_FX
2
USDCAD [D] Technical Analysis & Top-Down [BUY] Good Evening People... I am FX_HOLE and this is my first published analysis - I have been trading for around 2 years now. Today, I will be providing a brief Technical Analysis for the USDCAD I will begin with a ' Top-Down ' Analysis ... As you can see from the Weekly Timeframe, I have identified a range that has been in place since mid 2015 Over this period of time, we can see that price has tested the resistance and support on a number of occasions Most recently [ July '21 ] - The support of the range has been tested and following this the market bounced and has been forming higher-highs/lows ever since Bringing us to today and the section of the chart I will look at more closely on the daily timeframe Moving on to the Daily Timeframe... Using the idea from the Weekly Timeframe of the Higher Highs/Lows - It has been possible to identify an Ascending Wedge Pattern Upon marking out the wedge pattern, we can see that price has approached the support of the wedge and rejected a further move below Furthermore, there is additional horizontal support - This providing added confluence to any trade set-up [ @1.2500 ] Finally, upon todays market close, we can see that the Bullish Pin Bar has been formed - Again, providing further confluence to the trade set-up So, personally I have set a Buy-Order @50% FIB retracement of the Pin Bar Additionally, I have marked out initial Profit Targets which are a little adventurous Although, I may be looking to scale in if we reach my initial target @1.260 NEWS/DATA - There are some orange USD Data Releases coming up tomorrow, but hopefully the order will be triggered throughout the Asian session and make a little progress. This will be monitored... Well that's all for today folks - Thanks for tuning in Enjoy!
Long
by fxhole_
GOLD on a potential bull move 🦐GOLD on the daily chart is testing a resistance level at the 1830 area with last week's candle closure that shows some bullish price action on the metal compartment. Silver and Platinum moved higher too and the gold correction phase could be to an end. The price in fact is moving into a weekly descending channel starting from the all-time highs above 2000 reached in August 2020. How can we approach this scenario? The bull pressure on the confluence zone between the descending trendline (red) and the daily resistance (blue) can increase during this week and a break above that area will be a sign of strength. We will monitor the price after the break and consider a long order if our Academy rules will be satisfied. --–– Follow the Shrimp 🦐 Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure. ⚫️ Black structure -> <4h structure. Here is the Plancton0618 technical analysis , please comment below if you have any questions. The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger
OANDA:XAUUSDLong
by InkyGrip
9
Use proper risk managementStop loss - @1.12530 Take profit - @1.1350 Entry - @1.9.9.1.x.x.x.1.3.0.4 This is a pretty straight forward trade but straightforward hasn't really been the strong suit of prices lately due to inflation but fundamentals support this trade so we'll see. Reason for this trade 1. Strong fundamentals. 2. Strong confluences (trendline, H4 support). 3. The action price is currently taking in M15 is kind of a rejection of the trendline. 4. Inverse head and shoulders pattern forming, it's remaining the last shoulder which should take price to our target. All I'm waiting for now is a "W" pattern and divergence in M15 and hopefully in H1 as well !.
Long
by LaBOSS_FX
2
I grab liquidities for a living lolololDivergence is no joke at all...I spotted divergence in M5 and I had sell positions stacked just above the 34600 level and I saw telegram message from a group that called buys, they went all in, I mean like all in and once there was enough volume in the market, price started selling and voila, it hit my target however little it was and for that group, I believe it hit their stop losses 🛑 and that was that !. Learn to trade divergences, learn to spot it at overbought and oversold levels in any of your technical indicators, it will be very helpful when making trading decisions !.
U
by LaBOSS_FX
GBPJPY [GJ] - DOUBLE-TOP @CONFLUENCE OF BEARISH TRENDLINE Back again people... Its a busy day :I This afternoon I have been looking @ GJ As always, I will kick us off with a Top-Down Analysis I have identified a Bearish Trendline that is respected on both the Monthly & Weekly Timeframe If we look at the Weekly - We can see that there is a Horizontal Resistance that meets the Bearish Trendline @158.00 [ Nice bit of Confluence there ] Furthermore and prior to this coming together, the market has tested the Horizontal Resistance and then fell away This then returning to the level @158.00 and forming a Double-Top At this point I am considering Shorts Moving on to the Daily timeframe ... If we look on the Daily - We can see that the Double-Top is respected at the confluence of the aforementioned levels @158.00 Furthermore, I have marked out a Bullish Trendline - Currently, the market is heading south towards this S upport So, Initial thoughts are - If price breaks below the confluence of both the Support of the Bullish Trendline & Horizontal Level @158.38 - I will the looking for Sells upon a Retest of this confluence as new Resistance Also, if this materialises - We should still look further south for a further drop at the neckline of the Double-Top @149.2 zone - Which would be nice, yeah? Alternatively, a Breakout above the Double-Top may present Long opportunities Will keep my eye on this and provide updates as and when required Thanks for tuning in people - Peace Out!
by fxhole_
AUDUSD - DESCENDING PARALLEL CHANNEL Good Afternoon People... Today, I will be providing Technical Analysis for the AUDUSD To begin I would like to provide a brief 'Top-Down' from the Monthly through to the H4 Although, being new to TradingView It is not possible for me to provide the necessary chart images for all the timeframes utilised. Currently, I am only permitted to provide 1 chart image - Therefore, I will provide the Daily as I execute the majority of trades on this timeframe. So, I am afraid you will have to use your imagination for the other timeframes - Unless you message me and I would be more than happy to provide :) Now that's out the way - Lets get stuck in... Looking at the Monthly Timeframe, I have marked out a Bearish Trendline - This connects the 2 highs This particular Trendline is also respected on the Weekly Timeframe Moving on to the Weekly - I have identified a Double-Top What is quite compelling is that, this Double-Top met with the aforementioned Bearish Trendline and Horizontal Resistance Now that's the type of confluence us traders are looking for right? So, yeah - We have that, and the AUDUSD dropped in style - Printing Lower Lows/Highs for several weeks Furthermore, we can see that price pushed through the 0.726 support zone and last week returned to the zone and rested with as Pin-Bar With this bearish connotation in mind - I moved down to the Daily Timeframe and began to look for selling opportunities Instantly, I identified a Descending Channel Following this, I marked out additional S&R - identifying the confluence of the support @0.699 Price has recently bounced from this and began heading north This being marked out as an Ascending Channel/Bear Flag - Which is also respected on the H4 Now this is where it becomes interesting and may I say exciting .... For me - I have my eyes on the confluence of the multiple resistance at work @1.7316 [ Resistance of Horizontal Level, Descending Channel, Ascending Channel and not to forget the Weekly Pin ] This is where I will be looking for short opportunities in the near future... Alternatively - If price breaks down below the Ascending Channel/Bear Flag Support - I will still be looking for price to return to the confluence @1.7316 zone Well that's about it for this one guys - I will be providing updates And, if you need the Monthly, Weekly & H4 timeframe images - Let me know or just leave a comment for them and ill see what I can do Thanks for tuning in - Its been a pleasure
Short
by fxhole_
2
My new favorite pair !.All EURJPY asks of you is that you be patient with its price because once it hits major supply and demand zones or as you know them, support and resistance but in this case, we are dealing with support !. Hop on this sweet 50 pips buy trade with me, i have been monitoring it since yesterday and it just hit my zone, i have been scalping 10-20 pips off of it because it hasn't started its major buy move yet but since it's already in it's zone, you can start buying to 131.30 or thereabout.
Long
by LaBOSS_FX
3