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Current 6 HOUR CHART PROJECTION of SUPPORT and RESISTANCE6 HOUR CHART Projection I believe if BTC were really going to finish off shaking the smaller fish out, it would've perhaps fallen out of this falling wedge by now, but I could be wrong. I will have to respect what the Fib is saying too, with regard to where we are right now. Price has not been able to break back up into the Golden Pocket Fib of the last pivot. That is concerning. I'm not saying it will in fact break down, but the technicals say it may, even though falling wedges usually yield the result of breaking out and up. But I will say that price has managed to cling just above the white dashed price line of support. If we do fall from here on BTC, I believe we have a very strong level of support to catch us, which is the other white line below, around 40.5k, and 38.6k is the bottom of that range... Below are some closer views along with the more zoomed out view of the mentioned areas of support and value. Be safe out there folks!! Keep your friends close and your stop loss closer!! - CryptDude (also known as CryptDollar outside the Discord world)
by CryptDude
3
BTCUSD Healthy RetraceHey folks, Pulling the Weekly BTCUSD chart today to see where we are in this pullback and breaking news... We're still bullish! Sometimes you just need to zoom out a little bit to see the big picture. We gained an important weekly SR level when we broke the 10K level (~$9948). Generally speaking, all important levels once broken need to be tested so we can confirm the direction of the trend. We did a perfect pullback to the higher 9Ks. Many expected 9.6K to fill the infamous CME gap. But what is the CME gap exactly? I'm not very compelled by the "fill the gap" narrative and I see absolutely no reason for CME gaps to be filled all the time. Gaps are simply symptomatic of the limited trading periods that CME operates on while we have an asset trading 24/7. There is no fundamental reason why these gaps would need to be filled. With that said, I'm expecting a bit of sideways from here. Drawing a fractal using the latest swing low PA shows a possible outcome. Note however that fractals are rarely repeated 100%. If BTC manages to close the weekly above $10,450 - $10,500 this should give a solid ground for bulls to step in. The next few weeks leading to the US elections will be decisive in this market on many economical and sociological levels. Keep an eye open on the SPX and stocks market. This dump was initiated by the weakness of the traditional market after favorable employment reports came out of the US and the US Dollar started to gain strength (look at the DXY chart). We are still very much correlated to stonks so further pain in equities could tank Bitcoin price as people run for cold hard fiat money, at least temporarily. On the longer term, monetary policies are still very much bullish for high-yield assets like Gold and Bitcoin. Patience and strong hands will be rewarded. The weaks will be devoured.
COINBASE:BTCUSDLong
by crystoba
GOLD - Break & Retest Waiting for GOLD to break one of the SR zones. After breaking, we put a pending order to the outer edge of the zone. Highly recommend to use Twin Trading, for bigger potential profit. Stop Loss - I'm using max 40 pips stop loss. The most important is, to put it behind the SR zone. But it all depends on your strategy and RRR. Take Profit - Put take profit at the next potential SR zone, but as i said before, highly recommending using Twin Trading (take profit for just one order, and at the second one just moving stop loss to the profit with market). At break&retest strategy even the smallest chance for one successful Twin trading can be highly profitable.
FX:XAUUSD
by ErikHupka
Multiple Indicators, S/R, and Sentiment for EURUSD Long positionEURUSD has been consolidating the past few days. I believe it will continue to push upward for 3 reasons: 1. Support has been found at the ~1.13500 level on the 4H and Daily time frames. 2. iTrend has given reliable bullish signals since mid-February. 3. Trading View's built-in sentiment analysis is heavily bullish on the 4H and lower. This affects trader psychology greatly and I think it is a nice form of minor confirmation. I rely on the iTrend on high timeframes to determine overall direction. I then use the Laguerre RSI & Fisher Stochastic Center of Gravity for successful entry points. I'm hoping to enter around 1.1379 (red dotted line) and ride out ~70 pips profit.
by DasanC
2nd chance entries (CL)Deeper look @ breakout setups. Blindly selling Lows or buying Highs is a recipe for disaster in the long run. But the right kind of buildup can legitimize a breakout (BO) entry. When a breakout failure (BOF) does NOT immediately make a strong move in the other direction, you've got to ask yourself -- has the power balance really shifted? If not, it could just be another example of pressure building in the original BO direction. ** Also, take a look at the breakout entry at B (no buildup) vs D (buildup). Especially relevant for a coiling market like crude oil.
NYMEX:CL1!Short
by structuredtrader
A+ Setup: The best kind of build up This is the sort of setup that will make your week, month, or even your year. You know when you just "know" a setup is going to work? Well, I'd like to stop "just knowing" and actually define this. Because this is the sort of thing, if you traded exclusively, you'd have ridiculous W% and R stats, and crazy growth. Here's why this setup is GRADE A+: There's an overall, big picture bias. In this case, the D1 looks very heavy. There's nothing that happens premarket to challenge that idea. Instead, the premarket action helps strengthen the bias. In this case, it's a wedge against the level we're looking at. Price has floated down to a level that's been tested twice and never really altered. AT THE OPEN...Price forms a clear range within the 1m range. Price breaks out up (against our bias), but quickly traps longs and closes back down into the rage and quickly collapses. That's SUCH a significant trap that it breaks past the low of premarket (the most important level) and straight to low of prior session. Prior lows COULD have been a great level for longs. BUT, as soon as the prior session lows were accepted, price was only going one way (and not chopping). It's really a fantastic setup. Study it, use it.
CME_MINI:NQ1!
by structuredtrader
NQ testing important resistance NQ1!See chart for summary. I don't think the market has topped here, but I do think there's an opportunity for short term shorts to nail a momentum move down AFTER a fail at the zone. I included the EMA's here because they provide a good visual tool...a pullback to the 25 EMA + zone + price action fail....that's essentially what I'm looking for. Ideally I'd like to see it developing on the H1 and execute on the 5m tomorrow. That's very specific, and like I said before, I've been burned by the NQ many times on technical setups. This is a algo heavy instrument that's perfected the art of the fakeout + trap. If I'm completely wrong and price busts up through the level, this is still a chart worth studying. Why? Two reasons: 1. Momentum will come into the market here. First step in good trading is to identify when/where opportunities will present themselves. 2. The second step is knowing which direction to pick. I'm a discretionary technical trader...and if I'm clearly trapped, it's a chance to study how the NQ will set up attractively to one side and then slam the other way at the last minute. Either way, watch for the move that's coming.
CME_MINI:NQ1!Short
by structuredtrader
USDCAD idea update - why you must get your entry rightHere's another example of the larger time frame providing plenty of chances on the lower time frame. A healthy breakout is one with buildup against the level under attack. If we keep probing/failing....and STILL attacking the level from closer and closer, you know where the pressure is. I'm sure you already use variable size to consistently risk the same % of your account per trade. i.e. keeping risk the same whether you're accounting for 10, 20, or 30 ticks/pips. I'd suggest adding another filter - standardizing the SIZE of your stops. By that I mean if you're taking trades with stops between 10-30 ticks/pips, that's fine. But what if another move suggests a stop of 100 pips/ticks? Can you expect the same R out of the move? Are you actually just chasing price? This filter will get you to be more disciplined about your entries, keeping them tight and decisive. This move was already extended. But the level was attractive enough I expected a healthy push at least to the levels I marked out. This is very different to trying to get in with a young, strong trend. You've got to recognize what you're trying to get out of the move and how the market is likely to react at SPECIFIC points.
Education
by structuredtrader