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📈Analysis for Potential Long and Short Positions in ENS✨🔍Today's market position offers a pivotal moment, potentially setting the trajectory for the next 2-3 months. Following a minor downturn yesterday, altcoins have once again approached the lower end of the trading range. This juncture demands vigilance, especially considering potential short positions upon breaking support levels to avoid missing out on market movements. 🔄Bitcoin has activated its trigger yesterday, signaling market activity. Therefore, I've identified ENS (Ethereum Name Service) as a coin still holding its support. ENS allows users to convert Ethereum addresses into unique NFTs, simplifying transactions. Feel free to send any funds to my address parham96.eth; it's my pleasure to receive them! ✅Utilizing price action analysis with a classical approach, focusing on breakout patterns, I've conducted an analysis on ENS. 💎A Fibonacci retracement from the previous downturn indicates a correction to 61.8%, suggesting diminished downward momentum. A range box has formed between 0.618 and 0.236 Fibonacci levels, with a ceiling at 16.8 and a floor at 14. This range has tested the 0.5 level twice, forming a Head and Shoulders pattern with neckline support at 14 and a potential first target at 12.45. During range-bound trading, closing positions at risk-to-reward ratios of 2 or 3 is advisable, building a foundation for risk-taking in future trends. Confirmation of trend reversal can be sought through RSI, with a break below 31.47 signaling potential significant price movements. For long positions, a risky scalp entry can be considered upon breaking 14.39, with risk-to-reward ratios emphasizing conservative targets. RSI confirmation below 42.63 can further validate the signal. 📈For long positions, entry confirmation is contingent on increasing buying volume, ensuring logical market participation. 🛒If ENS appears promising to you, please leave a comment for analysis feedback. Moreover, if there's considerable demand for spot buying analysis, I'll provide daily or weekly timeframe analysis for your convenience. ⚡️This analysis aims to equip traders with insights for potential positions, emphasizing risk management and strategic entry points in ENS trading. 🧠💼It's important to acknowledge the inherent risks in futures trading, with the potential for margin calls if risk management is neglected. Always adhere to strict capital management principles and utilize stop-loss orders, ensuring that the initial target offers a risk-to-reward ratio of 2
by itsparham96
USDCAD| Bullish channel with target at 1.3480 USDCAD Analysis Canadian Dollar Weakness: The CAD is facing downward pressure against major currencies, primarily due to the decline in the crude oil market. This is a significant factor, as the Canadian economy is closely linked to oil prices. Impact of Economic Data: Upcoming Canadian data releases, such as the International Merchandise Trade Balance and Building Permits, are expected to show declining figures. A decrease in the Trade Balance and a slight drop in Building Permits are anticipated. These data could further influence the strength of the CAD. Oil Market Dynamics: With Saudi Arabia reducing prices for Asian partners and the continuous production cuts by OPEC being offset by reduced demand, particularly from China, there is a direct impact on the Canadian economy. Additionally, high US Crude Oil production challenges the expected global undersupply. US Economic Indicators: The recent US Nonfarm Payrolls report and the expectations for the upcoming US Consumer Price Index (CPI) are also influencing the pair. Strong US employment data and the slightly anticipated increase in CPI could support the USD, suggesting a less likely scenario of immediate Fed rate cuts. USD/CAD Pair Movement: Despite these factors, the USD/CAD pair has shown limited movement, staying within the previous trading range and displaying a slight upward trend in the Asian session. It remains above the mid-1.3300s, indicating a potential continuation of its recent recovery from a low.
Short
by EdgeTradingJourney
Gold analysis of September 2022 TF DayRegarding my previous chart analysis on 11 Aug 2022, gold perfectly confirmed wave C . Gold at the current level of 1696 (strong support in the lower purple box) is going to choose its direction again. For SHORT side Gold is expected to break 1680 for completing wave C. So, there is more room for a down move in the gold price before its reversal trend. Short-term trading Sell 1698-1700 TP 1689/1685/1680 SL set according to your margin Next week's target (medium-term) is around 1645 Next week's target (long-term ) is approximately 1570-1563 For LONG side If gold cannot break 1680, it could rebound at this solid support. Probably see a double bottom at this level. Good luck!!
BLACKBULL:XAUUSD
by ThiMars
EURJPY 1hour Analysis May 22nd, 2022EURJPY Neutral Idea Weekly Trend: Bullish Daily Trend: Bearish 4hour Trend: Bearish Trade scenario 1: Looking very bearish overall here on EJ as well but we are bouncing a bit between 135.500 and 134.500. The most likely scenario is price action falling to 134.500 before we see any further reactions. Look for structure below 134.500 to continue shorting. Trade scenario 2: For us to consider EJ bullish we need a higher low above 135.500 with strong bullish setups to enter long on.
by ForexLeague
DXY (USD Index) 4hour Analysis April 3rd, 2022 DXY Bullish Idea Weekly Trend: Bullish Daily Trend: Bullish 4Hour Trend: Bullish Trade scenario 1: Technically all timeframes are looking bullish, however, we can see a large 4hour range between 99.250 resistance & 97.850 support. The most likely scenario is that price action continues toward 99.250 resistance before seeing any sort of reaction. Trade scenario 2: For us to consider DXY bearish we would need to see a break below 97.850 support with a lower high below.
TVC:DXYLong
by ForexLeague
AUDCAD SIMPLE PRICE ACTION TECHNIQUE Principles of Professional Speculation" written by Victor Sperandeo (Trader Vic ), analyses one of the powerful topBottom reversal techniques. Trader Vic describes this technique, "In an uptrend, if prices penetrate the previous high, but fail to carry through and immediately drop below the previous high, the trend is apt to reverse. " The converse is true for a down trend. This pattern is also called "spring." The 2B setup looks like a micro "M" pattern and signals trend reversal when prices stop making higher-highs in an uptrend. The 2B pattern rule is when prices make a new high or new low; they pull back for a healthy retracement. After retracement, the price tries to re-test the new high or new low. When this test of new high or new low fails, and it does not maintain the prices above the new high or low, it signals a potential trend reversal. This setup is very powerful and signals the beginning of a correction. Trade: The market attempts to test a recent new high or low, but does not hold the prices above this range. Trades are entered to sell the low of the bar trying to breakout or buy the high of the bar trying to breakdown. Target: The target is usually the "swing low" prior to the new high for 2B Buy setup or "swing high" prior to the new low for 2B Sell setup. Stop: Protect your "long" trade entry by placing a "stop" below the recent low and protect the "short" trade entry by placing a "stop" above the recent high.
by TradeChartPatternsLikeThePros
9 point confluence - EURGBP shortHello friends, This is a short prediction for EURGBP. 1. The price is in a downtrend. The price is also reacting to 200 SMMA which usually provides strong resistance. 2. The price is clearly above the demand zone. The demand zone here has been extrapolated from the left. Usually, the first or second consolidation after the trend change functions as a strong demand zone. 3. The price is at the supply zone. As mentioned above, the first or second consolidation after the change in trend acts as a good supply zone. 4. The price is reacting well to the upper parallel line of the pitchfork. This means that there is about an 80 percent probability of the price reaching at least the median line. 5. Price is also reacting to the 0.786 level of the Fibonacci fan. 6. There is a hidden divergence on the RSI chart. The market is cocked and ready to fall. 7. Candlesticks with smaller bodies and long upper wick has formed. 8. 5 wave Elliott wave has completed. I have not labeled this though due to charts being too messy. 9. AB=CD completed and the price is at a potential reversal zone. The first price target is at the median line and the second price target is at the lower parallel line. This is just my speculative analysis. Please feel free to correct my mistakes. We are all here to learn to earn. Regards, pigzeni
Short
by pigzeni
How to manage & deal with consecutive losses in trading ? Trading Psychology: How to manage & deal with losses/consecutive losses in trading ? Hi everyone: Today I want to go over a very key trading psychology lesson on how to deal with losses, especially consecutive losses. This is bound to happen to any traders, whether you are new or experienced. ITs something all professional traders will have to deal with on a regular basis. Understand that, dealing with losses psychologically is the key factor in the success of a trader. This is because losses are inevitable, and trading is a probability, which trades that you take will end up both in wins and losses. However, traders usually can not accept losses, due to their ego, greed and other emotional factors. Aside from having a good risk management, trading plan, and trading strategies, traders can still experience the psychological emotions of losing. This is due to the fact that we are humans and we are an “emotional” animal. We don't want to be wrong, at all. Taking a loss is like getting slapped in the face by the market, which we have egos to fight against. What ends up after taking losses or consecutive losses, it puts traders at a disadvantage where their emotion is high, and likely to “revenage” trade to chase back losses, which end up in a deeper hole. To deal with such psychological phenomena, take a step back and observe your situation: First, did you follow your trading plan/strategy on how to enter, set SL/TP, and management ? Second, did you take an emotional trade due to greed or fear of missing out ? Third, have you journal down your losses and review them to make sure they are trades you really want to risk your capitals on ? By now you will see why we need to review these. Trading is a probability, not right or wrong. It's a random variable that you are putting your $ at risk. So if you understand the rules and plans that you follow and execute a trade accordingly, then there should NOT be any negative emotions towards the outcome of the trades, whether they are winners or losers. When I discuss the trades I entered every week in my trade recaps videos, I am always happy to enter a position, even if it goes to a loss. This is because I have done enough backtesting, chart work, and plan to enter a position. I understand strictly from a probability point of view, I could have a higher strike rate, and more often the trades will end up as a winner rather than a loser. However, I also understand and acknowledge that some trades will end up in a loss, disregard mine technical analysis or other’s fundamental analysis. It is what trading is all about. When I have consecutive losses, I will always review the 3 points I mentioned above and make sure they are all valid for me. Then I simply will take 1 day off from the market, chart, phone, and just get your mind clear. Come back strong after 1-2 days of rest, and have a positive mindset. What traders often do when they have consecutive losses is to right away re-enter back into the market and try to chase back their losses. This has always been the downfall of losing and it creates anxiety in traders’ minds. Such a negative experience is going to stay in the traders’ mind longer and deeper, compared to consecutive winners. So wise we understand that is the case how our brain is "programmed” into thinking, then it's up to us to do the opposite, and fight the urge to “revenge” our losses. At the end of the day, no one is trading your trading account, except yourself. Taking ownership of your account, learning to control our emotions, understanding the probability side of trading, and learning to let go, drop our ego will help us in the long run in this industry. I hope these pointers can help some traders who are still struggling with this concept. It's impossible not to take losses, but professional traders deal with it on a regular basis and still remain consistent in the long run. Thank you I will forward some Trading Psychology educational videos below on some of the topics explained today. Trading Psychology: Revenge Trading Trading Psychology: Fear Of Missing Out Trading Psychology: Over Leveraged Trading Trading Psychology: Is there Stop Loss Hunting in Trading ? How to deal with it ?
BITSTAMP:BTCUSDEducation
by jojofang0901
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