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Okay, so much like the "Reading Charts in Real Time" thread, this thread will be for sharing ideas about future price moves of all the e-mini index futures.

 

Any styles or strategies are welcome, but please do your best to share the thinking behind them!

 

So to get us rolling, I have an idea to put to you. Below is a chart of the ES. Take a look before reading on. My idea is a sell on a failure to hold 1320. Volatility has increased over the past few days and frequently this is seen at extremes of markets. It is also in a triangle formation with lower highs and higher lows. So far it has resisted attempts to close in the minor 3 day balance highlighted. A close in or below this balance could see at the very least, a liquidating selloff. My entry idea would be either to sell a retest of the minor balance high around 1334 if we test and fail to break the prior balance high(red line) at 1320. Or if we fail at the balance high at 1320, fade any move back towards it.

 

Any thoughts?

5aa71077c8d44_ESsellsetup.jpg.4a23e012761076d871f935efc6b2e634.jpg

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Okay, so much like the "Reading Charts in Real Time" thread, this thread will be for sharing ideas about future price moves of all the e-mini index futures.

 

Any styles or strategies are welcome, but please do your best to share the thinking behind them!

 

So to get us rolling, I have an idea to put to you. Below is a chart of the ES. Take a look before reading on. My idea is a sell on a failure to hold 1320. Volatility has increased over the past few days and frequently this is seen at extremes of markets. It is also in a triangle formation with lower highs and higher lows. So far it has resisted attempts to close in the minor 3 day balance highlighted. A close in or below this balance could see at the very least, a liquidating selloff. My entry idea would be either to sell a retest of the minor balance high around 1334 if we test and fail to break the prior balance high(red line) at 1320. Or if we fail at the balance high at 1320, fade any move back towards it.

 

Any thoughts?

 

will not work. don't know how to explain it.

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This chart was some more structure backing up the idea of a minimum of a short term correction down. I remain open to ideas though and I'm trying to not talk myself into the trade! Any charts you can post to identify a more bullish skew on the ES would be welcome!

5aa7107832856_ESsellsetup2.thumb.jpg.f08a43b7f8d45eb8ebf29ca62e013e51.jpg

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This chart was some more structure backing up the idea of a minimum of a short term correction down. I remain open to ideas though and I'm trying to not talk myself into the trade! Any charts you can post to identify a more bullish skew on the ES would be welcome!

 

channel trading will not work. need to create your own indicator where as nobody use and never heard or seen of

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channel trading will not work. need to create your own indicator where as nobody use and never heard or seen of

 

If you have no way of backing yourself up and nothing to add, you will be prevented from posting here. By all means disagree and back yourself up. However, this is a forum for ideas.

 

I suggest to anyone who is interested, take a look at emg's thread

 

http://www.traderslaboratory.com/forums/3/emini-s-p-500-day-trading-7705-86.html

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will not work. don't know how to explain it.

 

Emg, if you want to post in this thread you'll have to at least attempt to explain your thinking more than you do in your thread "Emini S&P 500 Day Trading Journal".

 

Hi Neg,

 

I think that emg has explained exactly where he is coming from.

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Good morning traders!

 

Anyway, you can see that price is gradually being pressed into your support. Swing highs are lower, and lower, and lower. If price can break through and hold beneath your support, I could see it going to 1295 in the near term. It all depends on how long you want to hold the trade.

 

So, how do you plan to play this?

 

Also, this is hindsight, since I didn't have time to post it this morning, but the scenario I envisioned worked out nicely. Before the start of opening trading, I envision what I believe are the two or three most likely scenarios. My first scenario today was the Dow breaking support and auctioning down to the top of the unfilled gap, at 12359. That level also happens to be the 100% fib projection, so we have some nice confluence there.

 

This wasn't that easy to play, though. It looks simple here on the 405 min, but when we zoom down to the intraday data, you can see how there were a lot of fakeouts for a day trader. I put some numbers on the second chart. Match them up to these bullets.

 

1. This was when it seemed that my play would be fairly straightforward. We opened, auctioned up to the support from the larger chart, and immediately failed.

 

2. As you can see, however, it was not straightforward. Price made a low, then began to chop back up. This is when being a day player is nice, you can preserve some profit.

 

3. Market chops back up to support, tests, fails, tests again and fails, and auctions back towards the low. This is where it started to get tough. I was short, expecting at least a test of support, which it didn't quite give me.

 

4. Price accumulated and then broke out to the upside. At this point I began to turn bullish and looked to a gap fill. I played the retest of support and got chopped around a bit in the process. Market filled half the gap, at which point I noticed major amounts of selling in the order flow. Sellers came in in increasing numbers, absorbing the mo mo buying and gradually beating back the assault.

 

5. As prices began to turn back down, I was somewhat hesitant to jump back in short, but did so anyway with a trailing stop.

 

6. The market began to accelerate as it moved down, breaking that support yet again and auctioning to the low.

 

7. At that point, no significant buyers stepped in and the sellers pounded price through the lows. I didn't hold all the way to 12359, but I got most of it.

 

I'm not posting this to brag. I made money, but not as much as I could have or perhaps even should have because of the fakeouts and choppiness of the move. However, because I knew this was a distinct possibility for the day's action, I was able to keep my head through the chop, switch sides when it looked like I was wrong so I didn't get pounded too badly, and eventually have a nice payday.

 

I hope this helps some of the new people out there. This is what trading is. You have to be light on your feet. Creating a good plan is easy, as is making decent market calls. Trading those beliefs profitably is an entirely different story.

5aa710786b881_YM-(405Min)5_17_2011.thumb.jpg.4b20abe73ae28a5963b428374670003f.jpg

5aa71078765a0_YM06-11(5Range)5_17_2011888.thumb.jpg.fb66ddf47199f4b3ff0738b2ea078f0b.jpg

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Good morning traders!

 

Anyway, you can see that price is gradually being pressed into your support. Swing highs are lower, and lower, and lower. If price can break through and hold beneath your support, I could see it going to 1295 in the near term. It all depends on how long you want to hold the trade.

 

So, how do you plan to play this?

 

Also, this is hindsight, since I didn't have time to post it this morning, but the scenario I envisioned worked out nicely. Before the start of opening trading, I envision what I believe are the two or three most likely scenarios. My first scenario today was the Dow breaking support and auctioning down to the top of the unfilled gap, at 12359. That level also happens to be the 100% fib projection, so we have some nice confluence there.

 

This wasn't that easy to play, though. It looks simple here on the 405 min, but when we zoom down to the intraday data, you can see how there were a lot of fakeouts for a day trader. I put some numbers on the second chart. Match them up to these bullets.

 

1. This was when it seemed that my play would be fairly straightforward. We opened, auctioned up to the support from the larger chart, and immediately failed.

 

2. As you can see, however, it was not straightforward. Price made a low, then began to chop back up. This is when being a day player is nice, you can preserve some profit.

 

3. Market chops back up to support, tests, fails, tests again and fails, and auctions back towards the low. This is where it started to get tough. I was short, expecting at least a test of support, which it didn't quite give me.

 

4. Price accumulated and then broke out to the upside. At this point I began to turn bullish and looked to a gap fill. I played the retest of support and got chopped around a bit in the process. Market filled half the gap, at which point I noticed major amounts of selling in the order flow. Sellers came in in increasing numbers, absorbing the mo mo buying and gradually beating back the assault.

 

5. As prices began to turn back down, I was somewhat hesitant to jump back in short, but did so anyway with a trailing stop.

 

6. The market began to accelerate as it moved down, breaking that support yet again and auctioning to the low.

 

7. At that point, no significant buyers stepped in and the sellers pounded price through the lows. I didn't hold all the way to 12359, but I got most of it.

 

I'm not posting this to brag. I made money, but not as much as I could have or perhaps even should have because of the fakeouts and choppiness of the move. However, because I knew this was a distinct possibility for the day's action, I was able to keep my head through the chop, switch sides when it looked like I was wrong so I didn't get pounded too badly, and eventually have a nice payday.

 

I hope this helps some of the new people out there. This is what trading is. You have to be light on your feet. Creating a good plan is easy, as is making decent market calls. Trading those beliefs profitably is an entirely different story.

 

gap trading does not work. many uses gap and still losing

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If you have no way of backing yourself up and nothing to add, you will be prevented from posting here. By all means disagree and back yourself up. However, this is a forum for ideas.

 

I suggest to anyone who is interested, take a look at emg's thread and the lack of detail or substantiation of any trade.

 

http://www.traderslaboratory.com/forums/3/emini-s-p-500-day-trading-7705-86.html

 

ban me if u want to. My opinion and comments have value. I posted my comment and you deleted them, That post have value.

 

Good luck in your trading

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Well substantiated sdoma. Pity about it being post the event! I actually made some decent money when it became clear the market was not accelerating lower and ran a trade from the ES opening price (1322) back into yesterday's range. Pity about the short later on but it really doesn't matter too much. I'm not really a multiday position trader but I wanted get the thread started as I think it could be a really beneficial one for many to see reasoning then how the market plays out.

 

emg your posts are about as useful as a chocolate teapot.

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Well clearly that particular trade didn't work. But hey, you can't win them all and the nature of the business is to look for trades which you believe have high risk:reward ratios. That particular trade had it worked, could've been very profitable. I hope more traders want to discuss their trading ideas here.

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Right now, we are at an interesting point in the Dow. It has been channeling down for a few weeks, but today it challenged the upper end of the range and closed not too far away from it. Tomorrow, that trend line point is at approximately 12,600, and yesterday's high is 12,616. There is a decent probability that the market will test that price zone, at which point I will be waiting for it to be rejected or accepted.

 

I am hoping for a decent move either way. If price is rejected, I think yesterday's lows are a good initial target, followed by the midpoint of the channel, 12513 and 12445 respectively. Unless it really gets randy, I would be looking to be out at one of those price points.

 

If we see a breakout to the upside, I would make use of my SUPER SECRET PROPRIETARY volatility targets (only $4,000 a month and worth every penny!). You also have a zone of 12666 - 12681 where I could see price probing.

 

Of course, a third, and dreaded, scenario is a choppy inside type day. At that point, toss up bollinger bands or keltner channels and start fading.

5aa7107af2211_YM-(405Min)5_19_2011.jpg.846f5bfd17c056ee752acb35b5ebe723.jpg

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Sounds like a good plan if it gets there. Not a whole heap out today so it will be important to try to gauge activity early to see if it's going to be quiet or not. If it is, there could well be a late break in either direction.

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Looks like that would have been a great trade there sdoma. I did suspect that there was a decent chance that the european session test of that area might have been the one and only chance today to get short there. Still, one or two nice opportunities in these markets so far today. I know it's after the event now, but there was an especially nice little short in ES when it broke out of yesterday's range, then failed to get back into it on the first test. It was also the 38.2% session retracement. Same thing in YM by the looks of things.

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Looks like that would have been a great trade there sdoma.

 

Yes, would have been, but I got taken away from the computer due to a personal matter until about 9:15 central, at which point the down move was finished. I spent the rest of the day getting chopped up and trapped in this ridiculous rally.

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Hmm. How far were you hoping YM sold off to? Didn't it get to the places where you said you would be closing your short?

 

If price is rejected, I think yesterday's lows are a good initial target, followed by the midpoint of the channel, 12513 and 12445 respectively.

 

First target was met, second target was within 15 ticks. The problem is that I have been looking for an apartment and that has been taking me away from the computer at various points in the day. Not being able to sit there for the whole session has wreaked havoc on my trading. I find myself rushing into trades, or missing them and then overtrading out of frustration. Here's a chart of the day's action:

5aa7107b11701_YM06-11(10Range)5_20_2011.thumb.jpg.143f2a257a43e34e6176f85cf12d5f2c.jpg

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Interestingly enough, the dow is well below Friday's low, and is trading 12406 as I write this. If this weakness continues, the low of May 17, 12350, should be a solid target, and if prices can successfully auction lower, perhaps a test of the channel bottom at 12280 is in the cards. If the market rejects lower prices, auctioning into Friday's range is obviously what I'd look for. A more precise target could be Fridays VPOC, 12500, and perhaps a value sweep to 12542 if the sellers get caught with their pants down.

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Interestingly enough, the dow is well below Friday's low, and is trading 12406 as I write this. If this weakness continues, the low of May 17, 12350, should be a solid target, and if prices can successfully auction lower, perhaps a test of the channel bottom at 12280 is in the cards. If the market rejects lower prices, auctioning into Friday's range is obviously what I'd look for. A more precise target could be Fridays VPOC, 12500, and perhaps a value sweep to 12542 if the sellers get caught with their pants down.

 

May I ask, why do you think the low of May 17, 12350 should be a solid target?

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ES has some important tests to make depending on where it opens today. 1316.00 low from 17th May then down to the current overnight low at 1312.25 which is also an area for me. A failure to hold 1316 and I'll sell if the price action convinces me. Would then look to the overnight low. An open above the 1316 and failed test could see a push back towards the 1327 area which was also Friday's low. (whether you like gap closes or not;))

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May I ask, why do you think the low of May 17, 12350 should be a solid target?

 

That target has, unfortunately, already been hit in the overnight market. It is trading 12349 as I write this, 8:15 am CST.

 

But, my rationale was a simple one, and was made on the contingency that we didn't rally hard overnight. That low is a somewhat significant swing point. It is also the top of a gap that has remained unfilled for some time now. On the 17th, the market tested that gap and reversed hard, on good volume.

 

One of the core beliefs that drives my trading is that markets attempt to probe what traders consider significant price levels to see what business there is to be done there. If you can identify levels that draw the attention of the whole market, you can use them as targets with a decent hit rate. What happens when price gets there, of course is a much trickier thing to read.

 

But to update my plan, for today I'm not as certain now. We've created a large gap, and the bottom of the channel is not so far away, but we could do anything from here. I just need to go with the flow, trade my levels and not get too attached to anything until the market tips its hand, if it does at all.

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    • Date : 18th January 2022. Market Update – January 18 – BOJ Stands Pat.Asian markets weaker as BOJ stays put (-0.1% interest rate) with stimulus package intact, raises inflation target to 1.1% and growth to 3.8% for 2022. Kuroda: “Will ease monetary policy without hesitation as needed, there has been a notable improvement in the economy.” USD firmer, Yields moved up with US 2-yr over key 1.0%, 10-yr over 1.8%. Oil higher – Saudi’s retaliate, attacking Yemen and Gold holds at $1815.   USD (USDIndex 95.25) holds on to gains from Friday, pushing to 953.8 earlier. US Yields 10-yr moved higher again and trades at 1.818%. Equities – US closed yesterday. Nikkei -0.27% – USA500 FUTS lower again at 4633. USOil – Spiked over $84.70 as very tight supply, Saudi’s retaliation on Sanaa and NK continued firing of missiles unsettles sentiment. Gold – holds at $1815 from a test of $1823. Bitcoin another down day, tested to $41,600, back to 42,200 now. FX markets – EURUSD back to 1.1400, USDJPY now 114.80 tested 115.00 earlier, Cable back to test 200hr MA 1.3620, +20 pips after UK jobs data. Overnight – UK Earnings in line at 4.2%, Unemployment (4.1%) and Claims better than expected. PBOC deputy governor says will keep yuan exchange rate basically stable.European Open – The March 10-year Bund future is down -19 ticks, Treasury futures are underperforming. Stocks across Asia struggled with the renewed rise in yields and DAX and FTSE 100 futures are also down -0.3% and -0.2% respectively. Inflation risks and central bank outlook will be dominating the discussion in coming months.Today – German ZEW, Empire State Manu. Index & Earnings from Goldman Sachs. Day 2 of DAVOS (on-line).Biggest FX Mover @ (07:30 GMT) CADJPY (again) (+0.34% again) Rallied all day over 91.73 (Thursdays high) and onto test 92.00. MAs aligned higher, MACD signal line & histogram higher & above 0 line. RSI 68 rising, H1 ATR 0.131 Daily ATR 0.804.Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report.Click HERE to access the full HotForex Economic calendar.Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE!Click HERE to READ more Market news. Stuart Cowell Head Market Analyst HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
    • Date : 17th January 2022. Market Update – January 17 – USD Holds onto gains.Big bank Earnings disappointed on Friday, the USD recovered from 8-week lows and Fedspeakers continued to worry about inflation as hawkish tones increased. Stocks recovered early losses, Yields moved up to close the week as Oil moved up and Gold moved down. China’s PBOC delivered the first rate cut in a while as signs of slow down persist and Covid cases once again spread.   USD (USDIndex 95.20) holds on to gains from Friday. Bouncing from 8-week lows under 94.60. US Yields 10-yr moved higher again to close at 1.772%. Equities – USA500 +3.82 (+0.08%) at 4662 as Financials weighed following Earnings from JPM (-6.15%) Blackrock (-2.19%) and WFC (+3.68) Tech & Energies lead recovery into long weekend. USA500 FUTS lower at 4652. USOil – Spiked over $84.00 as markets look beyond Covid spikes with very tight supply. Gold – settled at $1816 from a test of 1830 again. Now at $1822. Bitcoin support once again at $42,000, Friday, back to 42,800 now. FX markets – EURUSD back to 1.1465, USDJPY now 114.40 at 115.85, Cable back to 1.33680. Overnight – Chinese GDP and industrial production exceeded expectations, whilst retail sales disappointed. UK house price data from the Nationwide was strong. The Chairman of Credit Suisse has resigned due to Covid breaches.Week Ahead A Bank of Japan meeting which concludes on Tuesday, UK inflation data on Wednesday and Australian jobs figures on Thursday. Earnings from GS, BAC, MS, P&G, NetflixEuropean Open – The March 10-year Bund future is down -36 ticks, alongside broad losses in US futures, which points to a further rise in yields across Europe. Stock market futures are trading mixed, with DAX and FTSE 100 futures posting gains of 0.4% and 0.2% respectively, while an 0.4% decline in the NASDAQ is leading US futures lower. Central bank outlooks and inflation expectations remain in focus, the Fed is gearing up for a round of central bank hikes this year that will also impact the outlook for BoE and ECB amid hopes that the pandemic phase of Covid-19 will start to fade.Today – Little data from Europe & All US markets closed for MLK Day.Biggest FX Mover @ (07:30 GMT) CADJPY (+0.34%) Rallied from 90.50 lows on Friday to 91.37 (Fridays high) now. MAs aligned higher, MACD signal line & histogram higher & above 0 line. RSI 64 & rising, H1 ATR 0.121 Daily ATR 0.794.Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report.Click HERE to access the full HotForex Economic calendar.Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE!Click HERE to READ more Market news. Stuart Cowell Head Market Analyst HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
    • GOLD FLUCTUATES BELOW $1,830 OVERHEAD RESISTANCE, MAY SLUMP TO $1,800 LO Key Resistance Levels: $1,900, $1,950, $2000 Key Support Levels: $1,750, $1, 700,$1,650 Gold (XAUUSD) Long-term Trend: Bullish Gold (XAUUSD) is in a sideways move but may slump to $1,800 low. Gold is retracing as it faces rejection at the high of $1,830. However, if price breaks the resistance level, the market will rise and retest the previous high of $1,860. Meanwhile, on January 14 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that Gold will rise but reverse at level 1.272 Fibonacci extension or $1,840.86. XAUUSD – Daily Chart Daily Chart Indicators Reading: Gold is at level 55 of the Relative Strength Index for period 14. The market has reached the uptrend zone and further upside is likely. The 21-day SMA and the 50-day SMA are sloping upward indicating an uptrend. Gold (XAUUSD) Medium-term bias: Ranging On the 4 hour chart, the Gold price is in a sideways trend. The gold price fluctuates below the $1,828 overhead resistance. The sideways trend has been ongoing since December 21. Each time the market retest the overhead resistance, the selling pressure will resume. The current downtrend is likely to extend to the low of $1,804 before upward. XAUUSD – 4 Hour Chart 4-hour Chart Indicators Reading XAUUSD is below the 80% range of the daily stochastic. The market is in the bearish momentum. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend. General Outlook for Gold (XAUUSD) Gold’s (XAUUSD) price is declining as it may slump to $1,800 low. The market is fluctuating below the $1,828 resistance zone. The Gold price is falling to the downside. The upward move will resume if price finds support above the $1,800.   Source: https://learn2.trade 
    • USOIL REACHES AN OVERBOUGHT REGION, MAY FACE REJECTION AT $85.39 Key Resistance Levels: $80.00, $84.00, $88.00 Key Support Levels: $66.00,$62.200,$58.00 USOIL (WTI) Long-term Trend: Bullish USOIL has been in an uptrend but it may face rejection at $85.39. The index is retesting the previous high of $85.39. In previous price action in October and November, the bulls failed to break above the overhead resistance. Meanwhile, on December 9 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that WTI will rise to level 2.0 Fibonacci extension or $81.61. From the price action, buyers have broken above the Fibonacci extension and have reached a high of $84. USOIL – Daily Chart Daily Chart Indicators Reading: USOIL is at level 70 of the Relative Strength Index period 14. It indicates that the index is in the overbought region of the market. The current uptrend is likely to face rejection at the recent high. Besides, sellers will emerge to push prices down. The index price is above the 21-day SMA and 50 –day SMA which indicates a further upward move. USOIL (WTI) Medium-term bias: Bullish On the 4-hour chart, the index is in an uptrend. WTI price has broken above the resistance at level 83.00. Meanwhile, on December 12 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that WTI will rise but reverse at level 1.278 Fibonacci extension or $84.22. USOIL – 4 Hour Chart 4-hour Chart Indicators Reading The index is above the 80% range of the daily stochastic. The market has reached the overbought region. Sellers are likely to emerge to push prices down. The 21-day and 50-day SMAs are sloping upward indicating the uptrend. The uptrend will continue to the upside as long as price bars are above the moving averages. General Outlook for USOIL (WTI) USDOL has reached the overbought region of the market but may face rejection at $85.39. The current uptrend is likely to terminate at the previous price level of the market. WTI is trading at $84.39 at press time. Source: https://learn2.trade 
    • ANNUAL FORECAST FOR EURJPY (2022) EURJPY Annual Forecast – Price Is Set to Scale New Heights With a Bullish Flag Formation The annual forecast for EURJPY is for it to scale new heights, having conformed to a bullish flag formation. The bullish flag formation, an offshoot of the triangle pattern, began towards the tail end of 2020 as bulls began to exercise dominance in the market. The market began to recover from the 116.910 support level in May 2020. It pulled back when it first hit the upper border of its triangle pattern and surged through it at the second time of asking, thereby leading to the creation of the flag pattern. EURJPYJPY Significant Zones Supply Zones: 134.150, 140.650, 149.010 Demand Zones: 113.920, 116.910, 127.630 EURJPY Long Term Plan: Bullish A bearish impact is visible annually in the market, notably since 2013. Every time EURJPY makes a bullish move, the move is cut off prematurely and it always leads to a plunge back around the 113.920 demand level. This happened from 2013 to 2016, and then from 2017 to 2020. The result is a triangle-tapered market structure. By June 2020, the price hit the 116.910 demand level and began another ascent, but this time, it eventually broke the triangle pattern on 2021 New Year’s Day. The flag pole was formed as the price surged from 120.920 and was stopped abruptly at 134.150. Subsequently, EURJPY began cranking through a downward channel. This continued into the year 2022. The market forecast is for an upward liquidity flow. The upward signal of the MA Cross is still very valid. Meanwhile, the Moving Average Convergence Divergence indicator is showing dwindling bullish bars. This is due to the downward ranging in the market. Its signal lines remain above the zero level. EURJPY Medium Term Plan: Bearish In early 2022, prices are set to drop after hitting the upper border of the ranging channel. The MA Cross is directed down-sideways to show the undulating nature of the current market. The same can be said for the MACD indicator. The annual forecast is towards the end of the year 2022 into early 2023 when the bullish flag pattern is anticipated to drive the market upward towards 140.650. Source: https://learn2.trade 
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