Trade set ups chat!

With it being October and all the Brexit news happening this month i thought we would take a look at EURGBP. Lately GBP has seen some strength on the back of brexit news releases, and the volatility is certainly high with this currency currently. Price on this pair has dropped down to the long term uptrend seen on the daily. Currently it sits on a strong support shelf 0.87-0.875. Its possible we could see a bear flag form here and drop through the long term up trend. If that happens over the next few days then be ready to go short on the retest of the break. If price holds this support and trend then we could see it push back up. My money is on the short after the recent strength. Obviously its news dependent so be careful with GBP, but there is some big pips to be made on this currency. Trade the winning direction and you will be rewarded

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Thanks Keiran. This is a really interesting thread.

Although I am personally avoiding GBP pairs atm.

Lets see the actual situation with BTC. 1st chart: All about technical is almost the same like previous weekend. First, the price level of around $7700 is still playing as a strong support. If we go over $9100 I can say were safe and definitely can look for further hights, and the opposite - if we go below $7700 were not good. Second, if we check Simple Moving Averages (100 and 200 days) and their connectivity, things are looking not so bad. The bad points about 200SMA is that the price tried to pass above it a couple of times but unfortunately it failed for now. The 100SMA is still above 200 SMA but seems like its trying to go under. The new add in technical chart is Madrid Moving Average Ribbon. It seems like good technical tool so ill watch it in near future. Im seeing it bearish now but the lines seems parallel already so that can be a signal for turning back soon.
2nd chart:
Thanks to Glassnode we can see what the institutions and big players are doing right now – COMPOUNDING. Yes, the addresses owning at least 1000BTC are extremely growing. What do you think about it? If BTC will gonna crash do you think such money will be invested in it?
Here`s 2019 BTC live address counts by balance:
Up to 0.1 BTC: 2.845.298 +12.0%
Up to 1 BTC: 785.685 +11.8%
Up to 10 BTC: 153.083 +2.5%
Up to 100 BTC: 16.093 -3.1%
Up to 1000 BTC: 2.172 +17.6%
Up to 10000 BTC: 110 +11.1%

That`a all for this week.

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Our friend GOLD, it has continued to follow the current downtrend, no spikes above and we have now fallen below the demand area, and also below the longer term moving averages. I myself will be looking to sell on the supply zone of 1486 to hopefully ride down the next demand zone below. if you wait for the retest of trend the opportunity of good R:R is available. Always use risk management with gold and dont be greedy there is no need for it. Good luck out there traders

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Very good BTC position. :+1::wink:

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GBPUSD

From a technical standpoint we see a potential double top forming but this could simply be the result of slow markets at end of week. The neck line resides on support so if broken I would look at potential buys around 1.25 as it’s a level of support/ psychological whole number/ 61.8% fib level makes it a high probability rejection level.

The last time I posted about this pair was in favour of the buy based on similar circumstances and sentiment pre brexit negotiations. Fundamentally speaking USD experienced some selling pressure with positive outlook generally on GBP.

I think we may likely see a continuation of bullish activity of this pair but we will need to wait for the fundamentals to trigger volatility to a reliable buy level. Watch activity around the neckline closely.

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Quiet week for BTC.
First of all seems that we all must thanks to China for the last week bomb.
1st chart:
Nothing major changed from the last weekend except that we saw this wasnt just a momentum and the price level of around $9200 now is acting like a strong support level. Thats around the down side of the last descending triangle. Theres also 2 next supports: $8500 is the first. Its 50% Fibo level and also its around the last side way move. $7200 is the second. Its 61.8% Fibo. This support reacted almost perfect last time.
About Moving Averages:
50 SMA - The price is still above it which is a very good sign.
200 SMA - The price is still above it which is a very good sign.
21 EMA - The price is still above it which is a very good sign.
Death Cross is trying to form between 50 and 200 SMA but im not relying so much on that sign cuz its very slowed in time indicator and the 200 SMA is still heading north.

For me the long-term prognosis is green for sure but as youll see from the chart in short-term I prefer to see some descend to $8500 level and then continuation of upward move to the next ATH. This kind of movement wont be such a surprise and it will be even a healthy move.

2nd chart:

Thanks to well-known Willy Woo and some other very good educational source called Forex.Academy we can see this chart which in very simple way points where are we in this moment through Bitcoin price model. The conclusion here is very simple – ATH ahead of us!

That`a all for this week.

P.S. No change into my HODL and trading positions.

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Hmm… I’m not sure what time frame we’re thinking about here, but I would love to find a place where people would critique my charts

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Thanks for sharing, really interesting.

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No problem more to come this week

I usually use daily and 4 hourly and watch candlestick behaviour closely using 1hr around my entries. I don’t personally have time to look at your charts sorry

EURCHF

possible completion of a 4hr head and shoulders pattern residing on support today, I say possible as this could merely be consolidation at this point and a buy from this level coincides with the 38.2 fib to continue the bullish trend. However if it breaks the neckline with it being support it may fall as far as the 61.8 level at 1.09400 which should strongly resist due to its psychological whole number. This set up is hot so eyes open. Watch the candlestick behaviour surrounding the neckline.

Been away for a week but im back now and looking at AUDUSD. Price looks to be in a very interesting zone of support. Looks like the prefect break and retest to me. Theres multiple levels of support around here that can help for the next bull push on AU. Also a good chance of R:R around here. You could also wait for the push above supply for extra confirmation. Remember as always risk management is key in forex, and not to be greedy :slight_smile:


EURCHF

Update on the complex head and shoulders!
Neckline is broken and price as retraced to now resistance. Great potential selling opportunities have arisen but wait for confirmation to enter or enter with a tight SL above the highest wick.

Looking back at gold today traders. Last week i was looking to go long on the daily doji on support which i did. Also this week you can see that price came back down to the support level before another bounce of 200 pips in the last two days. i think there was some trade war relation behind this move possibly, but that seems to be the biggest mover for gold at the moment. But that was an easy 200 pips to take. Hope many of you caught it. ill be looking for the next level break to trade that direction

EURCHF

The long term uptrend as just about remained in tact in accordance with its higher highs and lows. Key resistance has been crossed and retraced to allowing for buying opportunities to present. Let’s see how today’s daily candle presents along the resistance level to make the judgement to enter.

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GBPUSD

We’re still ranging currently with this pair and I have been scalping the buy entries from support. We’re going to see interaction from the 200Ma This week most likely and a move outside of support and resistance levels identified here will most likely lead to another larger move. Be ready to trade the breakout and retracment to either level as it should yield some decent volatility.

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EURCHF

We see the completion of a complex head and shoulders pattern which should offer great potential selling opportunities when the support level at 1.09700 is breached. The technicals are still signifying buying opportunities but a breach of this level should offer a large downturn. Eyes open!

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where are we now?

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