ICICI Bank Triangle Break Out - Long- RSI Bullish
- Stochastic Cross over
- Morning Star (Bullish pattern)
- Wait for Triangle Break Out
Entry = 665
Stop Loss = 653
Target = 770
Stochatics
GBPAUD Daily S/R| Bullish Divergence| .50 Fibonacci| Local S/R Evening Traders,
Today’s analysis – GBPAUD- breaking below Daily S/R, any pull backs into it is now considered bearish.
Points to consider,
- Price Action Impulsive
- Local S/R Support
- Daily S/R Resistance (.50 Fibonacci)
- Valid Divergence
- Increasing Volume
GBPUSD’s immediate price action is impulsive under resistance; this allows us to have a bearish bias on the market.
The Local S/R is current support that is likely to be tested once a bearish retest confirmed from the Daily S/R
The Daily S/R has technical confluence with the .50 Fibonacci, thus a rejection upon first attempt is plausible.
Currently there is a valid bullish divergence at play with increasing volume. This increases the probability if an influx into daily resistance leading into bearish continuation.
Overall, in my opinion, GBPAUD is a valid short with defined risk; price action is to be used upon discretion/ management of trade.
Hope this analysis helps!
Thank you for following my work
And remember,
“Win or lose, everybody gets what they want out of the market. Some people seem to like to lose, so they win by losing money.” – Ed Seykota
BCHUSD Point of Control|21 DEMA| Structural ResistanceEvening Traders,
Today’s analysis will be on BCHUSD, testing a key resistance (21 DEMA) in a defined down trend. This current trade location is in confluence with the POC, a breakdown will just be another lower high.
Points to consider,
- Trend bearish – Consecutive lower highs
- 21 DEMA, current resistance
- Local support at yearly lows
- RSI approaching resistance
- Stochastics in upper regions
- Volume declining
Bears are in clear control with consecutive lower highs in place, a very good visual guide is the 21 Daily EMA, acting as strong resistance. BCH is currently in a very key trade location with multiple confluences such as the POC and the .236 Fibonacci – holding price down.
A rejection will keep BCH on course to testing yearly lows again – next local support.
The RSI is nearing resistance; a decisive break will be in confluence with the price breaking the 21 DEMA – staunched resistance. The Stochastics on the other hand is in the upper regions, can stay trading here for an extended period of time, however lots of stored momentum to the downside.
Volume nodes are clearly declining, signalling an impulsive move is imminent, either up or down, it will dictate the immediate trend.
Overall, in my opinion, BCHUSD can break the 21 DEMA and still place a lower high. It needs to break structural resistance with a consolidation above for a confirmation of a trend change.
What are your thoughts?
Please leave a like and comment,
And remember,
The market can stay irrational longer than you can stay solvent. - John Maynard Keynes
