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Confluence

EURAUD a bull flag on the 0.618 🦐EURAUD on the 4h chart is creating a bull flag, with the price that perfectly tested with the lower spike the 0.618 Fibonacci level over a daily support. The price has bounced over the structure and is now trading below the upper trendline and a resistance area. How can i approach this scenario? I will wait for the EU market open and IF the price will break the area i will look for a nice long order according to the Plancton's strategy rules. ––––– Follow the Shrimp 🦐 Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure. ⚫️ Black structure -> <4h structure. Here is the Plancton0618 technical analysis , please comment below if you have any question. The ENTRY in the market will be taken only if the condition of the Plancton0618 strategy will trigger
Long
by InkyGrip
4
NQ - correction or turning bearish?NQ currently has an immediate resistance turned support at 12900. Near term support zone is between 12750 - 12900. 12750 is where I marked D which is a confluence of: 1. the 100% fib projection of the previous correction from A to B (projected onto C) 2. the 50% fib retracement level of the BC mini swing up As long as NQ does not go below 12750 (+/- 50), it is still within "normal" correction for now. No need to "panic" yet! p/s all bullish bets off if NQ had a close below 12700 Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Take care and Good Luck!
CME_MINI:NQ1!
by Juliac
Shorting AUD/USD on the basis of S&R !! #ShortShorting AUD/USD on the basis of S&R !! This trade is for Educational Purpose only. The Goal is to highlight the importance of Support & Resistance zones (S&R) and how can Weak and Strong zones be identified. Support & Resistance (S&R) can play vital roles when it comes to trading. Most traders use S&R in order to look for precise entries and exits. The Pair has been Bouncing off from zone Marked in Red which acted as Support earlier. The Support was tested four times.. Soon it was broken with strong Bearish Candle. The more touches/bounces the Support zone had, the weaker it got and as a result it got broken. Often time Support acts as Resistance zones and Vice versa . It is important to note that S&R can act as a strong Confluence but trading just on the basis of it alone can be dangerous. Using other Confluences such as Market Structure, Divergences and Chart Patterns such as Double Top/Bottom are equally important. Since Trading is the game of Probability, it is Essential to have more than One Confluence. The Trade Plan: The trade plan is to Short AUD/USD, once it re-tests the broken support zone which is now likely to Act as Resistance. Note: Take this trade after doing on your own analysis. Target: Target is set on the basis of Fibonacci Re-tracement which comes in between 0.618 & 0.5. Stop Loss: Stop Loss is simply set on the basis of 1:3 Risk to Reward Ratio. Time Frame used: 1H Analysis based on: - Market Structure - Support & Resistance. - Fibonacci Retracement tool .. used for setting Target
Short
by M_Shariq
3