Good morning fellow traders. On my Daily Forex charts using the High Probability & Divergence trading methods from my books, I have identified a new trade setup this morning. As usual, you can read my notes on the chart for my thoughts on this setup. The trade being a GBP/AUD Buy. Enjoy the day all. Cheers. Jim
second short to prior post 1st short stopped out asia wed.
Glory to Jesus the King!! Glory to Jesus the King!! Glory to Jesus the King!! Glory to Jesus the King!! Glory to Jesus the King!! Glory to Jesus the King!! Glory to Jesus the King!!
Whenever you have a breakout, for the breakout to be confirmed, it needs to be retested. This is a basic technical analysis concept. We broke out from the 2024 ATH of $74k but it has not been retested yet. After topping at $108k and hitting a near horizontal $109k, Bitcoin has quietly completed a Double Top pattern on the weekly chart which is extremely Bearish. There are Daily and Weekly fair value gaps running down to $61k. The chart shows a simple, logical path of how we could potentially arrive at $61k, including the inevitable pullbacks along the way. This is based 100% on technical analysis. BINANCE:BTCUSDT INDEX:BTCUSD
Markets are simple if you think about it. moderate and long range resistance -- is the best odds for rally. "horizontal" or 50-50 supports -- risky. steep supports mean high demand, strong trends. Buying at such supports, at worst it bounces to the upside. (High market with strong trend can mean reversals) rule: break outs always must coincide with 200dma rallies. Bonus. High market, strong trend -- best odds for reversal . 50-50 resistance, with weak support --> trickster market. (trap) strong trend but no flying 200dma --> trap. 50-50 resistance with strong trend, high market, but weak 200dma ---> good odds for reversal. keeping it simple. P.S. this method shows why odds favor BTC reversal . Or why 110/120k had to be peak point. for now.
Dow looks primed to hit some targets. Avg Vol and today's Vol are even. Let's see if buyers step in and lift this higher.
DAX is in a clear overbought postion. we can see its retest from 10-15% in coming days or weeks. to retest its 19200 area. "not a financial adivce but a strong selling coming soon".
JUP has been on a four-day downtrend, and it's starting to show its bearish side. The token has lost its yearly open, which was a major support level. Let’s break down the key support and resistance to see what the chart is telling us. Support & Resistance Resistance: Yearly Open & Monthly Level: JUP has dropped below the yearly open at $0.8169 and the monthly level at $0.7427 Support: Long-Term Range & Liquidity: JUP has been trading within a range for over 300 days, with a significant amount of liquidity below the low at $0.6328 from 5 July 2024. POC: The volume profile shows the POC sitting at around $0.5, marking an attractive entry point for a long position. Fibonacci Confluence: The 0.786 Fibonacci retracement level falls just below the key low at $0.431 (a level last seen on 12 February 2024), offering a great long trade setup. Long Trade Opportunity: Alarms are set, let's see if JUP drops to these key support levels. If it does, we could have a solid long setup on our hands.
NYSE:AES closed above a short term resistance level on 2/18/25. Could be bottom of multi-year downtrend... next resistance level ~$10.82. Would get long if AES can hold above this level on good earnings report. Clear sailing until the $11.42 level after that. Would like to see volume pick up for further confirmation.
The image speaks for itself. It's historically proven. Matter of time for crypto.