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GoldPrice is at the important zone 2200. And the range is narrowing down. If price sustains 2196 - 2202, then we can expect good move towards next resistance. Buy above 2202 with the stop loss of 2196 for the targets 2209, 2216, 2223 and 2232. Sell below 2190 with the stop loss of 2196 for the targets 2184, 2178, 2170 and 2164. Price may move in range if it does not gain trend strength. Both bulls and bears would want to hold this level which may give range choppy move. Check the live market updates. Hit the like button to Rock !! Show some energy !! Note : This is my pre market analysis and my trading journal. Not a suggestion to buy or sell. You are responsible for whatever you do.
FOREXCOM:XAUUSD
by vanathi
3
Deep Dive: Gravestone Doji Candlestick PatternA lot of traders I have come across relied on a particular pattern for analysis: Gravestone Doji Candlestick Pattern. Meaning Gravestone Doji is a type of Doji pattern that arises when a security’s opening price, low price, and closing price are very similar. This candlestick pattern can be witnessed at the top of the chart when the security prices are at a very high point and then after which you can expect a fall in prices. Gravestone Doji is formed when the opening price of a security is almost similar to the closing price. It looks like the letter “T” that is turned upside down in which the body lies below the candlestick chart and the long shadow-like line lies above it. The same opening and closing prices indicate that there are many buyers for particular security in the market which leads to a rise in demand and hence prices are rising. The shadow line above the body indicates that security prices have reached their resistance level after which there will be a direct fall. This fall in price will lead to high selling in the day and hence the upward trend will be corrected. Now that you have understood the meaning, let’s understand Gravestone Doji’s usage. Usage of Gravestone Doji A pattern that has Gravestone in it has to be bearish, right? It is. Gravestone Doji is a bearish indicator that arises after an upward trend in security prices. The indicator is used as a sell signal. The final decision should be taken after analyzing other technical indicators such as moving average convergence divergence (MACD), Fibonacci levels, and relative strength index (RSI). Along with these indicators, you should also consider the volumes traded in the day. So far, we have spoken about the basics of Gravestone Doji. Let’s deep dive into the examples. Example of Gravestone Doji Across Trends 1. Usage in Upward Trend When the Gravestone Doji is formed after an upward trend in security prices, you can expect that prices are more likely to fall in the future. In this case, you should buy the security when the first candlestick closes just beneath the low point of the Gravestone Doji. The main idea is to sell the security in the short run just within a day. You can set a stop loss beyond the high level of the candlestick pattern. The decision should be taken after analyzing the RSI indicator to check if the security is in an overly bought situation. For example, if the RSI is 80, then it will indicate that security is over-purchased. This means that your decision is correct to sell the security because the signal of RSI aligns with the Gravestone Doji pattern. 2. Usage in Downward Trend When the Gravestone Doji is formed after a downward trend in security prices, then it does not guarantee that prices will rise. Rather than this, the prices will continue to fall further and therefore you should sell the security. In this case, you can sell the security when the first candlestick closes below the Gravestone Doji. You can set a stop loss just above the high level of the candlestick pattern. Drawbacks of Using Gravestone Doji Gravestone Doji helps you analyze past patterns in security prices on which you can predict the future but it certainly has some drawbacks which are as follows. 1. Indicate a Wrong Trend This indicator tells you that once the prices rise to a point, they will show the reverse trend and start falling but that does not happen in every situation. So, you have to wait for the next candlestick pattern and analyze some other indicators to take the best position. 2. Not Ideal for Bearish Trend Gravestone Doji only tells you about the upcoming bearish trend when the prices are rising today. It does not show the correct signal when the prices are already falling. Therefore, you should not expect that the reverse trend will happen when there is already a bearish trend. 3. Not Dependable in Some Conditions You cannot depend on this indicator in some situations like low trading volume where you cannot see a relevant pattern in security prices. Also, the pattern may vary in different markets and the time at which you are studying the security prices. 4. Not Good for Long-Term Gravestone Doji is best for short-term market positions and not for the long-term because high fluctuations are more likely to happen in the short run. Therefore, it is ideal only for day traders and not for value investors. Conclusion Gravestone Doji is a technical indicator that tells you more about a bearish trend in the future when the security prices are going up. It looks like a flipped “T” shape where the closing, opening, and low prices are almost similar. Typically used as a Sell signal, you can add indicators such as MACD on top to ensure that you’re not fooled by randomness.
NSE:NIFTY
by Dhan
The Wyckoff Method: A Framework for Market Analysis The interplay between the Wyckoff Cycle and Altcoin Season can offer valuable insights into market movements. The TOTAL 3 chart, which tracks the market cap of cryptocurrencies excluding Bitcoin and Ethereum, serves as an indicator of the market's interest in altcoins. An upward trend in this chart, coupled with a decline in BTC Dominance, can signal the advent of Altcoin Season. Understanding Bitcoin's position within the Wyckoff Cycle can further refine investment strategies by identifying optimal times for altcoin investment. Navigational Strategies for Altcoin Season Navigating Altcoin Season smartly is like mastering the art of shopping during the biggest sale of the year. It begins with keeping a close eye on Bitcoin, as its popularity wanes can signal a ripe time to explore other coins that might be gaining traction. Understanding the market’s natural ebb and flow, much like recognizing the best times to buy or hold off, plays a crucial role. Diversifying your investments across a variety of altcoins can protect you from the blow of potential losses, similar to not putting all your eggs in one basket. Setting clear goals for when to sell, whether you’re up or down, helps avoid impulsive decisions driven by market hype or panic. Staying informed with the latest news ensures you make educated choices, akin to always learning new strategies in a game where the aim is to buy low and sell high, but with wisdom and foresight. This approach to Altcoin Season, wrapped in a strategic and informed mindset, empowers investors to navigate through the volatile crypto market with confidence and skill. Charting a Path Through Altcoin Season Merging insights on BTC Dominance with the analytical power of the Wyckoff Cycle arms investors with a robust toolkit for navigating Altcoin Season successfully. Given the intricate and unpredictable nature of the cryptocurrency market, adopting a strategy that emphasizes patience, careful planning, and continuous learning is crucial. For enthusiasts eager to dive into the market's subtleties, Altcoin Season offers a thrilling avenue for discovery and possible profit, supported by astute decision-making and a deep grasp of market trends. Always prioritize strategic positioning and risk management!
CRYPTOCAP:TOTAL3Long
by Mudrex
Bitcoin forming a Cup and Handle pattern? Bitcoin is currently trading around $66000, up about 3% in 24 hour time frame. But since it dipped around 17% from it's all time high, the SOPR ratio suggests the profit booking is not yet over. BTC is still showing bearish accumulation. Predicting its path to a new all-time high is challenging, But when we surf through the weekly time frame, there's potential for a 'cup and handle' pattern to form, indicating a correction to $51,500 (probably a post halving dip) before a surge to $100,000. An Altseason can also happen during this time. Let us wait and see!
Long
by Mudrex
7
BITCOIN on Double Bottom - W PatternAs per hourly charts, from last 4-5 days, #BITCOIN and complete #Crypto market moving as per market many scenario's of news and sentiments including india's #FUD of #OKX closed down their services as well another great news with #Kucoin exchange starts complete services in india. Now as per that scenario, CRYPTOCAP:BTC #HeadAndShoulder pattern is not completed its final cycle but it moving towards now for Double Bottom "W" Pattern to completing soon, and as per that scenario it will be again takes another break-out of something #Bullish towards $75k-77k last time before CRYPTOCAP:BTC #Halving in April 2024. Lets see, what's next move, but at present it shows this pattern of movements. Anyways, always #DYOR and Trade with #StopLoss in market and, COMMENT LIKE SHARE always those posts...
Long
by AskToRahulSirohi