EURCAD -LEVELS
EURCAD -LEVELS - Hope it respect my levels- Buy only after it reach levels. Don't jump and buy. This is not investment advisory.
Multiple Time Frame Analysis
INSIDE candle witnssed..something big coming up..?As we can see BANKNIFTY had been bullish to sideways throughout the day as discussed in the past analysis ! Now we can see the candle formed today is in more like inside candle type formation hence we might see a big trending day coming up if either of levels is broken hence if BANKNIFTY breaks 43600 mark and sustains above given level then we can see a new ATH in BANK! till then BANKNIFTY might remain sideways to negative in coming trading sessions
Price Action learning (Day-55)Daily Learning
Day-55
Nifty Weekly Chart Analysis. Inverted Hammer Candle
Exact rejection seen in BANKNIFTY! Where is it heading next.?As we can see we had been analysing past few weeks that despite the bull run we are expecting some weakness and rejection in BANKNIFTY and expected a rejection around 43600 levels and we did see exact rejection from that very level and fell more than 1000++ points in just 2 days hence we can expect more of downfall till 4200 which is a psychological level for BANKNIFTY but if BANKNIFTY opens strong then we can see some recovery which could be in the sideways form before continuing its rally so keep watching everyone
IS DOLLAR (DXY) ABOUT TO CRASH?? | WEEKLY DOLLAR UPDATE DXY or the Dollar Index, the index to measure the strength of Dollar is considered to be the king of all charts, as most of the financial instruments are very much correlated to the DXY.
Not just forex markets but stocks, cryptos and even commodities are correlated to the Dollar.
If DXY Falls-> Cryptos, Stocks, Commodities, Precious Metals and some Forex pairs like EUR/USD, GBP/USD, AUD/USD, NZD/USD rises. However, pairs like USD/CHF, USD/JPY and USD/CAD falls.
Similarly, If DXY Rises-> Cryptos, Stocks, Commodities and some Forex pairs like EUR/USD, GBP/USD, AUD/USD, NZD/USD falls. However, pairs like USD/CHF, USD/JPY and USD/CAD rises.
So it becomes very important for any trader either Technical, Or Fundamental to keep a close eye on the DXY.
If DXY is in uptrend, the above mentioned instruments may be in downtrend. Conversely, if DXY is in downtrend, others may be in uptrend.
This is a general observation and not an exact rule to be followed. Exceptions are always there as Financial Markets are impacted by a number of factors.
I will be posting a detailed post about why DXY is so important for any trader, so keep following.
BELOW IS THE ANALYSIS
WEEKLY ANALYSIS
Weekly support range= 101.6-100.8
On WEEKLY TIMEFRAME ,price is sitting at support area. Untill and unless the support is not broken, there are chances that price might reverse and bounce from support.
However, if weekly price closes below the support, that can lead to a further long term downtrend in Dollar.
Also, price action is forming a HEAD AND SHOULDER PATTERN, which is typically a bearish reversal pattern. Once, weekly candle closes below the support range, the pattern is completed and activated. That may signify a long term downtrend in Dollar which means long term uptrend in STOCKS, CRYPTOS , PRECIOUS METALS, and some FOREXpairs.
However, further confirmations are also required and just one weekly candle closing below the support is not enough.
DAILY ANALYSIS
The price is making continuous LOWER HIGHS to the support signifying that any bounce from the support is not strong enough and is hence rejected by sellers.
Lower highs into the support area is considered to be Bearish and increases the probability of breakdown of support.
However, since the price is sitting at the confluence of Daily plus Weekly support, a daily close would not be sufficient and a weekly close is required.
On the flip side, we cannot ignore that price is at Support and may bounce from here as well. If price bounces and make a HIGHER HIGH, then chances of breakdown of support will get drastically low and infact a new uptrend may begin in DXY or the Dollar index (but after some further confirmations)
CONCLUSION
1. If Daily plus weekly candle closes below 100.8- BEARISH
2. If Daily candle closes above 102.5, that would mark a Higher High and an uptrend may begin- BULLISH
3. As long as price is trading between 100.8-102.5- SIDEWAYS/NEUTRAL
Let me know in the comments section if you want me to analyse any other financial instrument.
WARNING:-
ALWAYS FOLLOW RISK MANAGEMENT AND POSITION SIZING WHILE TAKING ANY TRADE
GBPUSD possibilities still there is another weekly high broken , but price is getting slowdown. which can break the bulling price even as it is in the monthly supply , still no confirmation of entry , just a view. lets see
NIFTY also showing signs of REJECTION…?As we can see NIFTY again started to show rejection around the given levels and we are expecting a good downfall from given levels till 17800 levels which will be seen as a healthy retracement hence we might see a sideways market till then hence until NIFTY breaches 18200 levels with proper sustainment we won’t be seeing any further upmove hence keep watching everyone and make positions accordingly
Zee bullish viewMulti time frame bullishness
1 hour inverse head and shoulder
Weekly hammer
3 hour cup handle
Take your trade your own risk.
REJECTION started in BANKNIFTY…?As we had been analysing since last few days that BANKNIFTY is reaching its initial supply zone from where we can expect a rejection and we did see a strong rejection being shown on the chart from the psychological level of 43500! Also based on global cues we can expect more of gap down opening tomorrow to which next eminent demand zone can be seen around 42600 levels and a health correction would be considered around 41800 levels so keep watching everyone
GBPUSD , JUST A VIEWJust observing the price , not clearing confirmed yet to go down for swing , weekly is still up , nearby the monthly OB , am just following the trend.
Copper Extremely Bullish on monthly chartsOn the Monthly charts, I can see copper extremely bullish, targeting at the upper band of the BB. Try to go long on, the lower tf, then keep on trailing stop & taking multiple entry after every profit booking & avoiding shorts at all. Every dip should be used as an opportunity to go long, follow the divergence on the lower tfs. Then take longs following your trading systems. Flag pattern can be seen on the 12d chart & weekly as well.
Targets for iocl ...So clearly we can see the stock has break the resistance of 79 after testing it for the third time fron here the targets would be 84 and after that re-test for the support of 80. the stock is going to fly the target for the end of this would be 100 these are the possibilities im expecting from it........
BANKNIFTY seems unstoppable till 43600 now As we can see BANKNIFTY broke all of its RESISTANCE and moving up unidirectionally since the retest of the trendline! watching the chart we can see BANKNIFTY has more room for upmove till 43600-43500 which is its next psychological level and order block from where we can expect BANKNIFTY to reject and show retracement hence every dip now is a buying opportunity for BANKNIFTY
BANKNIFTY’s next stop coming up..As we can see BANKNIFTY had shown one sided upmove but we can see it getting closer to its eminent psychological level and an important resistance, if BANKNIFTY opens above the given level then we might see a sudden pullback in the first half itself and coming itself in zone but if somehow BANKNIFTY manages to sustain above the given level then we might see a big upside rally in coming trading sessions! On the other hand we can see BANKNIFTY showing retracement before continuing its main trend
Tomorrow’s opening is going to be really important As we can see BANKNIFTY opened exactly around the resistance and showed a good rejection with over 200++ points downfall but it eventually recovered in the second half and closed around its opening price which is a good resistance hence we have previously discussed about the given levels being an important resistance so we may expect BANKNIFTY to again reject at given levels if opens below the zone else if opens strong then we can expect another 200-300 points upmove in BANKNIFTY before falling down so keep watching everyone
BANKNIFTY coming back to 42000-41800 levels..?As we can see though we discussed BANKNIFTY is getting weaker but no confirmation was seen as neckline of the double top pattern was not breached and hence we can see a better place where BANKNIFTY can show stronger rejection as it is currently hitting its next psychological level and it’s important resistance of 42800-43100 level hence these levels could show good rejection leading to good downfall hence any signs of rejection around these levels would be a good area to short so keep watching everyone
Strong RECOVERY from the retest of trendline.. what’s next..?As we can see after much of consolidation we did see a strong recovery from the level and the trendline as we were expecting since very long hence we can still expect NIFTY to show upmove as long as the level is protected and eminent target can be seen around 18000 which is also a psychological level and important supply zone hence we can still expect the bull run continue despite flat or strong opening so keep watching everyone
BANKNIFTY showing signs of weakness in short termAs we can see BANKNIFTY can be seen showing weakness in short term after a successful uptrend from the trendline retest! we can see more like a double top pattern in smaller time frame and neckline can be witnessed around 42000 level which is a psychological level hence there can be possibilty of BANKNIFTY showing false breakdown before finally showing a good downfall hence keep watching and be aware of possible traps
Price Action Learning (Day-49)Daily Learning
Day-49
Nifty Weekly Timeframe Analysis. Bearish Engulfing Candle
Fake weakness in NIFTY…?As we can see NIFTY again had shown weakness throughout the day but still managed to close in the zone which shows that NIFTY has no confirmed trend to follow and no confirm trend has been decided hence we can still expect NIFTY to falsely break below the consolidation before finally moving up hence for comfirm downtrend we must wait for NIFTY to sustain below the given zone, till then it is still in uptrend
rising wedge short in cumminsind :cumminsind : cmp 1680.95
trade setup :
1. sell in range 1680 to 1685
2. keeping 1732 as closing basis stop loss
3. targets : 1643 / 1604 / 1548 / 1519 / 1478 & below
technical setup :
1. rising wedge pattern trade
2. stochastic RSI in monthly set up at 100
indicating highly over bought price zone
3. volume getting drying up at higher levels
4. real breakdown will happen when price breaks below trend line support.
note :
rising wedge pattern :
pattern forms when both resistance and support trend lines moves in ascending pattern as sketched in charts .
price pattern will deliver higher highs & higher lows .
converge near apex point and trend to breakdown below trend line support to deliver faster downside targets .
keep stop loss as mentioned in trade setup .
NIFTY closed above the trendline.. indecision spotted..?As we can see NIFTY despite the weakness in first half but eventually has managed to close above trendline which shows that NIFTY might continue the upmove if managed to sustain above the zone and the trendline but in case if NIFTY fails to sustain above the zone then we might see a good fall in coming trading sessions so keep watching everyone
