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Supply_and_demand

#GBCAD selling opportunityHello, everyone. I hope you're all having a great start to the week. Let's analyze the GBPCAD chart and explore a potential selling opportunity in this pair. However, please keep in mind that since we've also posted another idea for EURCAD, it's advisable not to take both of these ideas simultaneously, as it could increase your risk and disrupt your money management. The price is currently situated at a Daily Clean break area, which serves as a supply zone in the daily timeframe. Additionally, the price has reached the 61.8% Fibonacci retracement level and appears to be forming a rising wedge pattern. Moreover, in less than 10 minutes, a bearish hammer candlestick formation will likely occur in the 4-hour timeframe, further supporting the potential for this trading zone. It's essential to note that in the forex market, there are times when the price presents clear patterns. However, it often initially moves against the pattern to trigger traders who trade in the direction of those patterns and then reverses in the direction of the pattern. I believe that the bullish breakout from the wedge pattern is a false breakout, and the price will eventually return inside the pattern. For entering a position, you can either trade based on the 4-hour bearish hammer candlestick formation or wait for the price to return inside the wedge pattern. In any case, your stop-loss should be placed above the high formed in this candle. Wishing you all the best.
Short
by mohemati
2
BTC SETUPSHi guys, Today I have BTC for you. Since last week btc has been trapped underneath a supply area and has not been able to break through it. In terms of short trades there is a supply area around 35607 level which could drive the price down should it get there. Then if you want to go long you have to wait for the price to get to the demand area at the bottom then after confirming it in lower time frame take a long trade. So as always wait for the price to get to either of these areas and take your trade accordingly. Be honorable.
by AliHassanzadeh
SPY- Bearish Megaphone - UpdatePosting another quick update here on the SPY as it closed last week sitting on its 50-day SMA, after the 50-day SMA crossed below the 100-day SMA, while simultaneously rejecting the .50 FIB level. The SPY is holding yet another bearish megaphone as buyers and sellers continue to fight, accompanied by some slight bearish divergence on the RSI. Just some key FIB levels to keep an eye on in the interim, along with some RSI-based supply and demand zones, staying hedged. --Previous Charts Attached In Description --
AMEX:SPYShort
by jacobosiason7
XAUUSD LONG AND SHORT SCENARIOS Hi guys, I'm back with another analysis on gold. So let's dive in. So currently price is trapped below 1991 level which is the broken support and has already been tested once. Should price break through the level I would expect it to rise back to supply level around 2001. There with enough sell side participants market could drive down. If market begins selling off now then first area of demand would be 1979 area. Should price breached through the area next demand level would be 1964 which has been tested once before and would be second time. As always make sure you have these areas on your chart and act accordingly. Be honorable.
OANDA:XAUUSD
by AliHassanzadeh
USDCAD LONG POSSIBILITIES Hi guys, In this analysis I will be covering USDCAD. LEVEL 1.3891 has been acting as a resistance and price has already tapped into it multiple times. Should price begin selling off from this level, The first demand level would be 1.3832 and the one after that would be 1.3804. One other scenario is that price breaks through the immediate resistance with a fake out and taps into supply zone which is 1.3925 then starts selling off. One thing we should consider is Federal fund rate which is going to be publish later today and it will heavily impact the market. so be extremely cautious while taking trades on any of these levels. Be honorable
by AliHassanzadeh
XAUUSD BUY AND SHORT POSSIBILITIESHi guys, I'm back with this week first analysis. As always I'm gonna keep things simple. So price did react to my sell zone on last Friday and started selling off, currently price is reacting to the broken resistance(1992) which has turned into support level. I have multiple demand levels, the immediate one is around 1982-1980 which I wait for price to reach there. After that I would wait for a confirmation in lower time frame to take a long trade.
OANDA:XAUUSD
by AliHassanzadeh