Market Update: DOTUSD & USDJPY – May 30th, 2023
NOTE: This Market Newsletter is developed by using Daily Chart Time Frame, and a relevant price chart is attached to each market.
DOTUSD: Selling On Retracement Higher & After Price Action Setup At Or Below $5.74 – $5.90 Resistance Area
Comments: Price moved higher from the Small Bullish Pin Bar + Inside Bar (Combination Setup) that had formed on Friday, May 26th (We did not consider trading this setup, nor did we mention it).
Price moved higher from the Bullish Pin Bar Setup that had formed just above the $5.14 short-term support level on Friday, May 12th (We suggested buying on a retracement lower into the range of this setup in the May 22nd, members weekly newsletter).
Potential Trade Signal: We are looking to sell on a retracement higher and after a price action sell setup/signal, at or just below the $5.74 – $5.90 short-term resistance area.
To join our Premium Discord & Facebook Group, and have access to daily live streams, CLICK HERE
USDJPY: Buying On Retracement Lower & After Price Action Setup At Or Around 137.78 – 137.90 Support Area
Comments: Price moved briefly higher from the Small Bullish Tailed Bar Setup that had formed on Friday, May 26th (We did not consider trading this signal, nor did we mention it).
Price moved significantly higher from the Multiple Inside Bar Pattern that had formed just above the 137.78 – 137.90 short-term support area on Monday, May 22nd (We suggested buying on a breakout of this pattern in the May 23rd, members daily newsletter).
Price moved significantly higher from within the range of the Bullish Pin Bar Setup that had formed just above the 133.00 – 133.77 short-term support area on Thursday, May 4th (We suggested buying on a retracement lower into the range of this setup in the May 5th, market newsletter and hopefully some traders got on board).
Potential Trade Signal: We are looking to buy on a retracement lower and after a price action buy setup/signal, at or around the 137.78 – 137.90 short-term support area, which coincides with the recent Bullish Multiple Inside Bar Breakout that had triggered on Tuesday, May 23rd.
To join our Premium Discord & Facebook Group, and have access to daily live streams, CLICK HERE
We will love to hear your Feedback!
To get access to our Premium Discord & Facebook Groups and get daily updates on 20+ markets – CLICK HERE
Disclaimer: The risk of loss in trading financial market products, like Cryptocurrencies can be substantial. You should therefore carefully consider whether such trading is suitable for you in light of your financial condition. Any content posted here should not be considered financial or Trading advice, this newsletter is just for information purposes and is just the author’s opinion.
