Price action & Psychology - Inside trader's mindsHello !
Key points :
Double bottom
Volume on uptrends > volume on downtrends
Indecision + rising volume
It all starts with the halfway retracement. The stock makes a new low, buying pressure kicks in, drives price up. The halfway retracement is the result of traders taking profits, see how the volume fades ?
Anyway, the momentum is not enough to break through the resistance and keep the trend going, it reverses.
See how that 50% retracement seems to be a reference point, marked by the indecision candlestick (doji) and the spike in volume.
The gaps on the way up tell us that buyers are really aggressive (or covering their shorts).
On the way down, there's once again buying pressure (candlestick + volume) around that previous halfway retracement.
Note how the volume crumbles down and the bearish candlestick marks the last burst of the downtrend.
Volume is rising, there's still a healthy balance between buyers and sellers, we should see an increase in traded shares today.
Summary :
Those that bought too early (circled zone) either sold or are still holding (an might re-enter or add to their loser)
Some will probably buy the double bottom or the just the support
It is very unlikely that traders are going to short this zone
Those that have an open short position will cover
Thanks for reading and if you have suggestions or wanna discuss the idea, just leave a comment, I'll be happy to answer.
***Disclaimer : This is not an advice to buy the stock. Please, be aware that trading is a matter of probabilities and that it only takes ONE trader to deny your trade.***
Charting
ETHUSD Topping out? Time to Dive? BTC price dependent?ETHUSD price has rejected off the supply zone giving the first indication a correction could be upon us. I'm waiting for the break of the raising wedge before entering a short position. The conservative option would be to wait for price to break down and create a lower low before contemplating a short position. Thanks for a having a look at my analysis, all feedback is welcome. Would love to hear from you and your ideas particularly if you are seeing a long opportunity. Give me a follow and a like, to keep seeing similar charts. Thanks again
Price action & Psychology - Triple bottom reversalHello !
Key points :
Triple bottom pattern (laws of mass psychology, in my opinion a very reliable pattern)
Support held despite high volume
Indecision rises even though overall market turmoil ( relative strength )
Rising volume compared to the previous trading session
I usually never wait for the breakout when trading double or triple bottoms. I tend to buy the bottom immediately. Therefore, I will use the 4.00 zone as my initial target. If the reversal happens and my target is reached I decide whether I hold or sell based on the current conditions.
Using the S&P500 index as a guide
On my S&P500 chart I have the Williams %R (3) indicator plotted. I noticed that during that market crash, whenever the indicator enters the oversold zone (< -75) the S&P500 tends to bounce back up.
i.ibb.co
***Disclaimer : This is not an advice to buy the stock.***
Thanks for reading and if you have suggestions or wanna discuss the idea, just leave a comment, I'll be happy to answer.
Price action & Psychology - First pullbackHello !
Key points :
Fading volume : The fact that volume is fading indicates that the pullback is losing momentum, we should see an increase in volume tomorrow compared to today. Interest in stock is rising.
The wide range bullish candlesticks shows that bulls are strong and there's actually interest in the stocks (i.e. those that didn't trade have a chance to buy now)
The stock gapped down, probably out of fear considering the overall market conditions, there's been a selling wave driving prices down but bulls caught up
***Disclaimer : This is not an advice to buy the stock. You should never ever blindly follow a trader's idea without knowing exactly what he talks about.***
Thanks for reading and if you have suggestions or wanna discuss the idea, just leave a comment, I'll be happy to answer.
Price action & Psychology - Reversal after panic sellHello !
Key points :
Gap down : The stock gaps down probably because of bad news; opens at old support level
Panic selling : The bad news and the gap down triggers panic selling which explains the surge in volume
The stock finally settles on a previous support area
Last selling burst occurs and indecision rises as volume goes back up
Through this trade I want to emphasize the fact that one should be careful when evaluating the shadows (or wicks) of a candlestick . On this particular trade, there is no need to put the stop loss below the shadow, because it is the irrational behavior (fear) that formed it.
Watch out the area around 7.00 as it is an important congestion zone on a weekly chart (3 years - weekly). The final target would be the 8.00 area.
***Disclaimer : This is not an advice to buy the stock. You should never ever blindly follow a trader's idea without knowing exactly what he talks about.***
Thanks for reading and if you have suggestions or wanna discuss the idea, just leave a comment, I'll be happy to answer.
VIX on watch for double bottom @ 37 within falling wedgeWatching to see if VIX holds a double bottom. Wedges very often end on double bottoms or double tops (as per a riding wedge).
Only using this as a tool to calculate general market sentiment, no positioning for me directly within volatility products currently.
Thank you.
Trend continuation after pullback - Psychology & Price actionHello !
Key points :
Support on previous gaps (highlighted on the chart)
50% Fibonacci retracement, after starting a new trend, stocks tend to pullback halfway after resuming
Fading volume signals the end of the current trend
Indecision candlestick ("Doji") signals that indecision rises
What's the plan ?
From a "daytrader" perspective (that I'm not, but I have some basic knowledge), I saw that morning panic which led to a reverse and a spike to 8.10 (5 min chart). A pullback was obvious, so I placed my buy limit at 7.95 and got filled. Now I'll let the trade unfold and will add the other half on my position once the trade advances in the desired direction. The initial target is the first encountered resistance.
***Disclaimer : This is not an advice to buy the stock. You should never ever blindly follow a trader's idea without knowing exactly what he talks about.***
Thanks for reading and if you have suggestions or wanna discuss the idea, just leave a comment, I'll be happy to answer.
GBPUSD [1-3 days view]Short GBPUSD
Entry: 1.2274
SL: 1.2356
Price holding below its natural moving EMA of 21 period.
Further, price is also holding and reacting below descending trendline resistance.
With MACD below 0, in a bearish environment. I expect price to drop further towards my target.
GBPJPY [1-3 weeks view]Short GBPJPY
Entry: 136.810
SL: 138.680
Clean, Simple, Concise. That's how I like my charts.
Price has been trending downwards.
Despite price gapping lower and making a new low, price came back to cover the gap. This was to be expected as gaps are generally covered. This provided me for a re-entry to go with the trend.
I currently see price forming sort of a flag pattern which is a continuation pattern. Should price break below I would add to my positions to compound the profits. Further, price is holding nicely below it's natural moving average.
This trade has a very nice risk/reward profile.
GBPUSD 4HR LONGGBP/USD May rise 100-150 pips
Insight -Price moving in a downwards trend, has broken previous support level with price now
below the 23% on the fib, may hit lower support at 1.2763, then test resistance at 1.2847 and go
long then reverse once price is at the golden zone.
Intraday - Buy
Trade: Buy
Buy or Above: 1.2763
Target TP: 1.2847 & 1.2915
Pivot and Support 1.2763
Trade: Sell
Sell or Below 1.2763
Target TP: 1.2738 & 1.2722
EURNZD [1-3 day view]Short EURNZD
Entry: 1.771350
SL: 1.775520
(Decided not to put TP because I believe trading should always be focused more on where we could possibly go wrong)
This would be an intraday short.
I am of the view that we should see a bearish drop towards my final TP.
Price has been drifting lower since the start of the month. Though on the longer term view, i maintain my bullish bias.
Make faster decision with RENKO OHLCOn March 3, 2020 TradingView started supporting OHLC for Renko charting. Prior to this, only CLOSE of candle was available. Using OHLC provides faster signal to get in and out of trade, compared to using CLOSE.
Renko chart using OHLC
Renko Chart using CLOSE
Happy trading!
WTI Oil / USOIL [1-3 days view]Sell on strength
Buy: 52.75
SL: 53.65
Price expected to pull back towards 61.8% retracement (entry) before breaking below ascending trendline support and then continuing the drop towards 50.55 level.
Price is below what I call the natural moving average and MACD seems to be turning downward, heading into bearish territory as well.
Cheers.
Potential Breakout From Rectangle Chart PatternThe following breakout alert is from my Premium Stock Alerts Service with Macro-Ops.com.
Here's the trade:
3% Breakout: $5.26
1.50% Breakout: $5.20
Price Target: $6.32
Stop-Loss at Minor Low: $4.66
Reward/Risk: 2.07
Thanks,
Brandon
Shorting the EUR/USDI have shorted this pair earlier this week due to the recent breakout around 1.08274 level. I know that most of the signs lead to a very exhausted and oversold currency but I don't see anything significant that this reverses soon. I'm targeting around 80 pips from the point of breakout or will close it manually if I see a major bullish engulfing candle at the current consolidation.
For now, I'll just watch and see where this goes.
Cable... What are you trying to do here?With all of the uncertainty regarding the recent remarks by boris johnson it seems as though GBP pairs are moving but not nearly as quickly as usually. As of right now, I don't see much on GBPUSD and will remain on the sidelines. With that being said however, I gave a "Hail Mary" prediction which I will be providing a before and after too. Let's see what happens. #Chartistry
NZDUSD 4hr IDEA NZDUSD should be making it's way to the upside. Looking for price to tip the bottom around .64214 and or .63913 and also having a box 2 blow out, seeing if price would reset itself to have a continuation of the downside and THEN MOVING UP , setting on top of previous price action.
ASX: Prodigy GoldFactors
1. Price has experienced a LT downtrend (Starting August 19)
2. Price slowly building a base with a short term resistance at 7c .
3. EMA is converging
4. There is an overhead gap at 8.3c which I would be looking to target, 10.5c if we're feeling more ambitious.
Possible Reasons For Failure
1. No breakout/bullish price action at 7c to initiate trade
2. Prices may continue to downtrend
3. Base may breakdown
Watchlist and keep an eye on, mainly at 7c level.
NZDUSD [1-3 days view]Long NZDUSD
Entry: 0.66195
SL: 0.65820
TP: 0.66800
Price testing 61.8% Fibo retracement level and also ascending trendline support. Breaking above descending trendline resistance will see price explode to the upside target of 0.6680.
Trade safe everyone. Cheers.
EURUSD [1-3 days view]Buy EURUSD
Entry: 1.11305
SL: 1.11110
TP1: 1.11599
TP2: 1.11754
Price made a new higher low and is now above EMAs. MACD looks to also cross above the 0 level and set to enter bullish territory. Risk reward isn't exactly attractive for me, so i'm risking a small amount on this trade.
TP is determined by Fibo retracements as seen on the chart.
Cheers. Please do your own due diligence.
LTCBTC Long Opportunity
LTCBTC has been on a downtrend since around the 18th of November 2019.
The downtrend has continued until a major support floor has just been hit and the price is consistently rejecting of this support floor, demonstrating signs of accumulation.
The Absolut Strength indicator has already crossed to favour buying momentum and strengthening a long bias.
I am waiting for a break above the now resistance level 0.006125. Once this level is broken and retested on a smaller timeframe I will enter long.
Take profits will be as follows:
- 61.8%
- 78.6%
- 0.007345
USDJPYLONG USDJPY
Price is above EMAs and MACD is also approaching and seems to be crossing above 0.
Price is also holding above a short term ascending trendline support.
I will enter on pullbacks and targets are based on key Fibo retracements. Very nice R/R as well!
Please DYODA (Do Your Own Due Analysis)
GBPJPYShort GBPJPY
Price testing descending trendline resistance and close to 61.8% Fibo Retracement.
MACD is in bearish territory as well.
Please DYODA (Do your own due analysis)
