MAR earnings are due after the close today so I will be waiting to see how this affects price. If the move up continues there may be an opportunity to buy. MAR was a great performer last year. After cleanly breaking the 2007 high ($52) in about February/March 2014 the up trend continued to be linear with multiple pullbacks and breakouts allowing us to add to our...
We seem to have established a floor for this support around $210 near the last area of consolidation before the big Coinbase pump. The market is now forming a massive descending triangle by making lower highs on very weak volume. This pattern will be validated if and when the price dips below intraday support at $220 again. The market had a similar, albeit...
I like to think that each currency pair has its own genetic code. Some pairs move very harmonically, some pairs do not. One of the reason that I like to keep my trading portfolio small is so that I can get a good feel for how each pair likes to move. Over the past few years I noticed that the USDJPY likes to go on these insane rallies....followed by consolidation...
Potential bearish butterfly pattern coming in at the very top of a recent structure area. If the market intends on continuing to consolidate until Thursday, then it's an excellent spot t shoot for another move down.
The EURNZD is currently in choppy waters but i think based on my analysis, for some hope. Currently on the Gartley pattern we are at a potential AB projection to form the C leg of the Gartley pattern if that happens(as we are @ the 26-18 trade setup), we could ride the C leg to form a Gartley completion @ the PRZ, 1.5623. If this happens we could look to get long....
We might be cought in sideways within the red channel for another 20 days. I look at the Willy or MAGNUS™ indicator and compare it to a similar situation we had a couple months ago. The yellow box had some rangebound action in it with a little breakdown in the middle ( just like we had it now ). The question is what will happen after the yellow box? The red box...
If you’re a follower of my work on YouTube then you know that this week I wanted to try something new. I wanted to introduce something I’m calling Chart of the Week where, you guys shoot me a question about a chart that is giving you problems and I show you what I see and talk about how I would look to trade it. This week I chose to take a look at the EURNZD on...
Re-post with both charts this time. The comparison between the ill-fated Paypal pump that became completely unsubstantiated and our Microsoft announcement. The latter was slightly smaller (9% gain vs 13%), but so far it has been showing a far higher resilience. Will be interesting to see how this one consolidates and how support builds. No position as this...
SEE is a stock which hasn't been on my watchlist before. Earlier this year it broke the 1998 high - having been in a long and deep range since then. It has only been trading above $35 for a couple of months so it is too early to see what type of trend is developing, but so far it looks to be entering a new phase. It is now trading above $40, so has cleared the...
Don't let the bears scare you just yet. The market failed to confirm a long-term bull trend, but as you can see we're not far off of the long term upward trend line. We are still in a bullish pennant which, incidentally, ends at the long term uptrend. I'm not saying this is a sure thing, but I will certainly be watching this interesting pattern to determine a...
ERIE appeared on our breakout list today. It is not a stock I would normally consider as it is not an S&P500 company. Volume is low, which makes liquidity low, and difficult to trade in the UK. However, I like the look of the chart so thought it worth analysing. ERIE trended well until consolidating from 2011-2014. There were a couple of fake breakouts in 2013...
Until earlier this year RCL had been in consolidation since 1999. After price finally broke above $58.88 a good trend began to develop but was seriously hindered by the October pullback. This breached the 1999 pivot high and the 200dma but it was not all bad news - a cup and handle chart formation developed on the daily chart suggesting a move to the upside...
WMT has been in a trading range for almost a year. Then yesterday, on earnings, price gapped up - breaking previous resistance. How good a buy opportunity is this? On the weekly chart the 50ma is flat - this gives an indication that the trend is flat. After a year of no trend it would be far too early to get into a long-term long position. While price is bullish,...
LEG has been trying to breakout of a multiyear consolidation since May 2014. On the weekly chart I have drawn on the 1998 and 2004 highs (to highlight this point) and the more recent consolidation zone which lasted just over 5 months. Finally in October 2014 price made a big bullish move (on earnings and higher volume) but this was far too early to consider a buy...
MNST was in consolidation for over a year before a large gap up in August 2014. Prior to this it had been in a good, linear bull trend for some time. So now the consolidation period is over we would like to see a continuation of previous behaviour. While the uptrend began again on the August gap up price took a little while to get going. Then, on 31st October,...
WFM has been in consolidation for several months, beginning with the large gap down on earnings back in May. On earnings this time price gapped up out of the consolidation zone, on higher volume. On the daily chart there is no resistance until 47.70, the bar was very bullish and closed above the 200ma. Initially this may look like a good near term...
COST had been a great trending stock for quite some time - particularly through 2011-2013. But the last year has been a poor one for the trend trader. On the weekly chart this is shown by the rounded bottom and on the daily chart by a period of consolidation. The breakout from this zone was messy. Finally on 29th and 30th October we had a couple of bullish bars...
NZDUSD is trending downwards on the daily, making a retracement in an upwards channel. At the top of the upwards channel a triangle consolidation pattern is forming, expecting a breakout to the downside to continue channel.