IvanLabrie

Shanghai Class A index: Bulls losing steam

INDEX:XGY0   Shanghai Class A Index
7 months ago
The Shanghai Class A index             is showing some bearish signals at the moment.
Even then, there's still a chance to resume the daily uptrend if price marches back up above the recent 12 bar price level at 3140.86.

Ideally, we'd see a loss of bearish momentum in the next 3 bars, and then a breakout to the upside firmly closing above 3232.329 ideally, as the first precedent for higher lows.
On the other hand, to confirm bearish momentum , we'd need to see 2966.49 within the next 3 bars.

If long chinese equities , you'd consider closing partially, selling calls, moving stops in profit, to protect your profits (if any).
Sentiment has been extremely negative for equities this week, reaching a peak on Friday, so I assume a contrarian stance and expect higher highs soon, before any real correction starts.

http://invst.ly/1klu5 - A50 chart (looks more bullish , a close above 9657.5 might anticipate a strong 12.91% rally to 10880 in 2 weeks.

If interested in my trading signals, or in personal tuition, contact me privately. I'm offering a considerable discount on a packaged course which includes access to my private trading signals list for a year.

Cheers,

Ivan Labrie.
7 months ago
Comment: Bearish momentum failed to confirm. We can expect some upside here.
7 months ago
Comment: Building a mode lower, not too positive but still not confirming the decline. I'd reccomend either standing aside, or looking to short China ETFs with a wide stop.
7 months ago
Comment: Here we go, shorting USDCNH is wise now.

http://invst.ly/1lx15
7 months ago
Comment: Resilient here. Let's see how it evolves, might go sideways for a couple weeks.
7 months ago
Comment: Strong rally today, incredible.
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ChimbOt PRO
7 months ago
SHanghAi InDEX

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ChimbOt PRO
7 months ago
Reference - Shanghai
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IvanLabrie PRO ChimbOt
7 months ago
Re: SPY lagging, maybe it was...back then there was panic surrounding China risk. Now, not so much.
Nikkei is a more useful benchmark.
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ChimbOt PRO IvanLabrie
7 months ago
Back then ? , it follows perfectly for the last few years
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IvanLabrie PRO ChimbOt
7 months ago
I wouldn't get too caught up on those patterns, all I'm saying.
As for the charts you linked, I disagree with the conclusion that everything will melt down now.
+2 Reply
ChimbOt PRO IvanLabrie
7 months ago
I bieleve, as Shanghai index breaks down , spy will follow .
My reasoning is the high correlation for the past few years. This week the spy has followed , time will tel if it continues
+2 Reply
IvanLabrie PRO ChimbOt
7 months ago
But it's only a down bar...one day. And Friday was even a 'key reversal' candle.
87% of retail traders are short, according to FXCM's SSI readings. We'll see higher highs first.
+1 Reply
ChimbOt PRO IvanLabrie
7 months ago
Time will tell
+1 Reply
IvanLabrie PRO ChimbOt
7 months ago
That's what I said in my post ;)

"Ideally, we'd see a loss of bearish momentum in the next 3 bars, and then a breakout to the upside firmly closing above 3232.329 ideally, as the first precedent for higher lows.
On the other hand, to confirm bearish momentum, we'd need to see 2966.49 within the next 3 bars."

If-then-else.
+1 Reply
ChimbOt PRO IvanLabrie
7 months ago
Looks like Spy truly is the laggard in my chart :D, Patterns remain until they are broken
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