Swing Trading Bitcoin With The Aroon and ADX The market has continued its ranging period and is now closing in on the support level around $8,500-$9,000. Although the market has been ranging over the past two months, you can still make a profit by trading with the Aroon and ADX! Let’s start by taking a closer look at the Aroon indicator! Aroon Aroon is...
Last week saw the largest decline in markets since the rally of the March low and in doing so created an Island Reversal Pattern which is a bearish type of chart pattern. Island Reversals form when price creates a gap up during an uptrend, holds above the gap level for a few days, and then reverses back to the downside while creating another gap on the move down...
Double Bottom Pattern for ADX gave us a chance for 12.6% profit Second round? 🧐
JSE:AIP is showing strong growth after a terrible knock it took during the coronavirus lockdown. On the chart it is clear that JSE:AIP is moving toward its Weekly Rectangle Resistance Level. A breakout is possible out of the daily consolidation block on heavy volume. The DI + lines is above the DI- lines that indicates more bullish trend movement, with the ADX...
Was trying to find some direction for the market in the coming weeks. I took a look through history to see if I could find a time when the SPX, VIX (volatility), and ADX (trend strength) all had similar values. The best match I could find was the beginning of June 2009. You will have to zoom in on the time frames to get a better view of the data. I know, I know,...
ADX is at the bottom zone and it is too good to accumulate in the range of 900-950sts. It is forming a big Cup & Handle pattern and targets are : 1200 - 1800 - 2300 If price drops below 800sts, it would be dangerous
FX:GBPJPY is in a long term downtrend and therefore we should look to enter only entries to the downside. The black lines on the chart represent Fib Retracement level on the Daily Chart. We will now continue to the smaller timeframe to find an accurate entry point. A nice downward parallel channel further indicates downward movement and we will set our TP target...
Silver(Sl1!) closed at $17.90 on Tuesday for a $0.53(+3%) gain on the day. Price is currently testing the $18 level which is just below a diagonal trendline which stems from the August high near $20. Price has also created a series of yellow candles over the past 4 trading sessions which indicates that there is bullish momentum volatility behind price according...
The S&P 500(SPX) closed today at $2,922.94 for a -$30(-1.05%) loss on the trading session. Price is also once again hitting 61.8% Fibonacci resistance and setting up for what could potentially be a triple top pattern. The 61.8% Fib level has acted as resistance since late April while each pullback has held at the 50% Fib making this the current consolidation...
Silver(Sl1!) closed at $16.15 from an opening price of $15.75 for a gain of $0.40(+2.54%) today. This move comes after a recent break above trendline resistance which was followed by 4 days of price holding above the trendline. This hold above the trendline saw 4 doji candles form which are indecision candles. A doji candle is a price candle with a small body,...
Gold(GC1!) closed at $1,740.9 for a +$17.8(+1.01%) gain today. Price also made a push above the upper resistance line of the pennant formation which is a bullish move and one that was anticipated in previous chart analysis shared. While this was a bullish break above resistance, we need to see a sustained move higher for a sign of uptrend continuation. Overhead...
The S&P 500(SPX) closed today at $2,820 for a -$50.12(-1.75%) loss. Price is coming off of a second test and rejection from the 61.8% Fibonacci retracement level which has created a potential double top pattern at that critical Fib level. Price managed to hold above the 50% Fibonacci level on today’s selloff which is the midpoint of the total Fibonacci range...
Bitcoin(BTCUSD) has moved back below the 50% Fibonacci retracement level after hitting 61.8% Fibonacci resistance near $10,000 this past Thursday into Friday as traders pushed price higher ahead of the halving event which took place today. The rally on Friday was also fueled by legendary trader Paul Tudor Jones announcing that he has entered the cryptosphere as...
The weekly SP500 chart shows price testing, and closing at, $2,950 which has been a major support and resistance level going back to September 2018. Price briefly held above this level for two weeks at the beginning of the coronavirus selloff, but ultimately failed to hold and fell down to the $2,200 level before the relief rally that we’ve seen over the past 7...
The S&P 500(SPX) closed Friday at $2929.81 for a +$48.61(+1.69%) gain. Price closed right at the 61.8% Fibonacci retracement level which is where price peaked on April 29th(red arrow) before seeing a slight pullback to the 50% Fibonacci level. The 50% Fibonacci level is the midpoint of the total Fib range from the all-time high of $3,393.52 made in February to...