The stock has finally moved out of the consolidation zone. Late last December, the stock met with price rejection around 850 levels and it was pushed down below the 200 DMA levels. Then it started consolidating for almost three months now. The money flow had started increasing for the past month and the relative strength also started showing signs of recovery....
Shopify has struggled since late 2021 and now some traders may expect another push to the downside. The first pattern on today’s chart is the pair of high-volume bearish gaps after quarterly results on February 13 and May 8. Both drops came despite better-than-expected earnings, which may suggest the e-commerce stock is a distribution phase. Second, SHOP...
Unveiling the Falling Wedge: A Short-Term Boon on the 4-Hour Chart In the fast-paced world of day trading, identifying short-term opportunities is crucial. The falling wedge, a technical chart pattern, emerges as a valuable tool for traders seeking to capitalize on price movements within a specific timeframe. This article dives deep into the falling wedge,...
Even though it is possible for price to go beyond the 3rd STD, It usually doesn't remain there for long before it has to cycle back to test lower levels. However, hype stocks can lead people to keep buying in fear of missing out. We all know that is a rookie mistake. That's why, even though NVIDIA is an awesome company, I would instead prefer to buy at a discount....
On Friday we saw USD/JPY failed to hold onto intraday gains above 158 following the BOJ meeting, and close the day back beneath the prior 'MOF intervention' level to form a shooting star candle. Prices drifted higher on Monday on relatively low volume, putting us once again on guard for either a false break of 158 or Friday's high. We're seeing a simple...
Anyone who has read my recent post will have noticed that we are tracking the increasingly over-expansive market in the CME_MINI:ES1! . If the trend is indeed our friend, then prices should remain moving upwards. Which is what I expect will happen. But in order to go into a strong uptrend, first some levels of support must be tested, or else we risk...
I was recently watching a video in the ideas section of trading view and I notice this person speculates that the price will drop lower in the Dow Jones. Interestingly enough, this also lines up quite well in my charts. It's important to notice that many differences exist between these two tickers. The fluctuations of the CBOT_MINI:YM1! and the CME_MINI:ES1! ...
Here is quite visible how tesla tested its support recently. As it had been mentioned on a previous idea, this level has become a critical one for short term price action. However, seeing price swing up in this manner and then finding support in the 2 moving averages, I find it hard to believe price will drop back to test the structure. If structure is broken,...
Sometimes a chart is just a chart. Don't take it too serious ;)
I've been bullish on tesla as I like the company and is currently in a very long-lasting swing low, however if price drops more than this minimum it is possible that market structure will break and will test the lows again. If we do see a break in market structure, then the first proposed trade of the referenced idea will fail. However, the second trade still...
BTC’s daily chart portrays a significant rise from $60,176 on May 10 to the $71,958 high, followed by a correction and sideways movement. This pattern suggests a phase of price discovery and consolidation. Volume spikes accompany major price moves, with decreased volume during consolidation. Key support and resistance levels are $60,176 and $71,958,...
Here we can clearly see that the market structure keeps trending up, in very aggressive manners. Many technical resets have been made, and recently we went through one that lasted almost the entire Biden administration. Even though this reset is great for price action, it seems that it is quickly becoming parabolic. If price continues to behave in this manner,...
Local maximums don't tend to follow the pattern of respecting overextensions like minimums do. This is mostly based on the positive bias people have of the future. Seeing a close this strong is a strong enough sign for the indicator of short term trend to become positive. If this is true then we should start pushing to new high, but if the market does so it risk...
This seems like a great buying point, looking at all the technicals, it would be hard for price to keep pushing down. However, the moving averages do tend to work as resistance and support, so it could be possible for price to drop there. However, It's unlikely price will continue to move down by much. And if so, price is likely to keep on rising. As this company...
On the above 4-day chart price action has corrected 99% since January 2022. A number of reasons now exist to be long, including. 1) Price action and RSI resistance breakouts. 2) Multiple oscillators print positive divergence with price action. The higher the time frame you go the stronger the divergence. 3) While the market has been in full panic mode volume...
After publishing last firday, I forgot that the elections were that sunday. I didn't factor that into the trade, fortunatly the stop loss was set tight, however, this open a new buying oportunity for the long term in walmex
Testing a local minimum on WALMEX. Price has been trending lower, however it recently hit a very strong down movement. It seems as if the candles that have come out recently indicate that this drop has momentarily stopped. It's important to stay looking at how candles develop to avoid catching a falling knife, but price could possibly reverse here until it hits...
American Express broke out to record highs in January. Now after six weeks of tight price action, some traders may expect further upside. The first pattern on today’s chart is the jump on April 19 after earnings beat estimates. AXP cleared the late-March closing high around $229 and proceeded to retest and hold that same level on May 3. So, the current month’s...