Nothing too fancy here on the EURJPY just a simple structure based trade. Looking left you can see that the market has had trouble breaking this resistance level as of late. Combine that with the RSI being oversold and the existence of a double top featuring RSI featuring bearish divergence and it's more than enough for me to take a shot on.
This top was also a...
Price have already been rejected on Friday but there is still some momentum to the upside in place. RSI is going overbought.
Action: wait for a double top or some bearish candle formation to short
Market reached key resistance zone around 1.4575 and formed double top.
Price broke and closed below the double top's neck. Potential 2618 setup is on the card. RSI is showing bearish divergence.
A potential DT is forming now and it is encapsulated within a flattish channel.
This channel has a macd divergence as well.
However I do not wish to take action only after the DT is formed. By then SL pip risk will be about 200 pips.
Looking for retest at 4371 is more feasible and allows pip risk to be minimized.
Tp1 at neckline
Tp2 will be lower if this DT materializes.
We will see in 20 mins if this is valid double top or not.!!!!
SL = 1ATR
TP1 = retest of structure
TP2 = retest of 2nd structure
Entry :
Double top
RSI Divergance
MAJOR MAJOR structure on daily
Hanging man
I suspect the 5th wave to not continue the uptrend because of this huge wave 3,
If this scenario is correct, we have a nice double-top with a divergence on the Money flow index,
Target @ next big support around 60$
Risk: 2%
Reward: 52.96%
R/R ratio: 26.48
The volume was higher on red days than green days during the first top, and during the second top the volume is low (typical of a cup and handle) and also higher volume on green days than on red days, indicating a bullish chart. This may still turn out to be a double top, so investors should be cautious and watch the support.
Short MSFT 45.5 weekly puts on a near test of the 45.5 level. After testing that line twice, it has failed to breakout again today.
MACD is flattening out, stochastics are heavily overbought and price action is near the top of the Bollinger bands. Option IV also very low, near 13%
Coming off an impressive long from last weeks bullish bat pattern, the pair has now come back to retest previous structure highs. Although i wouldn't consider this to be the optimal structure level, the risk reward that is available on this trade makes it worth the take. A single ATR stop above the highs provides me with a less than 20pip risk (if i'm wrong, I...
I've been sitting in a short position on this trade since this morning and it hasn't really done much. What initially caught my attention was the fact that I was late to a deep bearish Gartley Pattern. When I looked a little closer I found that price action had moved up a previous level of structure and had refused to create a higher close.
I would like this...
Double Top Trade on GBPNZD M15 - Intraday Trade
The very first trade idea...so go easy on me guys. This here is a Perfectly executed 2618 Trade. Double top confirmed, price broke neckline, price rallied back up to 61.8 Fibonacci retracement of the swing low triggering the trade at 1.96387 (spread included) with 1:1 R:R...
Trade Plan:
Stops placed 10pips from the...
1) Significant Double Top formed between 46.00 - 48.00 levels
2) Price has retraced back to Neckline and begin second impulse wave.
3) Price has broken 64 Month Uptrend Line and may transition within a projected down channel
The near term projected path of least resistance, will be for price to continue downwards.
It is also likely that the price will trade...
Guys EURUSD has put in a double bottom at a big support level o the daily. Hourly chart shows some signs of a rally. Be careful with this one. The reversal zone is wide. This is a good spot for the 26.18 trade and it hasn't quite completed yet.
Looks to me like $PNRA is about to complete a year long double top formation. If current downard trend breaks the baseline, this stock could be in for a blowout. Watching with one hand on the put trigger.
Hello all,
I was recently asked about Boeing Corporation (BA) and so I thought I would take a few minutes today and take a good look at how its chart looks. I was asked about 'investing' dollars and when ever I consider an investment it is always best to work off the higher time frame charts. The weekly chart gives you a nice broader picture of price action and...
Looking at this double top outside the bearish channel. I expect RSI to show bearish divergence here too. The light blue line is a conservative target of a measured move from the double top formation.
Hello all,
With a little spare time on my hands today (Google having issues today...ugh), I thought I would take the opportunity to review/comment on Bitcoin's price performance from a higher time frame perspective. Here then is Bitcoin's Daily price chart (Finex) over the past four months with notes and levels.
Looking backwards: As has been frequently commented...
