In this update we review the recent price action in the Hang Seng and identify the next high probability trading opportunities and price objectives tot a
Hang Seng is still busy in the magenta-colored zone between 20 867 and 18 707 points. On the one hand, the index has slowed the descent and could very well have completed wave (4) in magenta by now, readying itself to take off. After all, the requirements for the current movement’s conclusion have already been met by touching at the magenta-colored zone. On the...
I said yesterday afternoon that I was bearish on China, look at MFI on this chart. It's basically at support now so I flipped my puts this morning.
At least I found one index where indicators still work, lol. US/Euro markets in a complete melt up.
Oversold on monthly RSI but it's also in no man's land as far as support.
For some reason, I think this can go down even more, maybe until MFI gets oversold?
Probably hits bottom when they invade Taiwan. They're just waiting for Russia to escalate knowing the US can't fight 2 wars.
In case you're wondering why everything is red, China tanked last night
Oversold on every time frame, 3 hr, daily, and weekly but I ain;t touching this one.
Hang Seng looks to be in a C wave which means a bottom near 11000 support level is likely. After that flush I would say China is probably a long term hold, especially once it gets back over the monthly trendline. Monthly RSI is about to close at it's lowest levels ever.
My boldest predition: Are we going to break this balance area? If yes, based on "balance rules", we may see new low of year 16,000~ish within 1 to 2months
Please feel free to comment!
Above 676, target 762/824
Below 570, target 517/487/404
#marketprofile #volumeprofile #orderflow #chartanalysis #chartporn
$HSI
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I use this platform as a way to organize my thoughts and plan for my personal trading for the sessions to come. Do not misconstrue this newsletter as actionable trading advice. I am simply sharing my thoughts as a market operator...
Looks to me like China is due for a bounce as well....
I am super bearish on cryptos but China always pumps cryptos even though they are supposed to trade them, lol. I'm guessing they're using futures as a loophole? I dunno.
HSI touching overbought on RSI, probably pulls back tonight.
If you're still holding along position in PDD, I suggest dumping or at least locking in some profit. I'm already out.
Oversold and hit my target last night so bought some PDD calls this morning.
Good earnings and positive news so you know that garbage is gonna go up fast, it always does. Already getting pumptarded, but I've seen PDD move $20 in a week, for example runup before last earnings.
This is why I plot stuff though, hit the target almost on the dot.
Expecting at least a one day bounce off this minor support
ADR traders must be looking at the same thing because PDD went green despite HSI going down last night.
MFI hit overbought last night and several companies announced they are going to delist from the US after their market closed.
There is a gap in futures, but China doesn't always fill those. Snagged some PDD puts on the gap fill, and added a few on this pump. Will wait until EOD to decide if to bail or add. Despite the delisting news, Chinese ADRs are melting...
Overall, $HSI remains cautious until heavy-weighted names earnings release. Therefore, I expect $HSI will continue tight range bound between Monday and Wednesday. Of note, I want to see how the price reacts around the 2H belt as it entered the belt.
Price scenario:
Open/bid above 20078-096, build up time/volume, would test these 20230s area and see if the...
China's tanking again, lol.
I guess I should have paid attention to the easy play. Was so hung up on CPI that I forgot all about China even though PDD is near the top of my watch list.
Oh well. Can't chase it now.
I know there's a lot of bears following me, a lot of time if I feel bearish and the US market is melting up I short a foreign ETF or in this case...
Last week HKEX:HSI1! rallied to 20300 previous week low volume area then got sold off towards 19450-ish, previous daily excess, where seller couldn't find traction. Buyers stepped in and ended OTFD and created three sessions of OTFU into 20300-ish and again got rejected, which left weekly OTFD continued.
Looking ahead, with the Belt, aka @spacemanbtc creation,...
The belt created by @spacemanbtc rejected $HSI breakout and created weekly OTFD. From the perspective of market profiles, weekly imbalance indicates bearish sentiments among traders and further downtrend expected.
Theme: STFR
Bulls target: reclaim 20633 and tackles above 20985, but note that top belt is leaning lower
Bears target: stay below the single prints...
China is probably the hardest market to predict because their govt exerts their will on the market, whether it be up or down.
I shorted PDD again today because I think it goes down and retests the bottom next week. We'll see.
