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SOFI about to break out at $17.17?NASDAQ:SOFI intra day is trading at >$16 as I type this. On December 10th SOFI was printing below $15.46 Since then, it has tested the $15.46 level twice since its initial drop below that level (a 20 calendar-day period). Lets back up in time some for context: On Nov 11 SOFI printed intra day at $24.63 Since then, SOFI has been trending downward and has fallen as low as $13.67 (on Dec 17) Dec 03 was the first time since Sept 22 SOFI was printing <$15.46. After consolidating in between the $14-15.50 range, SOFI seems to have broken out to the upside. Historically (although a small sample of history due to it being a new stock) $17.17 will be the next major area of resistance if SOFI continues to rally to the upside. Historically, SOFI has had 13 major upward/downward tests of $17.17 on the monthly candles, it is no stranger to this level. Of those 13 attempts to break through $17.17: Bullish Breakouts: 4 - Monthly candle open below and closed above $17.17 - The proceeding Monthly candle open and closed above $17.17 Bearish Breakout: 2 - Monthly candle open above and closed below $17.17 - The proceeding Monthly candle open and closed below $17.17 Positive Backtests: 4 - Monthly candle opens above $17.17 - Monthly candle either has a wick or body that closes below $17.17 - The proceeding Monthly candle opens below but closes above $17.17 Negative Backtests: 3 - Monthly Candle opens below but closes above (or has a wick in the case) that prints above $17.17 - The proceeding Monthly candle closed below $17.17 Overall Bullish reactions: 8 Overall Bearish Reactions: 7 Total # of Bullish runs: 3 Total # of Bearish runs: 3 The picture I am painting is the IMPORTANCE of the $17.17 level for SOFI. Take-aways: As SOFI moves above $17.17 and breaks $18.65 there is a high historical probability that it tests 24.63 or higher. As SOFI moves below $17.17 and breaks below $15.46 there is a high probability that SOFI tests $13.67 SOFI's price action seems to be condensing over time very slowly and is trading within a symmetrical wedge pattern in its most macro sense. SOFI's median price is (technically 17.54) but the $17.17(range) acts like a magnet, accelerating both bullish and bearish momentum The chart is very Sine-wave-ish, the cycles are apparent. Bulls as of now seem to have taken control and are looking to again test $17.17 Last thing of note: the wave-like nature of the stocks entire history is very similar to what we see in an accumulation/distribution phase B of a Wyckoff pattern. My predication is that $17.17 is tested in the next 30-60 days and will signal a massive bull run to new ATH's under one condition: THE NATIONAL BANK CHARTER gets FULLY approved. If the bulls can continue momentum through Jan., come Feb. there MAY BE a chance that we get word on this news which would accelerate SOFI past 18.65 and attempt to break the ATH of $28.26. If the bulls lose control at $17.17 I would look to $15.56 as support. This said, I will be looking at jumping into ATM SOFI calls (early) @ >$17.50 or OTM (late) at >$18.65 ATM Puts would be considered <$15.46 Of course, chart and news depending as that time approaches (if it does at all) Not financial advise. Do your of analysis and DD before entering or exiting any trade of your own.
NASDAQ:SOFILong
by OccamsPhazer
Current Long Micro AUD/USD FuturesIn this publication I show a drawn up trade that is currently open on my account. I use the principles of price action, where price is in extremes through expansion and contraction. NO squiggyly lines just pure price action is quite simple and beautiful. To me it is an art form being in touch with the charts ebbs and flows. Before every trade I practice a discipline called objective discovery where I read bar by bar to feel the buyers and sellers emotions in each bar. This is my first post, Im thinking of starting a continuous blog where i post live trade ideas and go through the principles of price action and swing trading.
CME_MINI:M6A1!Long
by AleMeo97
EUR.USD H4 Short 13CCI tlb, fib trgtH4 13CCI crossed down thru an up-trendline on the CCI. Given that, the entry short on EUR.USD is immediate for experienced eyes, or as soon as CCI came below +100 on CCI for conservative traders. The price now is on S/R going back thru July, and is on or close to a median line for pitchfork starting Aug 18, depending on your software. The S/R area may hold price up temporarily. A break below might aim for a 38.% retracment of move up from mid-June to Sept 1, 2020, possibly near price intersection of the 38.2% retr. line and the lower median line possibly the end of this week or early next week ~~~1.17-1.166 The exit would be a CCI tlb of an up-trendline or a fib target
Short
by nicker
10
Median-based TL's on FCT's reveal internal 'lines of force'("FCT" = Fractured Counter Trend) Here I used a pitchfork based on the first fractured CT from the December 2018 structural low. It seems to fit the action quite well, so, IF Bitcoin drops below its current dip (the low of the larger FCT - high blue arrow), look for the turn around at or near this rising level (as indicated). Likely a hit of the top of the channel. This current move down from the June high seems to be pretty typical FCT action, so I think a new high, once it runs it's course, is a pretty reasonable assumption... Not to mix methods, but count-wise the run up to the high seems to involve two numbers, 12 and 10. The first being the 'whole' count ending at the 'pull 1' terminal, the second being the 'sectional' count to the pull 1 terminal. From this point ('pull 1' is wave 2 - the first FCT), a 12 count plays out (ending w/ high vol. in early April - confirming the 12...) then a 10 count follows with the high appearing above its endpoint. I'm using "M4EL Ultra" script to locate FCT's here. Source pivots can vary (usually trend terminals) but pivot points 2 and 3 (if you count the source as '1') will almost always be the high/low of an FCT. This method allows you to line up your TL's with the true (invisible) internal lines within the trend. DISCLAIMER: It's a good idea to wait for FCT's to finish before drawing pitchforks on them. I jumped the gun here just to illustrate what could happen. Since the FCT doesn't seem to be over just yet, what you're looking at is pure fiction - at least with the upper pitchfork...
BITSTAMP:BTCUSD
by trendlab2