Even if it is not a good idea to trade this weekly pattern due to extreme risk of having stop loss below X point, this still can be useful to "turn the radar on" seeking for nice corrections movements to the upside on lower timeframes.
CL played out very well for us. Price moved back into our zone and triggered a long (a small position). We have covered into this spike. We will look for pullbacks to establish a new position. We will post another chart with areas of interest. Stay tuned.
The point I'm trying to make with this chart is that currently taking no position at all is the best choice. A bet on a continuing bull market would result in a 1:1 risk/reward, which is bad. Shorting might be an option that I didn't consider.
Well last night U/J broke below a support zone, and is now retracing , looking to go short at 118.85-.90 with a stop at 76.4% Fib. If 76.4% is broken I will be looking for long opportunities but for now U/J is still a sell for me personally. Profit target at the 161.8% extension zone. Market sentiment supports xxx/JPY shorts with US treasuries dipping below the 2%...
1) SP500 on ALL TIME HIGHS, MEGAPHONE pattern, GLOBAL RISK OFF 2) Investors confidence extremely BULLISH 3) YEN INDEX is technically EXTREMELY OVERBOUGHT, ABOVE 2 STANDARD DEVIATION BOLLINGER BANDS on daily basis 4) USD is EXTREMELY OVERBOUGHT aswell as US growth has been EXAGGERATED. Wage growth is WEAK, and INFLATION EXPECTATIONS are really WEAK, so FED...
Price has retraced to the .764 fib, (most recent high) and has remained in a range just below it. Price is currently bouncing off the .618 fib and the RSI has failed to reach the 70. mark, and continues to move lower, creating bearish divergence (see chart) first target is horizontal resistance at .9217 which also coincides with the .5 fib level. A break of...
Based on this pattern triggering on a move over ~21.60 you could expect a measured move to ~22 before hitting resistance. The timing of this breakout seems to be coinciding with market topping action which further strengthens the likelihood of this chart having predictive utility. This chart taken together with today's breakout in Treasuries (TLT) and over 30%...
Trade from my watchlist came into play. Comments on the chart.
Elliott Wave analysis suggests we are in a correction on Facebook, which should take us quite a bit lower before the rally continues. A bear pennant pattern seems to be developing, with an Elliott wave interpretation there is a low risk/reward trade setup. Let me know what you think..
With markets down around 1% this biotech company showing us relative strength. It is trading on highs above all key moving averages in very tight consolidation above previous swing high @ $85.50. Entry here and expect break up of $88.50. If market will show us some strength, this stock could be a good candidate for long.
From SALT Conference in Las Vegas on Wednesday evening. Tepper has one of the best long-term performance track records in the hedge fund world. "I think we're OK. But, listen, there's times to make money and there's times not to lose money. This is probably you're supposed to think about preserving some of your money...I think you can still be long, but I think...
I mentioned some points where I make my adjustments. I mean how I manage my position with tiers. When it is trending or regaining power I add to my core position but when momentum is slowing down (price drops below short term moving averages) I lighten up. Check out my recent idea "cup and handle" to figure out my thoughts.