Support and Resistance is one of the most used techniques in technical analysis based on a concept that's easy to understand but difficult to master. It identifies price levels where historically the price reacted either by reversing or at least by slowing down and prior price behavior at these levels can leave clues for future price behavior. There are many different ways to identify these levels and to apply them in trading. Support and Resistance levels can be identifiable turning points, areas of congestion or psychological levels (round numbers that traders attach significance to). The higher the timeframe, the more relevant the levels become.
Finding the most important ones can take many hours of practice. They exist due to an influx of buyers or sellers at key junctures. The fact that these levels flip roles between support and resistance can be used to determine the range of a market, trade reversals, bounces or breakouts. Each of these trades will have their own rules for entry and exit. TradingView has a smart drawing tool that allows users to visually identify these levels on a chart.
I am doubtful we have bottomed, but would be happy to be proven wrong.
This is what bulls need to do in order to convince me (and presumably other bulls) that we bottomed above 3k.
We look to have started an impulse up, with a pretty strong wave (3), now working on wave (4).
If it bounces where it should, and procees to wave (5) being making a new local high, ...
The Nasdaq may look ugly, BUT pay more attention to where it is on the road map. IF a reversal materializes at the current level, it can establish a double bottom. If it pushes lower into the mid 153's, it will be within a high probability reversal zone. What does all this mean? It is high risk to be short at current levels. We are looking for relatively strong ...
I believe that it is possible to beat the market through a consistent and unemotional approach. This is primarily achieved through preparing instead of reacting. Click here to learn more about how I use the indicators below and Click here to get my complete trading strategy! Please be advised that I swing trade and will often hold onto a position for > 1 month. ...
UJ is in a steep decline, thanks to stocks tanking and Gold rising.
Risk off sentiment is strong right now, and should remain so until the FOMC decision Wednesday.
And the FOMC decision and comments may actually make is WORSE if they are hawkish and looking to hike more than once in 2019.
For now UJ looks to be working on a wave (3), which is nearly complete and ...
#BTC
The resulting bullish momentum can maintain a positive attitude in the market, indicators of average timeframes look optimistic, the chances of continued growth are present. We received local resistance around the level of 3600, the breakdown of which will form the movement towards the test mark of 3800 and possibly into the region of about 4000, there are ...
Let's assume such a bullish spike was not expected. Let's consider the fact that it all started with a huge whale buy that took 5 seconds to complete. How can we factor the resulting chart into an acceptable TA ?
From an Elliott point of view, we could argue a corrective wave 4 upwards, which could end beautifully at the top of purple channel on a 4h TD ...
AAPL's long term and short term Fibonacci study indicates we are approaching some very important zones.
Of course, the markets overall are looking very bearish.
So buying any stocks right now might seem risky/scarey.
But as the cliche ''when there is blood in the streets'', I can ONLY buy on serious dips.
So I will be watching these zones closely.
This could be ...
Price is in a no man land.
Not a good time to enter.
For those that are holding short, you may continue to do so.
Disclaimer:
The information contained in this presentation is solely for educational purposes and does not constitute investment advice. We may or We may not take the trade.
The risk of trading in securities markets can be substantial. You should ...
hey traders,
on tesla again the market was approaching 380 level,
and again, we see how the bulls become exhausted being closer to this level.
after almost touching this 380 level 7th of december the market pulled back to 355.
The next attempt to break 380 was idle.
Establishing a double top and clearly violated a level ...
Netflix and other tech stocks are marching to their own tune somewhat.
While the overall market sentiment does weigh on this stock, its moves are somewhat independant.
So this Fib study includes short term and long term Fibonocci extensions to theorize on important zones.
The green zones are of great interest to me.
Ideal buy would be the LOWER zone around ...
Watching CRON consolidate on lo volume and breaking supports without much followthrough. Keep an eye on the potential for a gap fill on the daily chart
I like seeing a rally to start the week, but so far there is not enough evidence yet to break key resistance.
Selling interest should come in here near the previous low that was once support, but now is resistance.
Until key resistance is taken out, the $2800 target is still in play (the target is marked with arrows).
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