$XBI $LABU closed above previous 20 DAY lows XBI(94.01)|LABU(91.30)/ after making new 20 day lows XBI(93.99)|LABU(90.08). This sets up a power reversal pattern on the daily chart. Stop = prior 20 DAY lows. Low ADX (15) enhances "reversal effect". See my previous "Turtle Soup" charts & outcomes to define projections. Trail stops.
Market retreats to 20 period EMA after making new highs (for long positions)/lows (for shorts) with ADX (14period) >30. Some people use the 20 period SMA . Projection is a retest of the highs. Trailing stop. ***Failed grails tend to move (painfully) in the opposite direction.
Setup invalid below daily EMA (12.14)
AAPL -0.35% failed to hold previous 20 WEEK highs (190.37) after making new 20 WEEK highs (194.20). This sets up a Turtle Soup Sell (Linda Raschke), a short term reversal (weeks if on weekly chart, days if on daily, hours if on hourly, etc). The weaker the trend, the stronger reversal (time a/o price). AAPL -0.35% ADX on the weekly ≅ 19, weakly trending. This...
QQQ failed to hold previous 20 day highs (170.82) after making new 20 day highs. This sets up a Turtle Soup Sell (Linda Rashke), a short term reversal. The weaker the trend, the stronger reversal (time a/o price). QQQ ADX on the daily ≅ 10.4, essentially trendless. This setup is invalid > 170.82 - 20 day highs/low are key levels and price often trades through...
Turtle Soup Sell (TSS) on the weekly if closes below 63.42.
TSS: A close (Friday 6/1) below previous 20 WEEK highs (63.42) after making new 20 WEEK highs (the higher the better) sets up a TSS, powerful short term reversal on the WEEKLY chart. Set up is invalid above previous 20w highs (63.42) - often fluctuation at those levels. Set and trail stops...
Traded below and back above previous 20 day lows today. A close above those lows (81.95) sets up a short term reversal to the upside. Trading below 81.95 cancels the trade. Use trailing stops (as always)
A close above previous 20 day lows after making new 20 day lows (the lower the better) sets up a TSB, powerful short term reversal on the daily chart. Trade is cancelled below previous 20d low (164.47) - set stops accordingly.
Price took out the old pre-brexit high (23-06)
We're at a massive bearish orderblock (purple area)
Reached 61,8% retracement and almost had a 70.5% Optimal Trade Entry (ICT)
The above three points define the Turtle Soup (street smarts) making a downmove probable
We also reached an old (smaller) post-brexit orderblock (white...