Price action describes the characteristics of a security’s price movements. This movement is quite often analyzed with respect to price changes in the recent past. In simple terms, price action is a trading technique that allows a trader to read the market and make subjective trading decisions based on the recent and actual price movements, rather than relying...
👋 Hello Traders!
In this video, I analyzed #WFC in detail. I bring to your attention one of my orders.
📈 #WFC went down for a long time (MN1) and only in May WFC broke through the downtrend and formed a new uptrend. WFC completed the correction in June and broke through the new level 47.45. Now the WFC is going up to three levels 54.30, 58.50 and 65.35.
FXCM's USBANKS basket is in the bearish area on the daily chart on the left. The basket is an equal weighting (20% each) of JPM, BAC, WFC and C. A bearish cross of the EMAs and stochastic potentially align short-term traders with the daily. If signals occur, movement of stochastic to 20 level and maintenance of that level increase the chances of a successful...
If you sort the market based on the YTD performance Financial sector would be the front runner in 2021..!
Although big banks' stocks are traded at slightly lower prices these days, they outperform most tech stocks and major indexes in 2021..!
this could be an alarming sign for S&P 500..!
I like to challenge the "common wisdom of the crowds" on my channel. Today I did a side by side comparison on two asset classes that according to different wisdoms will appreciate due to inflation and rising rates. The winner Year to Date may surprise a lot of new investors.
We've been at a steady growth this past month.. not saying history repeats itself but it looks like we're due for a breather. With SPY hitting all time highs, I can see us testing the 42 level mid May.
-2.2% may seem nothing to you, but it could generate +100% gains in less than 24 hrs trade.
don't believe it?
check the related link for evidence! Yesterday I published a private Idea when WFC was above 44, today it closed with+100-150% in the first few minutes of the market!
As you see in the charts, stocks tend to move in clusters!
Bank of America, Wells Fargo, JP Morgan Chase, and KBE(bank ETF) all have made the same price pattern..!
all shows stormy Days coming, if you have banks' stocks, maybe it could be a good time to trim your position..!
I always try to present the charts in a simple comprehensive format to prevent any confusion.
This is just my technical view, neither a fundamental comment nor a recommendation to trade..!
Please review my track record and calculate the odds for yourself..!
You’re likes and comments encourage me to continue this.
Stay tuned great live stream and quality...
I'd like to see price hold this current support level on the 4H.
If price moves and closes lower than $35.80, then I will be closing these contracts for a loss.
Why did I choose $42 as a profit target? Because if you zoom out on the 4H chart, you will see a price level that was created between 28 FEB and 5 MAR 2020. I believe price could reach the peak of that...