Yesterday, I opened a few positions in the 3x financial bulls etf symbol "FAS" as I though it was at a better value than technology. To my surprise, the banks exploded higher in making a new daily high. With this new high, I believe the financial banks will begin to perform better and attempt to reach all time highs. I bought the January 18th long call option ...
After this week, it's fair to say I deserve to get another bearish post in before I look too much like a nut head who's dead-set on seeing a major market correction. & Before I give anyone the benefit of the doubt about this post - over the past 11 days (I think?), $GS has been on the longest losing streak in history ...
With a massive squeeze on 4 timeframes (4hr/6hr/1D and 1W), XLF is poised to make a big move (In the chart, blue candles are all TF squeeze candles).
Squeeze release is usually accompanied by a fakeout, so need to be careful there, but based on other momentum indications, good chance of this breaking up. Breaking up that RSI resistance will be a good ...
- at the beginning it broke out the long term resistant (blue arrow)
- it did not continue going up, instead it came back and re tested the supportive line (yellow horizontal line)
- broke the support and also my stop (the lower horizontal line
- it did not continue the downward trend, instead it rebound right away with a long solid candlestick
lesson
- not chase ...
XLF sure looks like it is at range highs and channeling sideways. I am leaning bearish from here intermediate term. Also, this weeks weakness drawn down by insurance. All the hype over the hurricane has traders bidding down the insurance companies.
One way see the price of the Financial Sector performing over the next few weeks. A breakout out could easily jump to 29.79 without much overhead resistance. However, these Inverse H&S patterns like to back test breakout points as support so I could see a zigzag price movement the way up.
**Market Structure**
-A falling wedge has broken
-Due to the price rise going into the wedge as well as the downward sloping nature of this wedge, that gives is a solidly bullish bias
-The overall markets have been bullish and we could see the tide lifting all ships higher
**Trading Tips**
-A bearish pinbar has formed on the daily so we may see ...
Long Financials, big banks posted strong earnings across the board two weeks ago. Didn't get much attention with analyst citing the flattening yield curve having negative effects on future earnings. Chart recently broke out on weekly and daily time frames. Got a little trigger happy with tech and healthcare this month, looking to be more defensive. Bought Aug 10 ...
Banks appears to have begun a break out, I'm looking to break middle BB on weekly for trigger then stop out. I like the 5ma on the weekly beginning to turn up in coordination with the could as building support.
In all, Friday showed some potential signs of a pullback/consolidation (I try not to guess based on one day though), so will look for that middle BB to ...
Two purchase signals with the ichimoku indicator, an ascending wedge that projects the 31 usd when breaking, and the koncorde indicating the interest on the part of institutional ones. Draw your own conclusions about it. twitter: @charly1030284
Fisher TF cross targeting 1.618 fib extension, which should lift the market. Possible upthrust coming. Seeing lots of blocks in banking individual names and XLF
Financials have certainly busted out these last few days and I have put up 2 EW counts that might suggest it could keep going over the coming days and weeks. The problem I have however is knowing whether the 2018 correction is actually over or not and it is just as possible that the correction takes another turn and continues down. If the red count turns out to ...
O a start position on $XLF June 2019 $30 calls, as I cannot exclude the possibility of XLF starting a FOMO run up (route blue)
Although, since that in short-term SPX and QQQ do not have much room, I tend to think route green has a higher chance to happen, and (if route green comes true) I will buy the dip hard on $27.5 area.
