MadButcherWA

MadButcherWA

A friend of mine who has been invested in this for some time has asked me to have a look at this for him. This looks like it is developing a double bottom reversal pattern here. At the dotted line we have what I believe is a neckline forming that will be a future breakout for this pattern. The long term primary trend is possibly in the process of being broken...

MadButcherWA

Primary trend has been broken and then we got a consolidation zone and reversal pattern printed (the double bottom defined by the pink scribble). Price has broken through the 200 MA and a minor trend that was established making the consolidation zone. I want to see the 1st dotted line broken before I would say that this has broken out. Though once it has, targets...

MadButcherWA

Given the huge rise that Apple has had over the years it's an easy call to say that it has to come off the boil sooner or later. This chart shown in the log scale shows a series higher lows following a series of cycles. The depths the price reverts to lines up with previous all time highs (blue lines) with a regression to the purple trend line dictating the...

MadButcherWA Updated 

We are nearing the pointy end of this flag that has formed in bitcoins long term trading. On the daily chart one can see a double top that has begun to form and we will likely see the price revert to either 8000 at the 200 day MA, or 7500 at the long term resistance level in the short term, though a move as far as 6500 shouldn't be unexpected given the triangle...

MadButcherWA

A lovely double bottom or 2B has formed on this chart and given us a very nice pitchfork to trade with. I think were going to see price bounce between 51 and 48 for a little while, but as long as gold has got a push going behind it I think this will go well. I expect price to be flat until it hits the end of the current channel before having another push up....

MadButcherWA Updated 

Oats seems to be following wheat in that there is a similar bottoming pattern occurring that has been going on for several years now. And up angled wedge which has trend lines dating back to 2006 forming is reaching its pinnacle. There is a lot more action to the upper side of the triangle compared to the lower so I think the break out direction will be most...

MadButcherWA Updated 

The setup is pretty basic: there has been a failed pennant which has returned to the long running channel and is heading back to support at 0.125. It may or may not get there, instead turning at the moving average, but it should getto the bottom trend line. I would expect after the price has consolidated a little that the trend will resume. Short term target is...

MadButcherWA

Newcrest has been slow to catch up to the gold party, so it makes sense given the recent moves on gold that there is a bottom being put in here. There is a double bottom within the broadening bottom that is playing out. I'm looking first to see that the 20 day moving average holds. Then once thats held a break of the red trend line and the 200 MA will all be...

MadButcherWA

I'm not so certain of this set up, but I'm keeping a close eye on it still. There is a large triangle that has formed in the price action which within it is playing through a series of peaks and troughs. If the cycle series is correct we could expect to see a bump in the next few days. The 200 day moving average was just crossed and now after hit a resistance...

MadButcherWA Updated 

If you look back at some of my prior posts you'll see that gold is in the middle of an Elliot Wave 5 move at the moment. Having just broken through the high point of the previous breakout, the congestion zone it set after breakout was above the previous 12 month high, rather than below it, setting us up for the high probability of another strong move up, which I...

MadButcherWA

We may be seeing the breakout of an inverse head and shoulders here; it is a pretty ugly looking pattern but I'm pretty certain that's what I'm looking at. It looks like the neckline is the blue sloping line, which if correct has just begun to breakout now. A break above that line has turned into a congestion zone and retest. Volume on the left and middle shoulder...

MadButcherWA Updated 

This is a long term chart, but long term plays are always pretty good to sit on. There was a massive long term trend that ended once it put in a 2B (A low, and then a higher low) which created a point for the new trend to begin. As soon as the price action has crossed above the trend line it has hit its head again the point which the price fell off the chart...

MadButcherWA Updated 

This is a pretty basic trade. After a very long downtrend the price has reached the bottom and a triple bottom has formed. The lower horizontal trend line indicates the immediate short term price target, however we can use this for a trigger in combination with a cross on the 200 day MA. Now normally the peak line of the triple bottom will be flat, as indicated by...

MadButcherWA Updated 

There is a cluster of patters and signals here. I've turned off all my regular indicators as they are just noise given the amount of other signals we have. The first thing happening here is that there is an Elliot wave push happening. The wave three has occurred and that is generally the longest push of the wave so I think our price target will be a congestion...

MadButcherWA

A broken clock is right twice a day, and an under performing lamp warehouse has a rerate every 1 and a 1/4 years. There is a heavy down trend that has begun since this thing appreciated after its IPO. since then there has been a cyclical run of price drops like clock work. These are more like zones of trading, where the rerate brings about a reassessment of the...

MadButcherWA

I would estimate 80% of my bitcoin trades have been wrong, despite having made a heap of money out of Bitcoin. That’s an important lesson for any trader: you can be wrong as many times as you want, but you need to learn to manage your risk well, and accept when you are losing quickly to minimise losses. Then when you’re right let those winners ride without getting...

MadButcherWA

A quick little pop above a long term trend line has retraced and proven the breakout has in fact occurred by return to the trend line from which it broke above. The fat red candle and the fat green candle border some sort of consolidation zone which must have acted as a reversal point. I will be looking for the price action to get above where I have set my stop...

MadButcherWA

its pretty scraggly looking, but I'm certain that's an ascending inverted scallop. The bounce off the 200 week MA gives me confidence that this could be moving upwards and beginning a new trend. However before I get in on that trend I would lke to see a close or two on the weekly candle above the level of resistance I've got drawn in. That would then turn into a...