S&P500 Update: This market has broken above the bearish resistance line after the appearance of a bearish pin bar within that area. Price is now nearing the 2710 to 2751 resistance zone which makes it vulnerable for the next retrace. The failed low off of the 2615 to 2587 support zone (.618 of recent bullish structure) is an important clue when it comes to the...
ETHUSD update: Higher low forming inside resistance zone while momentum remains bullish. On top of that, there is a bullish pin bar that may signal further buying for a potential higher high. While BTC has a somewhat similar formation, this market happens to be inside a resistance zone while BTC is not. As I write continuously, best practices say buy supports,...
AUDUSD update: The Dollar is clearly strong across the board, obviously driven by fundamental forces that are weighing on the dollar pairs where it is the counter currency. When it comes to locating swing trade opportunities, it begins with predetermined levels which is part of the best practices that we follow at S.C. When you have a direction in a market as...
LTCUSD update: The fact that the 164 resistance was taken out is a very bullish sign for this market over the longer term. This old resistance is likely to become a new support, but the mid 150s offer a more proportionate level for a buying opportunity. With the bullish trend line clearly intact, this market intends to go higher, but buying too early can bring...
EURUSD update: Price is attempting to stabilize at the 1.1933 level which is an old resistance / new support level while showing a bullish pin bar in the process. With momentum being decisively bearish, there is not enough structure at this level to justify any long swing trades. When momentum is decisive in one direction, usually any attempt to stabilize turns...
S&P500 Update: This chart puts Friday's strong market close into perspective. There is a failed low and bullish pin bar off the 2615 to 2587 support zone. This bullish configuration can lead to a consolidation breakout and retest of the 2710 to 2751 resistance zone. Earnings, economic data and political catalysts sway sentiment in this market constantly, but it...
BTCUSD update: Price fluctuates around the 9861 reversal zone boundary as it breaks an inside bar in an attempt to go higher. Great price action if you are long, but as price continues higher, the risk of retrace increases. Price is now pushing further into the 9683 to 10561 resistance zone (.618 of recent bearish structure). For the short sighted, it appears...
ETHUSD update: Price pushing into major resistance zone and breaks the 764 key level. Like I wrote in my earlier report on S.C., buying in this area for a swing trade carries a high degree of risk. When a market trades like the way this one is, where it consolidated above the trend line and broke out to new highs, it looks like an easy trade after the fact. What...
GBPUSD update: A strong dollar move pushes this pair into an attractive support level as price attempts to find some stability. If it can trigger a long, it will be very important to be proactive when it comes to position management. The key level here is the 1.3551 which is the reversal zone boundary relative to the 1.3712 range low. This means price is within...
ETHUSD update: Pin bar forms in an attempt to break the primary bullish trend line. This candle stick pattern is usually a key requirement for a buy signal, but not the only requirement. This price action is tempting as a long signal, but the location makes it more risky than its worth. At S.C. we apply rules based trading techniques to call our trades. The...
EUR/USD update: I am writing about this market in particular because I called a long swing trade yesterday evening that got stopped out. Those of you who are on S.C. most likely saw the signal in your email. Unlike others, we embrace losses and learn from them. In this report I am going to highlight one idea that would have been better for this situation. The...
BTCUSD update: Price is fluctuating within a reversal zone defined by the 9861 boundary level. The fact that price does not reject this level quickly can be interpreted as a sign of strength but being in an unattractive location along with no trade signal prevents us from issuing a buy signal. Even if price appears to by going higher. Price is still fluctuating...
GBPUSD update: Price has broken below the nearest reversal zone boundary at 1.3988 and closed weak. It has also shifted the bullish trend line which means it is best to avoid this market until it stabilizes in the near term. Trend lines serve as a visual guide for potential reversal levels in the future. When a trend line is broken and needs to be adjusted, it...
BTCUSD update: Price is sitting at the old support/new resistance level of 9225 after an attempt to retrace higher. Even though price is still above the bullish trend line, it is not the best scenario for a swing trade long because there is no clearly defined setup. Setups are important because not only do they indicate an increased probability of a particular...
S&P500 update: This market is consolidating as evidenced by the converging trend lines on this chart. Price is gyrating inside the middle of the range which means this is the lowest probability area to put on a swing trade long or short. The 2652 level is the .382 of the recent bullish structure, it also represents the middle of the range at the moment. There is...
ETHUSD update: Price is retracing into the first trend line quickly while taking out the 643 previous candle low. The 590 area is the location of the trend line and is one level to consider for a bullish reversal, but 575 is the level that carries higher probability. Trend lines are useful when it comes to evaluating context, even when they break. A break does...
GBPUSD update: Price has pushed below the bullish trend line and has tested the 1.3965 previous low. It went as low as 1.3918 which is not far from the 1.3883 reversal zone boundary. This is an area that I am watching for swing trade longs. Even though you can make an argument that the current price is within the middle of a very broad range, the fact that there...
BTCUSD update: Price is poised to make a higher high and possibly break the 9225 old support/new resistance level which can lead price up to the 9861 reversal zone boundary. Along with this possibility, an aggressive swing trade setup is developing as I write this. Is the trigger worth entering? In recent reports, I have been writing about how not all signals...