LTCUSD update: Price has rejected the 150 to 161 minor resistance zone that we wrote about on yesterday's update on S.C. This move is the likely beginning of the retrace that we have been waiting for in order to enter our next swing trade long. The 150 to 161 resistance (.618 of recent bearish swing measured from the 175 high) is an area to anticipate selling....
GBPUSD: Price is forming a pin bar on top of the bullish trend line which also happens to be in a minor support zone. This is an attractive place to look for long swing trade setups or to lock in profit on shorts. The 1.4131 to 1.4065 zone (.618 of recent bullish swing) is a lower risk area to participate in this market which is somewhat bullish on the short...
BTCUSD Update: A higher low formation appeared off of the 7823 low and price took out the 8185 high during the previous candle, but we did not issue a trade signal. Why? This price action is occurring within a resistance zone which increases the risk for initiating long swing trades significantly. It took me quite a few years to figure out that not all signals...
S&P500 Update: The futures are now pushing into a minor resistance zone between 2710 and 2746. This is a more attractive area for selling and serves as a very convenient location for bearish catalysts to affect the market. We are in the middle of earnings and ongoing geopolitical drama. Two highly potent sources for bearish catalysts. If a bearish reversal...
LTCUSD update: This market rallied off the double bottom along with the BTC squeeze, but is not holding up well compared to the other major coins. While BTC took out some key resistance levels during the dramatic bullish move, this market has not. This relative weakness may be a problem if the next BTC retrace returns to proportionate support levels. I do not get...
GBPUSD: Price is now pushing into the extreme zone which has a defined upper resistance boundary of 1.4423. Price is also sitting just above the 1.4345 high that was established back in January. The probability of a bearish reversal is high, BUT until there is confirmation, the bullish momentum can continue to drive price higher. Keep in mind, if price is going...
ETHUSD update: These markets won't pull back, but do not get sucked in by the fear of missing out. Risk of a retrace is high within the current resistance zone even with the new long signal that has just appeared. As Andrew recently told some of his followers, "No trade is a trade". The 503 to 541 resistance zone (.618 of recent bearish structure) is a minor...
EURUSD update: This market is in a clearly defined range between the 1.2150 low and 1.2550 high while the big picture is still bullish. Traders often put too much weight on fundamentals while participating on the smaller time frames and this is a mistake. Short term ranges like this one offer day trade and swing trade opportunities both long and short. The key is...
BTCUSD update: Now you know what a short squeeze looks like. After the inside bar long trigger at 6900, price climbed dramatically and took out the 7492 level within hours. In that same move, price compromised the bearish trend line that has been intact since the beginning of this year. The swing trade that was called on S.C. reached its target for a 560 point...
S&P 500 update: The main stream media outlets create and capitalize on financial drama, but when you look at larger time frame chart of the broader market, there is nothing particularly dramatic going on here. This market is range bound. Range bound markets are good at extremes because reversals are reasonable to anticipate on both sides of the market, long and...
BTCUSD update: The initial bearish trend line is clearly broken, and an inside bar has appeared (previous candle). All of this is happening around the 6805 reversal zone boundary. This market is still in the process of setting up for a broader move higher in my opinion. Here is the swing trade trigger to look for: Long 6900 Stop 6488 Target 7460. R:R Approx...
GBPUSD update: Momentum is bullish as price is within a minor resistance zone between 1.4138 and 1.4184. At the moment there is no selling activity which means it is likely to continue higher. For those of you who don't know, we cover many markets at S.C. Forex is one such market and a technical perspective is published frequently there. What I am presenting...
ETHUSD Update: This market has established a double bottom formation around the 375 level and is now attempting to break out. I have placed a limit order to buy at 392 with a STOP at 365 and Target of 445. This is a potential swing trade with almost 2:1 reward/risk. The current price action at the 416 level (at the time of this writing) is tempting but the...
BTCUSD update: The first bearish trend line is in the process of being compromised which is a bullish sign. The problem is, this market is becoming more sluggish than expected. As this market takes its time to form a possible bottom, it is important not to lose sight of the most reasonable possibilities. The 6970 level is where the first bearish trend line is...
BTCUSD update: Price has not made a new low while breaking above the 6864 previous candle high. This is a bullish sign which is especially emphasized since a long trade was called on S.C. yesterday. Now this market needs to follow through by breaking the bearish trend line and eventually taking out the 7492 level. The next relevant resistance is at the 8090...
LTCUSD update: Price is poised to push the 106 low as this market along with the rest of the coins continue to follow BTC's bearish sentiment. All of these markets are at attractive locations when it comes to putting on position trades but until buyers establish themselves, either stay out, or accumulate lightly. The 118 level was relevant, until price could not...
BTCUSD update: Bearish trend line stays intact as price quickly gives back it's recent gains. The 7492 level was never compromised which means a new low is very possible. The current formation can turn into one of the specific scenarios that I am waiting for to buy more and that is the failed low scenario. In my previous report, I mentioned the possibility of the...
ETHUSD update: Across the board these coins have attempted to retrace as they follow BTC's lead. Unlike BTC, this market has managed to break a bearish trend line. This is the first step toward change, but just like BTC, must meet certain criteria before it is reasonable to expect a more significant bullish move. Clearly, everything is following BTC and all have...