Starting to get pretty exciting here with the divergence, the oversold RSI on the daily and the pattern break out. Who cares if it's a dead cat bounce, ride it until it stops going up. Previous break out was a smaller falling wedge, but this is an even larger wedge that has been forming since the beginning.
Pretty much called the bottom and the pattern required for these breakouts weeks ago. The beauty of these is that we barely need to look at the fundamentals. Although fundamental liquidity for BTC was in play 2 weeks ago, we are now back on track to respecting the technicals closely. The patterns are much more reliable as "big money" is still too afraid to dip...
USD/JPY is poised to break out of its down trend for the first time in weeks. Although a bearish retracement is still not out of the question, it has respected the down trend since 114s. Keep in mind that as of writing, the candle is still open and closing back in would continue the bearish sentiment.
Will see how this plays out. There's some obvious tension building in the world and Washington with fresh sanctions on the naughty trio and new protectionist rhetoric. This is purely a Friday play and will likely end with me either being stopped out or taking half the position off by close tomorrow. Double bottom on UVXY with a measured move to 35.8x would be...
I had hoped that it would stop bleeding, but after stopping out at mid 13s (my original entry point) I can't find a place where support is being defended. Falling back into the steep white channel will drop this thing another 10-30%. Trying to guess the bottom on something falling this rapidly is the falling knife everyone talks about. Buy on strength. Keep stops handy.
USDJPY continues its waterfall from 113s and is below 3 major supports. Next level is 109.5x, likely moving daily RSI into oversold ranges. I would not long until it moves out of the clearly marked down-trend (light blue) that has held consistently since 114s. Current target is 108x. But honestly, I wouldn't mind if it just cliffed itself back to the 80s like it...
Perfect technical bounce / dip buy as we back-tested a significant down-trend line from April 12th, 2017. Locked in 2.5% with $UWT instrument with stop losses on this bounce so far. Expecting volatility in the coming days, but there's still no down trend established until we have a lower high and a lower low. While today has certainly satisfied a "lower low"...
H&S - simple, no explanation needed. Bearish case: H&S is pointed downward, higher failure rate.
Bulls should look to stay in their swing trade until we drop out of the green channel. Although we would expect consolidation soon, resistance is around $51. Look to take half off if RSI or price breaks the current trendline (GREEN) and decide whether or not you want to let the other half ride. Shorts should see entry points next week, but be cautious as a...
After so many days of red we have finally broken out of the rapid down trendline. This could be a DCB - resistance and support marked. No fear with a strict plan. Ideal target ~16s (upper red down-trend line) to re-assess whether or not it'll break out of the medium-term down trend.
Smoked 'em good boys' n girls. Wicked that top down trendline PERFECTLY. (See previous charts, drew it like 2 weeks ago). It was only a matter of time before they had to reset all the indicators and I think I was only a day or less off. Bears need to take out the 3-bar pattern (pretty much taken it out) and more importantly 110.6xxx. Bulls need to stay away...
Make or break this formation, it'll be violent and fun either way. The neckline has broken bullish, look for chop /volatility as it is tested and confirmed. I am long bias. Good luck all.
Might be time to buy some fear guys/gals. Those that have been long gold with me have been in the inflation trade. While that is still going strong, today's FOMC decision might be a signal to crash the market a few points. I'm in a quarter position here and will add if it resistance holds on the S&P. Looks like a head and shoulder top is forming on the hourly....
Today dovish grandma provided gold bulls with an extra boost while drop-kicking USD bulls in the face. Gold miners will continue their up trend after consolidating below resistance. The measured move is in my previous JNUG post. Good luck all.
Yuuuuuge. See related article for my take on the measured move. Head & Shoulders.
Nice API report after market close, but fundamentally, the report was bearish. A gasoline build with a crude draw? Ruh-roh. All we're doing is over-refining crude and turning it into a gasoline glut. EIA will provide more accurate numbers and the market will provide a better picture tomorrow morning. My original prediction from channel bottom buy (~$42.50)...
Self explanatory. Counter-trend day trade. Will stop out quickly if it breaches.
Although we need to wait until the daily close to confirm this breakdown, this loss of support indicates a few hundred pips to go for bears before an eventual relief rally. Note that pink is the up trend line from November 2016 and may coincide with the next level of support on RSI. Keep knocking them down guys and gals. Gold bulls rejoice.