I noted that this was potentially a bottoming pattern on both cryptos in my previous post re: cryptos. But this is interesting as one broke out into a 1000 pt move and the other one might have failed the pattern. If ETH fails this pattern, prepare for some extra pain. If they do move together, BTC might present a dip-buy for bulls. Again, I'm staying out of...
Not much context here needed, rejected neckline, but pattern is not broken until it breaks the bottom of the right shoulder. You can see that this bear-move was already foretasted with the RSI breakdown from yesterday. OPEC / Non-opec meeting this weekend for some headline/algo fun. Good luck all.
Gold's explosive break today was a nice continuation of break-out from 3 days ago. Without getting too deep into the fundamentals, Draghi basically punted the EURO toward the moon and the US stock market's inflationary pressure is rocking the DXY into new lows. The combination of gold strength and inflation makes junior minors a fun instrument. Careful if the...
I'm a bit skeptical of this bottoming so fast after a loss of a major trendline, but its possible. I'm not touching it, but for all you speculators... good luck :)
Those that were short with me from the top should be thinking about setting stops and taking some profits off the table (3000 pips pretty f*cking good eh?). Price-wise we are finding support horizontally from a previous consolidation zone. However, I think it MIGHT drop a bit further. Look at RSI and find support either at blue or pink (highlighted). This will...
I wouldn't go long or short until it breaks either way. Bears have the advantage at the moment. There may be a mini-inverse head and shoulder, but the volume doesn't coincide with that particular pattern. There are probably better set-ups out there instead of forcing trades. Congrats to those that bought at channel bottom though (~1.21). I couldn't stay in the...
As mentioned in previous iterations, driving season is in. Despite breaking our initial path to $49, and thus, breaking our bearish zig-zag pattern, there is now reason to be bullish as an inverse head and shoulders has formed. Nice job bulls for breaking out of that red-channel after only a couple of days. Bulls need to stay in the green channel ideally, but...
First stop is 109 before we hit some major support. If support breaks, look to 103. Bulls need to climb out of the established light blue down channel. I'm long gold, so hope this trend remains intact. Good luck FX traders. That's a f*ton of pips.
Yup.. called it.. this might take a couple weeks to recover. $400 dollar leg down on Bitcoin, $75 leg down on ETH and more to come yet imo. Don't be stubborn. Find a bottom. Or short the piss out of it.
Crude showed weakness, breaking its perfect historical zig zag that has repeated since late February 2017. Now with some strength backed by bullish fundamentals, we are at an interesting cross road. Longs should aim to keep above green dotted lines as I hunt for the channel. Conversely... I would short the piss out of it below all the way to low 40s.
There's nothing nice about the two major cryptos right now. Unless you're short...
... but here are some technicals. Bulls may find support at the bottom of orange channel, but it would be nice if it would just fall over.
The downward yellow trend is over and sushi is looking to test the long-term down-trendline (dark red) near 115s. Trend is your friend. Would short at 115s, even if its just a bounce to 114s. But probably some mega points to be had before this downtrend is broken. It would be funny if 115 rejection corresponded with complete destruction of US equities. A man...
Taking profits below $46.81 (if you were long with me from ~$42) was obvious today. A ~0.25 to 0.50 stop loss would have served you very well. Additionally, shorting as soon as $46.81 support broke would have given you a nice day-trade. Obvious support was obvious. Some slight whip-saw from API numbers too, but if you set your stop loss below $44.12, $44.88 was...
Finally out of the giant wedge on medium to longer time frames. Bonus: back tested. I would go long this until it falls out of the yellow channel. Easy trade with easy rules. No need to over-complicate something that has next to no fundamentals. Buy dips until it breaks trend.
As expected, the incredible symmetry is playing out. Staying above or near the daily pivots on the green trendline will serve this trade well. Use the pink for the absolute last-ditch effort to stay long. I would not short this above the green trend line. Still targeting 49.xx within the next 2 weeks. If it breaks through, 50.xx is possible, though I do not see...
There is still potential for a dead-cat-bounce, but these supports have historical precedence. Zoom out, wick to wick.
Note a perfect rejection off thick yellow down-trend line today at 63.65. Would short until it closes above the thick yellow trendline. Note the loss of the thick pink up trendline, closing below it 3 days in a row is significant, as it was established from April 19th. Regaining this position will coincide with climbing out of the yellow downtrend established....