I just watched some material from Rob Booker, very interesting setups!
Tried to find a what he calls a #monstertrade and found one on the Tesla weekly:
- 3 missed monthly pivot points
- declining volume
Only missing; the exhaustion candle.
So will be monitoring Tesla closely to see if this develops next week.
This is the bearish scenario on the US stock market which yet needs to be confirmed and might be invalid soon, but if the stock market starts to tank in the upcoming weeks It might be very usefull to anticipate fast.
My best gues it wil break downwards as 1) it’s overbougt (rsi), 2) it has no momentum (adx) 3) it’s running into major resistance and 4) it looks like an ending diagonal.
Buth more important, a break out either way will most likely be a strong one.
So I have my stops on both sides open!
We would almost forget, but some times a market needs a little bit retracement.
The Nasdaq did retrace the week and the attempt to get back up stopped around the 76% fib retracement level.
The week ended just above the low level and the beginning of next week could be interesting.
If the low breaks, a further retracement is a likely scenario.
There is negative divergence in the price action of $btc and this move could possibly running out of energy.
A retracement to the 61.8% would be near the top level of the declining channel it has been in for months.
This would be a great buying opportunity.
So in short: major trend is up, short term we could might see a retracement. Retracements can be used for...
The path of bitcoin is almost to clean to be accurate.
From the $3.3k it moved up in 5 waves and then retraced to just beyond 61.8%.
Now it has broken out of the retracement channel and it seems to have started with it’s next momentum wave which will be even wilder than the move from $3.3k to $14k.
My first target for this move is around $23k (1.618 multiple of...
Bitcoin broke out of the long term declining channel and is currently retesting it.
An opportunity to open trades both ways, if it holds we will see a major run up. If it falls through, it will fall to mid/lower channel.
The combination of a hanging man candle on the weekly, several resistance levels nearby and 3 waves up finalized this looks like a high R/R opportunity to short $btc.
Stoploss: $7.700 usd
Takeprofit: 50% at $7.000 and 50% at 6.650$
The retracement touched the 78.6% retracement level and now shows clear sign of recovery.
The bullmarket for cannabis could might be coming to an end (smoking potential).
Stoploss at lows gives a great risk/reward.
The first signs of a reversal are visible and the potential on shorting is major.
Long term target: $333
Stoploss: higher high
The target is the fib retracement level and the 4th wave.
Lets see if 2020 can start with fireworks.
Looking at the weekly it seems $btc is still in retracement of the first wave up since the bearmarket.
There is room for a further decline towards the $5.600, but this not required.
In a nutshell, for long term portfolio an ok moment to buy. Alternative is to level in, 20% now, 20% at $6.5k or $8.1k (what comes first) and the rest at $6k or $9k.
Reason to buy:...
News can drive up the stock market; we have seen this again today.
But in many cases its only temporary.
With the current negative divergence it yet looks very risky to have a major long position.
So bullish it is, but very tight stoploss and ready to turn if needed.
As mentioned last week, there was negative divergence on the price development, but there were no other signals to take action.
This changed (a bit) this week.
If the $dji and the $spx open lower on monday, this would start to look like a lower high.
A good moment to get e neutral position till it makes a higher high.
In other words, A cheap insurance to...