While many traders are focused on the yellow trend line, there is 1)change of behavior - last low in the trend of the yellow trendline did not reach the support area deep below to the floor before moving back up signaling underlying strength 2)not very well visible channel to the upside on the 4H chart(the blue one) 3) The current wave down is 9 waves old, it has...
After a failed trade I did Shorting in the 5.735 area hitting my SL @ 6.245 which at the time seemed "logical" for the end of the reaction rally, now I am planning another short doubling the risk in $ amount in the mid/high 8k area, the red circle on the chart. So follow this idea with a grain of salt no matter how good the Technician is, the market can always do...
Alright so Bitcoin already is moving up for 14 weeks to the upside spending a lot of energy and is still below the 6.1-6.2 resistance level. How likely do you think a breakout is from here ? I don't think the chance is very high at all. I am leaning DOWN going forward to the 4k level.
Playing around with my new custom Time indicator for overbough/oversold levels by BacktestRookies. Bitcoin is overbought already and is close in Time to a top on the weekly chart. Either this week 22nd of April OR the higher probability one -> the week of 29th of April is the top in Bitcoin. The main technical levels are 5.7 then 6.1 for resistance. IF Bitcoin...
I was looking for resistance @ 184 or so and shorted Bitcoin & Eth as soon as Eth came close to the resistance. This worked out OK with Bitcoin moving 500$ lower just a few hours later and Eth plunging hard. The problem is when the price begins to reverse all those spike lows QUICKLY and leads the price very close to the theoretical top indicating underlying...
CO-ORDINATES FOR INFO LINE TO GET THE CHANNEL ON YOUR OWN CHART: 1H Price 1.2973 Bar# 206 Price 1.3060 Bar# 374 D Chart: Price 1.2766 Bar 263 Price2 1.3467 Bar 360 Pretty much self-explenatory: IF GBPUSD reaches the support on the 1H, it won't be a bad Long trade attempting to catch the 1H & D support confluence. Quick instructions: Once you have...
ETHUSD with resistance @ 184, close already ;
This is the Monthly chart of DOW and it seems right now is @ critical point and it will decide whether the consolidation will continue or it will break-out. It needs a monthly close ABOVE 26315 to confirm we have a breakout. I am not calling for the end of the bullmarket , just a continuation of the consolidation. On the 3M chart the level in dow is 26860. All...
Critical Level in S&P on the Monthly Chart is 2895 and I need to see a weekly close above it to be sure it has broken out of the consolidation phase. In Dow it is 26315. Both in the same area so maybe a big pullback is coming. Dow Monthly:
A kind reminder for the Bitcoin update where I was looking for a pop to the upside above the trendline and to 4.9 (or in this area) so that the market can wrongfoot a lot of people thinking the bear market is over before a HUGE move down : The Charts: The video update: Now there is a lot of euphoria and all youtubers will come out declaring the bear...
The channel still holds the price BUT it has already become too obvious with 4 hits on the support and many people will try to get short EUR/USD. The channel can still drive the price higher but at this point it is hard to stay short EUR/USD. Maybe a correction is coming for the DXY before a real breakout comes about after a new fractal is created with a new...
GBPUSD needs 1.13115 close on the 1H to turn the short term momentum from bearish to bullish and aim at the higher levels on the 240 and Daily chart. Still it is bearish since two days ago.
There is no change of behaviour since the start of this leg up in the DXY. The channel to the upside is still intact and thus I have to expect another move up in the Dollar. As long as the dollar remains above its support the next move must be up. There is a target in the 97.98 to 98.03 for the DXY. The EUR/USD is also not indicating a bottom but rather a short...
Earlier today I posted this update poiting out that Gold broke key support on the smaller time frame and is now turning bearish with support in the 1292 area: We did reach the support level but way too quickly so it was situated a bit lower. The price is now pausing for a while yet there was no strong reaction signaling this support is not very strong and...
Yesterday Gold had to hold 1311$ in order to maintain altitude and stay inside the uptrending channel on the smaller time frames. I felt most probably it will fail and unfortunately it did for the Gold bulls and short term momentum has turned bearish. Heres the update from yesterday: Now, the next closest visible support is down in the 1292$ area on the...
This: IF DXY moves below the thick blue line of support I am OUT. Until then new highs are very likely. DXY exited the correction and the horizontal level of resistance will most likely fail and cause a spike up. Lets see.
This is the 1H EUR/USD. There is a potential for a move back to resistance for another short. The DXY even though still above its support on the 1H is looking a bit weak.