bigfry

bigfry

Hi everyone, here is my chart analysis of the weekly chart of BABA. I've been patiently waiting for months and it's finally come down to a good price level for going long. I prefer using a tighter stop here (stop loss just above $200) with our profit exit in the lower green box around 270. That means we would risk about $20 per share to make roughly $40 per...

bigfry Updated 

I believe that within 3 months, WB has a better chance to continue the uptrend than to have a complete reversal. I believe the 98-105 support level will hold, and thus have initiated a long position at 103.5 with a stop loss at 95. My target profit area is the 130-140 zone. The risk is 8.5 dollars down for a reward of about 35, which is a 4 to 1 risk to...

bigfry

The Weekly Chart of MU favors a bounce upwards. Your stop loss would be just below 45, and a profit target near 60. You risk about 3 dollars a share for a reward of 15 dollars a share. That's a 5 to 1 risk to reward which is outstanding. The next support level down is in the 38-40 dollar level, so if you get stopped out, the 38-40 level would be the next area...

bigfry

I think that if QQQ breaks below the 150 level on the monthly chart, we will see QQQ going much lower. Perhaps, it could go as low as the 100-115 support zone. Currently, I don't see QQQ going below 150, but anything can happen. I'm still cautiously bullish.

bigfry Updated 

I think that current weakness in the technology sector, as you can see in the QQQ (Nasdaq ETF), might drag Netflix down a bit further. I think this that would present a relatively low risk long entry in the 315-325 support zone. Your stop loss would be around 300-305, and your profit exit is in the 340-350 range. This is a RR (Risk Reward) of 1 or 2 depending on...

bigfry

Hello traders! I hope you are doing well. Although I think we are currently due for a nice bounce back upwards, I wouldn't be surprised to see QQQ rapidly drop and retest the 150-154 zone in the next few days. The main reason I think shorting near 162 makes sense is because QQQ could not sustain the breakout of the 162 level. Failed breakouts move strongly in...

bigfry

Trade Idea: Buy QQQ with a stop loss just below 160 (near 158) and a target of 170. This is a Risk Reward of 2 to 1 since you risk 4 dollars/share and have a potential to gain 8 dollars/share. Earnings are coming up so this is quite a risky play. I still think the indexes will move higher in the next week though. I blog almost everyday here:...

bigfry

I think QQQ is a good purchase here as long as it holds above the 160 weekly trend channel support level. My target is the gap fill at the 169-171 level within the next couple weeks. If you place your stop loss just below 160 (near 158 for example), you risk 4 dollars a share with a reward of 8 dollars a share if you set your profit exit at 170. That's a Risk...

bigfry

As you can see in the chart, QQQ has had multiple bounces off the 162-164 support level. 162 was a key resistance level before since it was the neckline of the inverse head and shoulder pattern. Old resistance becomes new support and vice versa, so expect a bounce off 162 if QQQ reaches that level. Also, 164 is the top of the gap, which also saw a reasonable...

bigfry

Bitcoin has broken out of a big downtrend recently. This trend line is valid because of the multiple reactions that you can see in the chart. After the third touch of the trend line, Bitcoin finally broke out to the upside. As highlighted, Bitcoin is currently resting at the top of the support zone (6,500-8,000) which offers a relatively low risk long entry...

bigfry

I think that if the S&P500 breaks above the 2700 level, we will see prices move to the 2760-2800 level. You can also wait for a pullback from current prices to start scaling in long positions.

bigfry

I think that if QQQ drops to the 161-161.5 zone, this offers a good long entry. The reasons are as follows: 1. Gap fill from the morning gap up 2. Successful pullback to support zone 3. QQQ is still uptrending, so buying the dip has an edge 4. Good risk to reward. If QQQ drops below 160.5, we take the small loss and move on. Our target is the minor high near 163.

bigfry

Bitcoin has pullbacked to the 8000-8200 level and now offers a good long entry in this zone (8000-8200) with a target near 8600. We also see a nice pinbar hinting that buyers are in control. The stop loss should be placed just below 8000 near 7800-7900. This offers a decent risk:reward of about 2:1

bigfry

In an earlier post, I mentioned that 7900 offered a good buy opportunity with a stop loss near 7800 and a profit exit near 8200. That 3:1 risk to reward ratio trade has worked out nicely. I currently think if Bitcoin pullbacks to the 8200 level, this would be another good pullback buying opportunity since Bitcoin is still trending up on the 1 hour timeframe. You...

bigfry

I think there's a good chance Gold gets rejected in the 1350-1375 resistance zone. Trade Idea: Short gold with a stop loss near 1400 (above the minor highs), with a profit target in the 1225-1250 support zone. You risk 50 for a reward of 100 which is a decent risk:reward ratio of 2:1.

bigfry

Apple is at the 175 level resistance and is having trouble pushing through. Aggressive short sellers can short Apple here with a target near 165 (the support level), and have a tight stop loss near 178. Breakout traders can consider buying here with a target of 180-182.5 with a stop loss near 170. Buying here doesn't offer a good risk:reward ratio so it's...

bigfry

Since the 20 hour moving average (red line on the chart) is above the 50 hour moving average (blue line on the chart), I think it's a good idea to buy the next pull back to the 7900 level with a relatively tight stop loss near 7800, and a profit exit near 8200. Notice how when bitcoin's 20 hour moving average is above the 50 hour moving average, prices tend to...

bigfry

QQQ broke out above the 162 resistance level which offers a buy opportunity with a target of 167.