Not trading this as I do not trade AAPL
But I believe a medium term top is in, this also aligns with my view on NAS100 and DJI which are completing short term bearish reversals
See how this goes but has possibility of very high R:R up to 10.4:1 to final target
At current levels there is a bat pattern,
I'm going to look for price action cues to buy around this level as the demand levels to the left are not fresh
My preferred level to buy would be around 2200 - 2250, but right now we are in a PRZ potential reversal zone
To be honest I was expecting a new high before this happened
But what is interesting is that we are talking about an unprecedented -26% decline to date in only a few short weeks after 11 years of grinding up due to the feds policies of easy money, and from a S&P points perspective we are only a handful of points from declining the entire GFC points wise
As per old post, very near entry now, appears risky buying this market as I've already taken a few cuts in this decline, but trading what I see...
This decline is unprecedented in terms of the speed of decline - and we have now hit the 20% market which is bear market - In an incredible 3 weeks waterfall type decline
but that should not prevent people using their...
VIX is built off S&P... and is at an interesting long term inflection point where it has acted as support and resistance in the past
Only issue is that there appears to be a gap on this move... which could be a breakaway gap
interesting though.. seeing I just went long the S&P for a short term rally, we'll see...
Market is acting on fear right now and the virus...
Already long, low risk high R:R trade, target to start adding to my longer term short is around the possible 5.0 pattern completion
Stop is directly below the last two days lows, not giving it much room as it will either retrace now or if it fails it will likely breach the lows to take out stops first and there is always another opportunity to get back in...
Buying as I think there is easily a high reward to risk opportunity being long despite the bad news and big bars means there is very little to stop it retracing after a few days of near vertical selling
US Dollar futures at Supply + Cypher pattern + RSI overbought = Supports a short term EURUSD rally (See Shark Post)
The FXCM Dollar Index is lagging the futures (arbitrage CFD vs. Futures?) as it has not reached the supply level that is present on the Futures chart
Does not surprise me as CFD's are based on futures and are not the same animal
i put more faith in...
OK, my game plan....
XAUUSD daily, Triangles are typically found in wave 4's in trends, and I believe the current wave 5 is too small for the weekly chart
We also have a longer term fib cluster and supply level at the triangle target as per my weekly chart post
So... I'm going to buy now, before a triangle breakout (risk is lower) targeting the longer term fib...
As per Shark pattern, highlighting the risk of the pattern being ignored and blown right through
Hence will be waiting for a sign of the level being bought first before entering any longs
Upside of the gap is that it highlights an obvious target for shorts who are no doubt piling in
There is a gap on the weekly chart below this level and quite possible it could be breached to close the weekly gap
But could have a short term bounce from the shark level
Am going to wait for a bullish bar around the 88.6% retracement