Indicators and chart patterns don't work well for crypto, but I gotta put this out there..... At support and oversold on the daily. Take it for what you will, every time I comment on shitcoin I get trolled, so no predictions this time, you all know how I feel about crypto. It has bounced every time it gets oversold on the daily but do any of the crypto traders...
Seems to me BTC does move with the market but the magnitude is different. A loose correlation at best. There better money to be made with stock/ETF/futures options than BTC. I don't see a compelling reason to trade BTC, I think there are too many bagholders for it to go parabolic any time soon.
Absolutely no liquidity midday as cryptos tank again. GM hit my stop, swapped over to EWZ (Brazil) puts because oil is dropping. EWZ likes to gap because Brazilian markets open before the US. Wish I had re-shorted PDD. Oh well. Chart patterns tell me that the market has given up on the gap fill attempt for the one above and will fill the lower gap tomorrow...
RSI moving down but MFI is still moving up which means they're probably setting up for another pump and dump. I'm still bullish because the gap above hasn't filled. Indicators are in the middle, but I think the tank is done for the day. Oddly I made money on puts even though I'm bullish this week, flipped my PDD puts this morning made money on TWTR puts Monday....
Market appears to be melting up, but I'm holding off on calls until I see MFI go oversold. It probably gets there tomorrow. No idea which way the market gaps tomorrow. Could just be a flat open which is typical after a Tues pump
Chart pattern was completely wrong, but in the end I was right about it heading to $3, lol. If only I saw the post Fed tank coming.... BLDP is now at $6, that has further to go. They've never made any money at all.
MFI dropping while RSI rising. Usually tells me to buy when MFI goes oversold.... Looks like it'll fill the gap above. We could see a dip here after open because it hit last week's resistance.
Halfway between the open gap above and below with no clear indication of direction. Futures are green at the moment. No idea what the market does tomorrow. Might be a good time to sit back and watch. Maybe look for stupid plays like TWTR, lol. (I made money on it.)
Weekly RSI is almost oversold and we got a pretty good pump last time that happened.
MFI way overbought, possible double bottom I think. Anyways, I flipped my TWTR puts for a decent profit, I think I'll wait a little to figure out my next move. Maybe short PTON EOD, we'll see. Crap stock is actually green right now so still trying to squeeze shorts.
MFI touching overbought but RSI is not there yet. I'm still guessing it fills the gap above, gets overbought on RSI with MFI divergence then goes and fills the gap below. I was rigth about he midday weakness, just happened a little later than i expected. Looking bullish into the close, it's like opposite week of last Friday. Get ready for more whipsaw next week.
MFI and RSI should hit overbought at the gap fill. There's a chance it does an inverted H&S pattern, so Monday could be a down day. FDAX is also almost overbought. I'm guessing short on Tuesday afternoon or Wednesday for the Thu dip. Chart pattern could wind up being the reverse of this week, lol. Keep in mind there's an open gap below. Bailed on my PTON...
Looks to me like MFI is headed to overbought but you never know. Flipped my GM calls because I'm up a grand now for the week after being in the red until today. Now I have beer money, and I'm done watching this wacked up market. GM ATM weekly calls were $.50 yesterday, I bought some before close and doubled my money. (This is why I screw around with GM...
MFI really close to overbought.... If it hits overbought over the weekend we could see the market trying to fill teh lower gap instead of the upper gap on ES & NQ
You can see RSI hit oversold this afternoon on the AAPL dump and took off. AAPL managed to hit and bounce off support along with everything else, even bitcoin. All of the major indices are oversold on the daily, so we should see a multi-day rally anywhere between 3 days to 2 weeks. June Fed meeting is 14th and 15th. I think this time around people will fear...
Asians pumping futures hard, but there's one slight problem. Futures left an open gap after the break, as shown on the plot. So now we have 2 open gaps, one above and one below. I'm still thinking short squeeze and the one above fills first because the market is going to come back down eventually. Note: Ignore the indicator because this is a 15 min chart to...
OK, guess what the orange line is.... It's lumber prices. Draw your own conclusions.
RSI hit oversold with positive MFI divergence. AAPL didn't quite hit my $137 target but it shows a reversal. Still an open gap to fill above and there appears to be liquidity in the market though the real test is mid-day when volumes are low. Oddly, I didn;t bet on tech I went with GM calls on the downgrade, it's like shorting a stock that got upgraded but in...