Large gap in direction of recent trend, very bad idea to try to fade this. Looking for longs all day long. Will scalp some intraday and also hold some for accumulating long term position.
BTC formed a bullish rejection pattern across 4 day candles, shown by the green box. If you imagine a single candle starting at the start of the green box, then it would have a very long tail rejecting the downside test. It then formed a bearish rejection pattern shown by the red box. It's now consolidating and I'm expecting it to form a bullish pennant shape...
I am dollar cost averaging on various alts and btc now that the long term handle of the giant bullish cup and handle has printed a bottom. I am scaling in with targets that are at least double the current prices so that I can have a 1 RRR without using a stop. I am not going to try to time things very carefully but will deliberately just buy at consistent...
Cup and handle I posted a while back is slowing getting filled in. For the time being, like the next week or two, the downward pitchfork will probably be the main theme. The best swings will be shorting alts at the upper right trend line of the fork for a couple days, maybe even to the median. Eventually it will run into the various support lines and start to...
Range contraction looks like ES is not going to break through the resistance level to the upside any time soon, so by default it is probably going to turn down into the prior congestion zone so it can pick up more liquidity and try again for another attempt at the upside. Looking for short positions intraday, will be un-trusting of bullish moves here.
I picked up a very small amount of Doge today on the off chance that this is the start of a bull market. Doge is a silly coin but it's actually more stable than a lot of the more "serious" cryptos, simply because doge actually has utility and a lot of the serious cryptos are only useful in theory. For this very small pilot position the stop is selected on the...
Plotting bullish pitchfork to find right shoulder for major long term position to the upside. Also considering dollar cost averaging long on eth and btc without trying to time the market. It is acting a lot like it might have found a bottom. I am long LTC from this morning and had planned on selling at the end of the day but now I'm thinking to hold it for a few...
These large range 2 and 3 day reversals are always good to consider. The bears may have gotten over extended here and it could reverse back up into the prior range over the next few days. I am currently long LTC and planning on selling most or all at the end of the day but this could be something that runs an additional day or two while the bears cover their...
ABC correction posted in earlier attached chart is working as expected. Looking for continued bearishness until it tags the support zone defined by the previous 3 point and then looking for the usual B and C movements. The B point will be an especially good place to look for swing shorts because it is also confluent with the edge of the long term pitchfork edge.
Coming into resistance on day chart so this would be a good place to use tight stops on existing long swings to protect it from taking back too much profit if it snaps back. Longer term this is a bullish chart but the pitchfork shows it will probably not find genuine bullish support for another month or two, so buying here on a swing basis could be painful. Very...
It did swing back to 56 as plotted previously in attached chart. It is likely to chop around a lot here so this is a place to look for two way trade and be careful about holding runners for too long. Better to lock in profit more quickly than usual and don't let it take money back. Looking at lower time frames I could not come up with an elliot count that really...
Looking to buy double tests of day lows intraday. Not taking long term long swing trades here because expecting strong resistance at the other end of the pitchfork. Also not looking to buy day highs here because the path back to the low of the prior range is going to be very choppy, this is an area to look for the best and lowest price before getting long.
Not looking to continue trading BTC short here since is at bottom of pitchfork and this sell off is probably nearing the end of its life. More interested in waiting for the range on day candles to contract then look to trade on intraday bias back to the median line. These will be choppy countertrend trades so it will be permissible to fade double bottoms of the...
The pitchfork, elliot fib and prior support/resistance lines show this would be a pretty good area to start looking for bearishness. An Elliot ABC correction would be the most textbook reaction here. Not shorting this blindly but will trade with a bearish bias intraday. There has not been any actual confirmation of a new bear market so this would definitely not...
In blue boxes show where ES goes into low ATR chop, the orange boxes are high ATR chop. If it can get into the red rectangle that would be an area to fade double tops on the day high, intraday. If it breaks through to the green box that is highly bullish and it's in parabolic trend mode. Anything else on the chart is mainly sideways with no particular intraday...
Not excited about GC. It's in the middle of nowhere. Kind of expecting it to head south explore the support region in the green box as it fills in the triangle. When it gets to the pitchfork median I expect to see some bulls activate. But that's not going to be this week I do not think. Looking like a sleeper week on gc, would not be surprised if I have no...
Intraday bias this week is for a choppy upward trend back toward 56. Because it's probably going to be choppy, shorts will be allowed but for the most part will be looking to fade the bearishness with tight stops on double tests of extreme lows of the day. Not expecting clean parabolic price action, there will probably be opportunities to find double bottoms...
Intraday bias is to be skeptical of bullish moves and more looking for range contraction and then reversal back south. It's coming into a lot of prior support areas which will tend to act as resistance now. Also at the pitchfork edge which is a great area to find head and shoulders patterns to short. I will be keeping my eye on this to find a right shoulder.