norok

03:37

norok Wizard

I've taken two positions on FOREXCOM:AUDNZD this week. First a bearish 60m breakout that I captured a little bit of profit but the remainder stopped out. That stop out revealed some fascinating price action at a potential Daily Support level. I really like studying price action such as this and put my thoughts into a video to share!

norok Wizard

I was able to catch a short term bearish breakout on FOREXCOM:AUDNZD this week. I closed half at a target and then the remainder stopped out. Following this I noticed a very sharp reversal. My scanner alerted me to a spike on the Daily timeframe. Sure enough the spike is happening right at the 50% retracement of the whole year! This is a low risk, long term...

norok Wizard

Years ago when I was learning to trade and studying under my mentor he told me that day trading was best done in just the 90 minutes from 10:00am EST to 11:30am EST. This makes a lot of sense. The 9:30am to 10:00am opening time is very volatile for stocks. Traders are rushing to open or close positions before many have made their decisions to put orders into...

norok Wizard

As I keep mentioning the best Fibonacci level I've found is the simple 50% halfway point. BITFINEX:LTCUSD has demonstrated this beautifully as each impulse wave over the last many days has pulled back to hold its 50% level and continued upward.

norok Wizard

The beauty of studying price action is that a trader can apply their skills to ANY instrument, timeframe, and market. Just as the 50% retracement works in cryptocurrency it of course works in stocks. This happens to be a trade that I was able to catch. It took more than a day to trigger when NYSE:LLY pulled back to the 50% retracement for a 4th time. A very...

norok Wizard

Most all traders have brushed up on their Fibonacci levels. Some like the 61.8% retracement for entries. Others like to use them all and clutter their charts with lines every 0.5 points. I like to keep it SIMPLE and admire the beauty when price just respects the halfway point of the 50% retracement. I noted this in another post a few days ago about ...

norok Wizard Updated 

I honestly have no idea what this coin is other than one with a funny name but it is among the high market cap cryptocurrencies so I put it in my Tradingview signals alerts for potential breakouts. While the other big coins have experiences a nice run up BITFINEX:OMGUSD has definitely lagged. Now it is setting up a rather clean breakout of a consolidation...

norok Wizard Updated 

I am normally averse to jumping into something that is already on a run but the strategy I worked hard to develop that tracks periods of price consolidation prior to breakouts triggered signals in both BITFINEX:BTCUSD and BITFINEX:ETHUSD . I would be remiss to not follow my rules and call out that after the last pump the price action has slowed down. When...

norok Wizard

A friend of mine send me a question yesterday, "hey, curious question. how much was the a great day / swing/ scalp trader looking to make per day prior to Bitcoin?" This was my answer yesterday: That's an invalid question to ask a real trader. A trader takes what the market gives them. One may go days, weeks, perhaps a month without a signal that fits...

norok Wizard

Some might be feeling a little cheated by the relative underperformance of BITFINEX:ETHUSD versus Bitcoin as can be seen easily by looking at a chart of the cross BITFINEX:ETHBTC . However, I think folks might feel better if the put their holdings into perspective by looking at the alternative of "doing nothing" compared to just having your assets in cash over...

04:48

norok Wizard

It is readily apparent by now that BITFINEX:BTCUSD is on a run for the last ATH. When the price of something is this close to such an obvious level with momentum it is a very high probability bet it is going to reach it and even break it. But what then? You have to BE SMART. A lot of people that don't watch this video are going to FOMO and I pity them but...

norok Wizard

NASDAQ:TSLA had some beautiful price action worth noting today. It held the 50% retracement level of the day's gap. What was even more interesting was the lower timeframe price action on the 1minute (see screenshot). After holding the 50% retracement on the medium term timeframe it also held the 50% retracement of the move off the support as a fractal of the...

norok Wizard Updated 

BITFINEX:IOTUSD really failed to capture any of the bullish momentum of the last week. It was a definite underperformer among the highest volume cryptocurrencies. This morning triggered a signal that the volatility has slowly decreased into a wedge with a potential bearish breakout setup. Because this was the lagger of the recent momentum I'd say this is one...

norok Wizard Updated 

I received a signal that BITFINEX:LTCUSD was starting to consolidate with low volatility into a BBK Squeeze on the 60m timeframe. The pair has had some very clear structure over the last many days holding 50% retracements of its moves upwards. With this consolidation sets up a potential breakout trade for it to break its most recent retracement level with a...

20:00

norok Wizard Updated 

So today is rest and research Sunday and I wanted to share with folks how I go about creating new strategies and indicators. Hopefully this can teach traders to fish rather than giving them just the fish (of a buy/sell signal!) I was inspired by watching a Youtube podcast Desiretotrade by Etienne Crane where I saw on his chart arrows indicating where price...

norok Wizard Updated 

BITFINEX:XRPUSD threw off a signal that on the 60m / 120m timeframes is starting to squeeze with lower volatility. A good trade might be found as a breakout do the downside though any breakout of the squeeze has a high probability of a significant move.

norok Wizard

This week two cryptocurrency opportunities happened in BITFINEX:BTCUSD and a similar one in BITFINEX:ETHBTC . Both on the 30m/60m timeframes had the BBK Squeeze which alerted me to them. I have to admit that for most of my trading I have shunned the use of wedges as a technical indicator pattern. That is changing now with a new appreciation. The reason is...

05:39

norok Wizard

I'm really proud of my trade and position on NYSE:CMI not just for the profit but the beauty of clear price structure which I wanted to share. This is clearly a BULLISH stock on a run but within it are some positive teachable moments. Multiple times it has held CLEAR price high/log inflections along with 50% retracement levels. Trades like this are why I love...