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Bearishreversal

BTCUSD: Bearish Bar But Accumulation Continues?BTCUSD update: Short squeeze erupts into a vertical move that takes prices to 6900 in a matter of minutes. This was the scenario that we were anticipating which we shared with our members a week ago. The swing trade that we called at 6189 was taken out at 6824 which was our predetermined target. As price continues to stabilize, we are on the look out for the next long. At S.C., we follow best practices which keep us from reacting to market noise like so many "experts" had during the price action leading up to the squeeze. There were a few short triggers and tests along the way, but we stuck to our original plan which was to let the probability of the location play out. Now the objective is to isolate the next high probability long setup. Since the bullish trend line is still intact, it is just a matter of waiting for a compelling pattern to appear. Once again, this market is shrugging off bearish patterns like the pin bar that printed after yesterday's squeeze which makes the bullish argument more compelling. In summary, even though the current price structure is not very impressive, we continue to anticipate further strength. The reason? This market refuses to produce any significant bearish arguments like a close below 6K. We categorize this type of price action as a slow accumulation since sell signals continue to be absorbed. Like we have been saying all along, the general location is more attractive for the long side. Between the 6K psychological support, the broad .618 support zone (8171 to 4983), and newly established higher low, price is still poised to go higher. We will continue to look for longs until it proves otherwise. By keeping the focus on anticipating rather than reacting, we are essentially letting the market come to us. We do not force trades, jump into low probability trades or entertain the noise. It is very common to over trade in an environment like this, especially if your plan is not well defined. High probability trades are infrequent and in these markets, if 2 - 3 swing trade setups trigger in a week, that is a lot. The first step to minimize over trading is to anticipate price, not react to noise.
BITFINEX:BTCUSD
by MarcPMarkets
8
S&P500 Futures Near Range High Resistance, But No Signal. Yet.S&P 500 update: The main stream media outlets create and capitalize on financial drama, but when you look at larger time frame chart of the broader market, there is nothing particularly dramatic going on here. This market is range bound. Range bound markets are good at extremes because reversals are reasonable to anticipate on both sides of the market, long and short, even if it is against the bigger picture. At the moment, price is fluctuating around the range high which is the 2671 area. The level to watch is the 2692 reversal zone boundary for bearish reversals. This is where day trades or even conservative swing trade opportunities can appear on the short side. Do not forget that the S&P is seriously affected by company earnings and with fundamentals such as the recent tax cuts entering the economy, it is important to consider how such information is likely to affect price action. This is why you must know how to form expectations that are within reason on both sides of the market. Reasonable expectations begin with having a perspective. And this begins with evaluating larger time frame charts, and considering the fundamentals that are relevant at the moment. Make sure to visit S.C. for more insight on this market along with many others.
CME_MINI:ES1!
by MarcPMarkets
2
ETHUSD: Don't Buy High. Consider Bigger Picture.ETHUSD update: New all time high established at 1225 as price backs off into the mid 1100s. When markets runaway, the best thing to do is evaluate the bigger picture to get a better sense of perspective and risk, not get carried away by euphoria. In this report I am going to highlight the next proportional target as well as relevant support levels. Elliott Wave offers a way to categorize market movements and provides a framework to help anticipate how the herd is likely to react next. I am always aware of wave counts, but I do not write about them unless they are worth noting in order to avoid confusion. Now is one of those times worth mentioning where this market is in terms of wave count. At the moment, this market appears to be in a Wave 3 of a broader 5. This price action is typical of a wave 3 since it can never be the shortest wave according to impulse wave rules. This also means the next retrace will be a sub wave 4 and likely unfold in some form of narrow range triangle before breaking out and completing 5 of 5 waves. This serves as a broader road map, and is not an absolute prediction. The potential support levels for the sub wave 4 can be around the 1000 level (.382 of current bullish swing measured from 640 low) or the 863 to 771 zone (.618 of same bullish swing). These are the levels to evaluate for smaller time frame price reversals that can lead to the next bullish wave which has the proportional target of 1385 (2.618 projection measured from 492 low). Buying highs is a high risk behavior, while locking in some profit is a best practice, especially in markets that go vertical like this one. IF the current candle closes in this configuration (a bearish pin bar) that warns of further selling and can be the beginning of the sub wave 4 retrace. In summary, there are always more opportunities in these markets and no need to be emotional about missing out. All markets retrace and offer more opportunities at much more attractive reward/risk ratios. The next significant retrace in this market still offers an attractive buying opportunity for at least one more leg higher before it is reasonable to expect a much broader correction based on the current wave count. The best thing you can do is be patient and keep an eye on the bigger picture because it helps you anticipate the herd and not react to it. Comments and questions welcome.
BITFINEX:ETHUSD
by MarcPMarkets
26
EURCHF Sell Idea UpdateD1- Price breaking above the last high H4 - Bearish reversal confirmation didn't happen. We will now be following the next strong zone which is around 1.17. Ideally we will see the price reaching it before any serious moves down. Can we look for intraday and short term buys? Yes absolutely, as long as there is no breakout below the most recent and valid low on the H4 chart and the the most recent trend line is holding, every pullback is an opportunity to buy.
Short
by VladimirRibakov
GBPJPY Bearish Flag PatternGBPJPY - Engulfing Bearish Reversal formed 8-3-17 Pair dropped below key level of 142.00 and 200-day moving average suggesting further downward trend probability. Next key level target @ 139.00 (June 2017) with further decline to 138.50 followed by 137.00 level. Decline to 133.70 possible in longer term. R3 142.52 R2 141.81 R1 141.21 S1 139.89 S2 139.18 S3 138.58 Previous session: H = 141.1000 L = 139.7900 O = 141.8876 C = 140.5590 Pivot Point = 140.483 Personal analysis only. Please use your own rules and strategies prior to entering market.
Short
by ALSM59
USDCAD Divergence Confirmations. Long term Trading Strategy.Unfortunately we hit last stop loss but there was no close above the previous highest high. So, there is a high probability to catch the trade again. Risk averse traders can join the trade by sell limit at the low of this week candle. FX:USDCAD If Risk is too high for you .... wait for nice price action/ pattern formation in lower timeframes. Reason for Trade Setup: Price Action 5 Impulse wave almost complete. Possible Correction or in best case complete reversal. Support from Divergence confirmations on multiple indicators. SL - Close above this high. TP - ATR(5), 2*ATR(5), remaining on chart.
Short
by JeevanKapaganti
GBP/JPY DOUBLE TOP FORMING ON 1HR TIME FRAME?GBP/JPY IS APPROACHING SIGNIFICANT RESISTANCE AT 194.59, OFFERING A LOW RISK SHORT TRADE AS A DOUBLE TOP MAY POTENTIALLY FORM. PRICE ACTION PREVIOUSLY SUGGESTED THE 194.59 LEVEL WAS PROTECTED BY SELLERS, A REJECTION OF R1 AGAIN EXPOSES THE DOWNSIDE OF 190.97 (S1) - A BREAK OF THE SHORT TERM TRENDLINE THAT HAS FORMED WOULD ADD EXTRA CONFIRMATION OF FURTHER SELLING. S1 OFFERS A GOOD PROFIT TAKING AREA AS IT IS THE 0.382 RETRACE OF THE ORIGINAL 185.00 (S3) SWING LOW AND THE 194.50 SWING HIGH (R1), A BREAK OF THIS LEVEL WOULD EXPOSE 189.20's. THE 150 DAY MA HAS BEEN ACTING AS SHORT TERM SUPPORT FOR THE PAIR, A BREAK OF THE 150 MA, AND A CROSSOVER OF THE MA'S WOULD ADD FURTHER CONFIRMATION OF SHORT TERM SELLING. CURRENTLY THE SHORT TERM 16 DAY MA IS POINTING TO THE DOWNSIDE. ORDERS ARE BEST PLACED JUST BELOW R1 AT 194.41, IF PRICE REVERSES PRIOR TO THIS LEVEL ENTRIES CAN BE MOVED TO THE AREA OF THE TRENDLINE BREAK - STOPS CAN REMAIN ABOVE R1. SAFE TRADING.
Short
by JoeNeilCarey
Bearish candles on Weekly and Daily chartsULTA is in an obvious up trend on the weekly chart. Sort of sideways on the daily chart with an RSI making lower lows and lower highs. But if you put a lot of stock in candle formations then you might be willing to risk some money to the downside. Bearish formation in Friday's candle on the daily (engulfing candle) within a one on the weekly (upside down hang man). No position for me but next week I will be watching the price action. There might be a post earnings (last Thursday) move on the horizon this week. Exhaustion could get a pullback below the trendline if there is a reversal move off these recent highs.
NASDAQ:ULTA
by bertolinitrading