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USDTRY USD Turkish Lira Short set-up with big potentialUSDTRY US Dollar Turkish Lira This is striking impulse wave: and when it breaks down it's a fabulous short Cannot short this whilst within the power of this massive impulse wave. But once it falls out of the parallel it becomes a massive short - once broken, look for any retest of the parallel from the underside once broken as a second shorting opportunity with stops above the parallel. This break down could be imminent...worth watching this one. It could come all the way back down to the longer term trend line, given enough time. It will likely form a trend as it does so...draw in the parallels as it emerges and stay short whilst it's trapped within them. Good one, looks like, even if a little exotic. A trend is a trend, wherever it originates!
Short
by sumastardon
1
Bitcoin: BTCUSD Some potentially big trades over ThanksgivingBitcoin: BTCUSD Over Thanksgiving Entry Points for some potentially big trades ahead: neutral in near term ahead of the action Hoping you'll have got out of longs when that pin bar mentioned in last update coudn't be beaten. It was likely a serious player in a low volume market who knew what he was doing at an inflection point with good timing - on a holiday, but still hasn't got much traction on the downside, for all that. Today was treacherous for day traders (we were lucky to break even after such a messy day, if you made a few points after spreads you've done well in the circumstances.) Did try to warn that profits need taking quickly both short and long, but it was an impossible day for all but the slickest and even they will have found that they've given half or more of any winnings to the likes of Etoro. Please stay away from these people. They rely on the unwary and the inexperienced. You work for them. Today almost all day traders did the same. But sometimes the pattern is clear enough to give us warning, and the chart is doing that now. This is helpful to the future. Today's price action finally looks to be evolving into a large pennant. This should be helpful in the next day or two. It's telling us that the range is narrowing, so if day-trading we need to pick our spots with utmost care and precision or we're working for the broker again. If this was a regular 'stock' the spreads would be so tight we could trade the crap out of it. But this is Bitcoin. So we have to stand back and watch the pattern unfold from here. We know it's going to do one of two things: break up or break down, eventually, but is quite likely to have one more test of the lower line followed by a bounce first. Buy Points/Signals 1. On a test of the lower dynamic support (lowest rising parallel) If we see this price action, it's worth buying with stops 30 points under the line when tested. 2. If at any point over the next two days Bitcoin breaks above the upper line of the pennant it is a major buy with stops 50 points under the line when broken - swing traders can join that break too if we see it, increasing longs, because the upside measurement implied by the break is 8834, about 552 points. That would be cool at Thanksgiving. Maybe. It's Bitcoin. Sell Points/Signals 1. If at any point over the next two days Bitcoin breaks below the the lowest rising parallel (that forms the lower line of the pennant) Bitcoin would turn near term negative and would like fall back to 8000 at first, rally some and then fall away to 7800-7700 range again - a tradeable drop of 350 points - before it rallies again. One way or another we should get a couple of good trades if we're awake for them. Happy Holidays America - as divided as you are, you have so much to be thankful for.
BITSTAMP:BTCUSD
by sumastardon
7
Bitcoin: BTCUSD Big Picture Clean Chart for weekend aheadBitcoin: BTCUSD Update into the Weekend:Scenarios The battle continues and finally the bears have made an impression on the upper parallel, pushing price down to 7800, where pin bars from earlier show some demand (not shown on chart, but significant to the very near term now). There is no winner yet, though. It can move sideways from here, meeting demand off the parallel and more still at 7717 freezer lid level and down to 7660 at an absolute pinch, building a new rectangular range between 7717 and 7990-8000. It can move sideways further, out of the pull of the parallels, large and small, but still be Ok so long as 7717-7660 holds - but it would be a sign of strength if it could avoid all that, use the large parallel as support and then power higher, and back through the neck line again - if and when it gathers enough buying power to manage that, this next time could well prove successful in breaking the last bears that still stand strong at 7990-8000. So far, from their viewpoint, looking down the mountain from 8000 with stops just above, there's nothing to scare them...yet. OK, that big bear raid first thing in London didn't work out so well for them this time, but their stops still haven't pinged yet. When that happens and 8000 is broken by 20 points it becomes another breakout/momentum play. It will maybe need China to open to create enough volume...they like breakouts - but we need to see one now to add to long positions from here...should it come (but think it will at some point this weekend even if they try to sell it off in China first thing Saturday) it could well be explosive in nature. Doesn't have to be but could well be. And once 8000 is actually broken the upside is, by nature of the beast, incalculable. Anyone who says they have a value for Bitcoin is not to be trusted any more than asking your dog how much it's worth. No one has ANY clue. It could be 15000, it could be 30000, it could be 5000 and it could be 5 one day. No one knows. You KNOW that though. And it's enough to make money - big money - either way. You don't even have to believe in Bitcoin per se, just believe what the chart is telling you, and no one else. And so to the poential for downside this weekend coming: the big parallel remains the first line of support, and then 7717-7660 (stops for remaining longs from 7570 tight under 7660). So if 7717 fails and then 7060 also then fails we have a near term problem emerging and Bitcoin should fall away to 7531 again and the rectangular range suddenly expands from 8000 at top to 7531 at bottomwith 7717 as the dividing line between the three...fantastic for day traders, trading between these lines. This could take a large part of Saturday to play out if we see it..again great for day traders, a nice wide range to play within, potentially developing this weekend as a consequence of this type of price action, if 7717 gives way, as above. But, the bull case is strong whilst above 7717 and still just fine at 7531. But if this fails at any point this weekend, the bears are getting control again. It's a buy on any retest of 7531 with stop just under 7500 for rally to 7719. Then close if a day trader and only go long again from 7730 to 7980 with a stop under 7700, trading between the three blue lines. Long Story short: Turn aggressively bullish again on a break above 8000 by 20 points, that can be sustained (very careful here as it could explode upwards, and potentially downwards too, so stops need using and the risk of being hit quite high so they need to be some way away from 8000 if longs are triggered, at least 100) This is still tough work but the bulls won't quit... That parallel above, just holding it back now...if it breaks above it soon, then the break out could well follow soon after. Good for swing traders. Otherwise we'll be heading for a Saturday made for day-traders, as above. And turn aggressively bearish again only onbreak below 7531 looking to short rallies to 695
BITSTAMP:BTCUSDLong
by sumastardon
FACEBOOK: FB Facebook: FB This was meant for yesterday but some glitch stopped it from uploading... Bit late now, apologies. For what it's worth at this point, a couple of observations: That's quite a large pin bar forming meaning that institutions are indeed unloading, (see below) looking to buy back 5 or 10% cheaper if they can. FB should come back to 175.60 at least and more likely to 172.93 (once 175.60 gives way). It should try to build a base here, off the old highs if the near term uptrend is to remain sound. So any failure during next week to hold up here will trigger a 3% short for about 6 points back to the next support across the 169-168 range. This range isn't particularly strong support, though will still close out there if struck and only look to short again if 168.5 gives way for further (roughly) 3 point fall to 165.6.
NASDAQ:METAShort
by sumastardon
DXY: Get ready for a strong Dollar rally Tuesday from 94DXY: Looks like DXY should come back down to 94.28 at least and to 94 at most on Tuesday (well it could spike a few pips lower to test the lower parallel at lowest) before it and all Dollar pairs bottom out and start what should become a very powerful bounce...so get ready to start to building Dollar long positions across all Dollar pairs Tuesday as close to 94 on DXY as possible. Stops just below the lower parallel. Good trading
TVC:DXYLong
by sumastardon
The big short? EURUSDHi guys, a little update to the trade idea I published earlier last week. Today we had a major bearish day for the EUR/USD, does that mean we can short now? A unexprienced tradre might think so, after all we got strong bearish momentum in the market today. However as a good trader we wan't to establish a portfolio for our trade idea. So lets look at other factors: The DXY Looking at the 4h chart, we can see that price has recently found a bottom after a strong sell off. As you guys might know, the DXY is inversely correlated to the EURUSD. If the DXY moves up, the EURUSD goes down, and the other way around aswell. Aswell as finding a bottom, the DXY formed a inverse head & shoulders pattern, a bullish price action formation. Combine this with bullish MACD divergence we got a indicator that price might correct itself in the future. Right at the time as im writing this, price seems to break out of intraday resistance, which would indicate a shift in momentum. But lets look further to widen our picture. The USDOLLAR Index Looking at the 4h chart aswell, we can see that price just broke trough resistance, and is now testing the last line of defence, a descending trendline. Though the break out of the range indicates bullish momentum, we need to see how the USDOLLAR index will react to this resistance, to determine wether we have a fake out, or a real momentum shift. Combining these charts with the information we already have on the EURUSD, the monthly hightest at resistance and the overextended bullish run, we could see the EURUSD head lower. However to really commit to a trade I'd need to see confirmation of a shortterm trendchange. This would be the break of the neckline on the EURUSD 4h chart, and a retest, aswell as a brekaout on the USDOLLAR and a retest. Nevertheless the confluence on this potential trade is massive, and it is a trade one wouldn't want to miss if it goes. My plan for the future hours/days is to await the break and retest, and then position myself short. I will keep you updated!
Short
by Schlabberlatz
Qtum started to wake UP !!Qtum really is one to watch has broke its downtrend and started to make the move up wards that could play out nicely for 50%+ gains It seems to slowly be climbing on a new level of support after moving up from its previous support small sub waves seem to be forming that will play out into a FULL wave set Target wise could easily reach 0.006 taking just above the previous wave top but if this gets the volume and gets bullish im looking more in the 0.0075 range This is a long position that i expect to play out over 5-6 days as this coins isnt a fast mover happy trading !!!
Long
by bassliner