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APPLE SHORT NOW??Disappointing earning resulted in Apple finally getting that retracement that's been long awaited and finally breaking a 210 day bullish demand line. Now there are three options to consider. At some point Apple IS GOING to test the former resistance shown by the red box and this ss below. Once it does we'll be looking for its Price action. As a Bull I'd like to see option 3 play out, a retracement to the 0.382 fibonacci level, a break above the resistance box and a confirmation of that box as support. This would be a text book bull market retracement before new all time highs and would give us the perfect long opportunity. Option 1 would present a chance for some small quick gains that I will not trade, it could easily represent a lower high which would then give us a great short opportunity, or a new ath which we won't have traded because thr RR probably wont have been there. Option 2 could present a short opportunity if some bearish divergence is formed. I will update when some more data comes through. Share your thoughts below!
NASDAQ:AAPL
by SynergyTradingSetups
4
Easy Order Block Setup On EUR/USD – Major Bias Still ShortI see a possible Order block short setup on EUR/USD in the 4-Hour Chart. Last week, I suggested that the major 4-hour support has been tapped multiple times. We were speaking about how lines of support eventually break if the price keeps tapping the same price point. Well, we have seen a breakthrough. Now, we need to be careful of false breakouts. We have a descending trend line acting as resistance and we have seen multiple order blocks succeed in the past few weeks for EUR/USD. Taking all this into consideration as well as the fact that our bias is still bearish, we have reasons to look for further short entries. I have highlighted the order block zone in yellow. I always look for the most recent bullish candle before the price impulsively breaks to the downside. We can see that this particular order block entry lines up nicely with the descending trend line. We must beware of false breakouts. As we are so close to broken support, I would not risk my usual one percent or so on this setup. I would risk half of that. I would grade this particular setup as a grade B setup. We have all our requirements, rules and criteria met. However, because we are so close to broken major support and we do have strong bullish volume, this concerns me. So whilst I would trade this just like any other order block, my lot size would be smaller and my risk would be less. I am waiting for the price to push back up into the yellow order block zone. I always aim for a minimum risk to reward of one to two, or one to three. My stop loss would be placed a few pips above the high of the order block zone. My entry would be somewhere in the middle of the order block zone. My target would be the previous price structure which is the broken support level at the 0.991 price point. This is just one possible setup out of many. If this setup hits my stop loss, I'm perfectly ok with that. I simply move on to the next one. Remember, trading is a game of probabilities. We don’t know which way the dice are going to roll. However, if we know that if our edge wins a certain amount of times out of a hundred, then we know that eventually, sooner or later, we will come out on top and in the green. I hope you all have a great Wednesday. The Vortex Trader
Short
by TheVortexTrader
4
A bear flag in Platinum!Platinum looks interesting right now. On a 15-min chart, we see price in a bear flag pattern. On top of that, Relative Strength Index (RSI) shows waning momentum, adding evidence to a potential price breakdown. Couple this with a longer-term daily chart, prices are trading in close proximity to a long-term support level of 914 & 883. With the 914 support level broken once last week. We expect some downward pressure on prices in the short term, favoring a short position. Entry at 936.7, stops at 945. Target at 914. Disclaimer: The contents in this Idea are intended for information purpose only and do not constitute investment recommendation or advice. Nor are they used to promote any specific products or services. They serve as an integral part of a case study to demonstrate fundamental concepts in risk management under given market scenarios.
NYMEX:PL1!Short
by inspirante