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Price action & Psychology - First pullback after breakoutHello ! Key points : Breakaway gap Breakout on high volume First pullback Volume sinks The stock consolidates within an ascending triangle, it gets rejected from that significant confluence zone (circled on the left). It makes higher lows but not higher highs, buying pressure slowly builds up, people gain in confidence and are willing to pay higher prices to get on board. Finally, the stock breaks out - psychological shift in people's mind, they expect the price to go higher, therefore they are willing to pay higher prices. The pullback is caused by profit-taking. In fact, we see a decrease in volume that might keep on going today. The Fibonacci Retracement is only a reference point, other people are monitoring these levels, which make them significant. We will monitor the circled zone and wait for a "confirmation" that tells us that buyers are stepping in and that sellers are losing control. Thanks for reading and if you have suggestions or want to discuss the idea, just leave a comment, I'll be happy to answer. ***Disclaimer : This is not an advice to buy the stock. Please, be aware that trading is a matter of probabilities and that it only takes ONE trader to deny your trade.***
NYSE:AXLLong
by UnknownUnicorn6734025
Price action & Psychology - Inside trader's mindsHello ! Key points : Double bottom Volume on uptrends > volume on downtrends Indecision + rising volume It all starts with the halfway retracement. The stock makes a new low, buying pressure kicks in, drives price up. The halfway retracement is the result of traders taking profits, see how the volume fades ? Anyway, the momentum is not enough to break through the resistance and keep the trend going, it reverses. See how that 50% retracement seems to be a reference point, marked by the indecision candlestick (doji) and the spike in volume. The gaps on the way up tell us that buyers are really aggressive (or covering their shorts). On the way down, there's once again buying pressure (candlestick + volume) around that previous halfway retracement. Note how the volume crumbles down and the bearish candlestick marks the last burst of the downtrend. Volume is rising, there's still a healthy balance between buyers and sellers, we should see an increase in traded shares today. Summary : Those that bought too early (circled zone) either sold or are still holding (an might re-enter or add to their loser) Some will probably buy the double bottom or the just the support It is very unlikely that traders are going to short this zone Those that have an open short position will cover Thanks for reading and if you have suggestions or wanna discuss the idea, just leave a comment, I'll be happy to answer. ***Disclaimer : This is not an advice to buy the stock. Please, be aware that trading is a matter of probabilities and that it only takes ONE trader to deny your trade.***
MLong
by UnknownUnicorn6734025
1
ETHUSD Topping out? Time to Dive? BTC price dependent?ETHUSD price has rejected off the supply zone giving the first indication a correction could be upon us. I'm waiting for the break of the raising wedge before entering a short position. The conservative option would be to wait for price to break down and create a lower low before contemplating a short position. Thanks for a having a look at my analysis, all feedback is welcome. Would love to hear from you and your ideas particularly if you are seeing a long opportunity. Give me a follow and a like, to keep seeing similar charts. Thanks again
BITMEX:ETHUSD.PShort
by CoinProfiteer
13
Price action & Psychology - Triple bottom reversalHello ! Key points : Triple bottom pattern (laws of mass psychology, in my opinion a very reliable pattern) Support held despite high volume Indecision rises even though overall market turmoil ( relative strength ) Rising volume compared to the previous trading session I usually never wait for the breakout when trading double or triple bottoms. I tend to buy the bottom immediately. Therefore, I will use the 4.00 zone as my initial target. If the reversal happens and my target is reached I decide whether I hold or sell based on the current conditions. Using the S&P500 index as a guide On my S&P500 chart I have the Williams %R (3) indicator plotted. I noticed that during that market crash, whenever the indicator enters the oversold zone (< -75) the S&P500 tends to bounce back up. i.ibb.co ***Disclaimer : This is not an advice to buy the stock.*** Thanks for reading and if you have suggestions or wanna discuss the idea, just leave a comment, I'll be happy to answer.
GLong
by UnknownUnicorn6734025
Price action & Psychology - First pullbackHello ! Key points : Fading volume : The fact that volume is fading indicates that the pullback is losing momentum, we should see an increase in volume tomorrow compared to today. Interest in stock is rising. The wide range bullish candlesticks shows that bulls are strong and there's actually interest in the stocks (i.e. those that didn't trade have a chance to buy now) The stock gapped down, probably out of fear considering the overall market conditions, there's been a selling wave driving prices down but bulls caught up ***Disclaimer : This is not an advice to buy the stock. You should never ever blindly follow a trader's idea without knowing exactly what he talks about.*** Thanks for reading and if you have suggestions or wanna discuss the idea, just leave a comment, I'll be happy to answer.
TLong
by UnknownUnicorn6734025
2
Price action & Psychology - Reversal after panic sellHello ! Key points : Gap down : The stock gaps down probably because of bad news; opens at old support level Panic selling : The bad news and the gap down triggers panic selling which explains the surge in volume The stock finally settles on a previous support area Last selling burst occurs and indecision rises as volume goes back up Through this trade I want to emphasize the fact that one should be careful when evaluating the shadows (or wicks) of a candlestick . On this particular trade, there is no need to put the stop loss below the shadow, because it is the irrational behavior (fear) that formed it. Watch out the area around 7.00 as it is an important congestion zone on a weekly chart (3 years - weekly). The final target would be the 8.00 area. ***Disclaimer : This is not an advice to buy the stock. You should never ever blindly follow a trader's idea without knowing exactly what he talks about.*** Thanks for reading and if you have suggestions or wanna discuss the idea, just leave a comment, I'll be happy to answer.
PLong
by UnknownUnicorn6734025
Trend continuation after pullback - Psychology & Price actionHello ! Key points : Support on previous gaps (highlighted on the chart) 50% Fibonacci retracement, after starting a new trend, stocks tend to pullback halfway after resuming Fading volume signals the end of the current trend Indecision candlestick ("Doji") signals that indecision rises What's the plan ? From a "daytrader" perspective (that I'm not, but I have some basic knowledge), I saw that morning panic which led to a reverse and a spike to 8.10 (5 min chart). A pullback was obvious, so I placed my buy limit at 7.95 and got filled. Now I'll let the trade unfold and will add the other half on my position once the trade advances in the desired direction. The initial target is the first encountered resistance. ***Disclaimer : This is not an advice to buy the stock. You should never ever blindly follow a trader's idea without knowing exactly what he talks about.*** Thanks for reading and if you have suggestions or wanna discuss the idea, just leave a comment, I'll be happy to answer.
NYSE:SBHLong
by UnknownUnicorn6734025
GBPJPY [1-3 weeks view]Short GBPJPY Entry: 136.810 SL: 138.680 Clean, Simple, Concise. That's how I like my charts. Price has been trending downwards. Despite price gapping lower and making a new low, price came back to cover the gap. This was to be expected as gaps are generally covered. This provided me for a re-entry to go with the trend. I currently see price forming sort of a flag pattern which is a continuation pattern. Should price break below I would add to my positions to compound the profits. Further, price is holding nicely below it's natural moving average. This trade has a very nice risk/reward profile.
by laughingchartist
5
ASX: Prodigy GoldFactors 1. Price has experienced a LT downtrend (Starting August 19) 2. Price slowly building a base with a short term resistance at 7c . 3. EMA is converging 4. There is an overhead gap at 8.3c which I would be looking to target, 10.5c if we're feeling more ambitious. Possible Reasons For Failure 1. No breakout/bullish price action at 7c to initiate trade 2. Prices may continue to downtrend 3. Base may breakdown Watchlist and keep an eye on, mainly at 7c level.
ASX:PRXLong
by forexpunter
LTCBTC Long Opportunity LTCBTC has been on a downtrend since around the 18th of November 2019. The downtrend has continued until a major support floor has just been hit and the price is consistently rejecting of this support floor, demonstrating signs of accumulation. The Absolut Strength indicator has already crossed to favour buying momentum and strengthening a long bias. I am waiting for a break above the now resistance level 0.006125. Once this level is broken and retested on a smaller timeframe I will enter long. Take profits will be as follows: - 61.8% - 78.6% - 0.007345
Long
by lachy_hardman