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Diamondpattern

DAX: Weekly overview! WIll we restest the 12.000? ***19.11.18***Hey tradomaniacs, since we`ve created the Diamond-Pattern after the high in Mai @ 13.206, we`ve seen a huge Sell-Off down to 11.040,5 this october! It was as crazy and volatile as expected! But what now? There were many different fundamental aspects causing this nervous market. Italy`s budget and it`s bond yields Failing Brexit Weak wallstreet which is concerned about the tradewar Strong US-Dollar Supply-deficits in the tech-sector (apple) which totally destroyed the Dow&Jones and SPX500, Saudi-Arabia and so on. However, we know the market is irrational and won`t give up that quick. The scent of profit is too strong and the market might see good chances to buy during the Years-End causing a rally. Will we retest 12.000? The Chart is currently still bearish. But break through the imortant 12.000 could be like a heart-warming hot chocolate during cold winter days giving the market hope to see a rally up to a new ATH. I expect at least a retest of it. :-) Peace and good trades Irasor
XETR:DAX
by Trading2ez
BTC Diamond Bottom (13.7%)$BTCUSD diamond bottom in play at the moment. Details below from thepatternsite, and satisfying many of the required conditions. First target: 7020 Second target: 7260 "Touches: Prices will touch each trendline once or twice. Don't worry if your lines cross some of the price outliers." "Volume trend: Downward trend 67% of the time." "Breakout: Upward 72% of the time, when price closes outside one of the trendline boundaries." "Price trend: Diamonds with short-term (less than three months) or intermediate-term (three to six months) price trends leading to the diamond perform best, depending on market condition and breakout direction." "Price velocity: High velocity moves after the pattern often follow high velocity moves leading to the pattern." "Yearly low: For best performance, diamonds with breakouts within a third of the yearly low perform best."
BITMEX:BTCUSD.PLong
by cubantobacco
1
Bearish Diamond Reversal BTC 1HR As the title suggests, a perfect textbook diamond reversal pattern forming on the 1 HR. Even the Stoch pattern matches up with the example given on Investopedia. You also see a volume spike in the middle of the formation, with trailing volume toward the ends, which is another characteristic of the BDR. We had a H&S forming and had consolidation placing the head slightly to the left. Yet another identifier in the bearish Diamond Reversal (See article here on identifiers for this pattern: www.investopedia.com) Breaking down here gives exactly a 3% price target to the downside (Target is assumed by taking the distance between the top and the bottom of the diamond. This also coincideds with decent support that has built up over the last week, so profit taking somewhere in the vicinity of 6500. Mine will be set at 6520 just to be safe. The current market is a little unpredictabel and I am taking profit where I can. Highly overleveraged shorts combined with hopium is a difficult thing to counter trade, but it can pay off if done right with high probability trades like this one. Stay safe, DYOR, and manage your risk!
BITSTAMP:BTCUSDShort
by Gouws199
2
Is Bitcoin preparing to make a move this weekend?Good morning, traders. We have made it to Friday once more and, as always, that means liquidity begins drying up for the weekend. Gold is nearing a bullish breakout and the DXY is struggling to remain afloat. This suggests to me that we are more likely to see Bitcoin heading up than down. DJI is a few hundred dollars away from filling the gap left in January of this year and printing a new ATH. The VIX is very low and continues to drop. BTCUSD longs gapped up earlier this morning, as did shorts. Weekly OBV looks amazing as it continues to rise in spite of the drop in price suggesting that retail is selling into the waiting smart money and therefore price should continue rising. Weekly StochRSI is printing a symmetrical triangle and a bullish cross. RSI is also nearing a bullish cross on the same TF. However, there is no hurry in moving up and we could see price take its time working its way through the resistance over the next few weeks. We saw price drop earlier this morning and since then create a possible bear flag. Price has been moving sideways toward the support of that flag, so the expectation is to see it drop through. This would give us a target of $6235-$6270, depending when price breaches that support, which would bring price right back toward the bottom of the larger TR. Price doesn't have to fall through the bottom of the possible flag, however, and a move toward the top of the flag from price's current position would likely indicate bullish follow through upward. The orange zone shows us the most recent smaller TF TR, and we still have our target of up to $6720 based on the descending broadening wedge that price recently broke out of. In terms of Wyckoff, it appears that price has been in accumulation since September 5th and should be nearing an exit pretty soon. This is the same thing we saw, in the same area, at the beginning of August as well as end of June/beginning of July. The only difference is that in each subsequent period we have seen the length of accumulation and the size of the TR shorten, suggesting that there is less loose asset out there for C.O. to accumulate and that we may be nearing a bull run. We could potentially be halfway through a very short diamond pattern on the 12H chart. After the run up, we now have two doji candles, the most recent one with longer upper and lower wicks than the previous one creating the possible mid-area of the diamond. To be honest, I'm not really feeling it at this time but I will be sure to discuss it, as well as everything mentioned above, in greater detail during this morning's live stream.
BITSTAMP:BTCUSD
by Chris_Inks
5
Aftermath of BitcoinHi everyone, i want to mention about some possible scenario(s) fmpov. Firstly, we're in a big triangle ang getting closer to end of this. Frankly, while in ambiguous market price stayed loyal to this triangle so what would be occur from as of now? As you can see diamond pattern is forming and must watch for reaction from this pattern. On the other hand h&s might be play out, if happens price should give us conservative rejection from 6.8k level. However, after 6.8k price still opt to upward movement (more likely to upward will occur) tp to 7.2-7.5 level(s) would be wisely. As i emphasized before when we obtain a clear breakout (prolly soon) from the triangle you can consider my elliott wave as an idea. To a conclusion: Never FOMO, be patience, believe your capability and Cheers all!
Long
by The_Saint