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WES - Potential Inverse H+S - $9.00 TargetQuick pattern update here. WES appears to have an Inverse H+S pattern forming on the lower timeframe. A clean break from the pattern would target the $9.30 range, setting a conservative exit, with a close below the purported right shoulder would minimize potential for losses. WES has been one on my list for a while lately and I recently closed a position for over 170% gain. The news surrounding oil prices is negative, however WES is a refiner not a producer, so WES, if anything would have benefited (in the short-term) with the negative May contract prices. I may look to do a more detailed write up on WES in the coming day or so, concerning position details. -TradingEdge
NYSE:WESLong
by Profit_Link
2
How I Knew SPY Is Gonna Drop Today (VIX Magic!)Hi traders, yes yes, the title is a little bit click-baity, but to be honest, SPY down was about an 80% probability for me today. Now to be fair, I've been expecting this move lower for over a week now, so plenty of factors surely played their roles, but as soon as I saw VIX close out in a 1-2-3 Low formation yesterday (Monday), I had that final confirmation today is the day. For beginners, VIX is what traders call a "Fear Index". Put plainly it takes into consideration markets' volatility, options volume ratios (whether there are more than usual people hedging) and gauges a "level of panic" traders are currently showing with their actions. Its history is shown in the chart and therefore we can look for our standard patterns! Being inverted (High VIX values mean more fear and likelihood of markets crashing), a bottoming pattern such as 1-2-3 Low which appeared yesterday signalizes possible SPY reversal down. And that's it! Hope you learned something and be safe. Tom | FINEIGHT
AMEX:SPYShort
by Fineight
2
Short VIX Play: UVXY PutsDecay strongly favors the contract holder. Notice even in the course of one day, with VIX hanging steady around 35-36, this thing lost $1 over 6 hours. See most insightful post credit to Hungry_Hippo, attached! Traded for $24 in the AM then price relaxed as VIX fell, on viral scare news at 14:38 VIX jumped back to 36 but UVXY reached... 23! This thing fades fast. It contains no real property or equities; ONLY futures short-term contracts, which wind down real fast. Scroll back to see price change over past 8 years; this is not a graph error, it really declined from over $15m to trade where it is today. When market recovers, this ETF will go back in the crapper but it will be much less than when it started in Feb, will go under $13 and should crush down to $10 as the futures in the fund decay with time value. Only risk in it is another tank-off, we could certainly see a retest of the Friday 28 Feb low, but this will still decay! Folks ask; "Why is it still over $20 then?!" Because of reverse splits! When it goes under $10 the exchange splits the shares 1:2 and the price doubles but holders gain half as many shares, eventually adjusted for these splits it will end up trading for a few pennies. DO NOT HOLD THIS ETF!!! My strat: In the Mar $18 and Apr $17 puts, these are fairly cheap plays between $1.1 - 1.6 today. Back at $12 these will be deep ITM. A 0.786 Fib retracement of prices will drive this down to crush levels. This isn't investing advice, just another crack pot scheme; trade at your own risk; GLTA!!!
CBOE:UVXYShort
by DaddySawbucks
7
Huge BTC Rally poised for Valentines Day if inverse H&S confirmsAll of our major trend lines are converging. And the point at which the two most dominant uptrend and downtrend lines intersect with one another ( the uptrend line from $1250 from June 2017 and the Downtrend line starting from 20K from January 2017) — the point at which they intersect also happens to be exactly where this current inverse head and shoulders would confirm its breakout from the shoulder line. Also! In the event of that confirmation, we would expect to see the 50 Moving Average and 200 Moving Average on the Daily Chart to form a golden cross at this convergence point as well. All together, this makes the confirmation of this current Inverse H&S a tremendously important event and will very likely be the start of a significant bull rally. I would expect this to occur in the next 2-3 weeks. However, as a result of this, as the exact bottom of shoulder 1 isn’t exactly clear, we may test as low as 7800. Although, its possible we’ve already completed the bottom of the second shoulder. — Just be aware this is a possibility. And in the event shit gets crazy and the inverse H&S ends up being invalidated, this will likely move sideways until it meets the wedge of the minor up and downtrend lines- and at that point be forced to make a move. And its important to note that we are currently in a sort of neutral zone. Anything below 7425 would put bitcoin in control by the bears and anything above 9415 would put the bitcoin in control by the bulls Update idea
BITMEX:BTCUSD.P
by Raqix
1