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ADAUSD Makes A Small GainOn the extremely short term trend scale, ADA had made a higher higher and a higher low. I have marked this on the chart so I can see it easily. We do not have the 60-30% retracement as of yet. It is sitting at it's minor support level at the moment and has not broken from the main trend line. ADA has a lot of work to do if it wants to reach a new all time high, in my opinion. We would like to see 2 higher highs and 2 higher lows with the proper retracement. If ADA doesn't produce that, you will probably not see a run on the all time high. Therefore, I am still neutral on ADA in the short term. If there is a pullback, I will look for an entry near the 2.2 price range during a major pullback. However, I am bullish on ADA long term (5-10 years out). Now for some good news. As a person who follows ADA closely, I know that the adoption of the platform will happen very quickly with the release of smart contracts on the 12th of September. In fact, I think it was built with such a great foundation, I might just do an entire post on the fundamentals of Cardano sometime in the future. Pretty soon, we will see NFTs being created, DeFi, applications being developed, and overall strong adoption of the ADA blockchain platform as a whole. If there will be any immediate reason for ADA to move higher, it will likely be news coming from the summit on the 25-26 of September. So I would keep an eye on their twitter accounts around that time. Again, I apologize for having less time to post at the moment, but that will change in a couple weeks. I am going to make a video soon teaching everyone my approach to charting. I will cover the entire workflow process I go through. I hope you enjoy it. Tell me what you think? This is not financial advice. DYODD.
KRAKEN:ADAUSD
by mysticalwalrus
12
DKNG Reversal or Upside BreakoutOn the weekly chart it seems a possible head & shoulders pattern is forming if we cannot break above 63 with increased bull volume to test all time highs. Although price is holding above the 10/20/50 moving average nicely on the weekly with a nice spike in bull volume which could give it some momentum to test resistance at 63 and possibly breakout. If we test resistance & bear volume starts to kick it heavy we could look for a short position with a stop above 63 and a target profit at moving average support. If the neck line is broken below 50 this will confirm a head & shoulders reversal. Also I notices bearish divergence on the weekly RSI that should be taken into consideration. This means a possible downtrend or reversal is near due to the loss of momentum in the trend. If we can break above 63 with increased bull volume we could potentially see all time highs. I will be on the sidelines waiting for a break above 63 or a break below 50 What are your thoughts?
NASDAQ:DKNG
by BillyTradesFutures
BTC analysis-We are reaching a crucial area!Hey guys! I thought I would start doing a second forecast using the same principles I use for EURUSD trading-as they apply to all markets! We are reaching a KEY area on the BTC daily chart, we are still contained within the daily sell range and are now reaching the back of the range that started the initial move, price has been rallying for some time without a decent pullback. If we do encounter a pullback in this region we have a strong range lower that was never mitigated either this could offer some resistance and a path up still. If the current block fails-I can see us reaching for ATHs again. As always Trade safe EnvisionEJ
BITMEX:BTCUSD.P
by EnvisionEJ
The only way forward to is anticipate many optionsGood Morning traders! Todays forecast is fairly similar to yesterday, I will keep it short and sweet We are still contained in the 4hr and 1hr sell ranges-price has simple ranged the past 2 days. This means orders have been built in at current price so we should expect a move, when this will be, I can't say but I will be ready. Looking at the current PA, a sweep of the Asian session highs into the unmitigated range roughly 10pips above current PA could give a great sell opportunity. Likewise the same sweep into the higher range would be excellent, but I find this less likely. We have also built some liquidity under the current PA seen with the blue LQ line. I wont be rushing into the markets today and will let price show its hand first. As always happy trading EnvisionEJ
Short
by EnvisionEJ
NFLX Low Risk Short PositionNFLX has been trading in a range for many months, as we can see by this weekly chart here: Stochastics on the daily chart are showing it as heavily overbought, with an RSI of about 85, likely in anticipation of earnings which come out in 6 days. Historically, NFLX sells off about 80% of the time post earnings, usually quite steeply, with an average sell-off of between $50-60 dollars within the week that follows earnings. Here's a daily chart with stochastics visible: Barring a few temporary outlying moves to the outer extremities of its range, I believe NFLX will either: 1) Push up towards and then reject at the $566 level and then retrace back down towards $515.00 post earnings. 2) Falter post earnings and retrace to more "typical" RSI and stochastic levels prior to earning hitting. 3) (Hopefully not) push outside its trading range (difficult to imagine this scenario actually happening) and form new highs above its existing range. I am currently in an Iron Condor on NFLX with 570 and 490 short strikes. It is leaning bearish at the moment, but a move back down downwards 515 and a crush of implied volatility will substantially help my position. I believe both are likely to happen in the current market environment. -------------- If you were to enter NFLX short, you might consider it around the $566 level, assuming it pushes that high. You could accomplish this with a call credit spread which would give you the benefit of IV crush, assuming volatility decreases (which it would, if the price fell off steeply.) You could also take a bearish debit spread, but that will struggle with volatility collapse as it's a BTO position. ------------- Whatever happens, I'll be curious to watch NFLX as it develops. I do not think it's current price behavior is sustainable.
NASDAQ:NFLXShort
by PureDelta
4