Pin Bar
SPY SHORT - SUPPLY, LIQUIDITY, PITCHFORKWe are at a supply orderblock which caused a break of structure below. Upon reaching the orderblock, we saw a pinbar + inside bar combination pattern. Not only that, we are reacting to the upper parallel line of the pitchfork. We can target the imbalance and equal lows liquidity below.
SPX - short term bounce possible but bigger trend still downSPX appears to be finding support around 3800 with last Friday closed way off its intraday low, forming a pin bar of sorts. This is an intermediate support (which is the 38.2% fib retracement of the major AB (covid crash recovery swing) swing up.
A short rebound from oversold position will not be unexpected. However there are a number of near term resistances on the way up :
1. downtrend channel (see daily chart)
2. previous support turned resistance around 4100-4200
The risk remains that a move towards the H&S target of around 3500 seem plausible (incidentally this is also the 50% fib retracement of the major AB swing up).
Reason being that consumer staple stocks (which are deemed defensive in a weak economy) have also broken down quite spectacularly last week (eg COST, WMT, TGT, DLTR).
It is likely we are in a bear territory (unlike previous "corrections") where stocks will take a while to bottom out. One week at a time now to reassess the stock market indices.
Swing/short term trading of any bounce is possible but need to have stop loss in place as it is "counter trend" trade.
p/s Nasdaq is already down to 50% fib retracement level of it's major AB swing. It will be interesting to see if it could go any lower (TSLA seem to be the weak link right now).
Disclaimer: Just my 2 cents and not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Take care and Good Luck!
Bulls Have Power & Charge Like SPWR Power!Bulls Have Power & Charge Like SPWR Power!
Bullish pin bar at support on SPWR!
Safe Entry 16.60
Why? 16.60 is .15 cents above the head of the pin bar : )
Contract
17 C or 18 C and set my expiration date out 2 weeks from entry date.
Stop loss
14.93
Expectation move
Approx 20.86.
*Reasoning- Resistance range (on weekly chart) is between 21.23 and 22.36.
BNB-A Good chance for reversal?Hello everyone
In the past couple of days we have seen a new face of the crypto market. Daily chart of BNBUSDT shows,a bear trend taking place and for today's bar so far we have a pinbar. Now you may think "It's a good time to buy", NO.After a bear trend this steep, with this much volatility and fear? Anyway,pinbar is a good signal but a really bad context.In lower time frames,we have the micro channels forming.If you are a trader and not an investor, you know what to do.
For now. we have the support levels of 200$,225$ and 260$ which is more likely to break and for resistance we have the top line of the bear channel and key level of 300$.
Bearish Continuation Trade EURCAD 4HBearish trend continuation confluence trade on the EURCAD 4H.
1. Overall bearish trend
2. 3x trendline touches
3. Retracement to the 50% level from the most recent swing (not closed above)
4. At previous structure swap zone
5. Entry on bearish pin bar (aggressive)
Entry: 1.35429
Stop loss: 1.36152
Take profit: 1.34001
Risk/Reward: 1/1.98
ERRORS ON PIN-BARSThere are a large number of technical analysis figures, there are many different patterns, but as you know, they do not work 100% of the time.
No matter what you trade, you should always pay attention to the market context and the pin bar is no exception.
Pin bar is a very profitable pattern, provided that you trade it correctly.
Beginners often make mistakes trying to trade every pin bar that is formed in the market.
Today we will try to analyze the most common mistakes of beginners when trading a pin bar.
1. Trading pin bars in trending markets
To begin with, every beginner should learn how to trade a pin bar in trending markets, because any pattern will work itself out if it trades in the direction of the trend.
The trend is still our friend and we should use its strength to open positions.
Look for an entry point on the pin bar in the direction of the trend and avoid losses.
2. Pin bar on daily charts
A trader should be able to trade a pin bar on daily charts, because a daily chart is the best chart for trading. This is a fact.
If you do not know how to trade a pattern on a daily chart, then you will not be able to trade it on smaller timeframes.
As you know, the market is full of trading noise on low timeframes. That is why patterns are most difficult to work out there.
In such noise, false signals appear that confuse beginners, but an experienced trader will be able to determine a really profitable entry point.
3. Market conditions
It is very important to understand where to expect the right pin bar, which will bring profit.
Pin bars can be found anywhere in the market, but this does not mean that each of them will bring you profit. No.
The strongest signals occur near strong levels, it is at such points that it is worth looking for an entrance.
4. Stop loss
Very often, traders trade a reversal pin bar, hoping to catch a trend change.
If you catch such a movement, you can earn a lot, but it's difficult to do it.
The price rarely immediately reverses after the pin bar, the market will fluctuate and if you put a stop loss too close to the position opening point, you may be knocked out.
It is most correct to put a stop loss where the closing of the position will be correct, perhaps a little further than the opening point.
No one wants to be knocked out of position ahead of time and watch the price go where we wanted, but without us.
Conclusion
The strongest signals simply cannot appear everywhere on the chart.
You need to be able to filter out the signals correctly and use the most profitable ones.
To do this, first study the theory, gain experience on older timeframes and only then practice more.
Take your time.
Good luck!
Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩💻
DOT- Going back up may not be an option!!hello everyone
Yesterday's bar been closed with a lot of selling pressure and a shadow the same size of the bar on top, which is not a good sign for the market.if this price behavior continues we may have a bear flag formation right here (can be seen better on lower time frames).
For DOTUSDT ,we have the resistance level of 17$ and support level of 16$ and the weekly trend line which held the price so far.
I believe we may see the market a pinbar pattern here but it may have the same behavior as we seen on 11th of April.
MGY long positionWe are expecting the price to continue the uptrend and retrace to the 78.6% Fib Zone. The Stochastic Oscillator shows the stock is oversold, which indicates a probable pull back to the upside. Also, the price is currently at the lower part of the Keltner Channel, therefore we are expecting it to bounce back and create a higher high.
Entry: 24
Invalidation: 22.92
Target: 26.99
DYDX-accumulation,double bottom ,wedge and higher lows.Hello everyone
Good title,right?
On daily chart on DYDXUSDT, we have good amount of structure and context for a reversal.
I know many people may say" that's a bear flag right there ", yes with a pinbar rejection and a weekly wedge and higher lows. That's why the price is more likely to touch the 4.55$ or the bottom trend line again ( because of the shadows of the last 5 bars & the hanging man of today)and we will have a rejection there and might see the price reaches 6$ by the end of the month.
Have a good trade & don't be greedy.
BNB- possible double bottom setupHello everyone
After a red bar with a long shadow on weekly on BNBUSDT, now we have started the new week with another red one.On daily chart, we can see a long shadow that touched the weekly trend line and came back, which is a good thing and with the today's candle we can expect a double bottom, which can turn into a High 2 on a trading range and a good buy setup.
On the daily chart we also have the 400$ resistance which is more likely to break again tomorrow and 390$ support level and the weekly trend line.
I would wait for the next day's candle with a bull body to make sure of a reversal or bull trend or at least a weak bull channel.
P.S. : This is not a financial advice.
SHIB- that's a very straight flag Hello everyone
On the daily chart of SHIBUSDT, we can see a very straight(odd) bull flag pattern ,we also have a wedge pattern on weekly chart that shows a lot,and on daily we can see long shadows on the last 3 candles and the middle one is a Doji. With the indication of the things I just explained, we can have a rise close to the trend line and with the hope of having the market making higher highs we might be able to reach 0.000028$ within the end of the month.
P.S. : I analyze coins (and markets)with good white paper and a good future,and I do not give financial advises or suggest markets.
It's time for a pullback on EURUSDEURUSD has reached the previous low and now we want to see if it will be able to break below it.
If the breakout is unsuccessful then we could see a pullback to around 1,0900.
If that would happen then ideally we want to see another test of the low with a wick below it but a candle close to the upside.
That could also signal for aggressive entries with stops just below that reversal candle.
In case of price going up against the main trend then we want to make sure we move our stops to BE as soon as possible.
UNVR broke the trend lineAfter broke thre trend line with high volume, the price got exhausted and need more demand to continue the new trend after reversal. So thre price will retrace. There are two areas of demand. For this case, I will pay attention to the price action instead of putting limit order.
If the price show reversal pattern (can be pin bar or engulfing candlestick) in the first demand zone (rectangle), I will buy. If the price still continue the pullback, I will set the limit order in the second demand zone (the lower rectangle).