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Retrace

The 350 Daily Simple Moving Average Support TheoryMoving Averages have long interested me. The idea of a dynamic support and resistance level with the ladder up and ladder down effect during new trends has been a fantastic thing to take notice of. That brings us to the 350 Daily Simple Moving Average because it is not something we come across all the time but rather only a few times here and there over the course of many, many years. Looking at the life of the STAMP chart which goes back to 2011 we can count the interactions on two hands. The Major interest here for me is in the approach of the 350 DMA after posting a local Swing High. This has only happened three times with the current one happening now as the 3rd time. What got my attention was the bounce and how sloppy the 350 DMA was acting as Support. The bounces from the 350 are between the 236 and the 382 of the local move while the initial push lower was between at 113 and a 127 extension of the retrace. For the first time - it looks like this. Now things get a little more interesting when we add in the 200 DMA as a bounce level of Resistance... Like This. Again, the 350 DMA Support is Sloppy and by no means a beautiful level but rather a zone and in retrospect, the reversal of a local drop for a decent bounce. The 200 DMA acted as resistance with confluence from the 382 retrace from the 1163 high to the 339 low. This did go on to paint a lower low when this move finished... Once again we see the drive down to the 350 DMA with a fairly sloppy support. From there we get a decent bounce just beyond the 236 retrace from the 19,666 high to the 6427 low. The confluence here again was the resistance provided by the 200 DMA. After the bounce we head south and land between the 113 and the 127 extension from the bounce. Again, like before, this went on to paint a lower low... That brings us to our current approach. I will admit that there is very little history and data to support such a theory but that is why a theory is a theory and not a fact or a rule. Given the 350 DMA interaction, the distance to the 200 DMA and the overwhelming confluence near the 382 fib level that we didn't even get into in this theory but are absolutely out there, I feel this has potential. Maybe not for every trader but possibly just another way to look at current price action and see a reason for further downside as well as a bump in-between. I am also very aware that the 200 DMA will move and that will affect future resistance levels as well as the retrace top, if achieved will effect the 113/127 extension levels. unfortunately, those things can only be planned for after future events take place. So what I did for the extension was give a low side 236 bounce and a separate high side 382 bounce. This will just leave a range of possibilities if this does indeed move in the right direction.
BITSTAMP:BTCUSDLong
by ChingasX
1
BTC Re-Entry PointMr. Pips RSI Add-On says BTC is Overbought. Expect a retrace before a re-entry long. Info is on the chart. Drawings are just a general idea of price movement. The important thing to focus on is the Price area to re-enter. Mr. Pips Quote of the day: "Man is a Tool-using Animal. Without tools he is nothing, with the right Tools he is all!!!" Mr. Pips wants you to have a blessed and profitable day! HAPPY THANKSGIVING!!! Disclaimer: All information provide by Mr. Pips and IgetPips.com is for educational purposes only and is not intended to be trading advice or trading consultation. You are responsible for your own personal finances and trades!
BITSTAMP:BTCUSDLong
by TheRealMrPips
LTCBTC ** Binance ** (Buy Zone)Litecoin/Bitcoin (Binance) Litecoin has been following the down triangle and is now being met with resistance at the 0.007000 - 0.007100 range. As we can see there is starting to be a swing back to the upside starting. On the 3hr chart we are looking for the reversal back to the upside. Looking at the buy & Sell walls on Binance it's estimated that to reach the 0.008 range would be in the zone of 102.7 BTC at time of post. Seek the reversal on the 3hr chart looking for good entry point's on down spikes litecoin looks close to a strong move to the upside.
Long
by Delta_Traders
3
EURUSD Long - 30m chart - shame its Friday nightHello all - DuncanForex here with another trade idea. With USD weakening against GBP, I have been watching EURUSD today to see when it will reverse to trade this pair After the engulfing 1 hour candle this afternoon- I have entered on the retrace Looking for a quick scalp before the close later this evening and if it looks to close bullish - I will stay in, otherwise I will close and re-enter on Monday thanks for looking Website is now live Thanks Duncan
Long
by UnknownUnicorn483829
Bitcoin: Next Support Levels To Watch For Reversal Higher?Resistance zone prevents Bitcoin from pushing higher which is NOT unusual since this market is STILL IN A CORRECTIVE CONSOLIDATION. In fact, the 11650 low of the previous inside bar was taken out, generating a new sell signal. Both of our swing trade ideas reached their respective targets days ago, and all we maintain now is inventory from an average price in the high 6Ks. The goal of this article is to provide perspective on what we are looking for NEXT in order to get back into a new swing trade. I have to point out, even though a sell signal was triggered, we have a VERY strict policy of operating LONG ONLY strategies in this particular space. We often get criticized (by very INEXPERIENCED participants) for "MISSING OUT" on numerous opportunities on multiple time frames by keeping a focus on longs only. Guess what? We learned a long time ago that you DO NOT NEED TO BE IN EVERY MOVE in order to generate a positive long term performance. Focusing on one side eliminates risk and a whole plethora of fakes out, noise and other adverse situations that only prove to ERODE capital over time. I need to repeat this often: LESS IS MORE in the arena of short term market timing. Guess what else? Staying on the side lines COSTS NOTHING, whether we are right, wrong, or MISS A BIG MOVE. Meanwhile, our capital is perfectly preserved for the next HIGH probability opportunity that FITS OUR CRITERIA. Now at this point, many analysts and "experts" will be calling for shorts. Here is what you need to consider: the broader trend is bullish, as evidenced by the large 5 Wave impulse that peaked near 14K. This means smart money will most likely be looking to buy pullbacks, NOT SELL INTO THEM, even within a broader corrective consolidation like Bitcoin is in now. Selling or shorting into such a situation therefore carries ELEVATED RISKS. Support can always show up randomly, but probabilities point toward specific levels. The levels on our radar are the 11,000 and 10,150 regions. These are the locations we are watching for new reversal patterns such as pin bars, or inside bars. Since they are proportional to the recent bullish swing, they offer a higher probability of reversal AND more attractive reward/risk compared to a random support level. The question we often ask: is this still Wave 2 or is Bitcoin in the very beginning of a broader Wave 3? Since we require a breakout above 14K to prove this market is likely in a Wave 3, we have no choice but to continue to expect Wave 2 behavior to continue. This is why we ANTICIPATE fake outs, respect our targets, and look to buy at particular support levels rather than buy on hope, or some other irrelevant opinion. When Wave 3 proves itself, not only do we expect a run to 20K, but we also know there will be continuation patterns along the way that will provide entry opportunities for swing trades. We do NOT fear missing out, because we know there are no limit to new opportunities. The key is having specific criteria that defines the reward/risk and general probability. There is NO precision in this game, but there are general guidelines that offer enough perspective to align with the market consistently, NOT RANDOMLY. In summary, there is NO NEED to over react to Bitcoin pulling back. Do NOT get all caught up in the over the top bearish sentiment that appears, because there is NOTHING in the market structure at the moment that justifies expectations of price going below 9500. Just because price has retraced a few hundred points means VERY LITTLE relative to the bigger picture. NO MAJOR SUPPORTS have been compromised, and nothing on the broader price structures have changed. In this environment, pullbacks offer an opportunity to buy, because that is what the broader market structure favors, just not at ANY price. Either way, to improve your game, developing your own set of criteria will do you better than any internet expert will. It should not be complicated, and it helps if it is built around a proven frame work like Elliott Wave. I cannot provide specific timing in these articles, but I can tell you how we generate sensible ideas. You will never make any real progress until your decision making process is rooted in some form of a structured routine.
BITSTAMP:BTCUSD
by MarcPMarkets
23