Selling
My Todays ETH Trading RangePeople ask me what the colored lines on my chart represent, in most cases its: Red Line = Resistance, Green Line = support, Black Lines = My Entry point, stop loss and sell points. I do my charting off hourly candles so please do not try to repeat trades already placed as resistance and support levels can change quickly. Hope this helps.
FCEL Logical Patterns Short TermShort Sellers Cool to Solar Stocks, Pile Into One Alt Energy Stock
FuelCell Energy Inc. (NASDAQ: FCEL) short interest decreased by 10% during the period. Some 36.7 million shares were short as of August 14, about 17.8% of the total float, and the share price rose by 22.4%. Days to cover remained at three. The stock closed at $2.88 on Tuesday, up 3.8% for the day, in a 52-week range of $0.23 to $3.50.
Source: 247wallst.com
Lucara Diamond Corp (LUC) to continue fall along 2016 trend lineThe price of Lucara Diamond Crop (LUC) has been falling since 2016 along the trend line included in the chart. Recently, the stock price retracted upward towards the trend line which provides a good opportunity to enter a short position. The first good target price would be the 78 percent fibonacci retracement (from the june low to june high) at 3.385 (SEK). Should the price fall further, the second good target price would be the recent support areas around 3 SEK. The stop loss is set just above the trend line at 4.905 since the price as the trend has never been broken.
A key date for this trade is the earnings report in 30 july which you should look out for.
Lucara Diamond Corp can be traded at multiple exchanges in case the Swedish exchange is not accessible to you.
USDJPY Selling Signal Patterns.Taking a look at the recent price action on USDJPY, we can see how the use of patterns and structure can be used to increase the probability for any potential trade setup.
As you can see from the 15 Minute chart, USDJPY was on the rise until it ran out of steam and started to trade into an ascending channel. This ascending channel completed a bearish (selling) 3 drive pattern at the highs which can indicate price exhaustion.
Once we saw this pattern complete and start to break down, we still don't look to enter the market until we locate a lower inner trend line to also break to the downside as this can help increase the strength of the pattern holding enough to extract pips from the market. Once the trend line breaks we can look to enter on the retest on the other side.
As we saw continued weakness in USD, we were given another opportunity to enter the market for a potential continuation play, this time in the form of a bearish head & shoulders pattern. Just like the 3 drive pattern we don't look to enter the head & shoulders until we see a lower inner trend line also break to the downside on the retest.
We would look to minimise our risk to the downside in both setups by placing a stop loss not to far above the 3rd drive high of the 3 drive pattern and just above the head of the head & shoulders pattern.