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Shooting Star

Think like the others! GBPCHF analysisHi guys, today i want to share on my favorite kind of analysis: it is called CTS and it stands for Combined Technical Score. It basically consists on putting different clues together in order to rise the likelihood of each trade. You can think of it like being in the side of different entry techniques so that you're with the majority of traders. On the chart above you can see my clues list: first, we have daily structure at this point (that's the start of the process), second, there is an AB=CD pattern already completed with a shooting star candle that's giving us some buying pressure. In addition to that, price is also testing a psychological number (1,2400) and it shows some divergence on the RSI. IF the current candle will close engulfing THEN i'm going to enter long the market, with stops and targets as above. Let me know what do you think about it. If you have questions, feel free to ask beneath. Otherwise, see you in the next chart!
Long
by Roker1
Think like the others! GBPCHF analysisHi guys, today i want to share on my favorite kind of analysis: it is called CTS and it stands for Combined Technical Score. It basically consists on putting different clues together in order to rise the likelihood of each trade. You can think of it like being in the side of different entry techniques so that you're with the majority of traders. On the chart above you can see my clues list: first, we have daily structure at this point (that's the start of the process), second, there is an AB=CD pattern already completed with a shooting star candle that's giving us some buying pressure. In addition to that, price is also testing a psychological number (1,2400) and it shows some divergence on the RSI. IF the current candle will close engulfing THEN i'm going to enter long the market, with stops and targets as above. Let me know what do you think about it. If you have questions, feel free to ask beneath. Otherwise, see you in the next chart!
Long
by Roker1
6
Heed this killzone! USDCAD analysisHi guys, i'm already involved in a CAD trade so i'm not taking this one. Nonetheless i want to share it with you so that anybody could take advantage of this opportunity and maybe get something out of it. Here we can see price is giving us different hints of its reversal. First, it's right in the previous resistance zone (where sellers are ready to join the market), second, there's a Bat pattern completing there, in confluence with a .618 retracement of the previous bigger leg. In addition to that, you can see the RSI is overbought. The final sell signal comes from the shooting star that has been formed right now. Stops should be above 1,34 level, target1 at roughly 1,25:1 RR, target2 along with bat's target2. I'll keep you updated. If you want to share your viewpoint or ask questions, use the comment section below. Otherwise, see you in the next chart!
Short
by Roker1
3
GM short entry at top of price channel$GM is currently trading at the top of its price channel and is forming a shooting star pattern on its daily chart. Furthermore, it's also forming a sort of "micro" head and shoulders pattern with the two previous channel highs. Looking at the hourly shows decreased volume, declining MACD, and declining RSI from yesterday. Combined this presents a very strong bearish divergence which we can take advantage of. Strategy: - Enter trade SHORT by COB today or on break of the hourly convergence pattern support line, whichever happens first. Set price target at $35, but be aware that there will be resistance at the 37.25, 36.60, and 35.53 levels, which all may provide valid exit points. Again, see the hourly charts to clearly see the resistance points at these prices. set stop loss at top of shooting star or a similarly sensible position.
NYSE:GMShort
by mologna
STX: A beautiful breakout to be boughtSHORT TERM POSITIVE STX broke out in July 2016 and again yesterday on the back of stronger than expected earnings. The volume on breakout day (7.8x average daily volume) makes it a very significant move - One of the main invitations to buy the shares even after they have propelled upwards. Yesterday's shooting star could be construed as a bearish reversal, but it is no real concern as this formation is not statistically a very reliable indicator. However, it could spell that some consolidation could be expected in the short term, and after yesterday's big move. MEDIUM AND LONG TERM COMPELLING AS WELL On the long term-chart below, please note that yesterday's close also marks the completion of a very visible reverse head and shoulders. This could be an additional positive indicator. LEVELS AND RISK REWARD? We would like to buy the shares today after the breakout IN HALF POSITION. This will give us the fire power to double down on an eventual consolidation. We would be happy to keep owning the shares, as long as the breakout is valid, above 38 (most recent breakout level). Our target price is derived from both the H&S pattern and the main channel from which the stock broke out in July - Both incidentally lead us to the same target at $54.30/Share, making this number both compelling and credible. This is equivalent to a positive R/R of 2.5x. Long at 42.67 Target 54.30 Stop 38.00
NASDAQ:STXLong
by HAL9000
2017 predictions on CrossesFX:NZDJPY The same as other yen crosses it was testing an important support before having a sharp rally higher. Confirmed the trendline from the start of 2015 right at the major resistance level with a massive shooting star on the weekly chart. This level was the neckline of the head and shoulders top which broke down with a huge breakaway gap so there’s a double strong resistance up there. I am definitely looking lower at the moment. The question is - how much lower. As you can see - it has been respecting the lower parallels of the already mentioned falling trendline, so I would say we could probably be looking for a test to one of those as the new support, maybe even trading along to it, all the way to 61.8 % retracement for this whole rally to give another shot to this rising trendline between 74.70 and 76.40. In the longer term, though, I am more bullish and I think we could be seeing the 90.00 level which again is needed to confirm the longer term falling trendline. For full 2017 predictions on crosses click here
Short
by TradeItSimple
My latest Short Term Sell Trade Explained #forex In response for your requests guys to explain the rational behind the live trade we took on GBPCHF. Here is the explanation. On the left hand side daily chart, the price started the bearish behavior on the 78.6 retracement level for the overall bearish wave as shown on chart. As it formed two major bearish shooting star candles. That was not enough for me to initiate the trade so i moved to the lower time frame(4-hour) for the final confirmation. The price has indeed broken back below the prior high at 1.2868 and below the hanging man candle. That was accompanied by bearish divergence on RSI and that assured that the trade is a high probability one. If you were following my updates on the channel, you would know that i put a limit short order as shown on chart. The targets was just reached minutes ago for 157 pips gain. Adding to my account 4.37% gain this month. Best of luck and keep posted.
Education
by Technician
121
Admonitory signs from the skyI thought before elections that Trump winning would bring a sustained uptrend on XAUUSD as well as on XAGUSD but this doesn't seem to be the case. Isntead we made another shooting star that signals the beginning of a new period of lower prices. Plese observe the last time we had that kind of traded volume on this asset, it was the very same day we made another shooting star marking the top of this fib speed resistance fan. As it happened last time, I wouldn't be surprised of new daily higher highs before starting with the trend, be careful with your entries. All your comments are welcomed, thanks.
COMEX:SI1!Short
by purpurato59
5
EURSGD - Shooting star rejecting multiple resistance levelsLooks like a really clear bearish signal rejecting previous S/R level, a Fib 68% retrace level and a long-term downwards trendline. A previous bearish engulfing signal on 26/8 failed as there were still too many over enthusiastic bulls around after the pairs phenomenal upwards move the previous week, causing the price to drop to do a fib 38% retrace and attempt to push higher. But clearly there is strong resistance around 1.5300 and we're now ready to move, hopefully to the lows again, giving us a decent 300 pips. Good luck!
Short
by MrVolcano