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Swingtrader

EUR/JPY head and shoulders formed Pink line is a huge area of monthly resistance if you look to go to the monthly chart this is self explanatory. tested 4 times with a false break out on one (the head), remember this is an area of support own the monthly so i tend to take into consideration 20-30pips area to play with for safety. Head and shoulder formation formed as shown with the three boxes. EMA 5 and 20 looking to cross so will enter only upon this cross along with a break of the 38 fib. Fib pullback to 61.8 fib with confluence of price action engulfing candle for reverse pattern. Stop loss positioned at 78 fib with a first target of 121.679 (previous turning point) second target 120.990 (second turn point support and -27 fib extension. Final target of 120.136 (full -61.8 fib exntaesion and previous support turning point) Looking at a 1:3 risk reward here for full extension and will look to move stop loss to break even upon second target execution
Short
by PipRunner
AUD/USD Short. swing tradeIf and only if AUD/USD breaks past the 200ema, look to short it. this is a swing trade which can go on for a few weeks. there is a bearish MACD divergence and break in the uptrend. entry at 0.7455 sl at 0.7582 tp1 = 0.7317 tp2 = 0.7162 tp3 = 0.6982 if the trade goes live, and the first target is hit, exit half the position and move the stoploss to breakeven. if the second target is hit, either exit half the position or exit half of what remains and move the stoploss to where the levels of target 1. if the trade continues, exit all positions at tp3.
Short
by yashp1
BBY BlockBuster Bust?HVF pattern developing. A macro perspective: short BBY long-term simply because of online retail dominance for tech products. I'm skeptical that brick and mortar retail will survive. BBY prior CEO placed a cost focus strategy that the new CEO has agreed and does not plan on changing. Cost focus strategies does not help with growth unless the company was operating inefficiently in the first place. Otherwise a cost cutting play is basically a survival strategy for concerns of a bad financial outlook/guidance. Cost focus helps companies to report better quarterly Income Statement. BBY still faces the same fundamental challenges as ODP, M, WMT, TGT, HGG, SHLD, and other retailers. Drop in BBY competition will not save them from enduring the same fate. Thus lower competition will not drive earnings or market shares of BBY up, or any other retailers for that matter - as some analyst have claimed. New products on the floor will not help either when information regarding the products can be found online, eliminating the need for a salesforce or marketing. However disadvantaged consumers might find BBY brick and mortar stores useful temporary. Also form a fundamentally aspect, although BBY is not showing Negative Income (not yet), Annual Cash Flow statements are already showing declines in operation. If this trend continues I expect more smart money exiting. The 10 yr weekly chart already indicates a declining trend from BBY all time high, and as the company scrambles to lean itself to changes in market landscape, remedies like capital injections and liquidity will not save BBY. Until I hear a dramatic change in competitive pricing or some kind of operational advantage similar to AMZN, I don't see BBY outlook getting better. BBY might be a BlockBuster Bust.
NYSE:BBYShort
by TraderMD
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