NKE Double Top on Short-Term TrendDouble tops seldom decline steeply. The current price has not dropped through the top completion level. If it breaks through that support, the target downside run gain is around $78.
TOP-6
This is How I Shorted The Top on XBTWhat a week. Since the beginning of the week at May 6, XBT/USD has increased over 36%. Some say it is manipulation, others say that the bull run is in full effect and there is no looking back. While I don't personally disagree with either of those opinions (of course the crypto space is manipulated), we must still pay attention to long term trends! Last bull run, weekly price swings of 30-40% were not uncommon and I do not think this one should be treated as a red herring or an anomoly.
After smashing through 5179 and what I at the time saw as resistance (which I decided not short as there was no confirmation below channel support - phew), bitcoin has continued to climb higher, ignoring every single resistance level in it's inexorable dash towards 7585. In hindsight I should have played the channel a bit more but with all the uncertainty, strength, and overall volatility of the market there was not enough confirmation for a position and I was happy to sit this one out. I must admit my bearish mindset got the better of me here.
However, if you look at the chart, you will notice I took a measurement from the low of December 2018, to the high of the massive pump that took us out of the 4000 ranges in week beginning April 1st. I then copy/pasted the same measurement and extrapolated the same distance again, ending with a price of 7575 which I placed a sell order which I honestly did not expect to reach this week or even this month. After we proceeded to hit 7585 and after a strong price decline, I moved my stop down from 7720 to 7392 just in case of another squeeze higher, allowing me to re-enter later if need be.
Interestingly, the RSI is nearing its all time highs, and we have blasted through the weekly upper Bollinger Band both of which add a small amount of weight to a short-term bearish outlook. If we break below the 7000 level (which we have already retested twice on lower time frames), I will be looking for volume and momentum to force the newly opened longs to close their positions and add some downward force; potentially to the 6400 level and then the long-time support of 6000.
Time will tell how this plays out. For the moment I am content to leave my stop and let it ride out, as I see a possibility to take profits around the 4800 level which sits at the 0.618 Fibonacci retrace from 2018 lows to the current high (I have left this Fib retracement out for tidiness sake but you can make your own measurements on this one). Before reaching this level however, I will be looking to see how price reacts to the 5450 level if price does end up declining below 6000, to see if there is sufficient evidence at that time to suggest a further decline.
If price reverses and I get stopped out, I will undoubtedly change my perspective based on S/R, current market trends and price action. In trading, those to cling to a narrative, tend to be blinded to the next move (5179 anyone?). Yes we are all susceptible to bias. Don't let it cloud your vision.
Stay on your toes.
STILL FEEL BULISH? What's coin on?
Well, there is a lot of things I could describe here, but I won't, because I charted pretty much everything relevant to my current bias.
All indicators are indicating top, and potential reversal here. I could be wrong, but that option is less likely. Some indicators have still to confirm bearish divergences, but one thing is for sure, this rally has lost a lot of its strength.
SPY has topped out, signals end of 10 year bull runThis is my first and (maybe) only trading idea on TradingView, but I think it's important to share.
With the global economic growth slowing and multiple pressure points looming (Brexit, trade war, political unease around the world), SPY is flashing a double top on the weekly, and technical indicators are showing significant bearish divergence, building since January 2018. The pattern of course hasn't completed yet, but volume here tells the story. The selloffs have been far more intense than the BTFD buying. This suggests to me that institutional investors are dumping on retail.
I'm staking my flag here at the top and marking the end of the longest bull run in modern history. All good things must come to an end.
BTCUSD moment of truthHow it might play out within a few days...
Please feel free to discuss the current BTC position with me. Let's gather some bulls in here!
Trouble ahead It appears that the bull in time day 87 near my may april 26 to may 12 focus may top has reached the projection 2953 to 3015 focus 2975 based on the chart posted here Risk is higher now . that 2973 jan peak but here is the math for fib students jan 2018 2873 peak from jan low 2016 traveled 1063 sp points 2873 -1810 low the distance travel from my projected panic low 2334 to 2278 target gave me a few targets 2852 where we paused and now 1063 x .618 = 657 plus 2347 = 3004 but 2957 is 610 points a fib point 144 233 377 610 987
A MAJOR TOP AND CORRECTION PHASE NEAR LONG TERM BOLLINGER BANDS ON M/WK/D MODEL As well as two long term Trend line are as well , bullish sentiment .Every time over the bull market once we have got outside the B bands on monthly by 75 to 82 sp points a very sharp decline followed , THE UPSIDE IS NOW LIMITED TO 2985 TO 3015 Not my 3061 to 3181 . also the VIX MODEL AND P/C NOW . MOVING AVG MODELS ON THE 200 DAY GOING BACK 200 WK AND 200 MONTH MODELS PEAK AT 3015 3025 NOW BASED FORMATION . WE MAY SEE A VERY STEEP DECLINE INTO JULY 10 .Peaking into a lunar cycle based on past models the dates of may 6 to 12 and july 10 should be the decline phase . Will post targets in the coming week
OIL hitting resistance with double topOil has made a huge rally past months, without any corrections. I did not touch it for a while, but think we have a good chance this time to short it. More factors in favor now for the first time in a while.
The double top is something i saw yesterday, so unfortunately the entry is less great now, since it's already at the neckline of the double top. But that doesn't matter that much. For me this will be a swing trade and we have a good tight stop for this one, which is the high of the double top around 64.8/65. At the moment it looks like a flag at support, which is usually a very good sign. So i will try to short half at top of that flag on the right and the other half when support breaks of the neckline. First target will be around 60ish, don't know yet if more is possible.
Previous analysis:
HT USDT short ?Huobi token
not interested in the market
before the new release of IEO
Until April 16, the asset is not interesting
because short is not where
BTC/USDT _ BULLRUN ?keep moving in the triangle
sellers are not visible
the probability of a bullish mood is higher
just remember that the market is not a friend, but a live ecosystem,
takes away from some and gives to those who adapt to the market.
how do you think my thoughts?
AUD/USD: Strong Resistance and Double Top At 0.713on 4h TF, AUD/USD has found strong resistance several times in the past at 0.713
a 4h candle close below 0.713 offer SELL opportunity, target 1 at 0.706, target 2 at 0.70.
Bitcoin if price moved the same as the last bubble, top to topI copied the price movement from the bitcoin top in 2013/2014 to the top in 2017, assuming the next top is at the same percentage change and timeline as the last top-to-top this is what the price will look like.
UK100 Double Top On the UK100 1hr chart we can see a double top.
I must say that this trade is for educational purposes since I don't spot this pattern that much.
The RSI, Volume and Price is lower at the second top which means the interest is cooling down.
The stop is placed at the last high or if you trade safe a little above.
To get better at spotting this patterns I'm publishing it here so you and I can both look back at this trade the next time spotting this pattern.
Thanks for reading and especially on this one I would appreciate some feedback!
Wesley
USDCAD double top Hello everyone,
I see a double top on the USDCAD the second top is lower than the first top.
Also is on the MACD chart the Signal line above the main data.
Are you paying attention ?It can be a challenge comparing the timeframes of two bubbles in TA, when one runs over the course of 10 years vs 2 years.
Yet i believe a striking correlation playing out here between two completely different markets in it's own timeframe.
As always, both bubbles is naturally fuelled by the same greed and stupidity that is coded into our human DNA .
We don’t mean to get ourself in trouble by creating bubbles, but we just can't help it.
It’s what makes us human. It’s the same reason we can be so certain that the next phase must begin.
What im saying is nothing new under the sun. You can go back in history and study these cycles playing out over and over. It always comes down to two human components.
Immense greed and extreme fear, resolving in its own way. Like Ying and Yang, a balance is always kept. It might temporary bend further to the up or downside but the ledger is always kept in check and unbalanced profits will be resolved with unbalanced losses.
There’s nothing inherently evil about a bull market coming to an end, however history tells us pain and fear is two cousins that few remember at this point in the market cycle.
Drawing correlation to the Bitcoin bubble in 2017, every retail investor was a genius and money was to be made whatever u did, as long as u bought - Did u get that last part?
As long as u bought. Because bubble tops paints its own beautiful story, which we can use to our advantage if we pay attention. The signs are always there, and im simply hinting the strong probability of human faults once again painted on the charts.
For the retail investor which has been genius for years in Nasdaq, DJI or whatever he bought, the next phase won’t be as quite as easy.Conditioned by 10 years of buying the dip, the retail investor will slowly but surely bleed out in the bear market. As they continuously buy the dip, but never secure profits on the bounces, slowly but surely, most will lose their profits from the bull years as the balance is restored to the ledger. That’s what makes it the bear market.
Let’s see just how many skeletons we have in the closet for this bear cycle.
I bet there’s some intersting stuff from 2008 that was swept under the carpet which will come out and play.
It'll probably get very ugly.
Bull markets often extend way beyond expectations. The following cycle tend to do the same.
Best of luck
Short all bounces.
Full AnalysisThe other day when I posted my SPY chart this is what should have posted. I guess the window I had opened that I hit publish on didn't have the finished chart.
This is the rest of the points that were supposed to be included
BTC finally surpasses 1day50ma…but finds a potential double top Finally breaking above the 1 day 50ma with authority was a great bullish sign up until the price action reached the double top point. As soon as price action retreated right at the double top point exactly it gave a great opportunity for the bears to shove the price action back downward. It may be a good risk reward zone her to exit my position and set a stop buy up just above the double top zone. If I were to wait for a little while for a bounce I would definitely wanna exit if I see the price action fail to close above the 1 day 50 ma for 2 consecutive day candles. Just as I wouldn't wanna get too excited about being above the 1 day 50ma until we have closed at least 2 1 day candles above it as well. This idea will remain neutral but I will be keeping a very close eye out for any sort of confluence that validates the potential double top that we have shown here on this chart on the frosted pink horizontal trend line. If we can form a higher high here above the frosted pink trendline I will definitely be siding more with the bulls. Thanks for reading! *not financial advice*
Next week scenario DEU30! Still bearish!?Hi Guys!
As we see on this chart, my previous scenario didn't quite play out... But I still think we are topping out or already topped out in these areas around 1310.
I see this scenario for next week. I am in a short position with a tight stop loss now and waiting for the lower gap to close. That area would be my target nr.1 Following targets also seen in this chart.
I also see a potential head & shoulders formation, which will bring us lower next week.
RSI on 4 h still has room to the upside but all other lower time frames are almost in the oversold areas.
If you draw a trend line on RSI this could be also a top out here.
MacD though still showing some upside potential.
Let's see...
Happy and safe trading!
*This is not financial advice, this is only an idea. Do your own research and act on your responsibility.
