TCEHY - A view of an old school trader.As another request, I’ll do an analysis of TCEHY today. Well, we can say that Tencent is doing what was expected to do, after it hit the “resistance zone” is now dropping and it seems it find a bottom at the light blue line in the chart, which is the previous top zone.
TCEHY is doing some very precise and technical moves here, and now it did a bullish pattern, a downside tasuki gap, maybe? Or bullish engulf? Don’t know, and don’t matter really.
Just be aware, because if it loses this light blue line the stock may face some trouble. Let’s see the hourly chart for some clues:
The price lost an upward trendline (blue line), and it’s in a support zone, as it is in the daily chart. The rule here is the same, if it loses that blue line, expect it will seek for the lowers supports. Look at the daily chart again, these supports may be the thin pink line or even that thick red line.
Personally, I think there’re more interesting stuff to trade right now, but if you want to buy Tencent, you can, but be aware of the low volume today and most important, the “resistance zone”.
Trade well my friends and be safe.
Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
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Upsidetasukigap
$SPY and $QQQ Upside Tasuki Gap Worked Out For Gains!SPY Sold options picked up at close yesterday (see linked idea) for 100% gain today! Sold 2 Aug 23rd C190 bought at .41 apiece for .82 early this morning. Played the Upside Tasuki Gap pattern, and it paid of for me. Love when a plan comes together! Happy hunting and GLTA!! QQQ
$SPY and $QQQ Upside Tasuki Gaps formed, but will it produce?SPY According to the research, the upside tasuki gap three candle pattern gave bullish returns 57% of the time the next day, bearish results 43% of the time the next day. It's an interesting pattern, and doesn't actually occur all that often. I generally like trading it, and picked up 2 basically lotto QQQ calls for Friday to try and sell premium if it turns bullish tomorrow. I like the pattern, the linked diagram shows a more up close view of it. Also, linked QQQ chart has a diagram attached as well indicating the %'s given earlier. Happy hunting and GLTA!!
$QQQ Upside Tasuki Gap Print TodayQQQ Finished printing the 3 candle Upside Tasuki Gap pattern today. Linked diagram below. According to studies of the reliability of this pattern as an indicator of next days price action, 57% of the time this pattern presents itself prices rise, while 47% of the time they continue downward. While that may basically seem like a crapshoot, any advantage in predicting price action should be considered. So, at the close when this pattern was being shown to be completing, I went ahead with a couple Aug 23rd C190 at .41 apiece. Just a small 80 buck bet placed to see if this candlestick pattern can make me some money when by selling premium tomorrow. QQQ closed at 186.99, so if I can get it up to 188 tomorrow, which is very doable, it makes for a nice scalp. We shall see. Happy hunting and GLTA!! www.feedroll.com