Get started

W-patterns

TARGET REACHED - PULLBACK IMMINENT?Hello Traders, Quick post to update. We've reached our $17,146 target. It is my comfort level to take most of my profits here. For those who are more risk adverse, you may decide to hold. I do not feel comfortable holding any longer. My target of $17,146 AND $17,784 were both reached and we are overextending ourselves here, IMO. RSI is overbought and we're well above our 9 month channel. If I was a betting man, I'd say a pullback to a range somewhere within or around that channel is imminent. Though, I didn't get past predictions exactly right in terms of timing (and I did miss one lower level target), almost all of my targets have been nailed. I don't want to push my luck. We are on a good winning streak here. Finally, an extremely significant development has taken place since my last post. You will notice that Huge Line of Resistance. Previously, that was our overhead resistance for over 2 years. We have broken through that. THIS IS AN EXTREMELY BULLISH TREND! And for this reason, I had hesitated making this post suggesting a shorter term pullback. Our pullback may not happen. The bulls are very strong here. However, until they are able to break above (and confirm) our $17,784 marker on the daily, I will continue to suggest a near terms (within a month) pullback. I will be looking to go long again as we come back into our 9 MONTH CHANNEL. Hope this helps some of you. Happy trading all!
COINBASE:BTCUSDShort
by stewdamus
analysis EUhello traders, there was hardly any set up lately in the EU however, there was a big buy, but some of us missed the opportunity. So therefore, I have multiple bias of ideas for you guys to see and look at. Highly recommended for you guys to wait at least 2 hours for the candle to close to make your decision. You can see it was making HH and HL. During this time I do not see any of the candle making LH yet. waiting time. Once it broke structure then you would look for sell opportunities , if not look for buys opportunities. thank you for reading!
by MonaySess
How to use Corrective Structures to develop a SetupGreat day to learn something, today; we will understand how to use corrective structures to develop a setup on any chart. a) There are 3 types of Corrective Structures, Zig-Zag (first example), Flat (Second Example), Triangles (third example). Use them as an archetype to spot them on a chart. b) Now that you understand the types of corrective structures is time to look at one on the chart ( you can see a Flag Pattern on the real chart) c) Should I trade all the corrective structures I see? NO, YOU DONT! You need Context. Your corrective structure must be well-positioned on the chart, it can be a Trendline, or it can be a Support. Never trade isolated patterns. d) Then you need a clear path in the direction you are expecting. In this case, we are at All-time Highs, so we don't have any Resistance e) How can I calculate my target? Use Fibonacci Extensions. Draw it from the base of the impulse towards its top (where the corrective structure starts) and then take it back to the impulse's bottom. Pay attention to 2 levels only 1.27 for Break Even, and 1.618 for Target f) Only take setups with a risk-reward ratio higher than 1.5 Have a Great Day!!!
Editors' picks
NYSE:CRMEducation
by ThinkingAntsOk
28
MSFT: Looking Ahead, Bulls Have Work To DoAt this point, MSFT isn't providing much clarity. We've formed a descending wedge that the bulls absolutely crushed through, unfortunately the bears came out and pushed priced back down into the pattern. This was a big loss for the bulls as they were looking to get control of some major trendlines. Now we're sitting at the bottom of our trendline support. I've added an extra beneath that hasn't been tested yet but we could be in for a ride lower if the bears keep up their momentum. We also have a doji forming signalling indecision, big moves could follow, however our indicator isn't showing us anything. Price will typically want to fill gaps and the bottom of the gap rests at 207.50 so that price is completely reasonable. This chart is unclear but I expect us to fill the lower gap over the next few days since that is the High Volume Node on our Volume Profile. Nothing about our CDV indicator is giving us a sell signal or indicating a change in possible direction/momentum. The recent price action concerns me and I can't a great case for the bulls. However, they may find move price up testing the gap above, that will be an important point to break through. We will look to our CDV indicator to see if it's a real move. Overall, I expect price to consolidate into the gap below and then go on price discovery from there. I would be watching this gap if you are in MSFT this week. NASDAQ:MSFT
NASDAQ:MSFTShort
by jakelikesstocks
2
SPY Respecting Technicals in the Face of UncertaintyHello, Here is an updated SPY chart for everyone to consider. My analysis is on the chart but here are a few things I'm concerned about Bull Concerns: Bulls got news today but wasn't able to break a crucial technical level. (350-351) We have several gaps from our parabolic move that we will need to fill. It looks like we may be respecting a technical downtrend that was an extension from Octobers downtrend. We have 2 daily touches so far and we're working on a 3rd. Overall the PCCE ratio is actually too bullish. Meaning there may not be as many buyers in the market right now. Bear Concerns: Stimulus, Stimulus, Stimulus - Right now, I think this will be what the market needs to regain some bull structure. Uncontested Election - We are able to verify that we will have an easy transition of power Most of my thesis relies on the technicals, as that's what I love. But you must always consider the fundamentals as well. This is my analysis and any decision that you make is yours, and yours alone. AMEX:SPY
AMEX:SPYShort
by jakelikesstocks
18
Bulls Losing Strength Mid-Day on SPYThe bulls failed to capture 338 which had become an important intraday level for them. After rejecting for the 3rd time, that's all the bears needed to hop in. Since then the bears have maintained their control but they have work to do if they want to take us negative for the day. Price action will likely remain volatile through close but I don't expect the bears to have enough in them to take us negative before close. Right now the market is looking like its favoring a Trump win. I am completely unbiased and my assumptions are purely based on price action of the market, commodities, and currency. So far it's been Solar having the hardest time trying to understand what it wants to do. AMEX:SPY
AMEX:SPY
by jakelikesstocks
1
Probabilities on USTECHSeasoned traders will know the influence USTECH has on world stock indices and several forex pairs. I'm seeing something that I did not quite expect. I stick my neck out. But note that this market is not a true market. How? It is well known that it is artificially inflated by the influence of a powerful body called the FED. If you don't know the FED, stop trading now. I show two paths based on 'theory of curves' and what I would normally expect. I am there to be proved wrong by the markets - all the time. Newbies focus on being right, and how right they are. Seasoned traders embrace being wrong, and limiting how wrong they are. Yep - that's a very big difference. So - we'll have to wait and see what happens next. No choice.
U
by Captain_Walker