Above i have drawn out my thoughts on time symmetry and bearish cycles in the Crude Oil market. Though in a long term bullish structure on the weekly and monthly, at the tops of these weekly bullish cycles, we see extended bearish cycles, or an "Unwinding" of long positions. We are currently in the process of another of these unwinding cycles. The Willy21MA13...
I thought i would chart out this study and show how previous highs and lows in the crude oil market can act as liquidity pockets for reactions and possible reversals. Highlighted in blue are previous levels where you could expect traders to place their stops. From these stops we have seen numerous reactions in the past. Crude oil has shown on the weekly and...
This trade idea is a composite of three methodologies. Fibonacci Harmonic price patterns, Institutional Order Flow and Algorithmic trading levels. 1. 4HR Order Block which i learnt from my mentor "ICT". You can expect central banks to place buy orders in this level i have marked in purple. Check out his series on youtube which explains ideas like this (link...
See updated chart! :)
3 Confluence points. Self explanatory. Looking for short entries, pending complimentary price action.
Move from 0 to 1240 retraced to .618, or roughly 474~. Most recent move from 1069 to 455 has retraced almost 50% and is pausing. Confluence with descending trendline and low volume. Will be looking for ominous exhausted candles between 762 and 834 in this red area. See you at the bottom.
An example of a short entry on a 4hr chart for direction, using Fibonacci retracements from previous large moves and previous support / resistance for entries and profit targets. Entry on flag. Initial stop placed 5 pips above previous candle. 2 to 1 Risk:Reward, profit target 1 hit and stop moved to break even.
You can see china is currently leading price action, with Gox trying to pump the price last night to stay above the 920 (on gox exchange) and in the "uptrend" and slowly dragged china back up with it. Watch for divergences between the two and watch china for queues on price changes in GOX
**Update** Picked the entry perfectly and now hit the first target. If it can't hold this level i'm looking at the 767 level but more likely the 620 level for a 50% retracement as seen in the drop from 900 to 452. (/Update) Long term upward channel in blue. You can see the most recent bounce off the inner ascending channel in pink. Lack of direction within...
Long term upward channel in blue. You can see the most recent bounce off the inner ascending channel in pink. Lack of direction within that drawn box. Any close on a 4 hour chart below $1000 AND outside the blue channel and i would go short Initial target would be 840
Mapped the current price of gold to show its affect as resistance on BTC Waiting for any breaks and closes above 1242 or below 1188 for direction
I'm expecting sideways movement with this low volume, maybe to touch the drawn trendline I'd look to go long if we break and close above golds current price ($1240) Not seeing enough momentum to punch through the previous ATH however
Price bounced hard off the 50% Fibonacci retracement and candle closed JUST above the previous 66% mark of 973. Confluence with a bounce around the 50 SMA zone, which was seen in the previous bounce to the 452 level. I see the $1000 as a round psychological number as well as the 50 SMA as a pivotal point to hold. Long term bullish however if we see a close...