priceactiontds

priceactiontds

Good Evening and I hope you are well. tl;dr gold: Bulls got a clean breakout but they need follow through on Monday/Tuesday. The current channel fit’s nicely but we only know market is respecting it when we see a pullback. If this breakout is strong, bulls would not let the market fall below 2600 again. A weaker trend would pull back to the daily ema around...

priceactiontds

Good Evening and I hope you are well. tl;dr sp500: Similar structure to dax. Nested bull wedges inside a big broad bull channel. The current bullish structure has a potential to lead to much much higher prices but I favor the trading range continuation more. The bull wedge will break over the next 2-3 days and we will likely have an answer on the next...

priceactiontds

Good Evening and I hope you are well. tl;dr dax: New ath but market rejected it with -300+ points. Bulls are still inside nested bull wedges and a big bull channel on the weekly/monthly chart. I favor bulls as long as the current bull wedge is alive but we could test down to 18500 on Monday. Bulls should not let it get below 18400. Above 19000 I expect another...

priceactiontds

Good Evening and I hope you are well. tl;dr Bitcoin - I said if bulls get above 61500, they are favored for 64000+. High of the day was 63848. Next target for them is 65000 and if bears fail there, we will see 67000/68000 again. Right now it’s still a triangle on the daily chart and bulls had 3 pushes up. Slightly favoring the bears if they come around tomorrow...

priceactiontds

Good Evening and I hope you are well. tl;dr Big news first. There is no reason why markets could not continue higher. Tis what I wrote yesterday. So you have been warned I guess. Indexes - Huge gap up and go on most markets during the Globex and EU session. Right now we are mostly trading between the 15m and 1h 20ema and that’s my absolute worst spot to...

priceactiontds

Good Evening and I hope you are well. tl;dr Gold - Bull trap above the bull wedge as I wrote. Bears confirmed it with the close today. I look for shorts tomorrow and expect 2560 or lower to be hit tomorrow. Anything below 2540 would be a huge surprise and we could see an acceleration down to 2500. If bulls reverse this and trade back above 2610, bears will most...

priceactiontds

Good Evening and I hope you are well. sp500 e-mini futures comment : Look at the daily chart and then you can’t be anything but neutral after yesterday and today. Consecutive doji bars with huge tails above and minor tails below. I don’t care about the new ath on the cash index since I trade the chart in front of me and that’s where the ath was in July and due...

priceactiontds

Good Evening and I hope you are well. tl;dr Oil - Strong second leg up (daily tf) and bulls even tried to break above the bear flag but for now I doubt the breakout will be succesful. We are right in the middle of the broad bear channel and odds are 50/50 for either side. Above 72 odds rise for the bulls and below 69.5 I favor the bears again. comment: In...

priceactiontds

Good Evening and I hope you are well. tl;dr Indexes - Many new highs but also a deep pullback and we closed around the middle of the daily range. Are we smarter than yesterday? We know that bulls remain in control since we are trading above most higher tf ema but bears also sold off for 1% today on the sp500. I keep my neutral stance and wait for the FOMC...

priceactiontds

Good Evening and I hope you are well. tl;dr Since today was a very slow day, my weekly update is more interesting than today’s daily update (in case you haven’t read it). Bitcoin - Very good follow through by the bears and I joined them for a swing short with target 54000 or lower. 59300 should not get hit again or bears are not strong and 60000 is more...

priceactiontds

Good Evening and I hope you are well. tl;dr Since today was a very slow day, my weekly update is more interesting than today’s daily update (in case you haven’t read it). Indexes - Disappointment for the bulls was my assumption for today and that we got. Boring sideways movement in tight trading ranges. DJI was the only market with strength, printing a new...

priceactiontds

Good Evening and I hope you are well. tl;dr sp500: Neutral. Big triangle on the daily chart and we are 40 points below the previous big resistance. Resistance is just that until clearly broken. Sideways movement between 5400 - 5670 is more likely than a new ath above 5721. If bulls break above 5670, a new ath becomes more likely and bellow 5550 I think the...

priceactiontds

Good Evening and I hope you are well. tl;dr dax: Neutral. Won’t be running into any more traps again. Both sides have reasonable arguments but bulls closed last week at the highs, so bulls are slightly favored. Best pattern currently is probably the big bull wedge we are in. Bulls want a retest of the ath 18990 and bears below 18000. Bullish above 18750 and...

priceactiontds

Good Evening and I hope you are well. tl;dr Indexes - Strong follow through by the bulls after another nasty bear trap. On lower time frames we got some sell spikes but mostly due to bulls taking profits and not strong bears shorting. Bullish price action can’t be denied and on the daily charts we are moving closer to the shallow bear trend lines from the ath...

priceactiontds

Good Evening and I hope you are well. tl;dr Gold - There it is. Another break above, which was expected more than bears breaking below 2500. Bulls want 2600 and I expect more profit taking and more sideways movement at that level. No interest in selling it. gold comment: New ath, which I have been writing about for many weeks now on the premise that as long...

priceactiontds

Good Evening and I hope you are well. tl;dr Indexes - What a bear trap that was. Many decent double bottoms and then straight up melting. Many markets did not even touch the 3m 20ema on the move up. Bulls took full control again imo and I expect the highs to be retested, if not broken. SP500 the strongest of the ones I trade. Very very low chance of this being...

priceactiontds

Good Evening and I hope you are well. tl;dr Indexes - What a bear trap that was. Many decent double bottoms and then straight up melting. Many markets did not even touch the 3m 20ema on the move up. Bulls took full control again imo and I expect the highs to be retested, if not broken. SP500 the strongest of the ones I trade. Very very low chance of this being...

priceactiontds

Good Evening and I hope you are well. tl;dr Oil - Bears in full control and the 4h ema is king. Bulls are also making money buying new lows, so we have some two sided trading, despite the bear strength. comment: 4h 20ema. Add that to your wti crude oil chart and trade it. Market is respecting it and there are amazing trades to be made. How long will it...