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A BEARISH BAT PATTERN FORMATION on the QQQ 1-HOUR chartHey all! As you see in the chart, a BEARISH BAT Pattern has formed and overstrecthed to the point where it is close to invalidation. THIS TRADE IS DEFINITELY YOUR CALL IN TERMS OF RISK-TAKING. MY personal opinion is pattern is still valid and stretched to the point where it makes risk-to-reward ratio even better. Since the pattern is over-stretched, it is easier to put a tight stop-loss. Because price going higher means that the current trend is strong. I don't see any problem if you have a tight stop loss. I marked profit taking levels. 0.382 retracement is right around the gap-up and 0.500 retracement is right around the gap. I think a gap fill is the most likely scenario. To be safe, you can take some profit at 0.382 and rest of it at the 0.5 level. Have a great rest of the week!
NASDAQ:QQQShort
by TableLamp
11
Possible BEARISH SHARK Pattern in SPY (1-hour)Hey all! There is a possibility of a BEARISH SHARK pattern forming on the hourly chart of SPY. I marked the Potential Reversal Zone (PRZ) with a reddish rectangle box loosely. The critical levels are the 0.886 XC, 2.0 AB and 2.24 AB levels. The price action is likely to reverse around those levels if the pattern completes. There is a gap around the $330 level. There can be potential gap fill. So, that will be my target area. Please watch the price action closely and don't ever act before the pattern completes hitting those levels above. Ideally, it should hit all three and reverse after 2.24 AB, but it can hit only one or two, as well. If you want to take more risk, you can enter a short position as soon as price crosses 0.886 level. Have a great rest of the week!
AMEX:SPYShort
by TableLamp
1
EURUSD Potential Scratch Setup 7/17/2016 1 Hour ChartThe euro fell sharply against the dollar and the safe haven yen late Friday as risk aversion spiked after Turkey’s prime minister said an attempted military coup was under way, anyways on Monday, July 18 markets in Japan will be closed for a national holiday and New Zealand is to release data on consumer price inflation, so we'll be looking forward for something new update if we find we'll update the description... PM me to contribute in this published idea, you can drop us your point of view so that we'll add them as an updates here in the description field. By one of our contributor trader77330 Greets: Nawab, trader77330, ersoytoptas, kiross, denn112 and last but not least BLUE43 Credits: investing.com
by SunRiseZoneFX
6