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30minute

Potential head & shoulders pattern on the 30 minute chartAfter an insane 1 day candle that pumped its way above every resistance on the chart except 2 but then ultimately couldn't stay above the always magical 61.80% fibonacci retracement level at 13600, we witnessed price action plummet a whopping 10% to the 11.6k range in under a minute and then quickly jump its way back to the 13k range liquidating shorts and longs alike! Once it got back up above 13k most have now assumed the correction is over and the bull run will now resume however we are currently forming this head and shoudler top pattern on the 30 minute chart which if triggered could drop us to 9.7k and reveal the correction is much more than just a 10% correction. We've been long overdue for the normal 31-41% percent correction that most bull runs tend to get much sooner than this far into the bull run so its very possible this may be the beginning of hat level of correction. In fact, a 39% dip from our current top would take us right back to our strong red horizontal trendline at 8504. Not only that, but the 1 day 50ma (not shown here) happens to be currently overlapping the 8504 trendline and creating double reinforced support with it so it would likely create a huge rebound bounce up in price if price action were to dip 39% to test it. One more confluence with that zone is that it was at 8500 or so where the gap up was found on the CME Futures chart and those kind of gaps tend to always get filled before too long so a revisit to the 8k zone is not out of the question. Of course 10k could provide enough support to prevent that or we could also already be done correcting entirely. Because all these possibilities are currently on the table his idea will be marked neutral but these are all zones to watch indeed.
BITSTAMP:BTCUSD
by DrDovetail
1hr inverted h&s patterns on btc and xrp.Cheers to XPCollector7 for spotting this smaller time frame ihs on xrp before priceaction had even reached the peak of the head. I just noticed there was also this one as well on BTCUSD. time frame works well on both 3 minute and 1 hour chart on this pattern. The volume profile on this one is as textbook as they get...so it all looks pretty bullish with the exception of the stochrsi being in the overextended zone. A fakeout is possible but I'm leaning more towards a legitimate breakout with a target up to the toptrendline of xrps falling wedge pattern. BTCs not as far since the top trendline on btcs wedge pattern is further away. Probability favors breakout so side with probability but also be prepared for a fakeout simultaneously.
BITSTAMP:BTCUSDLong
by DrDovetail
S&P 500 emini futures day trade ideas for Monday, May 16Although I do not have access to a Market Profile indicator on TradingView , I've shaded in the areas (on a 30 minute bar chart) where I see two separate distributions from Friday's double distribution trend day selloff. If the market opens Monday in the lower distribution, I would look to enter a day trade short if price rallies to the high of this balance and fails, re-entering the lower distribution below 2047.75 with a stop above 2049.25 (back inside the upper distribution). There is also a single print at 2051.25 and may be a more attractive spec short, as that level could be considered the "spike base" from Friday's earlier 3rd period low. Short targets would initially be Friday's low, and possibly to test last week's low at 2033.75. If that weekly low fails it opens up the possibility of trading down to 2026.00, which below that would stop the one time-framing higher on the monthly bar. If price opens Monday in Friday's upper distribution ideally I would look for a long entry if price trades down to 2047.75 with a small stop just back into that lower distribution, with initial profit target of 2058.75 - where mechanically two 30 minute periods sold off from (mechanical because it was Thursday's close). With declining NYSE volume Friday of 3.5 billion, Friday's selloff could be attributed more to weekly options expiration, and the market could be very short. With any trade monitor for continuation, and look out for a possible short covering rally.
CME_MINI:ES1!
by es-traders