GOOG is in an early reversalGOOG with its dominant search engine, YouTube, Maps and other apps besides cloud services
is a revenue gisnt. On the daily chart, it has had a respectable 40% YTD . However, I see signs
of a reversal. Added to the chart are the anchored VWAP bands beginning from the earnings of
November 2022. Price is in the neighborhood of 3 standard deviations from the mean. This is an
area where institutional and professional traders like to sell and earn their profits. Several
recent candles had wicks beyond that third standard deviation line. The candle stick analysis
is that of a " 3 bar play" - in this case, a green candle then a Doji candle suggesting indecision
and finally, a red candle documenting the change in direction. The ADX indicator shows
the weakening of trend directional strength topping out and then decreasing. The POC line
of the long-term volume profile is about the same level as the mean VWAP line. That is to
say, there is congruence there and so a very strong buying zone with high volatility
Overall I will take a short trade in 20 shares of GOOG with a stop loss at 129 and take a profit
of half at 106 ( above the POC line) and the other half at half at 103 ( near VWAP) using a sell-
stop order when the price crosses $ 0.25 below market to assure the direction
validation. If the trade goes in my direction to the target I expect a R0! of 15- 18% overall.
IF you want to know my idea of a good option trade leave a comment. IF you take a short
trade on the stock, I wish you the best of luck in your trade. I will adjust
stop loss down to the entry price when the stock price goes under 120 to make the
trade risk-free and then decrease the stop loss price by 4.50 upon market of 115. When
the market goes under 110, I'll change the stop loss to a trailing loss of 2 % and when it goes
under 108 change the trailing loss to 1% as alerted by alerts on the price that I have setup
to minimize screen time in trade management .
3barreversal
Why News Headlines Can Be MisleadingIn recent times, we have been bombarded with headlines such as "Dollar Slide", "US Debt Ceiling Closing", "US Bank Failure", "19 Countries show interest in joining the BRICS".
While these news items may give the impression of a weakening US Dollar, it is important to take a closer look at the chart.
Contrary to these headlines, the US Dollar is actually appreciating! Smart traders know it is important to analyse chart patterns and not rely solely on news headlines.
For trend traders, a buying opportunity could arise when the market retraces and sits on the blue trendline.
Meanwhile, counter-trend traders may need to adopt an aggressive approach by waiting for the 3-bar reversal to appear within the red box for a potential counter-trend trading move.
Remember, don't be misled by news headlines, always analyse the chart and make informed trading decisions.
NZDUSD - Resistance LevelOn the daily chart, the NZDUSD has hit its Key Resistance Level; it does have an opportunity for trend traders to jump onto the trade.
On the 4-hourly chart, Point C of the potential Bullish Shark Pattern has a 3-bar reversal formation compared to Point A, and there's an RSI Divergence too. Point C candle didn't break and close above Point A; the above observation allows me to head in for a structural short.
Gold - Bearish GartleyDo you dare to short Gold?
If you do, $1866.73 is a good price you can consider engaging the trade on a Bearish Gartley Pattern formation.
However, a 3-bar reversal pattern is required on the daily chart as a minimum requirement for me to engage the trade base on the Daily Chart and with an RSI overbought or RSI Divergence.
BTCUSD 4H 3 BAR REVERSAL PATTERNThe 3-Bar Bearish Reversal Pattern
1 The middle candle is at the highest point
2 The two candles on each side have lower highs
3 The third candle closes below the low of the first candle
4 The entry is triggered at the open of the 4th candlestick or bar.
FIND YOUR OWN TP & SL
NASDAQ 100 - Bullish Trend Continuation SetupI think it was last week when I shared my view of the NAS100 here on tradingview & since then a few things have changed. Although we did not get the potential advanced pattern formation that could have been used as an entry into the bigger breakout, we did eventually breakout & now a pullback which gives us another opportunity to get long.
After a level of resistance is broken we'll often look for it to act as newly formed potential structure support. Price gave us a pullback to this level & ended the week with a beautiful bullish candle. Something that would be great for confirmation of longs would be a Higher High, Higher Close candle which would also provide us with a 3 Bar reversal.
Hope you guys have a great trading week.
Your Trading Coach - Akil
GBPUSD-Weekly Market Analysis-Jul20,Wk3Point C has touched Point A, so when that happens it is a retest of resistance and to some traders, it may be seen as a double-top setup, personally for me it is not a double-top setup. However, when the market hit point D, I will still be open to the idea to engage for a long trade, only when there is a reversal like 3-bar reversal at Point D.
EURUSD - WEEKLY - A BEARISH BIAS FROM OUR 3 BAR REVERSAL We've just created a pretty nice candlestick reversal pattern here on the EURUSD called a 3 Bar Reversal (or at least that's what we call it over at Tier One). Anyway, what's nice about this pattern in particular is the length of the wick that each candle made towards the upside before ultimately being rejected and closing lower. In a perfect world I;d olive to see the extremes of our previous levels of structure (looking left) be tested, but how often doe the market give you the perfect setup.
My prediction is that we see a push lower to the area of the 2 green boxes, with the first being a conservative level & the 2nd being a more aggressive level.
For a video breakdown of this trading idea please see my YouTube video titled "Technical Analysis on Forex, Commodities & Indices" starting at the 2:52 mark
I hope you guys have a great weekend a HAPPY FATHER'S DAY to all fo my fellow trading dads out there.
Your Trading Coach - Akil
Trade Ideas Educator: AUDCAD S&RThe market has failed many times in breaking and closing above the previous high since 20April20. Granted that there is a break above but there isn't a close above of the candle, and having more and more of such it shows that market do not have the strength to close on the high price.
On market open, I'm waiting for a break and close below the candle with yellow eclipsed for a shorting opportunity.