Been short INDEX:BTCUSD since April with AMEX:BITI (Proshares Bitcoin Short ETF). The media writes "reasons" that Bitcoin is down each day but real reason Bitcoin is down any day is the failure to confirm new ATH in April. I do somewhat lament my bearish bias because I missed a good long off 50% level in this liquidation but I'll go into why I remain bearish...
Of all cryptocurrencies I see Monero KRAKEN:XMRUSD differently as a good "store of value" which is private. That makes me a little looser with my trading guidelines for other assets. Monero has also proven difficult to trade in recent years... it has had some volatile swings but overall has broadly kept its value. The recent cryptocurrency downtrend, led by...
Also on my morning Spike scanner came up NYSE:XYL (see below for the spike on the 30m timeframe). I especially like this Support level as it has many matching components: 50% Retracement Level. My bread and butter. The most important Retracement Level. Volume Profile node. Not the POC but a key level of price and volume here. Ichimoku Cloud. A long...
Bitcoin HELD the Last Support noted in my Idea last week. That save INDEX:BTCUSD from going bearish. However, it is not out of the woods yet. Today Bitcoin spiked the 50% Retracement Resistance at 64652. This sets up a short trade where if the high of the spike is broken "you know you're wrong" for a low risk/high reward trade. If the Spike high is...
Friend asked me to do a Volume Profile for levels on NASDAQ:AMD It has hit and held the 50% Retracement. The next VP node is 157.79. One could be patient and wait but I like the long now. "You know when you're wrong" (it breaks 157.79) so I know where to stop out.
To keep actively trading Bitcoin short... I am watching and trading Bitcoin futures. This morning there was a 30 minute timeframe Spike right at the level I have been watching since after the ETF launch: the 50% Retracement of the "Sell the News" phase. I am looking for price to hold this level as Resistance and retrace at least back to 41000 in short time. ...
With the stock market making new All Time Highs fresh new opportunities for contrarian trades are going to be somewhat scarce. Thanks to a viewer on my Livestream (every Friday on Tradingview: 4pm EST UTC-5) I was made aware of a short setup I like on NYSE:JPM Context This price action is happening at a test of the past ATH set in November 2021. Last week...
A viewer on my Livestream Friday brought to my attention that Pfizer NYSE:PFE is coming off a major low (COVID Low) and has done a pullback to the 50% of the Impulse Move off said low. This is why I love doing Livestreams and having a trading community... idea crowdsourcing! I like these setups especially as the S&P 500 and many stocks within it are making new...
This morning I received a volatility alert on $NASDAQ:WBA. The stock had earnings today and the resulting price action was bearish down to a significant potential support level. The Trade The Weekly the Ichimoku 9-period (red line) shows that short term 50% level as it goes flat providing a Weekly entry point. The risk is that price makes another major low. ...
One of my primary technical analysis trading tools is that of False Breakouts or as I identify them; Spikes . I have found that when prices moves quickly in one direction only to return in the opposite direction within the same or following candle this indicates a potential reversal with a high probability. The corollary to this concept is that if price does...
We have been watching this stock for a while during my weekly Livestreams (Fridays 4pm EST UTC-4). Last Friday, we noted that NASDAQ:NFLX has pulled back up to retest the 50% of the July Weekly Spike price action. This is happening following a long bullish recovery trend up to the MAJOR Weekly 50% Retracement Resistance of the November 2021-May 2022 bear...
Today's economic news was jobs data which in fact came in worse than expected. "In July there were just 8.827 million job openings, the first sub-9 million print since March 2021. It was also the 3rd biggest miss on record!" -Zerohedge Yet despite this news the stock market rallied significantly higher. The market responding positively to bad news is a...
I have been getting a lot of questions from followers about NASDAQ:RIVN in recent weeks. One of the favorites of the 2021 EV stock craze the share price has done not performed well since the IPO. This recent very bullish move has gotten a lot of attention but I think it has come to an end. Price Action Like most of my setups I am looking at RIVN hitting a...
The Setup Target NYSE:TGT has had a very bearish fall off All-Time-Highs over the last 2 years. It has finally retraced the entire length of its run from the 2019 Pre-COVID High and returned to it as potential Support. Price MUST hold here or else continue down to lower levels in the "Valley of Risk". It is worth a trade off this level. The Trade:...
Some interesting news developments have transpired related to Bitcoin this week. On Monday, The SEC sued Binance with 13 charges. On Tuesday, The SEC sued Coinbase NASDAQ:COIN . The regulators have been busy this week going after the biggest crypto exchanges. It's almost as if we need a monetary system outside of government interference... What does...
When's the last time anyone has looked at cruise lines? I remember back in 2020 cruise lines were the "value trade". It worked for a while after the pandemic drop... the price of these stocks recovered. NYSE:NCLH did a recovery back to the 50% Retracement Resistance of the drop itself... but could not quite get its head back above water. Yet another in a...
I've been talking about Gold COMEX:GC1! hitting a major high for my last two Livestreams (catch them Friday at 4pm Eastern after the market close). The current price action warrants a standalone post. Each Livestream for many months has had at least one person ask what I thought about Gold. It was very simple: Gold was trending UP to test the major Monthly...
All media invokes sensationalism to get clicks and views to see their ads. Some really play into the doomer mindset of their readers/viewers by selecting stories that amplify the theme of the world/economy/dollar ending and that the next crash is right upon us! I've been reading these headlines every day for over a decade now and it's just the way modern...