Australianstocks
ASX200 Sighting June Lows – 5800Hello Fellow Trader!
The US500 and Nasdaq continued their falls and finishing in the red on Friday. The ASX200 also had two consecutive lower low days breaking slicing below 6000 to finish the week also in the red.
We could see slight recovery back into the 6000 which is key for the advance, or rejection indicating falls the ASX200 has not seen since June.
Key Points:
- Price holding below the 200 EMA
- Price holding below the 50 EMA
- Fibonacci 50% support cluster with target 1 (April Low – June High)
- Price holding above the 50 EMA
- RSI could break trend and range simultaneously for momentum
Key Levels:
Support – 5800, 5700, 5610
Resistance – 200 EMA, 50 EMA, 6000
Entry Zone:
Optimal entry provides the greatest reward to risk ratio while supporting entry is a zone for reversal signals.
Optimal Entry – 5925
Supporting Entry – 5890
Candle Reversals for entry
- Bearish Shooting Star
- Bearish Engulfing
- Bearish Dark Cloud Cover
The Risk:
As traders, it is your job to mitigate the risk and only trade structures that provide high probability and great reward to risk ratios.
If you are not comfortable with defined exit levels, experiment with Moving Averages to help set solid exit rules to protect your capital.
IF: Price breaks above level 6000 and violates 200 EMA– this would suggest the structure is not in our favour and would be wise to reduce exposure or close the trade until a solid signal gives us reasons to re-enter.
Reward / Reward Targets:
Optimal Entry 5925 – Target 1 5700 = 3x Reward to Risk
Optimal Entry 5925 – Target 2 5610 = 4x Reward to Risk
Supporting Entry 5890– Target 1 5700 = 1.5x Reward to Risk
Supporting Entry 5890 – Target 2 5610 = 2.2x Reward to Risk
Beach Energy Limited BPT.AX Extremely Attractive At $1.50Hello Fellow Trader!
View: Beach Energy Limited (BPT.AX) coiling above a daily trend break and finding support at $1.50.
In the month of August, Natural gas spot price finished up 44% and Oil up 8% to support what could be an undervalued company imbedded in the ASX during a pandemic, leaving most investors in limbo on where to invest their money.
Their full year annual report for 2020 stated NPAT (net profit after tax) of $461 Million which was down 18% from 2019, but still provided the business with a 20% return on shareholders equity.
BPT dropped 47% in the Covid sell down and is now starting to provide
Key Points:
Price holding above the 50 EMA
Could see the 21 EMA break above the 50 EMA with price action momentum
Price holding above Fibonacci 32.8% of prior major range March Low to June High
Natural Gas up 44% - Oil up 8% in August
Crossed daily trend line
Flag pattern for break out
Must watch price around the 200 EMA
RSI could break trend and range simultaneously for momentum
Key Levels:
Support – 1.40, 1.50
Resistance – 1.60, 1.70, 1.80 + 200 EMA
Entry Zone:
Optimal entry provides the greatest reward to risk ratio while supporting entry is a zone for reversal signals.
Optimal Entry – 1.50
Supporting Entry – 1.50 – 1.53
The Risk:
As traders and investors, it is your job to mitigate the risk and only trade structures that provide high probability and great reward to risk ratios.
If you are not comfortable with defined exit levels, experiment with Moving Averages to help set solid exit rules to protect your capital.
IF: Price breaks below 1.45 and closes below the 50 EMA – this would suggest the structure is not in our favour and would be wise to reduce exposure or close the trade until a solid signal gives us reasons to re-enter.
Reward / Reward Targets:
Optimal Entry $1.50 – Target 1 $1.80 = 3.75x Reward to Risk
Optimal Entry $1.50 – Target 2 $2.00 = 6x Reward to Risk
Supporting Entry $1.53 – Target 1 $1.80 = 3.4x Reward to Risk
Supporting Entry $1.53 – Target 2 $2.00 = 5.5x Reward to Risk
long OZLstarted to look at stocks in ASX long term so dont have to be actively watching market all the time.
currently long on this stock cause float price has been broken and yearly Pivot point mean has been broken. also looks like a inverted HnS so holding to the red line.
the inverted scale option on TV is handy to see the head and shoulders with a wick test of the shoulder.
Fosterville South Exploration - A +450% IPO in less than 30 daysWhat an IPO, what a run!
The tight share structure of the company (25% of the company is owned by the Management and founders) sent the stock to $4.6 today.
After the incredible Kirkland Lake story, the Fosterville region is more than ever keeping its reputation of creating lots of money.
What about value? Is this stock interesting from a fundamental standpoint? The answer is "I don't know", the lack of information on the company and especially on its structure does not yet, make it a sure bet for the long term.
Short term ABC Correction For XJO ASX 200I am expecting an ABC correction in XJO in the short term.
I think we are about to see the start of a C wave this week unless we can break that trend line.
MACD indicates a " sell " signal.
At this stage, I am still bullish in mid to long term as long as we can STAY above or inside the triangle + above the 50 MA.
Bullish Breakout ?For the first time since the stock price peaked at 13.26 in May 2017, the weekly price bar penetrated the red multi month downtrend line.
If this is a valid breakout, further consolidations in the lower time frame would likely to signal a buying opportunity to catch the potential wave (5) rally.
Note: divergence between share price and technical indicators
Australia! A Bogans ParadiseHello Traders,
Looking at the chart we can see price has been in a well defined channel for the last 10 years.
It has taken that long for the price to crawl back up to the previous 2007 top and I mean crawl. From an Elliot Wave perspective these are some unhealthy looking waves with deep retracements each time basically invalidating the EW principle. Either way, you can see some kind of 5 waves impulse pattern.
The price reached the previous market top which just so happened to coincide with the top of the channel. The price has tried again to push higher but failed and now looks like a double top and is printing bearish divergence on the RSI.
Can they just keep pushing this with QE?
I think we all know by now the economy is floating on a debt time bomb.
Australia's housing market is one of the biggest bubbles out there which has been fueled through terrible financial practices.
I think this economy is going Down Under!
Bearish on stralia.
Bullish wave (5) underway?A solid daily close above the B-D line (trendline breakout) with increased trading volume would send a very bullish signal.
wave (5) underway?Expecting the 5th wave will push share price to all time high.
Note
wave (3) equals approx. 1.618 times the length of wave (1)
wave (4) retraced approx. 50% of wave (3)
ASX: Australian stocks in need of a stronger pull back.The Australian stock market (AXJO) is currently rising after a strong pull back that took place in July. This rejection happened because the market reached its All Time Highs of October 2007. Despite the rather strong selling manner in which it was conducted, we believe that this sell sequence is not over yet and a stronger correction is needed.
The reason for this perspective is that the very same long term pattern on the 1W time-frame has been spotted back in 1994, when the ASX again pulled back after testing its (then) All Time High. The selling only stopped when the 1W MA200 came in for support.
We are expecting a similar price action and even though the correction on 1994 was more than -20% we expect this time just the 1W MA200 to be enough to support and initiate then next long term bullish leg. Use this pattern according to your own risk tolerance and strategy but this is our approach for the right time to re-enter this market.
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Possible WSI ASX Long Position!!SMP TRADING
SELF DEVELOPMENT/METHODOLOGY/PSYCHOLOGY
Chart time frame - H4
Timeframe - 1 - 3 weeks
Actions on -
A – Activating Event
Market will find support in zone @ Current Levels - .... and move to the 0.040 . In order to enter, the pair MUST be in line with my Entry Procedure....
B – Beliefs
Market will move towards the first Target 1 level @ 0.040
ASX:WSI
Trade Management
Entered @ .....
Stop Loss @ .....
Target 1 @ 0.040
Target 2 @ ....
Risk/Reward @ 1.5.1
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This information is not a recommendation to buy or sell. It is to be used for educational purposes only!