Short with two Fibonacci targets.We have dragonfly dojis and a bearish engulfing on the daily with mass amounts of bearish divergence i will short this and target two levels for profit taking.
Bearish Engulfing
BTC - H4 - BEARISH ENGULFING PATTERN !H4 : Last candle is showing a bearish engulfing pattern
Today's recovery has been... for the time being short lived.
Indeed, failure to crossover Kijun-Sen and this 2 consecutive times triggered selling pressure
which push down again the BTC inside the falling wedge and below the downtrend line resistance
H1 : Watch this time frame,for clues and intermediate signals; clouds are working, so far, very well as resistance area
intraday's high being roughly at the middle of the clouds which is by the way also Kijun-Sen level...
SPX: The beginning of a new BEAR MARKET?Hello traders and investors! How are you today? Well, we are having a big sell-off, let’s see what’s going on here, and do a complete Multi Time Frame Analysis (MTFA) and look at the H,D and W charts.
First, in the hourly chart, we see that the resistance at the 3827 worked very well, and the index dropped to lower levels today. What’s more, it triggered a Bearish Pivot Point at the 3732.
Now the 21 ema is there to work as a resistance, and it is near the same level the 21 ema is in the daily chart too:
In the daily chart, the index lost yesterday’s low, which was a decisive Key Point for the short/mid-term, and this might bring a pullback to lower levels. We discussed this possibility yesterday, in my last analysis, if you missed, just check the link below.
The shadow under the candlestick’s body is annoying for sure, but since it lost the trendline and the 21 ema is starting to point down, we may see a sharper pullback indeed. And if that’s the case, where’s the next stop?
We have a possible Bearish Engulfing in the weekly chart, and if triggered, the index has a next stop at the 21 ema, which is a nice spot to aim.
Remember to follow me to keep in touch with my daily updates and support this idea if you liked it! Thank you very much.
TOP 6 Candlestick PatternsHi,
I would like to share my TOP 6 candlestick patterns, you can also name your TOP 3 in the comment section.
Perfect scenario: identify the strong area, wait for the price coming inside of it, wait for a candlestick pattern which consists of at least two candles and it has to form in at least 1-hour timeframe (lower TF candlestick patterns are poor), wait for a pullback and GO.
Always wait for a small pullback after the candlestick pattern has formed, you will get a better price. It is so rear case that after candlestick pattern formation the price goes immediately into the shown direction.
MORNING STAR
The Morning Star is a bullish bottom reversal pattern. It warns of weakness in a downtrend that could potentially lead to a trend reversal, especially if it forms on a strong support level. The morning star consists of three candlesticks with the middle candlestick forming a star. The first candlestick in the morning star pattern must be a red candlestick with a relatively large real body. The second candlestick is the star, which has a short real body that is separated from the real body of the first candlestick. The star does not need to form below the low of the first candlestick and can exist within the lower shadow of that candlestick. The star is the first indication of weakness as it indicates that the sellers were not able to drive the price close much lower than the close of the previous period.
This weakness is confirmed by the third candlestick, which must be green in color and must close 50% above the body of the first candlestick.
EVENING STAR
The Evening Star is a bearish, top trend reversal pattern that warns of a potential reversal of an uptrend. It is the opposite of the Morning Star and, like the morning star, consists of three candlesticks, with the middle candlestick being a star. The first candlestick in the evening star must be green in color and must have a relatively large real body. The second candlestick is the star, which is a candlestick with a short real body that does not touch the real body of the preceding candlestick. The star can also form within the upper shadow of the first candlestick. The star is the first indication of weakness as it indicates that the buyers were unable to push the price up to close much higher than the close of the previous period. This weakness is confirmed by the candlestick that follows the star.
This candlestick must be a red candlestick and must close 50% above the body of the first candlestick.
BULLISH/BEARISH ENGULFING
The Engulfing candlestick pattern is a two-candle reversal pattern. A reversal pattern can be bearish or bullish, depending on whether it appears at the end of an uptrend (bearish engulfing) or a downtrend (bullish engulfing pattern). The first candle is a small body, followed by the second candle whose body completely engulfs the previous candle body and closes in the opposite direction of the trend.
BULLISH/BEARISH RAILWAY TRACKS
A bearish railway track pattern has the first candlestick bullish and the second candlestick bearish. That fact that there is a sudden change from bullish to bearish candlestick should be a good indication that there might be a bearish trend forming. If you see it inside of the determined strong area the more powerful it is!
Regards,
Vaido
Bearish engulfing candle on NZDCHFThe cross pair is showing bullish weakness and chances are price action will dictate bullish sentiment based on a touch of upper trendline. Rsi and PA are diverging thus strengthening the bearish sentiment. Trade settings are shown on the chart. Stops will be trailed according to PA.
Gold snooked many... Previously mentioned that Gold was in a downtrend... and despite a December rally that started a lot of Gold-to-the-sky talk, I had doubts and hence, no update post as I was patiently observing. Friday proved my suspicion correct as Gold dropped well below the 1900 level after breaking above 1950 for a day. The Friday Gold drop wiped out the month of December's gains in a day. Big hint here.
Nonetheless, one of the major reasons for being suspicious about the rally was that the Top 8 traders were obviously selling Gold, not buying.
The bottom most panel (yellow line indicator chart) is the Top 8 Net positions.
From May to June 2020, the Top 8 traders were accumulating already. And when the non-commercials started joining in the accumulation party, Gold prices took off.
December 2020, the Gold rally was supported by retail and clearly, non-commercials (until Christmas). However, it is clearly observable that the Top 8 Traders were distributing instead.
Over and above that, technicals show that Gold has a trend change, and needed to consolidate first. MACD was in bearish territory, and price just bounced off 1800 support and channel support despite that there was a large harami type candlestick pattern indicating a couple weeks of Gold rally in December. Well, that has ended... promptly.
This week, we saw a break out of channel resistance, and then failure of that break out. Bad news... this typically suggest a breakout on the other side to follow.
This can be targeted to be around Feb, at about 1650, if it were to plummet over the next few weeks. Probable at this point as the massive bearish engulfing (after channel breakout failure) is strongly suggesting... I expect to see some small bounce, followed by more of a dive in Gold over the next two to three weeks. Breaking down and out of the channel support represents good opportunities to look for a trend change (back to bull trend).
Oh wait... there is a BRB system buy signal, which I intend to discretionarily ignore for now. Perhaps take into consideration IF there is a bounce off the 55EMA in about two weeks.
Anyways... Do see my following post about the USD (and the GDX too). It spiked, and contributed to Gold dropping fast on Friday.
USDZAR H1The trend of the US dollar is declining and the price is at very high levels. I expect the price to fall to the specified TPs and I am also following the structure.
USDCAD - Bearish CrabAs I'm going through my chart, I've spotted a unique long shadow candle on the 1hourly chart(left), not only the candle was long, it just touches the resistance level, you may plot your own chart to see the full story.
A pretty cool setup that the software and I both spotted on the 1-hourly chart(right), the harmonic patterns - bearish crab pattern with the bearish engulfing candle(in this case I don't see any major changes on the 1hourly chart in the next 6mins).
SPX: Some Key Points to keep in mind!Hello traders and investors! It’s been a while since my last analysis on SPX, but let’s see how it is doing this Friday!
First, it filled the Exhaustion Gap , showing some signs of weakness, and today it lost the black line at 3710, triggering a pivot point that could lead SPX to lower levels.
Since the trend is still clearly bullish, a retest of the purple trendline is something we can work with right now, for the short-term. This target makes sense if we look at the daily chart as well:
We have a Bearish Engulfing today, and this indicates that the index could drop to the dual-support area around the 21 ema and the blue line (previous top/previous support).
So far, I can’t tell that this is a reversal sign because the volume was very low today, meaning that this is not a real sell-off, but people booking profits instead. All we know that this could be the beginning of a pullback to the points mentioned above. Next week we’ll have more info.
These are the Key Points for SPX right now. If this idea helped you, consider following me to keep in touch with my daily analyses. And please, support this idea if you liked it!
Thank you very much, have a great weekend!
NIO: How far could NIO drop?Hello traders and investors! Nio is dropping today, which makes sense, as we have a Red Friday today, and most indices are dropping around the world. Let’s start our usual Multi Time Frame Analysis .
First, NIO is losing the support level at the red line , frustrating the bullish reaction seen yesterday. The purple trendline is a strong resistance, and NIO failed in defeating it.
Now there is no other support, but the purple line around $ 38 to hold the price. The purple line is an important support, and it makes more sense if we analyze the daily chart:
The purple line is a support since Nov. 10 and was the Piercing Line’s low as well. It seems NIO is going to retest it, but this movement doesn’t seem to be a real sell-off, as the volume is still too low.
While the pink line is the most important Pivot Point , the purple line is the most important support level for the short/mid-term . If NIO loses this purple line, it could trigger a bearish pattern seen in the weekly chart.
This pattern could be a Bearish Engulfing , and it could make NIO drop again to the 21 ema, around $ 30 again.
I wouldn’t be surprised, but I find this scenario too optimistic, as this would be a great opportunity to buy NIO at a cheaper price.
Let’s be careful here and watch NIO’s support levels closely. Therefore, remember to follow me to keep in touch with my daily updates on NIO, and please, support this idea if you liked it!
Thank you very much. Have a great weekend!
SPY ShortBearish Engulfing
RSI divergence
in wedge
Entry 366
Stop 372
Target 340
It is an insurance for whole account.
I am not a PRO trader. I need few months to practice trading strategies.
If you like this idea, please use SIM/Demo account to try it, until my trading plans get high winning rate.
XAUUSD, 2hr tf, sell ascending trendline bearish engulfing breakHello my friends,
For next week i am going to try selling XAUUSD.
As you can see, XAUUSD already move to the upside for 800 pips during this past 1 week.
Friday candle closed showed that there is some indecision to XAUUSD and usually when this happened, we could expect some retracement of recent impulsive movement.
In my opinion, we could expect XAUUSD to continue higher but it will need some retracement on the way to the upside as well.
If you look at the 2hr chart, 2 bearish engulfing candles appeared consecutively engulfing previous candles.
This mean sellers area pretty much in control of XAUUSD right now for a short time.
If we draw a fibonacci retracement for this recent 800 pips rally, there is a possibility price could retrace to 61.8% fibonacci level before it continue to move upwards.
Especially since the ascending trendline was broken with a bearish engulfing candle.
We could wait around 1844-45 to enter sell or use a pending sell limit order.
Sell limit XAUUSD 1844
Stop loss 1850
Take profit 1797 (7.8R)
RR ratio 1 : 7.8
Use 1-2% risk only
Good luck
BTCUSD Sell: Bearish engulfingHello traders!
BTCUSD has formed a bearish engulfing pattern. It is in strong sell. Target is 16500
I am also expecting BTCUSD to form Wyckoff's distribution pattern so this is a sell trade plus the early prediction of Wyckoff's distribution pattern.
We will try to catch all the waves
Good Luck
ETH- So long, 400 lvl...Barring any catastrophic event in which BTC drops below 10k (because ETH hasn't decoupled from BTC), I think it is safe to say that it is very likely that we will never see ETH below $400 again (briefly dip below $400 is still possible).
I will continue to accumulate ETH at all the demand zones until around $375 lvl.
USDJPY-Weekly Market Analysis-Nov20,Wk1USDJPY has displayed a very bearish sentiment. On the 1-hourly setup, it has the perfect price for a shorting opportunity with a fantastic Reward is to Risk ratio. The level that you need to watch out is how the market reacts on the trendline, if market bounce at that level, at the minimum stops must be a shift to entry price to prevent a trend-reversal to take your position out. However, if a break and close below the trendline give the bearish setup additional strength.
FSLY- Can it recover? Multi-time frame analysisBoth weekly and daily demand zones look shaky and precarious.
There are still AKAM and NET. Diversify your CDN and edge computing plays.
XRP/USD: SHORTGoodmorning traders!
IF this candlestick engulfs and closes under the candlestick I've circled and also under 0.25000 i will enter a sell. Also every time price closed under the green structure price kept falling until it hit another key zone, eventually price will test the support line of the ascending channel. if price heads back up from here it was testing the psychological level 0.25000 and price will just go back to the consolidation zone and continue consolidating.
Financials in trouble200sma has been a strong resistance since the March drop. The red circles show 4 times trying to get to it.
Placing fibonacci retracement lines shows confluence with a support level (green rectangle from late June --> early July)
The 20sma crossed below the 50sma on September 27th. (Bearish signal trend model)
Also, if we close at the current price, we are getting a bearish engulfing candle.
I would feel comfortable getting in around $22.7, being fundamentally bullish on the sector.
USDJPY-Weekly Market Analysis-Oct20,Wk1USDJPY from the daily chart to the 1-hourly chart is showing a bearish trend in a ranging momentum. At this moment we can see a recent strong bearish candle(red arrow) and a market retracement back to the moving averages and market close with a bearish engulfing candle. Once the market open and at 9pm(+8GMT) I will be waiting for a shorting opportunity.
Bearish engulfing on monthly candles on spyI'm not giving investment advice just noting what I am seeing.
I don't think people do enough really long term looks at the possibility of where an index is going. This bearish engulfing candle on monthly candles is a bad sign. Yes we are not done with september yet but this candle is pointing to long term decline . Even if in the last week of the month there is a rally that brings this up it will leave us with a dark cloud cover or a hanging man candle. All of which are indicators of an incoming correction and price decline.
AUDUSD - Bearish Gartley PatternA Bearish Gartley Pattern setup for a shorting opportunity, a bearish engulfing candle or both oscillators have to be in the overbought position and hook down before I'll engage the trade.
In normal cases, I won't be even looking at this setup, but as some of you may know I'm very sceptical on Australia Dollar and see that a strong bearish move is lurking in the shadow waiting to happen.
With all crashes, I expect an extreme bullish move to happen before it does and the bullish movement might have ended. If not this setup it will be after the next bull run.
Consolidation Choppy Price Action Taking PlaceThis pair has been choppy and sideways all year.
The past few weeks have been no different. After a huge daily chart bearish engulfing bar, price went right back to forming an inside bar and going nowhere.
Whilst price is very sideways there are still trading opportunities. The best plays look to be trading both sides of the market from the range high and low looking for reversals back into the range.
Thanks for your like and Support.
