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Choppy

Welcome to the Chop Shop4100 seems to be the price area where the market is in equilibrium. Still some downside to 4000 in my opinion. Some chop around 4100 while market consolidates the recent Rally. 0.618 retracement to the downside may find support. On the other hand, markets may try to close the gap at 4220 before the end of the week. Either direction seems like a lot of chop. TSLA is quietly trying to hold up markets as an ascending triangle forms as the split on 25th closes in. Energy is blasting off, if only to hang itself in the future. Inflation is not being kind to HD joining the club of H&S patterns forming. DXY double top could mean revert.
SP:SPX
by SPYvsGME
9
BTC: Surviving the Chop! / Visual MapMorning/Evening all! BTC has entered a very choppy range, which means the price moves in a tight range bouncing between many levels chopping positions of all market participants, shorts and longs alike. In this picture I have marked and mapped the choppy areas as well as the zones that should be considered Resistance and Support. There are two ways to use this chart depending on what you are looking for: A) SWING TRADING THE TREND If you have entries in the green (support) zone and you want to catch bigger moves then hold your positions until price goes into the red (resistance zone). If this happens pay attention to momentum. If the momentum is strong you might want to keep your positions and let the price pump higher (which means you will be looking at taking profit around 25-28k area). Ignore the chop zone completely. It's there to make you let go of your positions, lose money or both. B) SCALPING If you are interested in scalping every move then the orange (chop) zone is your bread and butter. You try to get entries at the lowest parts of this range and take profit at the highest parts of this range. Taking smaller scalps for example from the mid of that range (~20.8) to the top of the range still works but your R/R is much different. Proceed with caution. Have very tight stop losses. Look for any signs that might show you that we're about to break out of the chop zone and protect yourself if you are in an opposite trade. Last but not least: -- All lines should be considered approximates. This means you have to check for previous candle bodies near these lines to find the exact "mini-range" that each line belongs to. -- Blue/Red boxes (frames) are put/ask areas. They are areas where price previously found either mostly sellers or mostly buyers, therefore, the volume profile has a gap too (possible support/resistance areas) It's highly likely that we will enter an "Inside Week" structure which means I wouldn't be surprised if these ranges play out for a couple of more weeks. So, what's an "Inside Week" anyway? I will make another post about it and explain in detail. Stay tuned!!
FTX:BTCUSD
by Athantonios
2
$SPY chop for this weekLooking at the S&P 500, it looks like it broke resistance but that doesn't give me hope. Not yet at least. I need more out the S&P 500 before I decide to jump back in, but I do like where the market is heading. This was a nice break from are usual broadcast of the market constantly breaking new ATH's without looking back. Netflix going up 10%+ along with the rest of the FAANGs being green today, does not scream green week, but tons of chop as most market buyers are scared to deep dive into the market with high covid cases, new lockdowns overseas, and Ukraine and Russia possibly heading into war. Conclusion: Chop for the rest of this week
AMEX:SPY
by chasenlz