Craziest chart of the day....The market that has been wildly bullish was ripe for at least a small correction and this chart says we got the party started. Don't jump on the bandwagon just yet of "this is it, the big crash is here!" Corrections happen and moreover some of the best trading days are just 1 to 2 days after the worst. This could offer a great opportunity for buying dips, be ready.
Daytradersfx
ETHUSD (video) Where to buy after the fall...ETH has been dropping like a rock along with the rest of the cryptos but it's pretty good news, I think we have some excellent buy zones not too far from where it's sitting.
This is a quick 4 minute video, have a look and let me know if the comments below any questions you have. Good luck and happy crypto trading!
BTCUSD- More selling but buys are coming!Have a look at the video, the areas I'm watching are:
Early support- $7300-$8300
Final target- $5000
Those should act as good levels to watch/trade reactions. We have a clean pattern here and so far everything has behaved very technically.
Good luck and I hope the video is helpful.
If a sell off happens, watch for thisThe bitcoin game is pretty solid right now and of course every time there's a correction the bears really come out. Just to be clear I'm not a bitcoin bear, it's unlikely I will short it if there's a move down however these are areas I will be watching to buy if there is a dip.
The last post talked about $10,500 area, that worked out like a champ.
Now I'm watching for the $8300-$9,000 zone to start buying again. Like I said, there will have to be some pretty convincing reasons for me to short it, otherwise I'll let the wild sell offs happen and pick up more bitcoinage down at those levels.
Happy crypto'ing!
Ahead of futures coming onlineWe are just hours ahead of Bitcoin futures coming online, I'll be honest I have no idea what that will mean. I have some assumptions but I think the best thing to do is have a few scenarios to watch. Here are the two things I'll be keeping an eye on going into the futures/Monday open:
1. Nice resistance level at just below $16,000, a break above that could fuel some continuation up to previous highs
2. $10,500/$11,000 level is really calling my attention, a dip down into that zone and I will be looking for some aggressive buy entries.
I can't stress enough to be oh so careful with everything over the next 24 hours, it could get crazy and for most waiting for the "dust to settle" might be a better option for most.
where to buy dipsIt's time to get on the bandwagon folks, bitcoin is volatile but it also respects key levels like crazy. Is buying now a good idea? Maybe but I'd rather watch for some of the bigger lows of $8300 and $6650 for entry points.
Here is a chart with some key reference points, watch for these levels. There will be an update to come immediately when/just after those levels are hit so check back here often!
HOLY SMOKES.... .9450, BIG DEAL!This area is maybe the most important level/zone I've seen in a very long time. Barring more political drama (which could definitely be coming) I'm so interested in buying USDCHF around this area.
9450 is SOOO SOOO important, great area to buy. Anything below 9400 and we should probably be short.
Target- 1.000 is probably the minimum target I'm looking for on this pair.
Big pips either directionAs we go into the end of the month and ultimately into August, the infamous low volume month, I will be looking for two things on this pair. GBPJPY will likely get choppy but not like the rest, it can move so much more than other "normal" pairs.
Pretty simple set up here:
1. Sell break of 144.90 targeting 144.00
2. Wait for a push higher and look for a break of 148.00 or rejection off that level.
If 144.90 area breaks sooner than later, that should be an easy 100 pips, otherwise it turns into a bigger waiting game.
Summer Range makes... me feel nice... (sing it folks!)Everywhere I like I see ranges, NZDUSD has been ranging for days and day, EURUSD is weeks into it's range, USDCHF as well and EURGBP has been in a large range for well over a years.
EURJPY has a smaller range but a nice possibility of a trade in the works.
I want to see price rejection off 126.00 area, sell a trend line break and target the missed weekly pivot at 124.30. Tight stops, great risk:reward, I love this trade.
See chat for more details, update coming...
Let's sell this...EURGBP has a great set up, one I'm pretty excited about trading.
8850 has done nicely holding as range highs and so far price has rejected off that level yet once again.
I'm going to be simple about this, sell break of trend line, target monthly pivot below... boom, done!
Any questions...?
Drop it like it's hot!EURUSD looks ready for a fall, I'd like it to reach 1.1300 first but I'll also trade a trend line break down towards missed pivots below.
The chart says it all.
Let's trade this and make some money!
Anything above 1.1300 (nov 9th/election highs) and this will likely head higher.
Rising wedge- it's almost go time!Look for quick profits here, we have a rising wedge on the hourly chart, this isn't likely to be a HUGE move but I think it'll be worth our time. Not to mention I like NZD weakness set ups on a few other pairs, namely NZDJPY and GBPNZD.
Pretty simple, we have two weekly pivots that haven't been touched below with a monthly pivot anticipated around .7020 area.
Look for a move of 60-80 pips here once the rising wedge breaks and price starts to print below the pattern.
When this break, I'll put stops above the highs, target the 1st weekly (soon to come monthly as well) pivot and let a small portion run to the second pivot if price is cooperating.
A quick 100 pips (HIGH PROBABILITY SET UP!)This may look like just a simple channel/trend line break out, which it is (think "no country for old men").
What makes this a great high probability set ups is the line up of multiple missed weekly pivot points.
Two ways to trade this:
1. short trend line break, have 70-80 pip stops above recent highs and target weekly pivot at 1.7520.
2. OR you can trade it the same way with an adjustment to the stop, only staying in the trend if it can stay below the trend line (limits draw down but is more aggressive stop)
Either way it's a great set up and should be good for 100 pips.
Huge possibility either direction This pair is at a crossroads, there's been Euro weakness as well as Aud weakness which makes this tricky but the set up is too good to pass over.
Above 1.4180 this gets slightly bullish but the real confirmation is above the larger trend line (falling wedge on daily chart). There's hundreds of pips if those highs don't hold.
Below trend lines and in the circles labeled 1, 2 and 3 are great sell off points. The targets get larger each time, I'll be short and I'll take profit each time a level breaks and it reaches a new trend line/support zone.
Here it is, good luck trading it either way, I think there's plenty of potential up or down.
This might be the only long term game in town- 300-500I posted two charts because I wanted to show how the the bigger picture is playing out and how to managed the more near term trades/entries.
As you can see on the chart below, the weekly chart has a 5 year old trend line that has broken, the market closed and opened above that trend line and has pulled back to retest.
The chart above shows a more near term picture of that trend line retest on the 4h chart and areas to start buying into.
We like scaling into this trade around current market price and buying into more dips if that happens.
Upside targets at this point are 1.1300 and 1.1400.
More updates to come...
head and shoulders- 200 pipsIt's all laid out on the chart, head and shoulders on daily chart.
I want to see clearance of 1.080, looking for a move into 1.1000. Daily necklines can get choppy so caution there. Also we have US interest rate news this week so watch for USD activity.
I want to trade from 1.0800 break to 1.1000 target.
Range break out- 200-300 pipsI posted a chart of a MASSIVE head and shoulders for this pair, that is almost been invalidated. Anyway it never confirmed so we didn't get an entry anyway.
BUT...
Now we have a great looking range, we see GBP weakness continuing to hold, I want to see a break of the range low for 200-300 pips.
I will probably stay with selling the break of 1.2350, however I might scale in at the weekly pivot (1.2435).
Target 1.2150 at least. Stops above the most recent swing high at the time of the range break (hopefully that will be the weekly pivot at 1.2435)
I will keep you all updated.
Solid channel, looking for 200 pips either directionThere's a great channel on this pair, I'm looking for a break of the channel and a 200 pip run either direction.
For now I'm watching 1.7200 support or 1.7475 resistance, both look great for a break and a 200 pip move.
Pretty simple, if the break happens I only want to stay in the trade if the break out holds, any moves back into the channel will invalidate the set up for me, thus locking in profit very quickly.
HUGE Head and Shoulders - 370 pipsSo far loving this set up, it goes nicely with the GBPCHF long term chart posted yesterday. The head and shoulder patterns on both of these look great, if these can play out 300-500 pips on both will be fairly easy to grab.
Conservative price projection puts a neckline break down to at least .7980 area, the neckline break out area is currently around .8350 so there's plenty of profit to go for here.
I will be patient and wait for a neckline break, start small and scale into this, looking for confirmation along the way to add to the position, targeting at least .8000