2024 Trading Challenge Entry #2: Diary of an Option Trader 💡 Trade Overview: I noticed LLY soaring on the TradingView stock heatmap today. Observing the monthly chart of AMEX:XLE (healthcare sector), it has been mostly sideways for years. However, in the past two days, NYSE:LLY has demonstrated strong bullish movement with increasing volume, indicating a...
As an enthusiast in the financial markets, I recently had an idea about the trajectory of the S&P 500 Index (SPX). I wanted to share this with those who might be new to investing and could use some guidance. This explanation is tailored for beginners, so don't worry if you're not well-versed in market jargon. In early March, I observed that the SPX was hovering...
Low Base Set Up: Since December 13th we've been selling off and the last 6 days we've been in a low base. It's had lower or equal volume and it traded below the consolidating low of about 378ish on the 22nd. Overall market sentiment is bearish with the 20 day looking to cross the 50 day The candle on the 22nd of December was used as my entry point/trigger. The...
Thinking we've just completed wave B on the HTF monthly chart in what appears to be a Zig Zag bearish ABC that once completed will make the 5th wave blow off top into summer 2023 or longer / shorter depending on how long it will take for Wave C to push, judging by the way Fed is reducing interest rates a pause seems likely in the next few meetings. This should...
Bearish momentum seems to have stalled out. Even when looking back to 2018 and how we dumped at similar relative levels--we have yet to see much of a bullish shift in perspective, even with rising prices. This could be signaling some sort of bear trap. When you look at things from a perspective of strength--I am not convinced that bears have the strength at this...
The eternal $BTC optimist in me keeps re-drawing diagonals 😅
THE SUPER BUBLE A super bullish rally after a sharp sell off (corona crash)from 2192 to 4818 is in the form of ABCDE diagonal CORRECTION BEGINS Now SPX is in corrective mode, and the first leg (wave 'X') completed @4114,following a recovery rally (wave 'X')also completed@4637. MORE CORRECTION NEEDS CONFIRMATION The second leg of correction (wave' Y') WILL BE...
LONG time charts ,weekly,monthly are easy for deciding the market direction. daily charts are the lowest time frame in elliott wave analysis to count sub waves. if you want to trade tension free ,follow daily charts take position for a weekly and monthly targets. A simple idea is shown in the above chart. we have completed 2 legs of corrections as wave 'A' and 'B'...
Looking at multiple diagonals, this could be a really good play if BTC breaks out of the lower triangle.
Horizontals > Diagonals, but good to use together to help support your thesis of a trend reversal. Diagonal and horizontal S/R break is strong but if only using one, use Horizontals. See this chart as an example as to why Diagonal breaks can fail you... If you bought the breakout at the close above diagonal, where do you put your stop? below the trend line?...
We have a expanded target at around $257. Two options for a short order: 1. We'll wait it goes down $241 and open a short order with TP at $220 and SL $245. This is a safer option. 2. We'll open a short order when it surge above trend line with the same TP's option 1 and SL at $258. The diagonal wave is a chance to take huge profit. Wait and see
LOVE seeing these long term charts play out so well! Elliott wave FTW, if this is correct, could be seeing some nice ups!
1.618= Golden Ratio. Keep it simple, using trend based fib extensions to find fractals for the next "top".
Hi. In this 1D chart you will see a potential diagonal resistance and a diagonal support that together create a channel within which the price has moved. I've also attempted to define a resistance turned support zone that together with the support diagonal creates a clear turning point for the price to move off of and return to an upward direction. Both the...
Chart explains it all: Aroon up exhausted while aroon down is warming up. Price sunk below diagonal - will keep tapping it to form a triangle before dropping down to 8.9k region. At least, that's what I think -- we'll see!
Is clear that we have an expanding diagonal with clear 5 waves in for wave 1, now retracing and making ready for a big 3, now seated on the 0.5 Fib retracement but expecting to drop lower to golden zone in confluence with the trend line to Skyrock to the 0.042 range the extension 1.618 from wave 1-2 counting we retrace to the 0.618-0.65 range. With such clear...
LTCUSD points of support/resistance