Double Top
DOW - Short OpportunityA double top pattern was formed and the stock crashed and now price has retraced back to the resistance level, giving us another opportunity to ride the waves down. Near-term short signal has also appeared. Price failed to break above 200 MA, showing bearish sentiments.
Entry: 49.77
Stop Loss: 53.6
Take-Profit Target: 43.95
West Texas Crude(WTI )....Positive Swans, Bats and Wolfves Picking bottoms particularly recently in the oil (WTI) complex, sometimes produces sticky fingers.
That said, one could build a technical analysis case for a bottom formation at current levels.
A) Longer term we have a completion of a Harmonic Bat. (insert)
B) Shorter term turn we have :
1) A completed Wolfe Wave
2) Black Swan harmonic formation
3) An ABCD formation going back to last August.
4) Oct/Nov double top target hit
5) Mildly positive momentum divergence
So how do you play this.
I would certainly give WTI a chance to find a bottom and advance upward
A penetration of 3 of the Wolfe Wave provides an entry point at $73.65(marked)
Then a Wolfe Wave Target is set up for late January at the $85 area.
Using the Black Swan harmonic we get targets as marked.
If this the best way to play bottoming oil ? Probably not but its a signpost to play your favorite horse.
Please note... Fed activity next week, year end illiquidity and Eastern European events should magnify WTI's volatility going forward.
Good Luck and I will update as needed.
Not investment advice, do your own due diligence.
S.
EURAUD, My trade setup explained.EURAUD is approaching an interesting area which could give us a high probability set up if given confirmation in the price action.
Daily time frame shows that the price is approaching the upper boundary of an falling expanding structure. After a period of consolidation within the last couple months, we had a push upwards which is now losing momentum and correctively moving up towards HTF boundary. If price gives us a strong reversal impulse, I would look for a sell entry on the next LTF correction with a swing target at 1.5270 range.
Now, if we don't see the bearish price action we need for this set up and price breaks out of the structure, I will be looking for another sell opportunity around the 1.6170 range.
Trade Safe
Thanks
GOING LONG IN AUDUSD | TRADING STRATEGYBullish Indications
1. Series of Higher Highs and Lows
2. Significance Support Area at Entry Point
3. AUD Index is Bullish
4. USD Index is Bearish/Sideways
5. Volumes are increasing as the price is in the range
Bearish Indications
1. Break 0.236 Fib level support
2. Recently Formed Double Top which is a reversal pattern
3. Break Trend line support
US 30 - Double Top patternOn US30, there is a double top formation with the break and retest of the neck line.
USDCAD Idea 12/18/2022
Trading is all about patience. If you’re not patience, the probability of failing is very high. Here is my thoughts of USDCAD
Price closed within the zone so there are two options on this pair.
1. Price goes back down and retest zone and drop
2. Price creates double bottom and goes up to the next major zone
Look at smaller time frames for patterns such as double tops and double bottoms for more confirmation.
Remember to trade responsible. This is not a signal at all, just my thoughts.
CADJPY Idea 12/18/2022Trading is all about patience. If you’re not patience, the probability of failing is very high. Here is my thoughts of CADJPY
I am looking at two scenarios with CJ.
1. Price break below 99.800 and drop to the next area which is 98.000
2. Price retest current price and creates a double bottom and goes back up to 101.000
Look at smaller time frames for patterns such as double tops and double bottoms for more confirmation.
Remember to trade responsible. This is not a signal at all, just my thoughts.
NZDUSD Idea 12/18/2022Trading is all about patience. If you’re not patience, the probability of failing is very high. Here is my thoughts of NZDUSD
Price closed above this zone (0.63725), once the market is open today I will be waiting for a retest on the zone and see if any long positions open up if not, we can wait for price to break below and close underneath the zone and look for short positions
Look at smaller time frames for patterns such as double tops and double bottoms for more confirmation.
Remember to trade responsible. This is not a signal at all, just my thoughts.
USDJPY Idea 12/15/2022Trading is all about patience. If you’re not patience, the probability of failing is very high. Here is my thoughts of USDJPY
I am looking for price to rise and retest price 137.850 and then look at smaller time frames for patterns for confirmation on short positions.
Look at smaller time frames for patterns such as double tops and double bottoms for more confirmation.
Remember to trade responsible. This is not a signal at all, just my thoughts.
EURUSD Idea 12/15/2022Trading is all about patience. If you’re not patience, the probability of failing is very high. Here is my thoughts of EURUSD
I am looking at two options for this pair.
1. Waiting for price to retest minor zone 1.05950 and go long to 1.06800
2. Price break below and retest 1.05950 and drop to 1.04600
Look at smaller time frames for patterns such as double tops and double bottoms for more comfirmation.
Remember to trade responsible. This is not a signal at all, just my thoughts.
GBPJPY Idea 12/15/2022Trading is all about patience. If you’re not patience, the probability of failing is very high. Here is my thoughts of GBPJPY
I am looking at two options for this pair.
1. Looking for a retest on 167.900 and long
2. Price break below and retest 167.900 and look for sells to 167.000
Look at smaller time frames for patterns such as double tops and double bottoms for more comfirmation.
Remember to trade responsible. This is not a signal at all, just my thoughts.
NZDUSD Idea 12/15/2022Trading is all about patience. If you’re not patience, the probability of failing is very high. Here is my thoughts of NZDUSD
I am looking at two options for this pair.
1. Retest 0.63150 and go back up to 0.64400
2. Break below retest 0.63000 and drop down
Look at smaller time frames for patterns such as double tops and double bottoms for more comfirmation.
Remember to trade responsible. This is not a signal at all, just my thoughts.
EURNZD Idea 12/15/2022
Trading is all about patience. If you’re not patience, the probability of failing is very high. Here is my thoughts of EURNZD
I am waiting for price to get to 1.68500 and once it gets there I will be looking at two options.
1. Price to retest 1.68500 and then drop to 1.66500 and look for buys to 1.70000
2. Price to break above and retest 1.68500 and go long from there to 1.70000
Look at smaller time frames for patterns such as double tops and double bottoms for more comfirmation.
Remember to trade responsible. This is not a signal at all, just my thoughts.
USDCAD Idea 12/15/2022Trading is all about patience. If you’re not patience, the probability of failing is very high. Here is my thoughts of USDCAD.
I am currently waiting for price to either break above 1.36850 and retest and look for buys or it can also fail to break above and retest and drop.
Look at smaller time frames for patterns such as double tops and double bottoms for more comfirmation.
USDCAD looks bullish on the weekly time frame so I can see price go and hit 1.38000
Remember to trade responsible. This is not a signal at all, just my thoughts.
EURUSD short Idea MOOLAH FORMATIONThe market moves up, the market moves down. If you are a naked
trader, you will probably note that the turning points in the market
coincide with the support and resistance zones.
-If the market touches a zone twice in succession, it will often move
away from the zone
-Two touches on a zone from below suggests a market top
-When the market makes lower highs, it will often continue downward
-A bearish candlestick on a resistance zone suggests the market will
trade lower
-A Moolah trade is only valid if there are at least six candlesticks
between the first and second touches.
EUR-CAD Double Top! Sell!
Hello,Traders!
EUR-CAD was trading in a rising channel
But the pair was overbought so
After the establishment of the
Double top pattern a bearish
Breakout happened and now
We are seeing a rebound
To retest the supply are above
From where a local move down
Is quite possible
Sell!
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NVDA: Back to a CRITICAL Support Level!• Since our previous analysis, NVDA did exactly what we expected it would, as it is correcting after touching a strong resistance level (link to my previous analysis is below this post, as usual);
• NVDA did a Double Top chart pattern, which brought some correction;
• Now NVDA is trading just around the dual-support area we mentioned in our last post (21 ema + purple trend line);
• If NVDA reacts and closes above the 21 ema / purple line, then it might resume the bullish sentiment;
• However, if it fails in reacting in this dual-support area, NVDA would reverse the mid-term bull trend, and the $150 would be the first support level on it;
• Therefore, this support area is critical for NVDA;
• It all depends on how it’ll react today. Either way, we’ll have our answer soon. I’ll keep you updated on this, as usual.
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