Engulfing Candle
TCEHY - A view of an old school trader.As another request, I’ll do an analysis of TCEHY today. Well, we can say that Tencent is doing what was expected to do, after it hit the “resistance zone” is now dropping and it seems it find a bottom at the light blue line in the chart, which is the previous top zone.
TCEHY is doing some very precise and technical moves here, and now it did a bullish pattern, a downside tasuki gap, maybe? Or bullish engulf? Don’t know, and don’t matter really.
Just be aware, because if it loses this light blue line the stock may face some trouble. Let’s see the hourly chart for some clues:
The price lost an upward trendline (blue line), and it’s in a support zone, as it is in the daily chart. The rule here is the same, if it loses that blue line, expect it will seek for the lowers supports. Look at the daily chart again, these supports may be the thin pink line or even that thick red line.
Personally, I think there’re more interesting stuff to trade right now, but if you want to buy Tencent, you can, but be aware of the low volume today and most important, the “resistance zone”.
Trade well my friends and be safe.
Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
Trade Ideas Educator: AUDCAD S&RThe market has failed many times in breaking and closing above the previous high since 20April20. Granted that there is a break above but there isn't a close above of the candle, and having more and more of such it shows that market do not have the strength to close on the high price.
On market open, I'm waiting for a break and close below the candle with yellow eclipsed for a shorting opportunity.
AUDNZD Long (Continuation Update)Affter got this retest to the support we have more confirmation for strong buy!
Daily Candle very bulishh and one more time the weekly analysis is very bulish and the price must complete the channel that is possible to make at weekly time frame.
Only Canceled if cross the support again
EURUSD Affter Break Any LineWe can see two oposite trend lines that can seems like a triangle. This two lines are being very respected by the price so we can expect the main direction affter break any off them and with the right rejection trigger for the enter.
In my point of view may be a long position because we can see a bulish engulfing candlestick pattern and the price got rejection some times at the support.
But we only now affter some breakout.
Possible Double TopHey Guys just an IDEA. So seeing a bit of a rejection at the resistance zone again, possibility of a double top happening. It broke out of two trend lines and now its retesting a zone. So lets see how the 1 hour and 4 hour candles close. On the 1 hour it kinda closed with a big shadow/bearish engulfing candle stick but went back up. Might be forming a double top on the 1 hour chart as well. If it breaks to the top we could enter a buy trade once it retests or if the price doesn't break we can see a double top on the 1 hour chart and enter possible sell trades. Lets see how it plays out. Happy trading.
USDCHF M SELL NOW!HERE IS A INTRADAY SELL SETUP ON USDCHF. PRICE IS RESPECTING THE RESISTANCE AND HAS FORMED AN M, PRICE INITIALLY DID A FAKE OUT TO CUT THE SELLERS OUT AND HAS NOW FORMED A BEARISH ENGULFING ON THE 1 HOUR CHART. I'D EXPECT TO SEE THIS PAIR TO NOW MOVE TO THE DOWNSIDE. OVER 3.5 TO 1 RR FOR THIS SETUP AND LOOKS GOOD. LETS SEE WHAT HAPPENS.
OFF TO THE RACES - Hope you bought this dipHey there,
support this idea with your likes please and make sure to follow me here on TV!
Classical ascending triangle on Bitcoin as the most trustable reversal pattern in my opinion.
I would now expect a consolidation here between 6k and 7k befor moving higher to 8k+.
If we really manage to get to 8k this week, then this will the an amazing reversal engulfing candle on the weekly.
Until then, while it is still possible to reverse and move lower, especially short term, I think the low is in with 95% certainty.
Accumulating down here is the thing to to people. Even if we move sideways for multiiple weeks and months like we did back in 2014/15,
the time to buy is now, when everyone is panic selling and fear is great.
Take a look at the Bitcoin-fear-and-greed-index. ALL TIME LOWS
Cheers,
Konrad
Water is 2020's winner so farThe 3 leaders YTD have been (in order): Utilities, Healthcare, Staples; which happen to be the 3 most defensive sectors, who tend to outperform during a recession...
Inside the utilities sector, the Water industry is the leader.
CWCO has a beautiful looking chart, setting a strong support after making a double-bottom, which immediately after, made a bullish engulfing candle. It is interesting to note, that the volume on this 2-day event; was almost identical. Meaning the amount of buyers was larger than the seller side.
SPX Final Support: 200 WMAChart says all. Has been support in 2015/16 and 2018. WIll it hold again? I hope so; I'm going long here. 2054 is just 90 pips below now, IMO might see it this week.
We do have a Bearish engulfing candle on 3/11, ominous for lower... but price forms a descending wedge, pop could come anytime now IMO.
The selloff was so rapid and intense, the buyback will be a vertical recovery IMO.
Not advice; trade at your own risk, GLTA!