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Ethereum - let’s reassess the situation: new scenarioOur previous scenario on ethereum is linked below (and on the chart above on those cool yellow triangles!). Since then price has not exactly did as we expected, so we haven’t entered any position yet. We’re currently hanging on to our previous invalidation zone, and we got there in a manner that reeks of exhaustion. Let’s have a closer look at the situation and see what new information the market has given us. Daily Let’s first just look at the price action and ichimoku. Price has been rejected from the bottom of the thick kumo. but is at the moment being held by the previous low, indicated by yesterdays long wick.We will need to wait for this to be confirmed by another candle. At the moment we’re still inside yesterdays candle, as long as that remains that way, we’re relatively safe… Kijun and tenkan are flat, so we expect price to bounce back up to them eventually. Chikou span is in open space, indicating there is still bearish potential. All this being said, we’re still looking for a bullish entry. Ichimoko doesn’t give us any clues to that yet, except perhaps the flattening of all lines and the thinning of the kumo. We expect sideways action, and then eventually a kumo break. Possibly through the flatter part of the kumo. One of the reasons we’ve been anticipating a move up by ETH is because Bitcoin did. The correlation between these pairs suggests that ETH should make up for the move it didn't have. We’ll get into this more deeply another time. Now let’s look at the setup on a daily timeframe We’re looking for a retracement of the last move up, towards around 620. We expect some resistance on the way, but before get into projecting more exact targets, we need to see the move start. We holding onto some previous support levels, as well as the 1:1 extension of the previous swing down. Price has maybe some more momentum for a push down to the 1.272 level, so again, we have to wait for confirmation signals to enter. We can enter long in this zone between the 1 and 1.272 extensions, or wait for a breakout of the breakout level. This will give a higher probability that of reaching our target. In either case we’ll have to wait for some kind of signal for this scenario to turn into a trade 2HR The 2 HR timeframe shows the breakout level around the top of the kumo, and a thick kumo beneath. This tells us that we’re probably going to have a range-behaviour behaviour, waiting for the kumo to flatten out or perhaps reach into the kumo and range there for a while. Either way, I know it sounds boring, but we have to wait for our signals before we can enter. If price chooses to move beyond the 1.272 extension level we’ll invalidate the scenario and see how we can reposition ourselves.
BITSTAMP:ETHUSD
by DariusZen
4
Chaikin Volume Indicator Strategy EURUSD 1HThe reason why Chaikin Money Flow is the best volume indicator and it’s better than the classical volume indicator is because it measures institutional accumulation-distribution. Typically on a rally the Chaikin volume indicator should be above the zero line. Conversely, on sell-offs the Chaikin volume indicator should be below the zero line. Step #1: Chaikin Volume Indicator must shoot up in a straight line from above zero (minimum +0.15) to below the zero line (minimum -0.15) When the Volume goes from positive to negative in a strong fashion way it has the potential to signal strong institutional selling power. That’s our base heavy lifting signal! Basically, we let the market to reveal its intentions. When the big money steps into the market, they leave a mark as their orders are so big that it’s impossible to hide. When the volume indicator forex goes straight from above zero to below the zero line and beyond it shows accumulation by smart money. We’re firm believer that you get your maximum bang for the buck when you trade side by side with the smart money. The institutions have more money than you have, more resources than you have and probably they are smarter than you. It’s pretty obvious that the odds are stacked against you, so if you want to change that just follow the smart money. Step #2: Wait for the Volume Indicator Forex to slowly pullback above the zero line. The price needs to remain below the previous swing high. Once we spotted the big elephant in the room aka the institutional players we start to look for the first sign of market weakness. Here is how to identify the right swing to boost your profit. We’re going to let the Chaikin Money Flow indicator slowly move above the zero line. The key word here is “slowly”. We don’t want to see the volume dropping fast because this will invalidate the accumulation noted previously. Secondly, as the volume decreases and moves above the zero line, we want to make sure the price remains below the previous swing high. This will confirm the smart money accumulation. Step #3: Sell once the Chaikin Forex indicator breaks back below the zero line. Wait for the candle close before pulling the trigger. Now that we have observed real institutional money coming into the market, we wait for them to step back in and drive the market back down. When the Chaikin indicator breaks back below the zero line, it signals an imminent rally as the smart money are trying to selloff the price again. Obviously that we would need to wait for the candle close to confirm the Chaikin break below the zero line. Once everything aligns together we’re free to open our short position. Note* The trigger candle needs to have the closing price in the upper 25%. Step #4: Hide your protective Stop Loss above the previous pullback’s high. Using a stop loss is crucial if you want to have an idea of how much you’re about to lose on your trade. Never underestimate the power of placing a stop loss as it can be lifesaving. Simply hide your protective stop loss above the previous pullback’s high. Never use a mental stop loss and always commit a SL right at the moment you open your trades. Trading with a tight stop loss can give you the opportunity to not just have a better risk to reward ratio but also to trade bigger lot size. Step #5: You choose your Take profit or Take profit when the Chaikin Volume moves above +0.15 Once the Chaikin volume moves back above +0.15 it indicates that the buyers are stepping in and we want to take profits. We don’t want to risk giving back some of the profits gained so we liquidate our position at the first sign of the smart money stepping in on the other side of the market. We always can get back into the market later if the smart money show up again. Note** the above was an example of a SELL trade using the best volume indicator. Use the same rules for a BUY trade – but in reverse.
Short
by Tradingstrategyguides
5
Storj Coin Action TimeStrorj has been steadily declining since 3rd of may, and already lost 70% to the USD. Price has moved down from $1.33 to the $0.4 low. STORJ/USD almost reached the 127.2% Fibonacci support level at $0.38, but failed to couch it. In any case trend remains bearish as price still moves within the descending channel, and recently rejected the upper trendline, suggesting the continuation of the downtrend. At the same time it seems that currently price started to consolidate, between $0.4 support and $0.55 resistance. The range trading could continue, but the interesting timing is the 4th of September, which is 8th period of the Fibonacci Time Zone indicator. Around that day, price might start showing some signs of a trend which could help to reveal further direction. There are multiple scenarios that should be expected, but only break above the resistance or below the support could be the trigger for the next STORJ move. If $0.38 support is broken, price is likely to go down further, to test 161.8% Fibs at $0.12. But if the resistance is broken, this might be the first sign of a potential trend reversal.
S
by CryptoPAMM
USD/EUR Possible Inverse Head and Shoulders?Hey everyone, in this chart we can see a possible inverse Head and Shoulders forming. There are two entry points: 1) Aggressive entry: Enter after it bounces off the possible right shoulder 2) Normal entry: Enter after it breaks the neckline at 0.8644 Take profits: 1) For the Aggressive entry, we have two take profits: 0.8732 and 0.9103 2) Normal Entry: 0.9103 because the inverse H&S is confirmed. Hope it helps! Any doubt comment down below
Long
by Vasques
Long setup - short term ETHUSD Long setup - Short term Welcome everyone, we have trade setup developing for ETHUSD, following pretty much the same path as Bitcoin (which we looked at yesterday, and our trade got activated ), only looking a bit weaker. DAILY We’re still working well within our downward channel. kind of bouncing around the median line. And perhaps this is is a tradable bounce to the upside, we’ll see in a moment on the 2HR timeframe. We have to recognize, similar to bitcoin, that we are still in a downward trend, and in a bear market. So any bounce to the upside must be treated with caution, as we believe we still have some downwards action to come before the market reaches a bottom. We can see ichimoku showing us a weak bullish tk cross beneath the kumo. and the kijun is pointing downwards. We will need this to point up to have signs of bullish momentum, and to do that the price needs to make a higher high, which we are waiting patiently for it to do.. Let’s have a look at the 2HR chart now 2HR The correction from yesterdays up move is a bit more violent than bitcoins, but that is to be expected. For now no panic yet, we need to close convincingly above the breakout level (and break the upwards channel) before we can enter the breakout trade. breakout level: 495 Invalidation: 400 First target: 564 Second target: 615 Maximum target: 666 Another option is to see where this retracement takes us, we\re seeing no strong reaction yet at the kijun, so perhaps it will find support somewhere between the .5 and .618 fib level. Where the price bounces depends on the strength of the last upmove, if it is strong the .382 level could very well hold. This is much seen in crypto, so let's see if price holds that level, or breaks through. For now, again, we wait until price tells us where it wants to go, then we will join it.
BITSTAMP:ETHUSDLong
by DariusZen
BTC BAT Harmonics - Daily ChartMy outlook on BTC. I'm not 100% convinced on this recent bounce, waiting for confirmation for a new uptrend, or another sell off. - Major resistance around $11,800 - Major support around $6,000 - Expect to find resistance around Fibonacci levels. A break above the pennant (Blue Line) will likely see a rise to the major resistance line. A break below the pennant (Blue Line) *may* see a sell off to point C in purple, or a double bottom at $6,000 with major support. Long term target of $18,000
BITFINEX:BTCUSD
by LiamHillier
Gartley pattern failed with PIVX, but butterfly keeps me hopefulAs with PINK, the Gartley pattern we found with PIVX hit the stop-loss levels for those trades, but I was able to find near-perfect butterfly patterns in both cases after adjusting primarly just the X and D points of the Gartley patterns. Bitcoin -3.42% has hit a somewhat signficant 1.27 extension level, and I'm still hopeful of a triple bottom playing out based on a number of factors. Unless it breaks below $5900 I'll stay as optimistic as possible.
Long
by tomtourettes
1