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Gapfill

BTCUSD 4H chart (CME 4H chart also) 4/29/2019Good morning, traders. We have had a rather uneventful weekend which has been upsetting to many as the market has not provided direction. Tether Bitcoin pairs continue to print a premium over USD Bitcoin pairs. CME futures printed a gap at $5500 which will need to be filled, however this could come after price moves down first. Bitstamp has a 1H gap around $5400 as well. Price is not looking particularly strong at this time, however as price drops to $5100 the order books flash strong bids so we may be seeing retail selling into professional hands at that level. Currently, the daily candle has gapped down at $5161 so I expect that if we do drop it won't be long-lived. The recent weekly close printed a candle spread almost identical to the previous week's, just ending where that previous week began, and the weekly remains bullish at 55.5 at this time, though Stoch RSI is still overbought but finally falling. We can see price has crossed above the EQ of the descending channel which is usually considered bullish. If price pushes through the channel's resistance then we should be expecting a target of $5800-$5900, depending on when it happens, based on the height of the channel. Price has remained on the topside of the TR as it continues to print higher lows overall. So the move up mentioned ultimately would result in a target between $5900 and $6000, based on the height of the TR. Of course this is all in addition to the older targets from larger patterns that we have previously discussed. In the near term, a close above $5206 should get the ball rolling on greater appreciation and would have price targeting the top of the ascending channel that it may current be printing, as well as have price exiting the descending channel and TR. Everything else aside, the blue TR is the dominant pattern that traders should be watching. Secondary is the descending channel that price has been printing since the recent high. And third is the ascending channel within that descending channel. We have the monthly close tomorrow, so price may continue more sideways than anything else through that time. I have continued to mention that we are either at, or near, the top of this third wave and trying to trade this is often futile for most traders because they tend to hold for a big move and then get liquidated or scared off due to the noise before it happens. For most traders, this is not the time to be in a trade. It's best to wait for confirmation of this upward movement to be completed and then go long at the completion of the corrective wave 4. My final thought is in regard to a short squeeze. There's a lot of talk about it due to the significant increase in shorts, their overbought level, and the strong shorts-to-long ratio, as well as the longs oversold level. Since short squeezes most often happen at support, we would need to consider the blue TR's EQ as support. But what else should have us considering that this may occur? We have printed three daily dojis after that strong drop. As a matter of fact, the daily chart, starting from the recent high, looks a lot like a checkmate pattern (can also see this on the 4H chart). The large candle's low at $4991.42 has not been reached since the initial drop last Thursday. Instead, price has been trapped in a narrow trading range of about $150 on top of the TR's EQ (i.e. support level). Confirmation of this pattern would be 1-2 strong bullish candles. The short squeeze wouldn't fully commence until around $5700, but the shorts that piled up just a few hundred dollars above the current price could be the fuel to get price to that level. Every day, we have a choice to act positively or negatively, so if you get a chance, do something decent for someone today which could be as simple as sharing a nice word with them. You just might change their day, or even their life. Remember, you can always click on the "share" button in the lower right hand of the screen, under the chart, and then click on "Make it mine" from the popup menu in order to get a live version of the chart that you can explore on your own.
BITSTAMP:BTCUSDLong
by Chris_Inks
LYFT - $65 and the GAP Continuing with the IPO week for LYFT, here are a couple of new scenarios that may play out ... Its my belief based on the chart / price action, that this recent LO will determine what happens at the GAP, should price reach it: Either: A. The current LO is in place, then a revisit to the GAP (and fill) may show as a pivotal resistance point, temporarily. And then make a valid attempt at the IPO day HI. Or B. A new LO ($65 or less) would have the GAP play out (if it tests it) as resistance, before seeing declines to prices of $60 and $50.
NASDAQ:LYFT
by ProSTrades
NVDA: Filled gap down, watch for pro trader pre-earnings runNVDA has filled the gap down from the negative earnings reaction in November 2018. The stock is likely to consolidate or shift sideways at this resistance level if it is to build energy to move higher. There is some Dark Pool accumulation in the bottoming pattern. HFTs have gapped this stock on earnings news in the past. Earnings will be reported May 9th. A month out is a good time to start watching for the pro trader patterns that lead to momentum in a pre-earnings run.
NASDAQ:NVDA
by MarthaStokesCMT-TechniTrader
BTC Overview April 2019Looking at heavy resistance at the $6,000-$6500 range after the most recent run. Expecting a pull back to reset RSI levels before a continued rise. Not much resistance until around $6,000-$6,500 as BTC looks to gap fill the area marked. Gaps will always fill at some point in a healthy market, whether up or down. In this case BTC is Bullish and trying to fill a large gap back up to the 6k+ range. Playing this gap fill for the short term would be considered a lower risk trade. However, a full bull market could be a ways away and this move could be the formation of another equilibrium pattern (a lower high forms at or around 6k) that could send us sideways for a few months. Major resistance at the $4,200 level (before recent breakout) was broken and now has turned into a nice support level, making $4,200 a good place to accumulate around. Took around 6 tries to break $4,200, making it very strong Support now. Playing for short term gains here is the best option until we get to a full bull run. The potential to drop is always lurking, although I do not see us breaking down below $4,200 support again. If it does then look for the mother of all double bottoms at the $3,200 level and major reversal. Being patient and accumulating are the name of the game.
by StatFall
1
EURUSD Quick Short Trade *LEARN TO TRADE MARKET GAPS*I have recently had a lot of success trading the weekend market gaps forming on a few major FX currency pairs so I thought I would show you another example and explain it in more detail. Market gaps most commonly occur when price moves quicker than the market or, in the case of weekends, when the market is closed. Things happen in the market over the weekend so when Sunday evening trading opens, price has normally moved or "gapped" away from the close price on Friday. I don't trade every gap I see in the market and that is because of how the gap forms as part of the prevailing trend that is showing. I always try to trade with the trend and use market gaps as a discounted way of entering into a normal trend following trade. This example is on EURUSD. The market gaps upon opening and is now around 20 pips higher than the close price on Friday. This is good because the price has gapped up when I have the bearish trend marked on the chart with the lower highs and bearish TL. A gap up means I can enter short and be onside with the current bearish trend. This seriously helps with profitability and success in the long term. My confluences for taking this trade are: - RSI showing over bought. - Price is around daily pivot level. - Bearish trendline - Lower highs and lows. I always place my Stoploss 10 pips above the current high when taking my pivot trades and I have used this same method for these quick gap trades. Profit Targets: My TP1 is always set to the Friday close price. This means the gap has been fulfilled. TP2 is set at the daily S1 level. This is taken from my day trading strategy because if there is a lot of momentum then it makes sense to ride it out for more profit. TP3 is set at the daily S2 level if there is still enough bearish momentum to make it there. R:R Ratios: - If price makes it to TP1 then that is a very simple 2:1 trade. - TP2 would make the trade a 4:1 trade. - TP3 would make this trade over 6:1 R:R which is crazy but sometimes possible if there enough momentum in the markets. Thanks for reading and I hope this helps at least a few of you to start spotting and trading market gaps. They really are very good to help you get a head start on the week ahead and lock in a few % profit before Monday has even began!
Education
by UnknownUnicorn772665
1