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Intermediateterm

WHY THIS BITCOIN RETRACE COULD LAST!!!Hello everybody, first of let me just thank you for the massive support I didn't expect from my first post. This community has surely done it again and I already feel so welcomed from all the positivity here. I will continue keeping my ideas simple and charts so clean so that even the novice would easily comprehend. So please keep support my ideas by LIKING as it motivates me to post more setups in the future. Thanks. In everyday charting we use many indicators to equip us with the confidence to jump in and avoid getting rekt. Just the simplest of them can lead us to take the most unreal (great) trades we now wish we did. Today we're going to discuss about Price Action (candle closing), Volume (I mean even grandma uses this!) and the good old 21 MA (Moving Average). As powerful as they are, most times you just don't need Moving Averages crossing each other to determine new trends. Or else we could have all been so successful following the recent multiple golden and death crosses. Many traders believe rather vaguely that when we get the first daily close above the 21 day MA that signals the beginning of an upward movement. Conversely, daily closes below this MA indicate the awakening of the bears. While this concurs to a degree with this analysis, that belief can be squashed by fake outs which are a common occurrence in BTC movements. This is where Price Action comes in. Patience is key here as when the candles start closing on the opposite side of the 21 MA we have to wait for INITIAL TWO consecutive closes to become certain of the trend change. But when to actually enter the trade? We enter at the price of the close of the second candle close or wait for a 2 to 3% retrace if one would want to be more careful. Consequently, when we later get the two consecutive closes on the opposite side of the indicator that's when one would GET OUT! That brings us to the realization that the close of a long is the entry to a short and vice versa. Although this strategy alone should put you in NICE greens but alas! You must be thinking there must be a way to stretch your realized gains. Turns out there is! And that's when Volume comes in. A very high daily volume close has long been considered as a trend reversal indicator. Therefore, once in a trade and we get a daily volume close at 3X or more the previous week's (7 days) average volume, we don't jump to closing the trade yet. Patience is still key, we wait for the NEXT TWO daily candles to close and that's the price we close trade at. Knowledge of this strategy ought to keep you on the right side of the massive and painful swings BTC players (traders and hodlers) have to face. So where does this leave us at now? We already had the two initial candles below the 21 MA close on May the 22nd at $9222. This tells us that it would be very hard to close dailies above the range $9200 - 9450 in the coming days. Ideally (BTC? Ideal??), this range acts as an entry to a short position I would hold on for a while. Intermediate term Bearish. This is NOT financial advice. Please do your own research and understand trading derivatives has high risk.
by triquista
10
SPY Market Bottom? BUYING OPPORTUNITY!Hey there, please support this idea with your likes and follow me here on TV! Just as a quick update on Stocks. We are shortterm quite oversold on many indicators with longer term still more potential for further downside. SPY and many other stocks like TSLA are today on 9 BUY of the TI Indicator sequential! This is double 9 which means we already had a 9 and are now on a second. Strong buy signal for short to intermediate term trades. Cheers, Konrad
AMEX:SPYLong
by EnlightenedTrading
7
ORBEX: AUDJPY - End of Correction Nearing, Then Down! It looks like the corrective intermediate wave is going to end soon. The recent attempt to push prices higher is most likely going to end with a minor C or Minor Y. -Minor C: a) The correction takes an A,B,C formation. That would see wave A undone as minute wave 5 is not yet completed and could take C anywhere between 75 and 78.45 b) The correction takes an A,B,C formation. That would see wave A ended at 71.80 and C at 74.50 high. This would allow the current upside wave to be a corrective one too! -Minor Y: a) The correction takes a W,X,Y formation. That would see wave W ended at 74.50 high and wave Y to complete anywhere between 74.88 and 78.45 b) The correction takes a W,X,Y formation. That would see Wave Wended at 74.50 high and Wave Y to form a more complex pattern (likey a flat) but still trade within the limits of a) The current upside is part of the bearish intermediate wave, which could have prices sliding down to 61 long-term, 70 in the medium-term. This opportunity would be invalidated above 78.50 Stavros Tousios Head of Investment Research Orbex This analysis is provided as general market commentary and does not constitute investment advice
Long
by Orbex