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Bitcoin Daily Chart AnalysisBull breakout this week, second leg up; risky place to initiate longs (high risk, low probability). Bears trying for micro double top and double top bear flag with July 25 swing high, and parabolic wedge. If bears get strong close on low today, prices will likely test the bull gap from May 10th. The bulls need to generate strong follow through above 8500. Upside currently limited by resistance. If bulls get above 8500, the next target is the 11670 start of the bear channel where a large trading range is likely to form. However there has been strong buying pressure since the parabolic wedge reversal. The bulls will likely get a larger second leg up but pullback likely first. They will try to form a double bottom or higher low around 5000.
CME:BTC1!
by tradersmentality
Lessons From an Experienced Trader #2Lesson 4     Know what you want in the market  Contrary to what most believe, successful traders do not actually trade constantly.  Attempting to trade constantly leads to increased commission costs, random trading, and compound mistakes.  In fact, successful traders spend most of their time doing absolutely nothing!  How long does it take to enter an order?  A click of the button.  A few seconds.  Maybe a few minutes at most to create bracket orders.  So what do Professional Traders do the rest of the time?  They wait.  They wait until the market offers what they want or are looking for. Then after entering they wait some more to see if they are right.  They wait for the market to provide them with the information to either hold, or exit. They allow themselves to Be, the trade to Be, the market to Be and do what it is going to do.  They do not force actions or attempt to make the market do what they want.  They wait until the action comes about on its own, until it is natural, a reflex.   If you do not know what it is in the market that you are looking for, you will fold under pressure and confusion.  A Professional Trader knows exactly what he wants (not just to make money), he knows what he is looking for in the market, and is willingness to wait for it to arrive.  By doing so, he is rewarded and paid by the market for his patience and willing to do nothing.  Even if this means not trading for hours, days, or even weeks depending on the time frame.   It is far better to do nothing and avoid unnecessary losses, than to try and create tensions, forced actions, and lose money.  You have to ask yourself "What is more important?  The actual act of trading, or making money?" Lesson 5    Define your edge An edge is what you have defined as being what you want from the market in the previous lesson.  This can be anything from a specific setup, to just plain context like a strong market.  If you do not know what your edge is, you will struggle to perform consistently due to randomness. Many new traders, especially those who follow price action, believe they should be able to trade the market no matter what the context is.  If you think you are just going to walk in to the market, trade based on whatever the market is doing and make money; you are fooling yourself.  Doing so will lead you to trade randomly, entering willy nilly at the market, and make many mistakes which will cost you your profitability.   Do you walk into Walmart or Aldi's without knowing what you want to buy until you get there?  No, you have a list of items, or at least an idea of what you need before you go.  Do you start a business because you woke up this morning and thought it would be nice to own a car wash?  Hopefully not.  You first identify an opportunity, and then create a business model after a lot of research.  Then finally you open the business. Of course everyone thinks or says  "well so and so does this and that, and he seems to be making money."  Sure, maybe he is, maybe not.  If he is, he has defined his edge and is simply employing it.  What someone else does has absolutely nothing to do with what you should be doing.   Once you have defined your edge, you must wait for it to arrive.  If the market is not offering what you want or what your edge calls for, you do nothing until it is.  If your edge is a trend trading method and the market is in a trading range, you do not trade until the market is trending.   If you have not clearly defined your edge, you should not trade.  If you do not know what it is in the market you want and are looking for, you have no business in the market.  Simple as that.  If you chose to do so, you are putting yourself at unnecessary risk and trading randomly. Yes this sounds harsh, but it is the reality of the market.  The market will not give you anything, especially if you don't even know what it is that you want!
CME_MINI:MES1!
by tradersmentality
ACB - ShortACB closed below the green trend line on the daily. Target 1 $7.68 Target 2 $7.31 Target 2 $7.20 Target 4 $6.32 Cannabis is an emerging market and while it will be quite big in the future, I wouldn't expect cannabis stocks to necessarily reflect that growth. Case in point. I live in Colorado, which is arguably the Amsterdam of the US, when it comes to weed. Seriously. Weed dispensaries outnumber liquor stores. Probably a good thing but check this out: Many of those dispensaries are just one or two bad months away from bankruptcy and many are attempting to sell their business/licenses. Much like commercial real estate in Denver, after spiking supply to meet demand, an equilibrium has found its place and the value of said real estate is falling. I think Cannabis stocks are over hyped and they are not yet a value buy.
AShort
by jdharward
1
CGC Weekly AnalysisCGC has formed a failed bull breakout and small final flag reversal (failed breakout of tight trading range). It also tested the middle of the tight trading range from the previous all time high which was a target. However this is the first reversal attempt since the January rally and the selling pressure wasnt that strong. The bears need strong follow through in order to convince the market the reversal is in. If the market ignores the sell setup and instead prices continue to rally, the bulls will likely get a new all time high, or a test of the previous high.
C
by tradersmentality
EURUSD weekly analysisThe EURUSD (weekly) reversed down from a failed bull reversal this week. There are bull gaps below which are being tested. The bulls will try to form a nested wedge bull flag reversal for a large second leg up soon. If it fails, prices will likely test the low of the previous range around 1.044. The bulls need to keep atleast the breakout gap around 1.080 open. If it is filled, the bears will have an increased chance of a bear breakout below the range and larger second leg down from the May 2014 selloff. For now prices will likely remain range bound as both sides fight for follow through.
by tradersmentality
TSLA weekly analysis Bear breakout in TSLA from failed double bottom pullback. Bulls could not even trigger the setup (last week). Bull gaps below likely to be tested around $225 and $200. TSLA was in a trending trading range bull trend, which is now evoloving into a large trading range. Until one side gets a strong breakout, prices will likely remain range bound within a larger range made up of both trading ranges. If bears get strong follow through next week, prices will likely test the most recent higher low around $200, and possibly all the way down to the $125 start of the bull trend.
NASDAQ:TSLA
by tradersmentality
WEED weekly analysisWEED WEED is in a broad bull channel with good buying pressure and no strong reversal yet. The bears recently attempted to form a lower high, but prices are stalled at the EMA and set up a nested high 2 /wedge bull flag. The bulls have a breakout gap below around $47.50. If it remains open, prices will likely test the all time high. A new all time high could form a wedge reversal down, at which point bulls will likely take profits and wait for two legs sideways to down before buying again, unless the reversal is strong.
TSX:WEED
by tradersmentality
Resistance & Support. Ascending Triangle Breakout?The news release from Tinley today was enough to test the resistance level at roughly 85c to 86c, which is the top of an Ascending Triangle! It would be nice to see Tinley break through this resistance flush tmrw, Friday, or possibly next week & consolidate above the Ascending Triangle. There's not much resistance until 1.13$ CAD if Tinley can breakout of this Ascending Triangle with volume. We could be in for a Moon Shot everyone. Tinley appears ready to knock some public MJ Companies looking to enter the "infused beverage space" off of their High Horse!
TLong
by ScotianBot
2