Overbought
SELL TEZOS XTZSell XTZ and buy BTC or USDT, in my opinion bulls for this shitc is over and in the long term we will see ATL 0.000087 levels
USDNOK ReversalThis pair is moving in the direction where we can attempt to capture a Short Trade off of, using a tight stop loss using our historical price range. Some can wait for Candlestick readings but the previous wick in this area of local resistance tells us that there is a possibility that price can reject this zone, if not then no harm done with proper risk management.
ETH/BTC - short term pullbackETH/BTC has broken out of it's long term downtrend and made an impressive move over the last days but now it looks like a great place to take some profit and buy back in lower.
The reason for that is:
1. ETH/BTC shot right through the daily 200 MA and hasn't had a proper correction since. Now it's very close to the daily 314 MA and will likely bounce off it and retest prior levels.
2. It's at the top of the current channel
3. Daily StochRSI is very high and likely to cycle down soon
4. Significant bearish divergence on the hourly timeframe which is also visible on the ETH/USD pair (see comment below for chart)
Long term it looks bullish to me so consider this a short term setup.
CHFJPY is a sell/shortThe bears own the market for the next couple of week look for an entry on EMA 20 on H4 timeframe
CHFJPY SHORTOfficial 5 waves are done now, so we might expect a correction to the downside with a ABC type of pattern from Elliott Wave.
I expect a 50% drop for the whole structure, so my target would be around the 110.266 area and the 0.5 fibonacci retracement region where we see many confluent reasons such as the top of wave 1 and the corrective wave 2.
We also see the RSI IN very overbought region on the 4 hour timeframe at 78.3 at the time of writing this and the MACD Histogram starts to tick to the downside as well.
Always do your own analysis before entering a trade and be carefull in the markets.
AMD at resistanceOverbought and Bearish Engulfing
Most significant support is at former highs at 34.4
XRPUSD 1H BEST %R MOMENTUM STRATEGYStep #1: Define the Trend. An Downtrend is defined by a Series of LH Followed by a Series of LL.
The definition of an downtrend is pretty much standard. In an downtrend, we look for a series of lower highs followed by a series of lower lows. Two LH followed by at least another two LL is enough to define an downtrend.
A lower high is simply a swing low point that is lower than the previous swing high. While a lower low is simply a swing low that is lower than the previous swing low.
All momentum traders know that the trend is our friend. But without momentum behind the trend, we might actually not have any trend.
For active traders, we also look at the actual price action in order to gauge momentum. Besides reading the best momentum indicator.
Step #2: In an Downtrend Look for Bold Candlesticks that Close Near the Lower End of the Candlestick .
A technical analysis concept is that you want to use multiple confirmation signs when buying and selling. This will increase the likelihood that’s a high probability trading setup.
In this regard, the momentum trading strategy besides using the best momentum indicator, also incorporates the price action.
A practical way to read momentum from a price chart is to simply look at the candlestick length. What we want to see in an downtrend is big, bold bearish candlesticks that close near the lower end of the candlestick.
Now, it’s time to focus on the Williams %R. This is the best momentum indicator. Which brings us to the next step of our momentum indicator strategy.
Step #3: Wait for the best Momentum Indicator to get overbought (above -20). Then rallies below the -50 level before Selling .
We’re going to use Williams %R, the best momentum indicator in a smart way. In an downtrend, we sell after the best momentum indicator has reached overbought conditions (above -20). And then rallied back below the -50 level.
Now, we have confirmation from both the price and the best momentum indicator. The real momentum is behind this trend and the probabilities are in favor of more downside prices from here on.
Note* If the best momentum indicator continually stays in oversold territory (below -80 level), it signals a strong momentum and conversely a strong trend. Inversely the same is true in a uptrend.
The next important thing we need to establish is where to place our protective stop loss.
Step #4: Place Your Protective Stop Loss above the Recent Lower Low.
We want to hide our protective stop loss. It is above the most recent lower low level that formed right before the best momentum trading strategy issue the sell signal.
Alternatively, you can also trail your stop loss above each most recent lower low. This strategy will allow you to lock-in the potential profits in case of a sudden market reversal.
Last but not least the momentum indicator strategy also needs a place where we need to take profits, which brings us to the last step of the best momentum trading strategy.
Step #5: You pick your own TP strategy or
Take Profit once we break above the Previous Lower Low
A trend in motion can stay in that state longer than anyone can anticipate. And since we want to maximize our potential profits we let the market tips it hands before liquidating our trades. In this regard, we look for a break in the trend structure. Respectively a break above the most recent lower low.
Alternatively, you can take profit once the best momentum indicator breaks above the -50 level.
Note** The above was an example of a SELL trade using the Best Momentum Trading Strategy. Use the same rules for a BUY trade.
Massive sequence of RSI-Renko DIVINE™ Scalps Following Iran NewsThere were a total of 250-270 points of NQ scalps after the Iran missile strikes going long. If you held the first contract long on the swing trade (1st trade in the direction of the new trend is always the swing trade, marked by a fat arrow) you would have gained another 270 points.
Baker-Hughes - short - resistance hit - daily chartResistance on the Baker-Hughes daily chart is hit.
Both MACD & RSI are both overbought so we go for a definite short as there is a good engulfing bearish red candle on the 4 hour chart for an entry reason.
Success & Good luck. Enjoy your trading day.
Comments always welcome.
Adobe - AB=CD pattern - short - 52 week high - OBAdobe looks in great shape to short on the 4 hour (or daily chart) - just wait for a solid and simple entry reason as all the confirmations (so far) for a good short are apparent.
As always I wish you success, happiness & good luck!
Comments always welcome.
alibaba reaches 52 week high - short now or buy the dipAs Alibaba [BABA}, (currently in an uptrend), enters its 52 week high, and RSI & MACD are overbought, the time could be right to either:
A) buy the dip at support (aggressive trade) or at resistance (a more accommodating trade) at the levels shown.
or
B) for those most adventurous - an aggressive short is likely to 193 (approx) then wait to buy back the dip either from resistance at 191.74 - 193.56 or from the support level at 164.28 - 166.72 (which seems most likely).
Of course you could wait for an entry reason to continue the uptrend. However, always the aggressor, I would choose option (B).
As always enjoy the day, have successs & good luck!
Comments always welcome.
NZDUSDPushing to supply zone.. looking for shorts between 0.6750-0.6800. Watch for bearish price action
NZD/USD Outrageously OverBought NZD's newfound strength is artificial for the most part. Let's analyze: New Zealand's GDP report showed to be better than expected, but let's put that into perspective. In Q2, their GDP was revised down and you want to convince me that this 0.7% quarter growth is significant. The yearly GDP growth is still on a convincing downtrend. Many Banks still have the RBNZ down as giving a rate cut at the start of the year. Inflation is not where they want it to be. Yes, the trade war is making progress which is a natural provider of currency strength to the NZD. However, this is not enough substance to justify the strength of the current bull run. The ridiculousness is showcased in the RSI(14) which is showing 2-year highs. Expecting a sharp decline at the start of the trading week.
Disclaimer: I am not your financial advisor.
USDJPY - Clear Structure - Pullback Trading ChanceHi Traders!
The market is moving in very clear movements.
After it changed the side and 2nd December, it moved until the support at around 108.500.
After that it started consolidating in a descending triangle.
The upper trendline tilts down towards the support.
Today at 3pm GMT it got exploding pressure upwards and then it reaches the resistance area again.
Now it lost its price action and it have to make a pullback.
Furthermore, the stochastic is overbought too.
We recommend to sell the pullback towards the area of breakout.
Thanks and good luck :)!
ETHUSD Re-Entry pointMr. Pips RSI Add-On says ETHUSD is Overbought. Expect a retrace before a re-entry long. Info is on the chart. Drawings are just a general idea of price movement. The important thing to focus on is the Price area to re-enter.
Mr. Pips Quote of the day:
"Man is a Tool-using Animal. Without tools he is nothing, with the right Tools he is all!!!"
Mr. Pips wants you to have a blessed and profitable day!
HAPPY THANKSGIVING!!!
Disclaimer: All information provide by Mr. Pips and IgetPips.com is for educational purposes only and is not intended to be trading advice or trading consultation. You are responsible for your own personal finances and trades!
BTC Re-Entry PointMr. Pips RSI Add-On says BTC is Overbought. Expect a retrace before a re-entry long. Info is on the chart. Drawings are just a general idea of price movement. The important thing to focus on is the Price area to re-enter.
Mr. Pips Quote of the day:
"Man is a Tool-using Animal. Without tools he is nothing, with the right Tools he is all!!!"
Mr. Pips wants you to have a blessed and profitable day!
HAPPY THANKSGIVING!!!
Disclaimer: All information provide by Mr. Pips and IgetPips.com is for educational purposes only and is not intended to be trading advice or trading consultation. You are responsible for your own personal finances and trades!
SPY looking shakyI keep saying it; I think a pull back is needed. The higher this market goes without a pull back, the harder it might fall when it does pull back.
VET/USDT - TURNING BEARISHHi!
Alts been showing a lot of strenght this month, but it's time to take a breath, that's what it should be after 100% legs up.
VET seems strong enough to make new highs, but it face an important resistance as chart tell us... I think it'll accumulate as a triangle or symmetrical triangle and then we'll be ready to face gravity.
I would be long if above 0.006870 and my stop would be 0.006369.
Wait for a move above that green line, use stops.
DexCom Inc - Short OpportunityAs a beginner, I'm trying to learn everything I can about investing for the long term, but also trading in the intermediate and short term. With some successes and failures now under the belt I figure I would share my next opportunity.
DexCom's recent earnings release surprised the hell out of analysts, rocketing up 27% on that day and still rising now. Hence, my next short opportunity.
A stock continually pushing a 52 week high has no reference point for resistance, therefore it's best to rely on indicators and the trusty candlestick patterns.
The volume has been dropping steadily since the earnings, pushing into overbought territory it's never seen before. At the sight of a bearish shooting star, with no increase in volume, go short!
Set yourself some reasonable profit margins and stops. Chances are it will test the $185.20 it opened at after earnings, but if you want to be more cautious utilize Fib Retracements (38.2% to 61.8%) from it's peak.
Remember, don't be greedy and lock in profits when you reach your goals.
SPY - Testing Breakout SupportThe stock price is currently overbought & VIX was around 12 going into today's trading, suggesting increased volatility in the near-term. Bulls want to see this support hold to continue their momentum but we may see another pullback that takes the price back into the ascending triangle pattern.
SPX: Possible Paths to ATH from 2nd of Three DrivesOF course this is pure guesswork and sheer speculation. Maybe the ATH is already in on Friday. Although futurez are up as I write this, their fair values point to nearly the same prices we saw near the close Fri PM.
I marked this chart idea as Neutral, although it's really short-term bearish and longer-term bullish, until it becomes Bearish again in 2020.
A lot of new money will have to flow in to push higher from here, market is already in overbought condition.
It is a 3-Drive pattern, and an EW Ending Diagonal Triangle (see Mark Rivest post on the EDT for detailed insight- very fine analysis, kudos Mark and ty!):
I show two alternate paths in my idea. Many others, of course are possible:
Although overbought atm, but irrational exuberance could simply parabola up to the 1.62 Fibo at 3124, before distribution; or a bull wave pullback could begin this week and carry index down to retest the lower channel TL (in pitchfork).
A last desperate parabolic climb to stratospheric prices is likely to occur in January, two years since the last time we saw that in Jan 2018.
Expect a pullback soon in Nov, a terrific bullup to ultimate ATH, and another big break in Feb/Mar for Fib time and price.
IDEA: Just buy UVXY to play this rotation; accumulate VIX ETF shares when VIX <12. UVXY is the Proshares 1.5x ETF; when Vix gains/loses $2, ETF gains/loses $3.
On the last explosive Third Drive to the Top the VIX could get crushed to sub-10, as it was in Dec 2017 when it touched $9. Do not buy it too soon!
NB: You can also buy call options on VIX itself if you want max leverage and have strong appetite for risk. I suggest getting a LEAP call if you do; on Friday the April 2020 $20 call was $2.30 with Vix at $12.30. It's a pretty fair risk/reward, considering that in Feb 2018 VIX jumped from $9 to $29. High price on VIX was $70 on 10-01-2008.
This is not trading or investment advice, it is rank, sheer speculation on my part. Gamble on the futurez at your own risk! GLTA!
AMD Strength w 200 Day, expect a sell to $30 and bounce!Possibly Overbought at $36, but the 200 day plus positive trade war atmosphere should protect $29-30 levels. After that, we'll see if the uptrend can push through resistance with a bounce from $31 into possible new highs.
