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Long VVX Short PlayAll I care about here is that green dotted resistance line. Once we can get a 30 mn candlestick to close above that line then we can setup a long trade. If the candle never closes above I don't to trade it. Heres why I think this has a chance at rallying. 1) Closed red on the year just a few days ago, first time in a long time. 2) Sentiment in market is fearful, thats why you see the VXX reatracing not selling off . 3) Continuation Flag pattern here 4) Fading Volume in the downtrend (weakness + trend reversal clue) 5) A lot of support at 20.50 Keep a tight stop below whatever market structure is created tommorow. But once again, we don't want to go long unless we close above/ violate that green dotted resistance line.
CBOE:VXXLong
by YusufS
SPY speculationAs we know, today the market dropped incredibly in according to the Asian markets. We have been playing off the same trendline support for the past month and a half. Every time we come down into the region we form either an inverse head and shoulders or cup and handle as our reversal pattern. This time we formed a cup and handle pattern. Usually during reversals, we will see the market make a structure low that will trigger oversold and then another one that will actually register as neutral strength. This time we saw the market make a structure low (highlighted in blue circle) and then it registered oversold (yellow circle highlighted). However, we didn't see a retest of new lows to produce a neutral RSI. Instead we saw price just advance higher which makes me speculate if this channel that we have been playing in for over a month will finally be done. We might see it spill over, we did close red on the year just a few days ago. Sentiment isn't too great, be careful, I can see this coming back down after a minimal rally.
AMEX:SPY
by YusufS
AUDUSD Trading plan for today. SWA approach.Swing Wave Approach Developed by author, This approach can be used by professionals and due to it’s simplicity it can be taught in a much shorter period than other Wave analysis offered on the market. The main idea behind it is catching a one swing. And the main use of the current approach is to trade, rather then analysing the long term price movement. The purpose of the approach is to make money out of the next swing of a tradable period. Impulse move, or the move towards the presumed main trend direction, is indicated with “i” followed by the wave number Each higher step/grade is marked with Capital “i” which stands for Impulse + apostrophe after the impulse wave number e.g.: I1’ - 1st impulse wave 2 steps higher, I1’' - 3 steps, I1’’’ - 4 steps I1’ I2’ I3’ 2 steps higher I1 I2 I3 1 step higher i1 i2 i3 trading period ‘i1 ‘i2 ‘i3 1 step lower ‘’i1 ‘’i2 ‘’i3 2 steps lower Corrective move is marked with letters, where a - 1st corrective wave, b - 2nd, etc… Each higher step/grade is marked with Capital letter + apostrophe after the ; e.g.: ‘ - 2 steps higher, ‘’-3 steps, ‘’’ - 4 steps A’ B’ C’ 2 steps higher A B C 1 step higher a b c trading period ‘a ‘b ’c 1 step lower ‘’a ‘’b ‘’c 2 steps lower Each lower step/grade marked with apostrophe before the lowercase letter; e.g.: ‘a - 1 step lower, ‘’a - 2 steps lower, ‘’’a - 3 steps lower
Short
by Marenno
EURJPY Week review, Trading plan for a begining of the weekIndeterminate direction of price as no clear signs has been given by the last quarter's closure. Last Quarter's close is below 5MA what gives a bit more power to bearish signals We have a bearish chart pattern (Quarter) Price is currently at 50% Fibonacci retracement area in a relation to previous swing Down Will look for a bearish long-term entry setup (based on Quarter chart, using lower leverage and wider stops, this type of trade will be left open for up to a quarter) at around 133.75 Currently none of the major chart patterns appears on weekly chart Price is currently at 61.8% Fibonacci retracement area (Filtered to weeklyy timeframe) in a relation to Previous swing UP Will look for a bearish short term entry setup (based on weekly chart, this type of trade will be left open for a few days) at around 133.75 On a 1D chart we have a bearish chart pattern Price is currently at 61.8% Fibonacci retracement area (Filtered to 1D timeframe) in a relation to Previous swing UP Will look for a bearish short term entry setup (based on 1D chart, trade will be left for Hours, but position will be closed in parts and using a trailing technique, will try leave it open for a maximum period possible) at around 133.75 In conclusion, all the levels I mentioned are based on a current market activity, but everything can be changed within seconds, however based on a review that is done, I will be looking for a selling opportunities coming week.
Short
by Marenno
Trading Plan Oct-NovBUY: new high, break of 248 TP: along the targets up to 281 SELL: break of black trend line & failure to break 248 TP: around 232.5 - 235 / Build a new long position from there. HOLD: if you are long, the break of the C&H neckline indicated that price will try to reach the C&H target 256-258 A break of 248 would indicate that price will be trying to reach the double bottom target 268 - 273 OTE SELL ZONE: Look for reversal signals there and establish a short position The white & red forecast drawings are just for the purpose of orientation.
BITFINEX:BTCUSD
by MagnusTradingGroup
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