Psychology
Volatility analyticsThe price has an irregularity to correct.
Do not trade it if this is not part of your daily plan...
Have a nice week you there!! :D
Very nice confluence on GBPUSDHey guys,
this morning during my analysis i've spotted this nice opportunity to sell the pound against the dollar. Not often it occurs to see such a good confluence. So i thought i could share with you this outlook. As you can see above on the pound price is testing a daily structure level (blue rectangle ) that happens to be also a psychological number and the termination point of two different AB=CD patterns, along with some fibonacci confluence .
Furthermore, you can see RSI went OVERBOUGHT and also that there's a Cypher that's been completed and it's still valid.
For all those reasons together i think it could be a nice spot in order to find shorting opportunities in form of candlestick formations like engulfings or double tops.
I'll let you know how it develops.
Feel free to comment below if you want to ask questions or share your standpoint.
See you in the next chart!
Change of contracts by pro guysAfter see that play with patters and whatever is just that... play... I take a look at the chart a saw areas of high volume. Also a change in the momentum in 5 minutes timeframe.
The target is the next high probability area in which can appear new players as buyers.
Do not be the player :D
Bullish A Butterfly Now we have a possible support turn into a resistance. That means sellers... That means stops... Money!
Long if and only if the market starts the bullish path :D
Bitcoin Preparing for Deep Retracement to Sub-600 (Elliott Wave)
The smallest degree shown here appears to be finishing a fairly clear double zigzag. On the 60m chart you can see a confirmed terminal wave 5 of c which likely puts us at the end of the larger pattern as well, though, the small possibility of this forming into a triple zigzag can't be fully ruled out, it is also very unlikely. With that in mind this double zigzag is very likely completed and will be confirmed shortly at which point it may be a good idea to get very aggressive with this trade until it reaches about a 70-80% retracement of wave (b), which is the common retracement for a double zigzag. Wave (c) will also likely relate to wave (a) by 1.0 in time so this could potentially end right after quarterly settlement at the end of the year, which would mean this is potentially the top for the next couple of months, until we get a new bull run which should be much stronger than wave (b) and retrace wave (c) faster than it was formed to be fully confirmed.
There are also really big daily bearish divergences that look ready to pop and a perfect double top on BTCUSD. This leaves us with a very good r/r trade that is fairly likely to be confirmed and will be confirmed if it breaks the b-b trendline and retraces all of wave c faster than it was formed. As customary with unconfirmed counts it is better to wait for more confirmations on this larger count before getting too aggressive, but on the shorter 60m count there is definitely a confirmed terminal impulse wave 5 that you could certainly get pretty aggressive on if this initial down move isn't retraced too deeply, and from there it may continue on to confirm the larger count as well, which is very likely to happen because usually the whole impulse will be retraced when there is a terminal wave 5.
This sets us up with a really good risk/reward trade on the 60m chart which is confirmed and if this does end up violating the top and trigger the stops it will likely be profitable to stop and reverse so you can make back all your losses because it will likely continue on to form into a triple zigzag which could take us significantly higher.
Always remember to want what the market wants. Inner peace is the most valuable commodity you can attain. Be fearful and logical in your management, greedy in your analysis, and confident in your trading. Having fun is the key to successful trading and being able to reverse a bad trade. Fear will only cripple you during trading hours, fear can find risk/reward and manage but it is a terrible trader because it makes you do the wrong things at the wrong times, you can't be fearful and confident at the same time. Confidence knows what to do and when to do it, and its a great trader, but it's a reckless manager and analyst. Greed puts you in the best mindset for finding the underlying structure of the market as long as you are following your management strategy and don't get suckered into get rich quick schemes. A fully integrated approach of managerial fear, greedy analysis, and then confident trading is the ideal integration of all parts of the human psyche into your trading, and if you can work from a mindset of creativity instead of problem solving, and you can have fun while you trade, then you will be able to use the power of human intuition, inspiration and insight to improve your trading even further.
Top 10 Trading Psychology RulesTop 10 Trading Psychology Rules:
1. Plan the Trade & Trade the Plan
-Plan all the potential trades beforehand, and trade accordingly with your plans
2. Always be Disciplined
-Do not create excuses to break your own trading rules
3. Expect Losses
-Do not take a trade unless you are willing to accept the risk
4. Emotion Management
-Always analyze your trade objectively and with a neutral of mindset
5. Focus on Trading Well
-As a trader, your focus is on making the good trades, not focus on making the money
6. Patient, Patient and Patient!!!
-Patient to wait for the Best Setups to trade, do not trade when there are no good setups
7. Trade What You See, Not What You Think
-Concern with the effects, not concern about the reasons behind of what are happening. Everything is on your charts!
8. The Trend is Always Your Good Friend
-The easiest money is made trading with the trend
9. Trading Evaluation
-Record down your trades, why are you entry and why are you exit, continuously improve yourself
10. Trading is a Marathon, not a Sprint!
-Be realistic, trading takes time to build experience
Weekly Wave 5 I reckon the price is likely going to complete the full pack of Elliott' waves :D
Wait for a little retreacement to the 4 hour resistance and then if you want and by your own risk trade it till the target area.
Silver shortsAs Trumps victory is now being digested, markets appear to be warming to him , however still early days and Obama is still president. My projection is very bearish on silver as we see investors rushing towards stocks and bonds in the next few weeks , believing the Economy will be ok. Or is it?? Shorts in play for time being.
GoldWith yesterdays huge spike to the upside , price still did not close above the previous 4 months highs , as a matter of fact it even failed to close the previous days high. Projection im very bearish on Gold , im expecting in the next week or so to touch the 1240.00 zone.
Good trade there!The price is looking for that area in order to accomplish the need of the buyers :D
A beautiful idea based on psychology Hey you guys I'm bringing you a new idea based on the ones that have already lost their money.
The first target for this monday is just the 0.88496 but if the market come in the same sequence the price is going to plummet till the 0.85456
I hope you have a nice trade there :D
------ You can easily take a look at it thanks to my new book " The value of your stops" www.amazon.com
USDJPY: Bearish Psychological Patterns Still In PlayTwo bearish setups are still in play from last week analysis. A bearish Bat completing just below the 101 psychological level; and a Butterfly pattern just below the 102 psychological level.
Few reasons why BTC must go down some moreTA is actually pretty simple here:
1) Bollinger Bands analysis - notice how the price was three times outside my BBs (21), marking a special condition of the market. That condition is called mass hysteria and it always calls for some kind of correction, which must lead us down enough to compensate previous strong bullish euphoria or speaking more technically - volatility means not only up, but also down.
2) June's rally was on lighter volume than October's one, meaning that the supply of losers for bulls to prey on is drying up. There is just no fuel for a new rally and we need to give it some more time.
3) The Directional system confirms that the uptrend is currently chilling down.
4) And the most conservative signal here, when confirmed - nearing bearish MACD cross.
Moving averages are still showing up and that's not going to change at least until 2017, I bet - but the rocket is not ready for launch yet. Minimal target for downmove - 560, then 510-470 area.
