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Retracementlevels

WTI swing longs might profit bide retracement for long re-entryAnalysis for swing traders WTI continues to power high. Both daily and weekly time frame are in agreement for long continuation. Current price being close to previous top at 72.88 this may be area for profit taking so any weakness could lead to sell off as bulls take profit and bears step in. Those who want to add position or who missed the boat should wait for retracement. Nearest shadow is between 71.38 - 69.74 which is formed by last 3 weeks' closing price. It is convenient that a Fib-R drawn on the latest wave shows Fib-R 23.6 (71.55) and Fib-R 38.2 (70.30) right in the shadow. If this is truly now a very strong uptrend expect a flag or cup and handle to go long right in the shadow. Analysis for day traders Continue long with current white week candle but be careful. Since price is now at or slightly above previous top the worst that could happen is to step right in long just before a blow-off top appears. Newsflow News changes from minute to minute. If Colonel Kink followed news the good Colonel would be bipolar. Follow the chart. If the chart says charge the Colonel asks "how fast?" If the chart says reverse you cannot no longer see the good Colonel's back. ColonelKinkSAR™ Method explained Notes: Technical Analysis states that previous turning points offer future potential support resistance zones. 1. Attach a horizontal line at each turning point in the past 12 months on weekly chart. 2. These lines leave a shadow. 3. Shadows are not evenly dispersed but tend to be clustered. 4. When multiple shadows confluence in a tight range, there is a dark shadow which will provide strong support resistance. 5. Look for dark shadow to offer next turning point. 6. Price will move quickly through empty spaces or bright areas. Colonel Kink's homepage Colonel Kink is now squatting on TerraSeeds.com until he is famous enough to justify his own website.
TVC:USOILLong
by colonelkink
ETHUSD Perspective And Levels: 241 Break Signals Buying.ETHUSD Update: 241 Pivot resistance taken out in one day. This price action tells me that real buying has returned and that the possibility of trending back up into the 300s or higher has returned. The 241 Level is the .382 of the recent bear swing. Even though price has retraced off this resistance, the fact that it was still compromised signals that the general selling pressure has lessened significantly. In my previous analysis, I wrote that I was long term neutral because of the 160 break, but now that 241 has been taken out, my outlook is bullish again. This does not mean I am buying at the highs of this swing though. Positioning with attractive risk/reward requires a ton of patience especially in wild markets such as this one. In order for me to buy into this for a swing trade long, there are two support areas I will be watching for. 211 which is the .382 of the current upswing, and the 183 to 163 area which is related to the .618 of the current upswing as well. For me, price needs to retrace into one of these areas and then show reversal signals which can come in many forms (on an hourly time frame). Double bottom and higher low are my favorites, but a reversal candlestick on a larger time frame like a hammer, harami, or engulfing can also be appropriate (4 hour). Determining risk will be a function of which area shows the reversal pattern. If the reversal shows up around 211, I do not have much structure to work with at the moment, but the 200 level should provide some psychological support and I consider that as my reference for a stop. Upside target at this point is a 241 retest, and then I want to see if I hold some into new highs. If the long signal appears in the 183 area, then 160 will be my point of reference for a stop. This is just a general idea of what I am thinking, my trade may be completely different depending on the market information at the time. Also for those of you not familiar with the fundamental catalyst behind this move, this is what happened: The UASF is not going to happen because BTC miners came to a consensus regarding the software they are using to process the transactions on the blockchain. This removes all the uncertainty plaguing the market since the "8/1" drama. Which also goes to show, the BTC community has the ability to engineer market conditions just like the Federal Reserve. Call me a conspiracy theorist, but that's the feeling I get (and I don't trade on feelings). Just wanted to share. In summary, the 241 break is a signal that serious buyers are back to support this market. The key to good entry is waiting for the next retracement and measuring risk from there. IF this market declines back below the 163 level again, it will cancel this bullish scenario. In this market, anything is possible and the best we can do is measure what we have at the moment, compare it to what just happened recently, and anticipate the future based on that information. I will be watching for reversals at the support levels mentioned above. Comments and questions welcome.
BITFINEX:ETHUSDLong
by MarcPMarkets
11
GBP/USD Triple Bottom + 61.8% Fib ConfluenceHi Traders, This trade set up is for GBP/USD based off of the 4H chart. Now we can see price action failed at the 61.8% Fib level on 3 occasions over 2 days. This failure supports the theory that price action is simply taking a break from moving up after a long period of gains. The market appears to be rejecting any further decline past the 61.8% fib level which is significant given this is a key price reversal level. We have our trade set up with a risk to reward ratio of 3.53 making this an attractive trade to take. We will be entering at the market open in the UK 10pm and wish you luck if you decide to enter too.
Long
by EuroDollarExpert