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ETH - Trio Retest ❗️Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst. ETH has been overall bullish from a long-term perspective trading inside the rising broadening wedge in blue. After rejecting the 2000 resistance, ETH has been in a bearish correction trading inside the falling red channel. 🏹 Here is why the 1700 - 1750 zone marked by purple circle is a strong support: 1- Round number 1700 2- Classic Resistance Zone Turned Support 3- Lower blue trendline acting as a non-horizontal support 4- Lower red trendline acting as oversold zone 5- Demand zone 📈 As per my trading style: As ETH approaches the purple circle zone, I will be looking for bullish reversal setups (like a double bottom pattern, trendline break , and so on...) 📚 Always follow your trading plan regarding entry, risk management, and trade management. Good luck! All Strategies Are Good; If Managed Properly! ~Rich
by TheSignalyst
19
How to Analyze the $SPY Daily ChartGreetings fellow traders, Welcome to this installment of our newsletter where we analyze price action on AMEX:SPY on the daily, hourly, and 15 minute timeframes. We will keep this one short and sweet. DAILY TIMEFRAME What is the Trend? The short term trend is bullish: the 9-candle EMA is trading above the 20-candle EMA. The medium term trend is bullish: the 20-candle EMA is trading above the 50-candle EMA. The longer term trend is bullish: the 50-candle EMA is trading above the 200-candle EMA. How Strong is the Current Trend? One of the ways that traders can analyze the strength of a trend is by appeal to the Average Directional Index (ADX). Readings below 20 indicate a weak or non-existent trend. If the ADX is going up, readings between 20 and 40 indicate a developing early trend of low to moderate strength. Readings between 40 and 55 indicate a strong, well-established and robust trend. And finally readings above 55 indicate an extremely strong trend that is likely approaching exhaustion. At the moment, the ADX is 25.04 on the daily chart, indicating a low strength trend that can, with additional momentum, pick up steam. But how likely is this? In order to answer that question, we are going to have to look at several other technical indicators, supply and demand levels, and chart patterns. One of these technical indicators is the relationship between the 9-candle EMA and the 20-candle EMA. Despite the impressive upward move in price action yesterday, the distance between the 9-candle EMA and the 20-candle EMA remained constant from the day before. If the trend was strong, you would expect the distance between the two to be increasing. The fact that it did not is a potential warning sign that the trend is not extremely strong at the moment. What do the Momentum Oscillators Tell Us? Another thing to consider are the two main momentum oscillators: the Relative Strength Index (RSI) and the Stochastic Oscillator. These momentum oscillators can give us clues as to whether or not the current trend is reaching exhaustion, or if it is likely to continue. Let’s first consider RSI. As of yesterday’s close, we have an RSI reading of 65.86 — a reading that is approaching the technical overbought level of 70. For reference, the last time that AMEX:SPY was trading at these levels was in August of 2022. During that incredible summer rally, the RSI pushed all the way up to 73.43 before the trend reached exhaustion and a powerful reversal ensued. Bearing that in mind, you should not necessarily be surprised if AMEX:SPY were to push into that overbought territory this time around as well before reversing. That being said, the Stochastic Oscillator is flashing a reading of 97.52, which is incredibly close to the maximum overbought reading of 100. This is a major indication for technical analysts that we may soon see a mean reversion in price action so that this all-important momentum oscillator can “cool off” for a bit. Indeed, it has been 6 days since AMEX:SPY last made contact with its 9-candle EMA, suggesting that we are potentially due for a basic reversion to the mean in price action. If we were to first push higher, though, there are a few levels on AMEX:SPY to keep in mind. How High can the Market Push? The first is the upper Bollinger Band, which closed yesterday at 430.97. While that value will shift higher today, this upper band is a level to keep in mind as potential resistance should the market catch an end-of-the-week bid. The second level is the high from August 2022: 431.73. Both of these levels are within reach if bulls want them. Finally, if things get really crazy, keep your eyes on 435.34. Are there Signs of Bearish Divergence? Notwithstanding the potential for one final push to enter the overbought territory on RSI, it is very important to note that on Monday of this week we received a technical bearish divergence signal in price action. Even though the market made a higher high than at any point in the previous 30 trading days, we did not get a higher high in: The reading on the Relative Strength Index The reading on the Stochastic Oscillator The reading on MACD When these indicators fail to make higher highs while price is making higher highs, this is an incredibly strong sign of bearish divergence. Should the market push into close, positioning for a mean reversion pullback during power hour should certainly be on watch. What are the Mean Reversion Price Targets? However high price ultimately pushes before reversal, it would be prudent to keep the following potential pullback levels in mind if you are trying to play a mean-reversion trade. The first target would be the 9-candle EMA. While it is currently trading at 424.54, this value will change with each passing day. You can use this, or potentially the 14-candle EMA, as your first “profit-taking target” for a mean reversion trading strategy. Do keep in mind, though, that there is currently some solid demand between 426.14 and 425.82 that we will have to break through in order to gain some selling momentum. The second target, should the first be broken, would be 422.58, a previous resistance level. The third “stretch” target would be around 420.73. Anything below 420 would likely see 418.31. What are the Main Supply and Demand Levels to Add to our Charts? Finally, make sure to track the recent supply and demand levels on the daily timeframe: 429.62 420.72 417.62 415.72 411.92 Stay tuned for the follow-up video where we zoom in on the hourly chart for more specific short-term guidance.
AMEX:SPY
by StockJustice
GBPJPY - OverBought Zone ↘️Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst. GBPJPY has been overall bullish trading inside the red rising channel, however it is currently approaching the upper red trendline. Moreover, the green zone is a strong resistance. 🏹 So the highlighted purple circle is a strong area to look for sell setups as it is the intersection of the green resistance and upper red trendline. (acting as non-horizontal resistance) As per my trading style: As GBPJPY approaches the upper purple circle zone, I will be looking for bearish reversal setups (like a double top pattern, trendline break , and so on...) 📚 Always follow your trading plan regarding entry, risk management, and trade management. Good luck! All Strategies Are Good; If Managed Properly! ~Rich
by TheSignalyst
7
Is COIN okay now?COIN is in a bit of a controversy with the SEC and potential regulatory charges. On the 4H chart it had a big plunge from the high market valuation it received over the month since favorable earnings. It has reversed after a few days of Doji candles showing market indecision. The MACD indicator shows upwards K/D lines having crossed under the histogram on the day before this idea. The mass index indicator has given a reversal signal since the value first crossed above 27 and then triggering by crossing under 26.5. Having reversed, can COIN maintain the current trend ? I will find out by taking a long trade with potential 15% upside essentially betting that the dust will settle and it will be business as usual with demonstrated increasing revenues on the recent earnings report.
NASDAQ:COINLong
by AwesomeAvani
KBE ( in top of ascending channel ) is ready to shortKBE on the one-hour chart has been in a rising parallel channel for a month. It is now near the the top of the channel having pivoted within the past few trading sessions. The MACD which is no lag shows a line cross above the histogram while the RSI is topped out as it was on May 23rd the most recent previous pivot downward. I see this as a short setup. The stop loss is at the recent pivot high while the target is $35.15 at the bottom of the channel and somewhat confluent with the POC line of the volume profile which is a natural bounce and reversal value. I would also short the banks by going long on BNKD which adds the extra risk and potential reward of leverage ( see that idea)
AMEX:KBEShort
by AwesomeAvani
Is it time to short the big banks with BNKD again?As shown on the 4H chart BNKD, a triple leveraged ETF inverse to big bank stocks has had ups and downs reflecting the chaos in the banking system with some failures and federal support or takeovers. Online banks are thriving while some smaller regional banks are challenged with a portfolio of bonds and treasuries bearing low yields. Price is presently at the same level as the high of December 22 and low of April 23. This level is acting as support also allowing for a narrow stop loss for a long trade. Price is below the high volume area of the long term volume profile which equates to the fair value area. Accordingly, BNKD is oversold and discounted below fair value into the undervalued range. It is below the mean anchored VWAP line and in the area of one standard deviation below that line. The zero-lag MACD shows an early impending cross of the lines under the histogram another suggestion of a reversal I will take a long trade with the stop loss directly below the horizontal support line by $ 0.25 while the first target just below the confluence of the POC line and the mean VWAP @ $.13.90 while the final target is $ 15.60 near the top of the high volume area. I see this as a safe long trade with a high R:R and profit potential.
AMEX:BNKDLong
by AwesomeAvani
Candlestick Mastery: Reading Price Action for Winning TradesIn the ever-evolving world of trading, mastering candlestick patterns and effectively interpreting price action can significantly enhance your ability to make winning trades. This trading idea aims to delve into the art of candlestick mastery, equipping traders with the knowledge and skills necessary to identify profitable opportunities in the market. Objective: The objective of this trading idea is to empower traders with a comprehensive understanding of candlestick patterns and their significance in analyzing price action. By leveraging these insights, traders can make informed decisions, enhance their risk management strategies, and improve their overall trading performance. Key Components: Candlestick Basics: To build a strong foundation in candlestick trading, it is essential to understand the fundamentals of candlestick charts. Dive into the various types of candlestick patterns and their characteristics. Explore patterns such as doji, hammer, shooting star, engulfing patterns, and more. Learn how to interpret the different components of a candlestick, including the body, wicks, and their sizes. Understand the significance of bullish and bearish candlestick formations in identifying market sentiment and potential trend reversals. Pattern Recognition: Mastering pattern recognition is a crucial aspect of candlestick trading. Gain in-depth knowledge of bullish and bearish reversal patterns that can provide valuable entry or exit signals. Study patterns such as the hammer, engulfing patterns, harami, and more. These patterns indicate potential trend reversals and offer opportunities for profitable trades. Additionally, explore continuation patterns like the flag, pennant, and symmetrical triangle, which suggest the continuation of existing trends. Real-life examples and case studies can help reinforce your understanding and sharpen your ability to spot these patterns in real-time. Price Action Analysis: Integrating candlestick patterns with price action analysis is a powerful approach to trading. Learn how to incorporate other technical indicators and tools into your analysis to validate and enhance the accuracy of your candlestick signals. Understand the importance of support and resistance levels, trendlines, and moving averages as they relate to candlestick patterns. By analyzing price action in conjunction with candlestick formations, you can gain deeper insights into market dynamics and improve your decision-making process. Risk Management Strategies: Effective risk management is paramount to successful trading. Develop robust risk management strategies specifically tailored to candlestick trading. Learn how to set appropriate stop-loss levels based on the structure of candlestick patterns and the surrounding market conditions. Explore position sizing methods to optimize risk-reward ratios and protect your trading capital. By implementing disciplined risk management techniques, you can safeguard against potential losses and preserve your long-term profitability. Backtesting and Paper Trading: Put your knowledge into practice by conducting backtesting using historical market data. Use candlestick patterns and price action analysis to identify potential trade setups and simulate trade entries and exits. Evaluate the performance of your strategies over different market conditions and timeframes. Additionally, utilize paper trading or demo accounts to execute trades based on your analysis without risking real capital. This hands-on experience will help you refine your trading approach, gain confidence, and validate the effectiveness of your strategies. Trade Execution and Management: Develop a systematic approach to trade execution and management. Learn practical methods for entering trades based on candlestick patterns and price action analysis. Define clear entry and exit criteria, set profit targets, and employ trailing stops to maximize potential gains. Additionally, explore techniques such as scaling in or out of positions to adapt to changing market conditions. Effective trade management strategies will enable you to stay disciplined and minimize emotional decision-making, leading to improved trading outcomes. Mastering candlestick patterns and effectively reading price action can significantly improve your trading outcomes. By honing your skills in these key components, you can gain a competitive edge and increase your chances of making winning trades in the financial markets. Thank you for reading and feel free to share your progress, ask questions, and discuss your experiences in the comments section. Let's learn from each other and continue refining this strategy together. Best of luck on your trading journey! Disclaimer: Trading carries a level of risk, and past performance is not indicative of future results. It is important to conduct thorough research, practice proper risk management, and consider personal circumstances before making any trading decisions.
BEducation
by LuminoAlgo
1
ETH - Still Stuck 📦Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst. As per my last analysis (attached on the chart), ETH rejected the lower bound of the flat rising broadening wedge and traded higher to reject the upper bound again. 🏹 As per my trading style , we will be trading the range UNLESS it is broken upward or downward. 📈 As ETH approaches the blue support again , we will be looking for short-term buy setups. For the bulls to take over medium-term, we need a break above the red zone. 📉 In parallel , if as ETH approaches the red resistance, we will be looking for short-term sell setups. And if ETH breaks below the blue zone, we will be expecting further bearish movement till the 1700 daily support. 📚 Always follow your trading plan regarding entry, risk management, and trade management. Good luck! All Strategies Are Good; If Managed Properly! ~Rich
by TheSignalyst
22
EURJPY - Strong Resistance 👌Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst. EURJPY has been overall bullish trading inside the red rising broadening wedge pattern, however it is currently approaching the upper red trendline. Moreover, the blue zone 150.0 is a strong round number. 🏹 So the highlighted purple circle is a strong area to look for sell setups as it is the intersection of the green resistance and upper red trendline. (acting as non-horizontal resistance) As per my trading style: As EURJPY approaches the upper purple circle zone, I will be looking for bearish reversal setups (like a double top pattern, trendline break , and so on...) 📚 Always follow your trading plan regarding entry, risk management, and trade management. Good luck! All Strategies Are Good; If Managed Properly! ~Rich
Short
by TheSignalyst
2
Is AUDNZD due for a reversal?AUDNZD as shown on the 15- minute chart is rising after the Australian central bank raised its prime rate in keeping up with another global tightening. Since May 24th AUDNZD has risen 4% in various legs with some consolidation but no downturns. ADUNZD may be due for a correction. IT is shown here on the 15-minute chart along with the "Alpha Trend" indicator, the zero lag MACD indicator and the visible range volume profile. AUDNZD is above the POC line showing bullish buying pressure to have pushed it higher. However, on the MACD, the K/ D lines are setting up a cross over the histogram which typically is a sell signal. AUDNZED may hae had a decent trend up but could now be getting ready for a "reversion to the mean" Because of this I will watch AUDNZD as a candidate for a short trade perhaps with a retracement of 2% ( 1/2 of the trend up) over a period of several days.
Short
by AwesomeAvani
BTCUSDT: Bullish Reversal Signal in progressJust a few moments ago, the price of BTCUSDT exhibited an fast movement down within the 25000-25800 zone, setting the stage for a compelling BUY opportunity (As I said in my previous idea) What caught my attention is the chart's depiction of a significant shift in price momentum. Take a look at the bottom purple-colored moving average (MA) line—it hits the last candle. This alignment hints at an imminent reversal in the ongoing downtrend, signaling a potentially powerful bullish surge. However, the real fireworks will commence when the purple line will cross the blue one. This event will serve as the catalyst for a definitive shift in the market sentiment, further solidifying our bullish stance. before that, the price will range near the 25000-25800 zone. With all these factors falling into place, we have a good scenario to enter a truly bullish period. And in my humble opinion I don't think the price will descend below the 25K mark, as mentioned in my previous idea post. Brace yourselves for the Bulls to seize control and propel us towards the exciting 40K+ territory. Remember, trading always carries some level of risk, so ensure you implement proper risk management strategies. Disclaimer: This analysis is solely based on my personal observations and should not be considered as financial advice. Always conduct your thorough analysis and consult with a professional financial advisor before making any investment decisions.
by TradeWithAtemak
Food Gaint Kroger reverses from a trend downKR has an overall fairly narrow trading range. On this 4H chart, it is presently in a symmetrical triangle or slowly rising wedge. Earnings beats have been respectable. KR reversed on June 1 at the trending support line and is heading toward overhead resistance. Just before that upper resistance trendline is the POC line of the high volume area of the profile where high volatility and increased trading could result in a bounce and fall. Confirmation is found in the zero-lag MACD indicator which shows a K /D line cross under the histogram. I will take a long trade on KR (reversion to the mean) with the stop loss at that pivot low on June 1st and the target a nickel below the POC line at 48.95. I see this as a low-risk and low reward trade which may also be the basis for adding a low risk call options trade to the options portfolio.
NYSE:KR
by AwesomeAvani
Does SPY want a correction? Maybe not but it will get one.SPY has had a good run this spring. However, things are changing. Just this week, the debt \ ceiling got raised. The fed will be auctioning large amounts of treasuries to pay bills. This is money that will not go into the equities markets. Buying volume on a dollar basis will likely go down as a consequence. On the daily chart with a double Bollinger Band setup, SPY is more overbought than ever. The part of the body of the last candle of this past week went outside of both the inner and outer bands. Looking back this has not occurred in well over a year. Candle wicks did go outside the bands in late October 22 and mid-December 22. On lower time-frames SPY has already pulled back into the Bollinger Bands and begun a reversal. I believe that many traders will take their profits off the table and take another look at bonds and treasuries. ETFs like TLT and TMF may see significant inflows no matter for stocks in general may not. I see this as a SPY pullback or correction upcoming for which to take a short trade. I will look at SPY and QQQ put options with very short DTEs as well as call options on SQQQ. For stock purchases, I might go with the ETFs SPXS and SPXU. The simple and basic analysis is their chart shows price candles partially below the lower Bollinger Bands, the inverse of the SPY. They are oversold and accordingly available for purchase at a discount.
AMEX:SPYShort
by AwesomeAvani
Is DISH ready to dish out some profits?On the weekly chart, DISH has been in a steady decline for over a year and is now on sale for 20% of the asking price a year ago. It is sitting on the long term support zone and has passed over the POC line of the volume profile putting buyers in control. The red doji candle followed by the green doji candle is the capitulation of the bottom. Volume in 2023 has steadily and persistently grown compared with 2022. The accumulation/distribution curve slope has finally approached zero to suggest a price action reversal . I will take a long trade early and beon the leading edge of the uptrend after noting a 15% breakout to kick off the month of June.
DLong
by AwesomeAvani
NZD-USD|POSSIBLE TREND REVERSAL| LONG SETUP|ONE HOURThe current technical analysis of the NZD-USD currency trading pair reveals an DECREASING trend that has been shaping from last few hours. However, there is also an indication of BULLISH divergence, suggesting that the bearish momentum may be losing its momentum. Looking at the charts, we can see that the price of NZD-USD has been steadily FALLING forming Lower Highs and Lower Lows, indicating a clear down trend. However, there is a notable bullish divergence pattern emerging, indicating that the bearish momentum may be losing steam. While the price of NZD-USD has been decreasing, the Relative Strength Index (RSI) has been showing a upward. This divergence between the price and the RSI suggests that the price may be oversold and due for a correction. Considering all the technical indicators, it appears that the NZD-USD currency trading pair may take the bullish movement from the ENTRY PRICE mentioned in the chart. Thus, it can be an opportunity for a LONG TRADE if it breaks the ENTRY PRICE.
Long
by haroonsiddiki
1
EURGBP - Strong Support Ahead ↗️Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst. EURGBP has been overall bearish trading inside the falling channel in orange, and it is now approaching the lower trendline in orange. Moreover, the zone 0.855 is a support zone . 🏹 So the highlighted purple circle is a strong area to look for buy setups as it is the intersection of the blue support and lower orange trendline. As per my trading style: As EURGBP is sitting around the purple circle zone, I will be looking for bullish reversal setups (like a double bottom pattern, trendline break , and so on...) 📚 Always follow your trading plan regarding entry, risk management, and trade management. Good luck! All Strategies Are Good; If Managed Properly! ~Rich
Long
by TheSignalyst
4
All Eyes On Litecoin 👀Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst. LTC has been stuck inside a range between 80.0 and 100.0 📈 For the bulls to take over from a MACRO perspective, we need a weekly candle close above 100.0 In this case, a movement till the 150.0 would be expected. 📉 Meanwhile , If we break below 80.0 and lower orange trendline, we will expect further bearish movement. Which scenario is more likely to happen next? and why? 📚 Always follow your trading plan regarding entry, risk management, and trade management. Good luck! All Strategies Are Good; If Managed Properly! ~Rich
by TheSignalyst
10