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ETHUSD potential short opportunity (if we drop below 200)Hey guys, after the EEA3 news was not able to break thru the selling pressure of ICOs, after some consolidation with occasional spikes in buying AND selling volume, we finally broke thru out the symmetrical-ish triangle. IF we break thru this orange line ($200 mental support), shorting games can be started . On the graph, I drew all major (and some minor) support levels as well as Fibonacci retracement (137-257) AND the previous major downtrend lines extension as they now most likely will become support lines. The thicker the line is the stronger the support is. Good luck to you all! Happy trading! P.S. What I noticed is that BitFinex is leading Kraken in price by something between 20 seconds to 1 minute, and the downtrend lines can't be drawn as perfect as on BitFinex, so I'd advise, even if you trade on Kraken, analyze the graph of BitFinex instead. TO SEE THE GRAPH CLEARLY as well as zoom in-out, change the time scale, etc etc, you can click "share" - "make it mine". If we do go low hard, I will try to update this idea as soon as I start seeing something similar to a bottom (this analysis is very lagging though and has 65-70% success rate, so don't rely solely on me).
BITFINEX:ETHUSDShort
by profghibli
10
ETHUSD Closest bounce up support levels.Based on Dow Theory analysis and my own studying of how the bottoms are formed AND the sentiment of the r/ethtrader community (which is by far the easiest way to gauge sentiment of the majority of ETH userbase) I believe that we are nearing another local (or global) bottom, and I expect the price to shoot up at least $80+ upwards from one of these levels (they are based on Fibbonacci extension (blue dotted lines) of the latest major price move and the previous relatively strong supports in the past (green lines). Also, do not forget about the usual round numbers supports like 150, 125. Good luck and huge profits! I myself will close my short at 173.21 and open a small long and also have set up limit buy orders above all those support levels indicated in this idea. For those of you who have no position currently I'd not advise to open a short, as it's too late. Also, I will recommend all those who have a long to close that long ASAP. To those who will try to TIME the bottom in real time, I'd advise to set up limit buy orders at these levels ahead, because the market is very violent and volatile at the strong bottoms, it will be almost impossible to manually market order time to bottom.
BITFINEX:ETHUSD
by profghibli
ETHUSD Levels And Perspective: Minor Reversal Zone.ETHUSD Update: Here is an evaluation on the hourly time frame. This time frame is where you can observe emerging price patterns to signal a more refined entry. Also I want to point out some very nice examples to the left of the chart: The higher low (HL) and the subsequent double bottom. These formations appeared within a price area that I labeled "Look for reversals" on a larger time frame evaluation (see related chart). The large blue and green colored areas are levels that were determined from the daily time frame. Looking at the hourly chart, this market shows some key areas where it is possible for an upcoming bullish reversal pattern to appear. 181 to 190 is a price area that is within the .618 range of the recent minor upswing. If price is going to hold up, this would be a good area. The key is to wait for a reversal pattern like a double bottom or higher low to appear. This process can take a whole day. The point of waiting for a price pattern is to let the MARKET prove that it no longer wants to push lows. At the moment, there is selling momentum, and as long as price stays below 207, the selling is likely to continue unless PROVEN otherwise by a reversal pattern as mentioned earlier. A conservative scenario that I would like to see in order to take action is the break of 207, and then look to buy the next retracement. Trades on this time frame are good for day or swing trade time horizons, but NOT buy and hold. As I have mentioned before, I am not holding this until after BIP 148. Also note the 223 level is a resistance that was projected from the larger time frame. This resistance was a previous support area (inversion) which provided a great reference area to take profit if long from the previous reversal. I am mentioning this because when I project levels on these charts, that is exactly the reason why, they are relevant in the near future. If we break 207, then that should open the door for a retest of the 223 resistance. For my plan, I will not buy, even if the reversal shows up, until 207 is first broken. I am trading this market very conservatively since I have my hands full with other markets (futures). A more aggressive strategy would be to get long a small amount upon validation of a reversal, buy another unit on the break of 207, and a third unit on the subsequent retrace (if the market offers that opportunity). And start selling at the 223 resistance. In this instance, sizing is the key to controlling risk, but my initial reference point is the 170 to 180 area. A price break below that will cancel any long idea that may unfold in the potential reversal area. In summary, I share this analysis to provide levels and perspective since there are no actual trade setups at the moment. I prefer to stack probabilities in my favor and since the major trend is still bullish, I am more focused on swing trade longs off of supports, than shorts off of resistances. I am watching the 190 to 180 area for reversal patterns and then a break of 207 to signal that buyers are coming back, which will allow me to take a long position. These markets will continue to consolidate until BIP 148 on 8/1, which means no long term positions for me until after the big event. Questions, comments welcome.
BITFINEX:ETHUSDLong
by MarcPMarkets
2
SPX Ready For A RallyThe SPX is on the verge of a rally inside of the consolidation mode it has been in since the beginning of June. Reversal signals at the bottom of support is a good sign that things are about the change. Only thing left is to wait and see. An attempt to reach the resistance in the chart below is looking very likely. Don't be surprised it market does go up. The signs are there already. Just make sure you know the difference between good reversal signals and bad reversal signals.
TVC:SPXLong
by Rightsidetrading
GBPJPY Daily analysis - sentiment shiftSeveral factors pointing to a potential shift in sentiment from bearish to indecision or even bullish: - Price tested and bounced off the 8 month trend line support this past week - Head and shoulders type pattern where we see a higher low in agreement with the trend line support - a test of and move north from the high volume node These factors do not assume the start of an uptrend, but rather a shift in bearish sentiment and potential for reversal, to go long look for a bullish candle break above 142.34.
by JabezZinabu
Reversal Pattern on USDCADHi guys, on USDCAD price has reached a key resistance area, therefore i were looking for a potential selling opportunity at this level. In the 4hr chart you can see we have huge divergence, along with a psychological number that could also provide some resistance. But most importantly, price has formed a reversal pattern being the sequence of those 3 candles at that structure point: price broke through that level and after that break formed a doji candle followed by an engulfing. This signifies a lot of selling pressure. Thus, i'm waiting to see a small pullback in order to get a better entry and therefore a better risk to reward ratio. Stop above the highs, target1 at roughly 1:1 RR, target2 to be determined. If you want to share your view, or ask questions, feel free to comment below. Otherwise, see you in the next chart!
Short
by Roker1
2
Structure based opportunity on AUD/USD (LInk Inside Post)Hey Traders ! Today I'm going over a structure based opportunity, I did use the daily to help narrow down this area so if you want to see more about it, check out the link where i go over it www.youtube.com Once we have the direction of the market figured out, then we go into our trading timeframe and narrow down the level of reversal. In this case we have two, one less aggresive than the other. I would wait for a reversal technique based on candlestick formations in these levels before shorting. Some of those techniques can include an engulfing candle, double top, railroad tracks, doji candle etc.. Like always if you have any questions, comment below, follow us on social media ! Daniel Garnier - Founder of The Alcove Fx www.thealcovefx.com Follow us on Instagram: @thealcovefx Follow us on Periscope: @thealcovefx Follow us on Youtube: www.youtube.com
Short
by TheAlcoveFx
TREND CONTINUATION TRADE AUDJPY (SHORT)This is a trend continuation trade that i have on my radar today. Short possibilities show up on this pair after the break of structure to the downside and so the continuation of the downtrend. I'm currently waiting for a retracement back into previous structure. When the retracement gets into my "potential reversal zone" i'll be looking for indications of weakness to get short. This setup is based on technical analyses and structure. I find these two the most important in currency trading. Once you get it, it's mainly dedication, focus and hard work to get your hard-earned profits out of the markets. I wish you guys best of luck trading, keep it up!
Short
by TradingFellow
1