Get started

Short-pattern

Quick profit: BTC short = 2.8RBTC price still hovering near the high of it's bull run from last Thursday on the 12th. We've had a break and hold above the yearly downtrend channel and created a bearish Flag pattern. If we look closely we can see price consolidating and failing to close higher and thus a 1hrly Head and Shoulders pattern has forming horizontally along the Bearish Flag Pattern were the lower channel of the bearish flag pattern is acting as resistance suggesting a short for BTC. BITSTAMP:BTCUSD We have a clear target of 7500; 50% of the Fib from last Thursdays surge which lines up nicely with previous highs and lows confirming a decent support and resistance flip. Nice easy conservative target with a risk reward of 2.8 your initial risk. Not bad for half a days work. See you on the flipside. Entry at 8130 Stop Loss 8350 Take Profit 7500 = 2.8R "Play the Market, not the Game"
BITSTAMP:BTCUSD
by bmlaurence
SIRI H&S PatternSiri has formed a head and shoulders pattern after a strong uptrend since it was $0.04 in February of 2009. Some notes: - Monthly indicators show the stock is well overbought and due for a pullback. Daily indicators show the stock is oversold after pulling back from $5.53 (52 week high). I would look for the stock to consolidate momentum near the neckline prior to pushing through. - Monthly chart shows 2 fibonacci retracement points that the stock has used as support and resistance and could fall to should the stock break the H&S neckline. Moreover, on the daily chart, from $4.05 the right shoulder has used the 78.6% retrace as resistance, telling me that if the neckline breaks, our first point of resistance may be at $4.96 (61.8% retrace). (Yea, my brain hurts from all these fib numbers too) - Volume is very telling here. Typically what you want to see in a H&S pattern is higher volume on the left shoulder, and possibly the head, with declining volume on the right shoulder's uptrend. Moreover, you'll notice that after the head formed (and frankly throughout the whole formation), negative days have shown higher volume than positive days. - Monthly chart also shows a shooting star doji (without the shaved head). However, "technically", a shooting star doji should open lower, so don't read too much into that. - On 3/22 the stock gapped lower and slowly covering the gap over the next few days before moving lower. No one likes a gap unfilled and this shows the stock is ready to move lower
NASDAQ:SIRIShort
by myfye13