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Sixfigurecapital

Bitcoin - Rinse and Repeat x2It's great to be back posting regularly, today I'll be analysing the similarities in market cycles for bitcoin. For reference we have two charts we are going to be focusing on (use the two for comparison). Chart #1: 2011-2014 (all time high $1160) Chart #2: 2015-2017 (all time high $3000) The analysis displayed in front of you is similar to my Siacoin prediction which was extremely successful (chart is shown below). This is the reasoning behind the title "Rinse and Repeat x2". Now back to the point, bitcoin... As you can see from charts #1 and #2 they both follow a similar cycle, although, years apart. Many would call this structure a parabolic curve, however, I prefer the lows touching the curve. Both moves start of from low to high and finish on higher high 3 at their all time high, from there a double test of support can be seen on both charts. I'm expecting a move to support around $1800 as my first target, from there I will update my analysis. With August 1st around the corner it will be interesting to see the future direction. As always thank you for your support!
BITSTAMP:BTCUSDShort
by LewisGlasgow
35
Silver/USD ShortHere on the 4 hour chart we have what some would see as a bullish 3-drive pattern. However, in recent times, I have had more success trading the third wave (as suggested by my friend @LewisGlasgow ). In this pattern the first retracement hit the 0.618 level, thus I will look for the second to do the same at the top of the channel. Should price hit the zone, I will look for a short candlestick formation. That said, should the minor support area highlighted above be broken, I will likely take a short position. This entry would mostly based on the urgency with which the level is broken- a dominant engulfing candle, long day candle etc. Either way, I will hold my position until price is on par with support of the first drive- then leave half of the position until price hits the bottom of the channel. When this adjustment is made, I will also bring my stop-loss level to align with my entry price to bulletproof the trade. At Six Figure Capital, we're all about risk management! Risk is currently sitting at 1:3- should I decide to enter early, I am convinced that the lower entry will not require the same stop loss. The adjustment should allow for the risk/reward level to remain relatively unchanged. See my AUDUSD short below where I took this exact same position and price turned TO THE PIP! Three Drives ratios: Retraements: 61.8%-78.6% Extensions: 127.2%-161.8%
OANDA:XAGUSDShort
by KyleMcQuade
Siacoin - Harmonic ConfluenceHello everyone, I hope you all had an excellent trading week! Today's analysis is a follow up from my successful prediction for Siacoin (chart is shown below) before the minor altcoin crash throughout July. After reaching 840 we started a steep decline towards the mid 200's. Now that price has stabilised I'm looking for opportunities to get back in on the long term move. Price has formed a valid bullish shark pattern and a bullish deep crab, both completing in the same area. This indicates a move up to 615 in the near future. I'll be looking out for any analysis that supports or tests my judgement. Updates to follow! Don't forget to connect with me below.
Long
by LewisGlasgow
30
CADJPY AnalysisThis pair has produced solid head and shoulders pattern right below a key resistance level. Price is overbought due to the urgency of the rise since the last touch of the trend line and may reverse due to an imbalance of price:value. That noted, this is due to the increase of the BoC interest rate from 0.5 to 0.75. As capital flows to Canada we will see increased pressure on the resistance zone. Due to the solidarity of this level, if price breaks 91.00, we could see a rally north to around the 94.00 level. With the recent, interest rate hike I will not be taking a short position at the resistance level; I will be keeping a close eye on this pair for movement after the break/bounce.
by KyleMcQuade
NZDJPY ShortHere we have a bearish bat on the NZDJPY. The pair is hitting major weekly resistance and showing as oversold on the daily chart. American investment banks Goldman Sachs and JP Morgan are expected to show slow quarterly growth this afternoon, amidst speculation heading towards this afternoons US CPI announcement (US still not making their 2% target). As a result, investors are said to be moving their money to the asian markets- aiding Yen strength. I am holding a short position in the NZDCHF and long the AUDNZD; this pair taking a bearish turn would show confluence with my two current trades (that are running in profit). Risk at 1:2.24 (sticking to the 1:2 minimum. Remember and keep the stop loss in an area where it would render your trade invalid, rather than looking to maximise profit (...maybe a little). TP at 61.8% retracement level of the distance form A to D. Bat ratios B: 0.382-0.5 C: 0.382-0.886 D: 1.618-2.618 xD: 0.886
Short
by KyleMcQuade
6
NZD/JPY Bearish Bat formed on daily chartGood evening everyone I hope your all having a good week so far, here we have the NZD/JPY on the daily chart having formed a Bearish Bat, this is an ideal selling opportunity. This has a risk reward ratio of over 1:2 Added confluence and RSI has strengthened my position here giving me more confidence the New Zealand Dollar will drop against the Japanese Yen. The ratios for a valid bat pattern are: B: 0.382 - 0.50 C: 0.382 - 0.886 D: 1.618 - 2.618 Final X to D: 0.886 I hope you all have a good week and weekend ahead, if you have any questions feel free to connect with me on trading view, or drop a comment below, Thank you
Short
by MichaelCollins18
Steem - The CurveI'm back with another market insight on cryptocurrencies, today I'm on the daily chart with STEEM/BTC. As many of you already know I recently started contributing on Steemit throughout June, you can follow me @lewisglasgow. I see a lot of potential in their platform and cryptocurrency, although it is not ready for mass adoption it certainly has many positives in the eyes of investors/traders. What is Steemit? Steemit is a social network that looks and functions a lot like Reddit, but with one HUGE difference... Steemit pays both the content creators when their work gets upvoted, as well as the people who curate the best content on the site by upvoting others work. Now that I've got that out of the way, here is my view from a technical standpoint The curve presented on the chart can be seen across various financial markets and is simply a representation of an asset becoming less valuable over a long period of time. As price is pushed towards the lowest possible value there are three potential outcomes: 1. STEEM will crash (highly unlikely). 2. It will continue to trade below the curve. 3. Experience a huge breakout to the upside. Of course, we experinced a brekout of the curve moving from around $0.60 to $2.40. Earlier this year I came across a similar situation with BTS and XRP, in which both of those assets experienced a tremendous amount of growth. BitShares. Ripple. Just to clear this up, I do not expect a surge in price like we seen with BTS and XRP. I'm expecting a steady move up between the key zones highlighted in grey, use these levels as an indication to where price will stall. Right now the market is now correcting itself and preparing for the next move up. Updates to follow! Don't forget to add me on social media :)
Long
by LewisGlasgow
14
GBPUSD shortThe market as been really quiet over the past month or so- here is a small trade I may consider in the morning. We have a short bat on the pound-dollar. Price is reaching a level of resistance where price has recently bounced (see below). The Support/Resistance zone drawn using the black horizontal lines is the area in which I would be looking to enter into a position. As of 09:30 London time I will await the release of the UK Net Consumer Credit and Mortgage approvals. Both consensus are expected to be lower than last month. My entry will depends on the release compared to consensus. An increase in GBP money supply would also slightly decrease the pounds overall value. USD GDP is expected today with no expected change forecasted from the previous release. Both initial AND continued jobless claims are expected to drop also, which would bode well for the dollar. Due to the nature of this trade, the Shark, I am not able to predict the ideal entry (this can come anywhere between 88.6% retracement and 113% extension of the AX wave. My TP, however, will always be the 50% retracement level of the CD wave. Stop loss will be above the resistance level (around 1.305) but must always equate to at least 2:1 risk, ideally 3:1. Keep an eye on this on! Shark Ratios C: 1.13-1.618 D: 1.618-2.24 xD: 0.886-1.13
Short
by KyleMcQuade
USD/CAD - Bullish CypherGood morning everyone! I'm super excited about todays set up! Here we have a bullish cypher on the 1D chart with USD/CAD. So much news on the USD came out yesterday, I decided to sit on this one until today. Low and behold, I woke up and it has hit D point! We can look to place a long position on this pattern with a take profit set to 1.3530 REMEMBER: Set your stop loss accordingly. Risk/Reward Ration - 1:2 The measurements for a valid cypher are detailed below. B: 0.382 - 0.618 C: 1.272 - 1.414 X to D: 0.786
Long
by cdschultheis15
AUD/JPY - Bearish BatHello, traders! Here in Scotland with @LewisGlasgow and @ KyleMcquade! We are having a great time building bonds, growing and learning with the Six Figure Capital team! Today, we have spotted a bearish bat on the 4H chart with AUD/JPY. Once price hits D point (87.140), we can look to enter out position and sell it down to 83.750. The take profit level shows confluence in respect to the support line I have shown just below the pattern. Risk/Reward Ratio - 1:3 The measurements for a valid bat pattern are detailed below. B: 0.382 - 0.50 C: 0.382 - 0.886 D: 1.618 - 2.618 Final X to D: 0.886
Short
by cdschultheis15
NZDUSD ShortIn correlation with my last post, for the same fundamental reasons, I have also shorted the NZDUSD. On the technical side, the pair has reached the top of a channel and formed a bearish Shark. I already managed to get an entry at 0.729 after price hit the D point during the announcement of the US Fed decision rate last week. As always for a shark pattern: TP level is 50% of the final wave, with a minimum 2:1 risk. In this case it's 2.32:1. 5-o Ratios B:1.13-1.618 C:1.618-2.24 D:50%
Short
by KyleMcQuade
NZDCHF ShortTonight at 22:00 (GMT+1; London) we will see the release of the Interest rate decision from the Royal Bank of New Zealand (RBNZ). There is widespread all-but-certainty that this rate will sit static at 1.75% due to to soft economic growth amidst debated inflationary pressures. It has been whispered that depreciation is key to economic growth domestically within the country. Data aside, the Kiwi moved north in a bullish channel on the weekly chart (with some false breaks on the daily timeframe). This channel has now been blatantly broken to the downside- as has support from within the channel, at which point we are now testing as resistance. This move has formed a bearish 5-O, which would come in successful should it follow a bearish decision. Remember, the consensus of 1.75% has already been priced into the market. The market will flow naturally from here-on, unless consensus is not met. I do not normally enter before a decision is made, however, this set up will only turn aggressively bullish should the rate be risen. 5-O Ratios B:1.13-1.618 C:1.618-2.24 D:50%
Short
by KyleMcQuade
Bearish shark/5-0 NZD/USD 4 hour chart Hello people, here we have a bullish 5-0 pattern on the 4h timeframe with NZD/USD -0.06%. Price just formed a valid C point at the minimum 1.618 level which aligns with a valid bearish shark pattern, which has opened up a shorting opportunity from C to D. The measurements for a valid 5-0 pattern are detailed below. B: 1.13 - 1.618 C: 1.618 - 2.24 D: 0.50 I expect a reversal to take place and m added confluence has confirmed that I I hope you's all have a great week folks, feel free to comment and or connect with me, Michael.
Short
by MichaelCollins18
NZD/USD - Double Trading OpportunityHello traders, here we have a bullish 5-0 pattern on the 4h timeframe with NZD/USD. Price just formed a valid C point at the minimum 1.618 level which aligns with a valid bearish shark pattern, which has opened up a shorting opportunity from C to D. The measurements for a valid 5-0 pattern are detailed below. B: 1.13 - 1.618 C: 1.618 - 2.24 D: 0.50 Taking a look at the daily chart below price is still respecting the upper resistance trendline. If we experience a successful short position from C to D, this will open up an opportunity to buy in the future. I hope you all have an excellent week and safe trading!
Short
by LewisGlasgow
42