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Long VVX Short PlayAll I care about here is that green dotted resistance line. Once we can get a 30 mn candlestick to close above that line then we can setup a long trade. If the candle never closes above I don't to trade it. Heres why I think this has a chance at rallying. 1) Closed red on the year just a few days ago, first time in a long time. 2) Sentiment in market is fearful, thats why you see the VXX reatracing not selling off . 3) Continuation Flag pattern here 4) Fading Volume in the downtrend (weakness + trend reversal clue) 5) A lot of support at 20.50 Keep a tight stop below whatever market structure is created tommorow. But once again, we don't want to go long unless we close above/ violate that green dotted resistance line.
CBOE:VXXLong
by YusufS
SPY speculationAs we know, today the market dropped incredibly in according to the Asian markets. We have been playing off the same trendline support for the past month and a half. Every time we come down into the region we form either an inverse head and shoulders or cup and handle as our reversal pattern. This time we formed a cup and handle pattern. Usually during reversals, we will see the market make a structure low that will trigger oversold and then another one that will actually register as neutral strength. This time we saw the market make a structure low (highlighted in blue circle) and then it registered oversold (yellow circle highlighted). However, we didn't see a retest of new lows to produce a neutral RSI. Instead we saw price just advance higher which makes me speculate if this channel that we have been playing in for over a month will finally be done. We might see it spill over, we did close red on the year just a few days ago. Sentiment isn't too great, be careful, I can see this coming back down after a minimal rally.
AMEX:SPY
by YusufS
AAPL short playAAPL showing weakness in its uptrend, this is actually a large bear flag pattern, we saw price break through the angled (dotted) trend line, It has consolidated after and created a head and shoulders pattern. It also has ran into resistance and 50% retracement level. Volume has also declined as price moved up showing divergence between price movement and actual conviction. 1) Ran into resistance 2) Ran into 50% retracement 2) Broke trendline 3) Head and Shoulders pattern 4) weak volume; volume/price divergence Only enter this short trade if a 30 mn candle closes inside or below the rectangle under the neckline of the head and shoulders pattern.
NASDAQ:AAPLShort
by YusufS
Anticipatory layout with important trend lines, levels, timefibsWe might be cought in sideways within the red channel for another 20 days. I look at the Willy or MAGNUS™ indicator and compare it to a similar situation we had a couple months ago. The yellow box had some rangebound action in it with a little breakdown in the middle ( just like we had it now ). The question is what will happen after the yellow box? The red box like last time? Then we will definitelly see 280 again. Or if 320 holds (looks like some strong demand is sitting there), we'll see another pump like seen in the last green box ! Also check out the time fib analysis : 0.382 & 0.618 were important points in time, so 1 will probably be important too! Likely a major low/high in price. The target for a bullish move is the thick blue dashed line, which is this years top resistance trend line. You can expect sellers there.
BITSTAMP:BTCUSD
by MagnusTradingGroup
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