Turtlesoup
$XBI $LABU Turtle Soup BUY on the DAILY (Linda Raschke pattern)$XBI $LABU closed above previous 20 DAY lows XBI(94.01)|LABU(91.30)/ after making new 20 day lows XBI(93.99)|LABU(90.08). This sets up a power reversal pattern on the daily chart. Stop = prior 20 DAY lows. Low ADX (15) enhances "reversal effect". See my previous "Turtle Soup" charts & outcomes to define projections. Trail stops.
SOGO Holy Grail buy on the DAILY (Linda Raschke setup)Market retreats to 20 period EMA after making new highs (for long positions)/lows (for shorts) with ADX (14period) >30. Some people use the 20 period SMA . Projection is a retest of the highs. Trailing stop. ***Failed grails tend to move (painfully) in the opposite direction.
Setup invalid below daily EMA (12.14)
AAPL Turtle Soup Sell on the WEEKLYAAPL -0.35% failed to hold previous 20 WEEK highs (190.37) after making new 20 WEEK highs (194.20). This sets up a Turtle Soup Sell (Linda Raschke), a short term reversal (weeks if on weekly chart, days if on daily, hours if on hourly, etc). The weaker the trend, the stronger reversal (time a/o price). AAPL -0.35% ADX on the weekly ≅ 19, weakly trending. This setup is invalid > 190.37 - 20 WEEK highs/low are key levels and price often trades through multiple times - set and TRAIL STOPS appropriately.
Note: Lower momentum high with higher price high on daily. This divergence has corrected on the daily. Weekly momentum and price both made higher highs.
When Turtle Soups fail they fail spectacularly (aka bull/bear traps). For example, QQQ recently set up 2 Turtle Soup Sells on the daily (May 31 & and June 13) and rallied hard the next day. So I repeat: This trade is invalid > 190.37
Previous weekly Turtle Soups Sells & pivots (previous 20w highs):
Dec.18 - 176.24
Jan.22 - 177.20
Mar.12 - 180.1
QQQ Turtle Soup Sell on the dailyQQQ failed to hold previous 20 day highs (170.82) after making new 20 day highs. This sets up a Turtle Soup Sell (Linda Rashke), a short term reversal. The weaker the trend, the stronger reversal (time a/o price). QQQ ADX on the daily ≅ 10.4, essentially trendless. This setup is invalid > 170.82 - 20 day highs/low are key levels and price often trades through multiple times - set stops appropriately.
MU Turtle Soup Sell on the weekly chartTurtle Soup Sell (TSS) on the weekly if closes below 63.42.
TSS: A close (Friday 6/1) below previous 20 WEEK highs (63.42) after making new 20 WEEK highs (the higher the better) sets up a TSS, powerful short term reversal on the WEEKLY chart. Set up is invalid above previous 20w highs (63.42) - often fluctuation at those levels. Set and trail stops accordingly
Projection - previous swing lows
i don't know what the green triangle is or how to get rid of it
USDJPY bearish continuation or haltFor downmove
Price took out the old pre-brexit high (23-06)
We're at a massive bearish orderblock (purple area)
Reached 61,8% retracement and almost had a 70.5% Optimal Trade Entry (ICT)
The above three points define the Turtle Soup (street smarts) making a downmove probable
however
For upmove
We also reached an old (smaller) post-brexit orderblock (white area)
We are also nearing a very very very very very important MONTHLY S//R zone (which you can't see because it's off screen), but do scroll back and be shocked and awed by the fact price has been around this level for 8 months so nearly 3/4 of 2014.
That brexit candle close is far above the monthly.
This all makes me think we're not going anywhere and we're back in the accumulation zone for the big boys.