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SPY market internals: BULL until SEPT!These lines represent the plotted EMA angles of SPY(close, 100) and SPY(close, 200). What is interesting about the current cycle is that it is behaving exactly like the cycle from 2019 ---where the white line begins higher than the pink at the beginning. This pink line is nothing more than the (difference) between between the other lines. If things continue as they have in the past, I expect this market to run bullish until Sept-- which is approximately 100 days of green. It appears that 100 days (or 3 months) has been the holding period lately before everyone takes profit.
AMEX:SPYLong
by ZombieStar
IOTA IOTUSD No interest in buying this rally yetIOTA IOTUSD Iota is testing important support at 3.229 with a low at 3.20. this latter level must continue to hold (and will do so long as Bitcoin holds up, which will not be for much longer now, it's just completing its own counter-rally now). Any failure to hold 3.20 will force Iota lower still to 3.03 and then should this level fail to 2.73 at least if not back to 2.47. Even though it's on support and rallying now, have no interest in buying here until Bitcoin makes a clear bottom. We can pick it up cheaper still urther down the line.
BITFINEX:IOTUSD
by sumastardon
1
Bitcoin:BTCUST impulse wave clear on 15 minute chartBitcoin Pressure says on whilst trapped within the impulse wave. Should hit 6928 soon and make a bounce...if short great - stay that way until Bitcoin can escape the parallel on the upside, whenever that comes (track it on 15 minute) and close out and go long for quick bounce to old support... That's Ok for day-traders, maybe, but swing traders are still advised to sit tight for now until dust settles. Depending on how slick you want to trade this wave, and spreads, the impulse wave will have 4 hits on the downside before it loses power usually - and each touch on the lower parallel is a closing point (short term for the big houses running this thing now) and a selling point when it touches the upper parallel. 4 times each side, 8 trades. But you need tight spreads, hence it's a game for Goldmans.
BITSTAMP:BTCUSDShort
by sumastardon
Gold:XAUUSD Full of whipsaw until DXY straightens outGOLD: XAUUSD Update It's quite complicated and full of whipsaw - and there's likely to be more in store until DXY straightens itself out... Was waiting around a long time to get long at 1274 which looked like a good trade to begin with after an intraday low at 1273.25 as Wall Street joined the session...just hope you were smart enough and fast enough to exit, though (unlike me, busy with other incoming, der). Even worse, there was another buy trigger (which I hope you never traded because you got in at 1274 lows early in the NY session) on a rough 50 pip break above 1283, so at 1283.51 ish by the book - well if you traded long here I'm very sorry - my bad, in fact really bad...this is not a bad or unlucky trade, fooled by the chart - it's worse. It's just lazy, stupid writing...because there's clear resistance at 1283.5 already there on the chart so it should have been 'only go long on a 50 pip or more break above here, which would be 1284 +.' And so if I'd been a little more diligent it would and should have been technically perfect (high at 1283.98) - so this is my fault and not a fault or false reading from the chart. I feel a need to own up to that. My bad. Charts rock. Most of the time. It was a really dumb, lazy call that should have been written with more care. I feel deep guilt and responsibility if you got caught near the top because of that. If, like me you're still stuck in this trade from 1274, well at least we're still a couple of bucks to the good, not bad. Am raising stop to 1275.30 so this trade makes 1.7 points if it goes wrong or makes 7 points to 1281 upside target if right... But it's clear - that pinbar on the hourly chart looks serious - big reistance lies from 1281 through to 1284 (and not to 1283.5 as erroneously previously stated). So will close out long at just below 1281 if rally continues and not wait for better...just cannot trust rallies with DXY whipsawing right now the way it's doing - but believe that DXY is getting close to finishing its consolidation before the rally resumes, so it's difficult to trust any rally in gold for more than 5 minutes...therefore need to set limit just under 1281 for this long trade. If price is then met, no way can we consider going long again until 1284 is broken on updside by 50 pips+ (wait for next pull-back and with reasonably tight stop just below 1283 if trade triggers, for a maximum 1.7 point loss if wrong) and an upside target at 1290, a small 5.6 point win if right. A 3/1 risk/reward isn't great but just about acceptable. But gold looks more likely to fall away again from 1281-4 range if tested - hence looking to close out long just under 1281 and probably short from 1284 if touched with a stop just above 1285
FX:XAUUSDLong
by sumastardon