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Wave Analysis

NVDA - Short Term Update - $118 Resistance - 08/15/2024NVDA is currently at the $118 resistance we discussed previously. I've moved that position to cash for the time being. Swinging some options in case we do get continuation to the upside, though. I'd like to see NVDA come back to $100 where I'd be buying back my equity but for now, just waiting to see what the price action does. Short term upside targets if we break out of 118 would be 125, 130, 132. To the downside, I'd see 112 as the first support, then 106 before ultimately seeing 100. Taking profit felt good, now I will patiently wait for the market to do something on this historically bearish time period. August on average has a -4.45% return on the S&P since 1950, and Aug/Sep combined is an average return of -5.8%. October tends to be the best month to be a buyer with an average return of 4% after 2 months and 6% after 6 months.
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NASDAQ:NVDA
by bitdoctor
12
BTCUSD - Short Term Update - 08/15/2024No real substance in the price action overnight. Really garbage price action. Very corrective and not impulsive, which means there is no direction at this time. Just trading in a range. Certainly there are short term opportunities but this range trading tends to lead to reckless trading. Don't get caught in the crossfire unless you know what you're doing. Traders tend to get comfortable taking higher leverage swings, but there will be a point where we have a big move in one direction and those that use high leverage will likely get caught in the battle and end up losing way more than they wanted. I still argue spot is the best strategy in this range and just taking small nibbles here and there on dips. Longer term, it should pay off. I'm not ready for leverage at this time. The failure at 61k/62k tells me we're not ready to break through it just quite yet, especially with the drop back to 58k. Likely we will see a move back to 54/55 but for now I am simply observing and not rushing anything. I've got all the time in the world and I'm happy with just sitting on my hands.
by bitdoctor
3
BTCUSD - Short Term Update (08/13/2024)Not much to discuss today. Mostly the same consolidation pattern as before. We're bouncing between two support and resistance clusters and until we break out in either direction, I'm not making any hasty moves. Only quicker, riskier trades are available at this juncture so best to just sit on your hands and wait if you're a leverage junkie. Be careful and don't chase trades. Have a plan and execute on that plan. If we break down, I will be looking for a move to the 50-61.8% internal retracement around $54,500 before moving to $68k and if we break up, I'll be looking for reclaimed support around $60k to make that move up toward $73k.
by bitdoctor
2
GBP/AUD Short, NZD/JPY Short, USD/CAD Short and EUR/CAD ShortGBP/AUD Short Minimum entry requirements: • If area of value tapped into, risk entry after a 1 hour rejection from it. NZD/JPY Short Minimum entry requirements: • Tap into area of value. • 1H impulse down below area of value. • If tight 5 min continuation follows, reduced risk entry on the break of it. • If tight 15 min continuation follows, 5 min risk entry within it, or reduced risk entry on the break of it. USD/CAD Short Minimum entry requirements: • Tap into area of value. • 1H impulse down below area of value. • If tight 15 min continuation follows, 5 min risk entry within it, or reduced risk entry on the break of it. EUR/CAD Short Minimum entry requirements: • Tap into area of value. • 1H impulse down below area of value. • If tight 15 min continuation follows, 5 min risk entry within it, or reduced risk entry on the break of it.
Short
by StewySongs
ADVANCED MICRO DEVICES - Ready for a reversal?NASDAQ:AMD is retesting a significant horizontal structure and we might see a bullish reversal soon, considering that AMD already created a correction of -45% over the past couple of months. Click chart above to see detailed analysis AMD is clearly one of these "AI" hype stocks which is now coming back to normal levels after also NVIDIA and other tech stocks are correcting a bit. AMD has been trading in a rising channel formation since the "Covid" crash back in 2020. With the recent break and retest, we could definitely see a bullish reversal soon. Levels to watch: $120 Keep your long term vision, Philip - BasicTrading
NASDAQ:AMDLong
by basictradingtv
5
BTCUSD - Short Term Update (08/12/2024)Just a quick update this morning. We made it to my wave 4 target as I outlined on the video late last week, but the rise from that move was slow and corrective so that position was exited. I had standing orders at 59,000 based on it being a psychological area of support, but ultimately even that was too high. We did cut deep but the price action kept us above that level, though it did take time. I am not a huge fan of the price action here so although I'm showing a trade in the chart, I am not in a position with leverage at this time. Things are too choppy and I'd rather wait for a more quality trade to present itself. tl;dr - price action currently not favorable. Choppy and corrective. Only quicker moves right now imo. Best to sit on your hands or sit in spot positions at this time.
Long
by bitdoctor
4
GBP/AUD Short, USD/CAD Short, NZD/USD Long and GBP/CHF ShortGBP/AUD Short Minimum entry requirements: • If area of value tapped into, risk entry after a 1 hour rejection from it. USD/CAD Short Minimum entry requirements: • Tap into area of value. • 1H impulse down below area of value. • If tight 15 min continuation follows, 5 min risk entry within it, or reduced risk entry on the break of it. NZD/USD Long Minimum entry requirements: • Tap into area of value. • 1H impulse up above area of value. • If tight 5 min continuation follows, reduced risk entry on the break of it. • If tight 15 min continuation follows, 5 min risk entry within it, or reduced risk entry on the break of it. GBP/CHF Short Minimum entry requirements: • Tap into area of value. • 1H impulse down below area of value. • If tight 15 min continuation follows, 5 min risk entry within it, or reduced risk entry on the break of it.
by StewySongs
BTCUSD - Short Term Update (08/09/2024)Quick 6 minute update on Bitcoin! Potential small push down this morning to find a bottom on prior consolidation levels and a move to the upside to take out the highs from overnight trading. If this happens, we should see resistance around $64,500 - this is the ideal scenario. Likely not revisiting $50,000 anytime soon - the market already gave two chances for you to buy there. Revisiting $50,000 would likely mean more lows at this point. Things currently look constructive for a move past $64,500 but that would go out at least 1-2 weeks.
by bitdoctor