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Dow Jones Industrials DJI Back on the buy listDow Jones Industrial Average DJI Back to buying the dips Yesterday the Dow completed a 10% drop from the high (10% off the top is 23956, the low was 23923.8, just 0.5 of one point from the support line at 23924. An 11% drop would be 23690 - there is another fixed support line at 23613, just 77 points lower. This line line should be the limit of any further downside should 23924 line give way today at any point. From there it should rally back to 24345 -24400 range where it should begin to retreat again..how it reacts here is key...if it can hold up off 24300 and then go on to break above 24400 again it becomes a buy with stops below 24345. Otherwise we ait for lower levels. But so far this is a sharp fast standard 10% decline ina bull market. Done and dusted so long as 23611 holds out this week. Back to buyng dips for now.
DJ:DJILong
by sumastardon
BTGUSD: Back in the next Buy Zone on next pull-backBTGUSD Update Buy on next Pull-Back Not a good last call here. BTG did bounce from that old parallel but it only reached 313, well short of target at 320 before failing - badly. Stops were tight here so small loss, thankfully. Imagine if no stop...how bad would you be feeling now? With a stop we have at least avoided the pain that goes with a position that's sliding away from you, stops you from playing other Alts and wastes emotional energy and drains the spirit. Bad call, but it could have been REALLY bad. Look at that failure - once it loses the parallel it does that thing...comes back looking for support at the top of the nearest structure to its left. If cannot find it, it then comes back to the bottom of that same structure. Which brings us back to now...BTG is now a speccy buy at 254-248 range - better if it stops at 254 but could spike to 248. Stops on buys at 254 need to stay either very tight under 252 or under 248. Initial resistance lies at 269...needs to clamber back above here and hold for a move back to 282..it's bouncing now as this is written...and is already back at 269 (up 15 points or 5% in 10 minutes! Damn...watch to see if it holds up off 261 now on the next pull-back and then go long here - stops below 254 for move to 281where it becomes a sell again
BLong
by sumastardon
1
BTGUSD Back in Buy zone - so long as Bitcoin holds at 11200BTGUSD Back in buy zone at 306-300 Longs should have closed out at the 320 target and now BTG is back in the buy zone at 306-300 range -it can potentially spike down to the lower parallel at worst before the rally resumes. Look to accumulate on weakness with stops placed below the parallel or can try at 306 with very tight stop at 303 for small loss if wrong from here - or place orders in market at 300 down to 294 range and they might get struck. All stops must be either very close if going long here (it's speccy with 3 downside and 14 upside to 320/upper parallel spike at highest) or under the parallel if going fishing at lower prices. So long as Bitcoin holds up at 11200 BTG should be fine too. Close both if this level is broken, though.
BLong
by sumastardon
Brent Crude Oil: UKOIL Brent is back in the Buy Zone HereBrent Crude Oil UKOIL Back in the Buy zone Well the stop on the short from 63.77 never got hit and Brent duly came off back to the first target at 63.10 for a small 65 pip win - but should have held it longer as it then went on to test the lower parallel of the flag, bang on 62.17 support at the same point in time, and has since rallied much more strongly than anticipated last week, taking Brent right back up to the old highs at 64.25 before falling away again. (My bad here for getting way too involved with Alt/USD's last week and ignoring this complex in the resulting maelstrom) Anyway, Brent looks OK...Look to buy around current values down to 63.00 with stops at 62.88 for small loss if wrong from here. First upside target is the highs at 64.25-64.61 range - (can close out here if you want) but be ready to get long again on a move above 64.65 for next stage of rally up to the upper big parallel - close out here if struck and look to short with stops 30 pips above the parallel on first touch.
FX:UKOILLong
by sumastardon
BTGUSD Back in the buy zone againBTGUSD Was banned for 24 hours for posting a text wall yesterday so was unable to update this - which was a pity because that little continuation pattern running down the parallel when we left it was so well defined, just backing and filling - it needed a new line over the highs as it ran down the parallel to redefine the perfect trigger for beakout... and when it came it was excellent quality, big green bear engulfing candle, again, all the things we want to see when trading a breakout. Not allowed to get to this to update, the trigger here was left at 308 for a move up to 320 minimum...in fact it shot though here and spiked into the top parallel over a 3 hour period at 339 ...from al ow at 280 to a high at 339 in 6 hours - 20% in 6 hours! Unbelievable what these can do in such a short space of time. Now it's a buy again on any dips back to 300 - it should rally to 320 minimum again and more likely to test the same larger parallel at around 330 now that it hit earlier today before coming off again
BLong
by sumastardon
BTGUSD Coming into the first support/buy zoneBTGUSD Worth waiting for: now coming into the first suport zone at 274-261. Put anorder in at 263 with stop about 10 points lower. Or at 270 but think it should spike down to 261 - that entire 13 point zone is full of whipsaw and pin bars, even to 10 points lower, so the stop needs to be at least 249.It should get a bounce to 319-330 area. And plan B in febrile markets: If 261 gives way this is coming all the way back to the twin dynamics shown on the chart at least and potentially to 157-150 major support. If this happens it becomes a short again with stops above 274. Then will have to see how it behaves at the parallels, may bounce and then fail. Excellent, it means a retest of the lows, easier to hit it at 157-150, if we happen to see it. Remember anything can can happen. It's way wilder than the wildest the West ever was. We just hit buttons instead of triggers. And way faster too! Say that one quickly.
BShort
by sumastardon
5
BITCOIN: BTCUSD Baxck in Buy zone with stopsBITCOIN: BTCUSD BITCOIN: BTCUSD First, if you got long on the eventual break above 10000 the target was 10436 so we should be flat again. If you bought the double bottom we were hoping for - at 9472 - well done. The real price action on 30 minute chart shows that 9400 and just under is where the real action is centred but it was imperfect and so difficult to nail down and so if you got close to it, well done you. But would advise taking profits if still long now...it's probing resistance just under the 10000 line again and is vulnerable to set-backs whilst still under this level. We are looking for entry levels again, ideally from another test of 9479-9418 range if we see it with stops under 9360. At all costs 9200 must hold up today on all challenges. Should it fail at any point Bitcoin will turn very negative again, falling back to 8343 and potentially to 7798 at worst. This cannot happen whilst 9300-9200 holds up - but we need to be prepared in case it does, is all. It shouldn't but it could. It's Bitcoin, we need to remember this, every day. So if we don't get another retest of the lows then the blue support line at 9715 will hold price up and it will then try to break above the dynamics hanging above it...the big number at 10000 is waiting there just above price too, now. So surmounting all this overhead resistance power will not be straightforward, most likely. It can move down to make another triple low at 9470-9418 where we buy with stops under 9360 or it can move sideways for a while until it can escape the power of those overhead dynamics...a day trade for now selling off 9848 line and buying off 9718 line...any break of 9700 should send it back to the lows/buying zone. And any break above 10008 - once free of the overhead dynamic resistance lines can be followed. Bitcoin is still not out of the woods yet. It has to hold up at 9300-9200 all day on all challenges to make that claim stick from here. We may yet see a good short develop if 9200 gives way Open minds. it's Bitcoin. Yesterday's Trades reviewed At some point Bitcoin was going make a Fibo and the classic number in FX markets is 0.618%. Bitcoin's .618% from the low of this run at 7880 to the high at 11395 is 9218. The low was 9250. Close. We want it become a major currency. Yesterday it behaved just like one. In addition the trendline supporting Bitcoin for the longer term, and shown earlier was in fact at 9241 at the time of the low, just 9 points below the actual low. This was my mistake and not the chart's - should have taken more care over the precise line. My bad made worse by Tradingview doing some upgrade which stopped updates for a while, right in the thick of the action, too. So spent all day yesterday trying to catch the proverbial falling knife: two buy points smashed through and 140 points blown, maximum in the maelstrom. There was a small 85 point win along the way but those brave enough to run a wide stop under the 9300 buy point were rewarded with a fast 700 point plus gain which was sold at 10000 level and just under. Then we were looking to enter long again on a break above 10000 for a move up to 10436 where profits were to be taken. This process lasted until 1.30 am (GMT) when finally Bitcoin, after a long 2 hour period messing with heads, found equilibrium at 10000 and then confidence began return and the upside target was struck for another 430 points profit if you managed to stay the course with it. Like landing a leaping marlin: Hard work, but ultimately rewarding. So sorrry was abed when it happened. Missed a great trade there because, being human, have to sleep sometimes. Unlike Bitcoin which never stops and costs so much in lost opportunities as a result. But it's the only downside Bitcoin has (so long as 9200 holds up from here, at least).
BITSTAMP:BTCUSDLong
by sumastardon
5
BTGUSD Back in the Buy ZoneBTGUSD Update This has been a good reliable short once the dynamic support gave way, as per comment from Monday. Now it's back in the buy zone so shorts get closed out and reversed long with stops under 318. Short term target is the falling dynamic around 350 where some day traders will reverse once more for another short with stops above the dynamic. Pin bars of rejection off this line shows it's still strong. Price will then need to break above this line and hold on any retest to trigger the next long from here. On the downside major support lies close by at 319. Any failure to hold here over the coming days would be extremely bearish for BTG signalling another good shorting opportunity back to 260 at least, and potentially all the way back to 156.
BLong
by sumastardon
BCHUSD Now in the buy ZoneBCHUSD Back in the buy zone now A little burst of Dollar strength on back of DXY touching near term support at 92.62 has seen all the alts v USD weaken. BCH is now coming back into the buy zone, either from 1539 if touched or alternatively on a break above the dynamic from the highs.There have been two minor spikes through this line but both have failed. We want to see some buying power emerge and green candles as it breaks that dynamic and to hold up on any retest. It;s getting very close now...be ready for it. Stops need to stay under the dynamic by 20 points or so when the break occurs.
B
by sumastardon
1
Gold: XAUUSD Back in the buy zone for next swing higherGOLD : XAUUSD Update Continues to grind higher on a weakening dollar. It's a nice trade if you get the push and pull here...loads of bears who haven't looked at the dollar (muppets), they are the guys going to keep buying us dinner. The dollar is just completing a another failed counter-rally and this has pulled gold back into the buy zone again around the blue line on the chart for the next push higher to 1290. Then let it go again but only to 1284 and then buy again for bear-mangling surge to 1305 where it becomes a big short again with stop 3 points higher.
FX:XAUUSDLong
by sumastardon
BTCUSD enters resistance zone 4600-4700. Will it break?We are now up against the 4600 to 4700 resistance area. It has historically been strong and we might see BTCUSD once again go down, but I'm optimistic about it breaking through. If we close above 4700 we will most likely see a steep uptrend towards the previous top at 4900, and after that who knows? Maybe the moon! :) So I'm not sure about what target i would go for after 4900, but 5100 might be a possible resistance as these waves seems to move 200 at a time, but i would love some input on this.
BITFINEX:BTCUSDLong
by ohenrik
2