1SQ trade ideas
Falling Wedge- Bullish - UpdateJust posting a quick update on SQ here as it has gotten beaten down badly amidst all of the intraday volatility. However, respected support nicely and is holding quite a large falling wedge. Bullish and will be watching closely for a breakout from this wedge as buyers start to step in (broader market conditions permitting)- Just some support and resistance levels along with some RSI-based supply and demand zones to keep an eye on in the meantime- Previous charts are attached in the description below
- Bollinger Bands Squeezing on the hourly timeframe (See Attached Chart Below)
- Slight bullish hidden divergence on the RSI on the hourly timeframe (See Attached Chart Below)
- MACD Cross on the Hourly Timeframe (See Attached Chart Below)
- Falling wedge on the daily timeframe
- Sitting right above the VWAP
- Bullish Hidden Divergence on the RSI on the Daily Timeframe as well
PT1- $168.13
PT2- $171.21
PT3- $172.24
PT4- $175.51 +
--Hourly Timeframe--
--Previously Charted--
Bull Trap Coming Or Bottom?We have tagged one of our a/r lines the question is - have we bottomed?, I'm personally thinking that we bounce up to form a Bull Trap before plunging lower, these peak momentum swings usually get busted by a lower low with less momentum (that will be the actual bottom).
SQ Double Bottom + DivergencePreviously, I outlined two possible trades on SQ. Short below 170 to the gap fill or buy the double bottom. If you took the short, you would have made it halfway to your target (the top of the gap fill). After the recent candles, Ive spotted a potential bullish divergence outlined on the chart. That combined with the hammer candle at support leads me to believe that a reversal could be in play. A fair target on the long side would be about 195. I would look for SQ to close above the 5ema. Stop out below the hammer candles low. Please be aware that reversals are hard to time. The trend is still down so this is a counter trend play.
SQsq
Divergence on the day and at 4h. There are also big hidden ones in the week, if you look at the level = 159.
At this level, Fibonacci 0.5 is not in the logarithm.
Will there be a rebound? IPAY FINX also show divergences, if we do not win back the etf, then we can take this action
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Possible double bottom in $SQPossible double bottom forming near support on $SQ. If support holds, things could get exciting from here.
SQ from here? Here is my "Mr Squigs" for SQ over the next 16 months. We will see how well I nail this one.
Selling the 125 Put for Jan 21st 2022
SQ Possible Double bottom?Square is trading in a very strong downtrend. It is under many of the moving averages and is down nearly 40% from the highs. After SQ's recent move to 170, it bounced and made a lower high at 195. We are now testing that 170 area again. I believe the current chart sets up two possibilities. We could either double bottom or continue lower. On a break below the 170 low, SQ could target the gap fill down to 160ish. It is also possible to short the neckline near 185ish for a better short entry. If SQ is going to double bottom, a break above 195 would confirm the bullish move and likely send shares to 200-210. A long at current levels provides the best risk-reward ratio. Given the current momentum, I am short biased under 195 (until we see a higher high/low scenario).
Watch these levels for a bounce play 🦉SQ is at an extreme RSI support on the charts, but its hard to identify which support it will bounce off since they are so far apart. But i will try my best! 💯
potential bounce areas I can see: 190-200(broke below), 150-155/100-110 (still holding)
Now i doubt our support #3 hits unless SPY has a crash. but time will tell
goodluck! like and follow for more 💘
RectangleSQ has been inside this consolidation pattern for quite a while. A rectangle is a horizontal trading channel and can be a long term pattern.
Price did not reach top trendline on last attempt.
The pattern is neutral until a trendline is broken.
Mid rectangle is 234.75.
The alligator is suggesting possibly more downside. The bottom trendline is support until broken and the top is resistance until broken.
No recommendation
Square Consolidation Square completed the "3 Falling Peaks" pattern down to the 170 level. Since then, it has bounced and gapped up into a consolidation. The consolidation range is between 186 and 196. The trade is to go long above 196 and short below 186. With a 1:1 risk reward ratio, the target would be 205 on the long side and 175 on the downside with stop losses on the break of the opposite side of the channel.
Support at 170 during biz transitionAs the business refocuses on the btc exchange and the blockchain overall, I see support at 170. It could be a choppy next 6 months, but long-term the company is positioning well for the future
New Bear Market OR Insane Dip Buying Opportunity?This week I go into detail on exactly why SQ has sold off, and the looming catalyst that could offer >400% return on an OPTIONS vertical spread.
SQBeen watching this one rise from the dead as of lately, thanks Dorsey. If SQ can hold above $193 support it should be able to test the $209 resistance level next. I like this more for a short-term swing, rather than a quick day trade.
$SQas long as $SPY trending strong and market sentiment is positive it can see 200s in the short term
SQ upside targets + channelSQ 4h. Expect it to run to 220, maybe even run to the 200SMA in the next week or 2, then possibly retrace down to 192 again, for a gift buy.
$SQ 15min Chart Trend Analysis Moving AveragesWell above 200 SMA : Was able to close above a resistance. Nice opportunity to get in at EOD.
Study combines 5, 10 EMA + 20, 50, 200 SMA + Ripster Clouds
Plotting a SQ ShortSQ has started to downtrend and recently gave up a crucial level of support at 226. After breaking support, stop losses were triggered and shorts piled on creating a nice sell off to the low 200s. Since then we have seen a doji followed by a continuation candle (at the time of writing). I expect sq to retest the 226 level and to continue moving lower to the pink zone identified. That would mean a target between 195-200 with a stop loss above 226.
SQ (SQUARE) Big Shorting opportunity aheadToday were taking a look at SQ (SQUARE)
So SQ made a big move down for earnings around the $225 level.
This level is widely being considered as a "buy the dip" opportunity which very well may be. However obviously we are offering a different perspective and heres why:
Reason 1:
We spend more than 3x the effort (activity) on August 2nd than we did on February 16th to make the same level highs. (relatively, weekly outlook)
So if we have more participants and cant breach a new level we have to consider that perhaps long isnt the direction.
Reason 2: 235-240 zone was a big area that held as support for nearly 5 months. We finally broke down and closed from that level. So for Operators to immediately reclaim that level is just a less than probable event.
Reason 3: Although not very clear it appears we have completed the B corrective wave and are well into our C distribution wave. We are referencing Elliot waves here. A modest 1:1 ration gets us to the 200-208 destination. Note: 1.5x and 2x distribution waves are no stranger.
There are a few more things happening here that are subjective that I will leave off such as harmonic patterns and the overall type of bearish structure we are in. In this case I dont think we need to add that to the confluence. Theres enough to suggest a lower price is more likely than not going to be realized.
As stated I like the 235 to 240 maybe even 242 area for shorts/puts to be initiated.
If you were to go into a lower time frame like the 4hr or the hourly you can find a much more precise entry point with a more favorable risk profile if not this would be a 1:1 trade short.
