Alec40

Alec40

Hey Traders, I have done some analysis on the Major indexes, (Dow, S&P, Nasdaq etc.) I believe the general Markets may be attempting to head higher here. I am still cautious as I have mentioned in previous ideas and will not be leaving myself over exposed to one side of these markets however I am leaning towards a long bias this week. I think the recent gap on the...

Alec40

Hey Traders, I am seeing some good setups on Gold 0.55%right now and would like to share with you how I plan to trade them. I have 3 Support and Resistance lines that I believe to be important price zones for Gold 0.55%. I am using these price levels to gauge where price is likely to go next. These support & resistance lines (zones) is where I will be looking...

Alec40 Updated 

Hey Traders, We are seeing some strength in the Metals and this bounce seems to be playing out exactly as planned. I think Silver is getting ready to head towards $17.00 per ounce. I am already long (shown in previous idea below) However I may take on another short term long position if price can break out of this Ascending Triangle formation. I will be looking...

Alec40 Updated 

Hey Traders, XLE is currently at a major level of Resistance and has a shooting star candle on the 1 hour chart. Also price is being rejected by the 20 period SMA. This is a high probability setup! Lets see how it plays out as there may be many things to learn from this trade.. Entry- 66.80 Target 1- 66.20 Target 2- TBD Stop- 67.40

Alec40 Updated 

Hey Traders, I am seeing some signs that Gold and Silver may be about to turn around here. We are seeing Strength in the Miners. Also Gold & Silver are at major levels of support right now. Gold seems to want to head back up to around 1260.00 and Silver around 17.20. We need to see Gold & Silver break these levels highlighted in yellow. If they cannot manage to...

Alec40 Updated 

Hey Traders, I recently entered another WBA trade. My Entry price was 86.00 but I do see plenty more entry opportunities before this move plays out.. This is a Swing trade that has been extremely profitable for me. These trades can take up to a month or so to hit targets given the fact that price needs to move nearly $5 to hit target 2. Entry- $86.00 Target 1-...

Alec40

Hey Traders, I recently posted an idea regarding Gold & Silver. I have a small position in both Gold & Silver I am expecting a bounce however this Flag pattern has come to my attention and I want to put another perspective on this for you. Gold & Silver may trying to put in a new bottom before heading higher. I am still Long and that will not change unless my...

Alec40 Updated 

Hey Traders, We have another short term trading opportunity on DIA. There is a bearish Cypher Pattern Completion on the 15 Min Chart along with several 15 min Candle closes outside of the upper Bollinger Band. The Market is trying very desperately to go higher but cannot seem to break out of this range that it has been in. The Market may be attempting to go higher...

Alec40

Hey Traders I am seeing a possible bounce coming in X. This is a countertrend trade so I have tight stops.. Entry- 21.25 Stop- 20.80 Target- 21.80 This Stock has been under a lot of pressure and investors have been taking there money out. I am looking to buy into this weakness. This is a Short term countertrend trade. Be careful because price will most likely...

Alec40

Hey Traders, We are seeing a Bullish Cypher Pattern on Silver. I think Silver is ready for a bounce here and those of you who have seen my recent ideas know that I am currently in a small long position. I have added to that position due to the completion of the Cypher Pattern at structure support. Also we are seeing that price is currently low relative to the...

Alec40

We have had 2 massive gaps in the Dow recently and now price seems to be following through and moving higher. As I have stated in previous ideas, I do believe the Dow is going to head higher over the months ahead so long as we don't get a black swan event. With that said, I am still cautious right now. As you can see on the Chart above, The Dow was forming a...

Alec40 Updated 

Hey Traders, We have a nice double bottom on XLE with a Strong Bullish Candle! I tried to get this out as soon as possible however I do believe there is still time for entry if this meets your rules and criteria for entry. Reasons for Entry: 1) We have a double bottom at previous structure support. 2) We have a strong bullish engulfing candle. 3) Price has been...

Alec40

Today we had a strong selloff, I am sharing this idea to give you some insight on why this selloff may have occurred. I have some technical reasons why this selloff has occurred today and I will be sharing that analysis with you (Fundamentals aside). Reasons For Todays Selloff: 1) Price has reached Strong Structure Resistance and a pull back is to be expected...

Alec40 Updated 

Hey Traders, we had a decent drop in Silver yesterday and I know a lot of people are wondering what is going to happen with the price of the metals moving forward. Those of you who have been following my recent trades on Gold/Silver know that I was bearish due to the weekly chart showing a down trend. I linked those ideas in the related ideas section below so...

Alec40 Updated 

Hey Traders, We have a Bearish Cypher Pattern on the 1 hour chart. This looks like a good setup to go short. Price may not reach the traditional entry of the cypher pattern (.786 retracement) due to areas of resistance. I will be taking a conservative entry on this trade. I am looking to enter a short position around the 205.50-205.70 price level. Entry...

Alec40 Updated 

Hey Traders, I recently took a Bullish Cypher Pattern setup on DIA. Unfortunately I was not able to post the trade before the move started however we may have another opportunity for entry on the Bullish Cypher Pattern. my original entry was 204.45 with Target 1 at 206.00 and Target 2 at 207.00 Target 1 was successful and Target 2 has not yet been reached. As you...

Alec40 Updated 

Hey Traders, I am seeing some selling strength in Gold/Silver right now. We are still in a Weekly downtrend so I will be looking to take a small short position if we can get another false breakout to retest the level highlighted in orange on the chart. If we do get some selling and the price does pullback as I expect, I will be looking for Long positions only if a...

Alec40 Updated 

Hey Traders, we have a Bearish Cypher Pattern that is about to complete on the Dow and DIA -0.07%15 minute chart! This looks to be a good setup and I will be taking this trade. Entry- 206.40 Target 1- . 382 Retracement (around 205.90) Target 2- . 618 Retracement (around 205.55) I will be trailing stops for Target 2 and actively managing this position, I do...