BTC has a lower high double top forming and if it plays out (a close below 60500 starts it) the bears will have a measured move objective around $48k. We have also seen new bearish momentum stronger than we have seen in almost 2 years.
The market had another nice downtrend day. Entries were clear on most of the pullback and the market gave clear indication it was slowing down. What a great day to trade.
If we break through the double top apex formation we could see a strong move to the measured move object. That is about 10% of the stocks above their 50-day moving average. This could be an epic buying opportunity.
In this video I cover my thoughts on the week ahead. I touch on some of overall sentiment but, this video focuses on the week ahead as I take you through my weekly preview practices. This is shortened down version of how I like to prepare but, it should give you a good idea of what I look at before the week starts. We the following concepts: Chart analysis ...
I think video, I covered an awesome pullback day. Where we could've entered, what the week looked like to me and what I expect next week without doing my weekend analysis.
I completely forgot to record my market recap. My trading journal entries got deleted to the computer restarted. I lost all of my trade entries because I did not save them. Then I proceeded to lose two more trades today. Which is very frustrating. Anyway, in this video I cover the trades that I took and the one possible setup outside of all of the news.
The market hit that measured move objective that I mentioned in yesterday's market recap. There was a ton of news today with CPI, 10-year Bond auctions, and FOMC members speaking. The market just consolidated after the MM was met. Unless you were a range trader then there wasn't much to trade.
Today I took 3 losses. It was a really bad trading day. I didn't really follow my plan on the day and took 2 unnecessary losses. The one loss of the 3 I can live with but, I have to do better. There wasn't much give from the market today.
This is my favorite set up that I found this weekend. The chart looks clean on both the weekly and the daily. The trend is slowing while stronger bear bars appear. This could set up into a nice 1R play but, has the juice to move much further IMO.
That's right an Anti Pattern has set up in ORCL. There are some things to note such as the earnings gap potential to gain strength but, overall we saw a nice set up on Friday that could at least give a 1R return.
I am not willing to take this long given that it is in the upper channel of a downward trend. I also provide a couple of other examples of trades that are/ were in a similar setup just at a better point in the over all trend.
Disney is showing potential signs of a stronger pullback, possible reversal. Much of the market is looking the same way at the moment. I don't like any trade right now for the stocks that look like this. I think we need more data to decide a swing direction.
In this video, I cover the SP 500 stocks over their 50-day moving average. We are never had previous highs and have potentially formed a double-top higher high after some climatic activity. If this is a rollover a measured move of the first leg brings us into 3% territory. With rate hikes upon us, it could change the characteristic of this potential downward...
NEM blasted through my take profits. I hope you learned something new from this setup. Its one of the most powerful setups in my bag of tricks.
In this video, I go over the possible trades in the day. I also discussed why I didn't take some trades and what trades I did take. Spoiler alert, the one I took was an Anti setup. Below are some characteristics on the day Yesterday's monster sell-off, price moved toward and sold off at the 50% retracement of yesterday's sell-off. Slow consolidation in...
In this video, I describe my trade idea, how I executed it, and recap the move it is making towards my target. I also briefly explain how I am reducing risk.
In this video, I go over what I am seeing in BTC and why it has the potential fuel to get to GETTEX:48K before moving higher. There has been much weakness in the last few weeks.
I recently closed out a 1.1:1 trade in Rollins. In this video, I describe what I was looking for and why the trade setup worked so nicely. Just a 2 day swing to get paid!