MadButcherWA

MadButcherWA Updated  Apr 15

A pennant/flag pattern has been printed on the chart. Being a continuation pattern this is indicating a further move high on the price. Confirmation of this is with the Elliot Wave, though I will admit, I am not completely sold on this being a proper impulse wave, however, as per definition the 2-3 section of the wave is the strongest so far, and the 3-4 is the...

MadButcherWA Apr 15

Wheat has a solid base at ~540. Every time we have pushed to or above the red down sloping trendline we reverse to this level. This has formed a triangle that is reaching a decision point that may yield to a breakout of this low level and a push above the 600 level. Given that the price has held firm to the red trendline for so long a move above it will be a...

MadButcherWA Apr 15

This would be a nice little trade, though a little dangerous. You need to look at the longer term lead in trend to the chart and you will see there is a down sloping trendline into this double bottom. I say it is ill defined because that centre peak is deformed relative to the valleys. However, despite this, this trade has potential because of the volume spike I...

MadButcherWA Apr 13

This looks like a very promising setup. I should note, it is worth zooming out on this chart to see the full view of it because the down sloping trend line has a lot to play in this setup. The double bottom has passed which is a reversal pattern, and the Triangle has now come up which is a continuation pattern. It is important to note that both of the chart...

MadButcherWA Apr 13

Not really much to be said here, but this may develop into something. Sometimes I like to find setups like this that are quite "ripe" and sit on them. Pretty much what I will do here is leave this in my trading diary or on a watch list and just check on it once a week or once a month and see if it crosses that trendline and makes a nice reversal pattern.

MadButcherWA Apr 13

To be honest this chart looks weak, but I've seen charts like this with this kind of setup pop, so I might put it on a watchlist. The large triangle has caputured the trade with the lower bound trendline being far steep than the upper. This sort of indicates that there is a good amount of demand underneath this stock, however since about the start of 2024 it...

MadButcherWA Apr 12

I like trading bio and pharma stocks. They trade very similar to small cap miners, but with their own little personalities. Anyway, a large triangle is here with the price coiling up against the 0.90 resistance level. There is that long term trendline that the price is trading up against that is holding the shape firmly. As we are coming to the tip of the...

MadButcherWA Apr 12

A really strange pattern I've not seen before on this chart, but there is definitely something about it. In any case, leading into this pattern back in 2021 we see a very sharp double top from which we can draw the trendline from. The pattern looks like some sort of reversal pattern as the price is holding to the resistance level at 0.021 and there is a huge...

MadButcherWA Oct 26, 2020

A friend of mine who has been invested in this for some time has asked me to have a look at this for him. This looks like it is developing a double bottom reversal pattern here. At the dotted line we have what I believe is a neckline forming that will be a future breakout for this pattern. The long term primary trend is possibly in the process of being broken...

MadButcherWA Oct 23, 2020

Primary trend has been broken and then we got a consolidation zone and reversal pattern printed (the double bottom defined by the pink scribble). Price has broken through the 200 MA and a minor trend that was established making the consolidation zone. I want to see the 1st dotted line broken before I would say that this has broken out. Though once it has, targets...

MadButcherWA Jul 31, 2020

Given the huge rise that Apple has had over the years it's an easy call to say that it has to come off the boil sooner or later. This chart shown in the log scale shows a series higher lows following a series of cycles. The depths the price reverts to lines up with previous all time highs (blue lines) with a regression to the purple trend line dictating the...

MadButcherWA Updated  May 26, 2020

We are nearing the pointy end of this flag that has formed in bitcoins long term trading. On the daily chart one can see a double top that has begun to form and we will likely see the price revert to either 8000 at the 200 day MA, or 7500 at the long term resistance level in the short term, though a move as far as 6500 shouldn't be unexpected given the triangle...

MadButcherWA May 22, 2020

A lovely double bottom or 2B has formed on this chart and given us a very nice pitchfork to trade with. I think were going to see price bounce between 51 and 48 for a little while, but as long as gold has got a push going behind it I think this will go well. I expect price to be flat until it hits the end of the current channel before having another push up....

MadButcherWA Updated  Apr 15, 2020

Oats seems to be following wheat in that there is a similar bottoming pattern occurring that has been going on for several years now. And up angled wedge which has trend lines dating back to 2006 forming is reaching its pinnacle. There is a lot more action to the upper side of the triangle compared to the lower so I think the break out direction will be most...

MadButcherWA Updated  Feb 25, 2020

The setup is pretty basic: there has been a failed pennant which has returned to the long running channel and is heading back to support at 0.125. It may or may not get there, instead turning at the moving average, but it should getto the bottom trend line. I would expect after the price has consolidated a little that the trend will resume. Short term target is...

MadButcherWA Feb 25, 2020

Newcrest has been slow to catch up to the gold party, so it makes sense given the recent moves on gold that there is a bottom being put in here. There is a double bottom within the broadening bottom that is playing out. I'm looking first to see that the 20 day moving average holds. Then once thats held a break of the red trend line and the 200 MA will all be...

MadButcherWA Feb 4, 2020

I'm not so certain of this set up, but I'm keeping a close eye on it still. There is a large triangle that has formed in the price action which within it is playing through a series of peaks and troughs. If the cycle series is correct we could expect to see a bump in the next few days. The 200 day moving average was just crossed and now after hit a resistance...

MadButcherWA Updated  Jan 27, 2020

If you look back at some of my prior posts you'll see that gold is in the middle of an Elliot Wave 5 move at the moment. Having just broken through the high point of the previous breakout, the congestion zone it set after breakout was above the previous 12 month high, rather than below it, setting us up for the high probability of another strong move up, which I...