Martinspoon

Martinspoon

We are in an overall down trend. We have had a retracement. If price has found resistance at its current high, we might have a good trade to the downside. I have an Entry STOP order waiting at the green line, Stop at the red line and Target at the Fib 161.8 light green line. Lets see how it plays out.

Martinspoon

If the current channel holds, there could be a second long entry on this pair if price closes above the trend line. Stop will be at the low that will be left below the trend line and target marked by the green line. This is coming from the 240 chart where I am interested in trend line breaks after price has taken out a channel resistance line. We have taken out...

Martinspoon

If the current high stands its ground, the pair might have provided us with a nice framework within which we can trade down south. Positions should only be liquidated after price has hit either the bottom channel line or the one above it.These are the two lines that have the ability to force deep retracements as price seeks to form a new sustainable channel...

Martinspoon

If the current high holds its space, this pair might have completed constructing its bearish channel within which we can trade.Avoid leaving money on the table by exiting positions before price hits the bottom channel line or the one above it. Hope this little helps.

Martinspoon

If the current high holds, then this pair might have finished constructing its bearish channel within which we can short. If the channel is not invalidated, then we can stay in positions until price has at least hit either the bottom channel line or the one above it. Note that the marked target will keep changing to the down side as long as price keep loitering...

Martinspoon Updated 

As long as price remains within its channel, its always safe to trade in the direction of the channel. The current bearish channel shown on the chart is still holding for this pair. The current short trade within the channel is marked by the green and res lines. Note how they knew where Fib 50.0 was. I like placing entry orders at this or Fib 61.8 after price...

Martinspoon

Please find the marked bearish channel for Brent. If it holds, then trading down south should not be as difficult a task as these channel levels will provide us with levels of support and resistance on which we should close or open positions. Note that this is a 240 channel exposed on the 60 time frame. This means if the channel holds, it could do so for a...

Martinspoon

To all Channel traders, see if this can help. If Crude has finished constructing the channel within which price will progress during its next move down, the marked channel on the chart could provide the framework within which short trades can be taken. Note that this is a 240 channel exploded on the 60 world. Profits can be taken every time price takes out a...

Martinspoon

To my channel and Fibonacci traders, here is another short trade that could hold if this current channel holds true. Price has moved back inside the channel, which is good news because we will be able to tell what price is doing. We know that every time price takes out a channel target, it moves back, preparing for the next target. In this case, we know that...

Martinspoon Updated 

Please find the bearish channel within which the current short trade is progressing. Important things to note are 1. Price knows where these channel lines are. See how it reacts to them. 2. Every time price takes out a channel line, it pulls back, regrouping so it can take out the next channel line down the channel. 3. Never sell towards any of these channel...

Martinspoon

Please find how price has been behaving relative to the three lines shown on the chart. If price fails to close above the middle line on which its is currently finding resistance, then there is a possible short, target being the lower line that previously send price packing back up. If we close above the current resistance, then the next line, which is our...

Martinspoon

Here is another possible bearish set up awaiting riders to the south side of the chart, if the marked level of previous support and Fib 38.2 provides strong enough resistance to halt the current retracement.

Martinspoon

The following marked set up is available for a good trade to the down side if the marked levels of previous support on 240 provide a good level of resistance. Note also the Bearish Shooting Star being tested by the current candle on 240. If the test fails, the the Shooting Start will remain shining, providing light for a good move down south. This Bearish...

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There are two Bearish Engulfing formations being tested by the current candles. One on the 240 world and the other on the 60 world. If the tests fails, leaving the formations intact and the marked levels of previous support now turned resistance hold their footing, then the marked trade may well turn out to be a good ride.The Fib 23.6 deep retracement level may...

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Here is a horse that may prove a good ride down South, if it agrees to make the journey. If the marked levels of previous support hold as resistance to the current retracement, then the marked trade may well be a good trade. Note also the Bearish Evening Start, the Hanging Man and the Bearish Doji all grouped up together on that Fib 23.6 level. They may have a...

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Here is what may turn out to be a good rocker to the down side if, the marked level on 240 world of previous support now acting as resistance holds, and if the Bearish Engulfing formation that has turned up on 60 world survives a re- test. A beautiful Bearish Shooting Star has also turned up on 240. It might have a bearish story to tell. Note that the target...

Martinspoon Updated 

If the past levels of resistance marked on the chart remain strong, holding, they may provide a level of support to the current retracement, proving a nice move to the upside. Entries are marked on the chart with STOP being the red line. Note this STOP should be adjusted to the lower that will be left once price resumes its uptrend. Entry is shown by Green line...

Martinspoon

The following short trade marked on the chart is available, if the current trend to the downside continues and the marked level of previous support provide a strong resistance to turn price away, falling. For conservative traders, you may wait for a high to be given and sell the third candlestick. This is because Crude still has room to hit a possible resistance.