mbrennan

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Scalping half off at 100 pips below, swinging balance for measured move down. Willing to put scalp back on if get a sell-the-close market with strong, consecutive bear bars.

mbrennan

The market spiked down in 2013 and then was in a bear channel for the next 2.5 years. The bear channel then tested the measured move down based on the spike, and reversed up strongly. February is a strong close and a first higher high after a series of many lower highs. It had a bull signal bar last month, and is a second-entry buy at a new low (first was above...

mbrennan Updated 

The USDCAD has a bear spike in Jan, followed by a broad bear channel. The bear channel ended in a strong bear spike down on 2/3, and then found strong buying. There were probably bears who sold closes near the 1.37 low, so the market would probably test down there (STC Test). It did this week, forming a double bottom. The final leg down was weak and looks like a...

mbrennan

I am looking for short scalps in GBPNZD for the next several days, and will look to exit my entire short position at a measured move target OR a reasonable reversal setup beforehand (see chart). The market tried to form a wedge bottom and double bottom (or perhaps a Lower Low MTR). Earlier this week, the low-probability event occurred, with a bear breakout of a...

mbrennan Updated 

The market has not touched the EMA for 2.5 years (36 bars) and therefore is continuing its buy climax (BX). Pullbacks on the monthly chart are aggressively bought, and therefore the first deep pullback will probably test the December high. This test (T) could be a higher high (HH) or to a lower high (LH). Two measured move projections point to the December high....

mbrennan

Learn Price Action Trading #2 Hover over the blip to read a brief summary of the section and what it means. The summary only gives a very light amount of detail - there is far more information in each should you look closely. AMEX:SPY , 5 minute chart

mbrennan

Learn price action trading #1 Hover over the blip to read a brief summary of the bar and what it means in context. The summary only gives a very light amount of detail - there is far more information in each bar. FX:GBPUSD , Daily Chart

mbrennan

The buy climax and 39 moving average gap bar (small PB) bull trend is transitioning into a trading range, as the bears went for their breakout below. This is the biggest bar with a bear close since 2008. The 13 month long tight trading range The moving average (20 bar EMA) The prior higher low The tight bull channel trend line Most likely is sideways to...

mbrennan

The monthly chart suggests that Gold will see higher prices in 2015. A wedge bull flag (3 pushes down) at the trend line (TL) is a dueling lines (DL) pattern and is a reliable setup. The bull flag corresponds to a 61.8% pullback support level. First target is 1433, the top of the channel in August 2013. Next is a measured move up based on the height of the buy...

mbrennan

$40 is a significant price magnet that institutions obviously like to use as a bench mark. $40 Crude was sold in 1990, 2000, and 2003. It was bought in 2004 and 2009. I suspect that we will find buyers near 40 again. This may take a couple of months of sideways price action along 40. Oil has penetrated the monthly trend line. Most trend line breakouts are not...

mbrennan

MU has been channeling up since 3/2013 in a wedge that is due to correct by falling to the bull trend line. There have been 3 pushes, and it looks like the correction is taking on an ABC pattern. You could short now or short 1 tick below last week's low.

mbrennan

CLF was in a long term strong bear channel that broke out to the upside on a climax in late July and is now in the process of pulling back to retest the trendline. The test will come at around 14.50. A couple of trendlines support that price and the bear channel will fall right into it. There is such strong selling that I think the best the bulls will get after...

mbrennan

This looks like it will end up being a nice 3 drives bull channel, and we are near the channel support, and will be looking for a nice bull trend bar or a high 1 pullback entry bar to buy. I was also looking at the possibility of a small trading range (between points B and C). That is also setting up support and will likely have a successful bull breakout. There...

mbrennan

GOGO is forming the following bullish setups: 1) Head and shoulders bottom, but not yet completed 2) Pullback in a strong bull trend 3) Broke out of trendline, and breakout failed, thus pulling back perfectly to the trendline 4) Price is at a 50% retracement level from the $20 swing high 5) Bull channel and trend in progress This looks like a good setup for a...

mbrennan

The 50 support has held up before and today's close may indicate that it won't breakout short. I think the best the bulls can get now is a trading range while the bears may begin to cover at support (50). There has been very little buying pressure for the past month. Longs also resisted 68-70. Shorts (which have ruled for a month) are indecisive based on the doji...

mbrennan

Last night I had posted a BAC channel that may be testing resistance. However, this chart has more accurate resistance levels and indicates a move higher. There are 4 possibilities, 3 of which are very close to one another at around 16.50. The one closer to 17 may work (3 touches) but there is no valid parallel support. The red line was my previous resistance...

mbrennan

A longer term channel (darker blue) as well as the shorter term channel are both being tested at the very strong resistance. Also, there is a strong horizontal price magnet at 16.20, probably will hold. Obviously we saw on Thursday the very strong bull spike. Price action would probably say this is an exhausted bull. However, we may also get a short term...