norok

norok Wizard

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norok Wizard

A bearish Ichimoku cloud breakout is setting up on the Bitfinex repayment tokens. A bearish trend could form on the break of the consolidation which has a bottom around $0.50 and could retrace part of the premium move since inception. Lacking more data the best retracement would be the 61.8% Fib which matches with the immediate rally highs. Keep an eye out

norok Wizard

Everyone says that Comey moved the market on 10-28 but two days prior it held Ichimoku Resistance. Then it only "tanked" to the halfway point between Brexit bottom and high of the year. Everything is in the charts.

norok Wizard Updated 

The price action I outlined in my last post is following my plan. Price came off the highs around $630, down to $600, broke $600, and is now coming back to test the level as resistance. Price action here on the Daily suggests moving down to the lows. The move could be slow and take into October. Ultimately this is a battle on the weekly between the Tenkan Sen...

norok Wizard Updated 

After pulling back off the hit of $600 Bitcoin is battling a veritable "line in the sand" of resistance of $615. This line makes up the halfway point of the sharp down move of 9-11. Holding or breaking the line will determine price action over the next few days.

norok Wizard

Trade followup I took half off at my first target of $600 for a good $25 move. Now at this support we have to see if price will hold or breakthrough. If it breaks through I would expect a pivot to occur before going back down to retest the range lows. The next support would be at the Monthly 9 period Tenkan Sen of $570. Longer term forecast I've mentioned...

norok Wizard Updated 

With this move up after a long period of nothing I am making a call for price action... Projection What I expect is a pullback to $600 through 9/15. Now that price has popped up quickly it is still not a sign of long term bullishness. In fact, the move was too sharp to be indicative of a real sustained trend to turn the Daily into bullish territory. Price...

norok Wizard

Bitfinex Hack The Bitfinex closure has briefly messed up the charts by missing several days of price action. However, they still remain the most voluminous exchange and the most popular margin trading platform for USD. I do not expect them to go away. I am currently holding BFX tokens just as everyone else but have not yet begun trading them because...

norok Wizard

I've been waiting to post for something to actually happen and it has. Bitcoin has finally consolidated its way down to the major Daily Support of 611 but I am *NOT* a buyer here. This level, while strong on the Daily, is not backed up by anything on the higher timeframes and all the lower timeframe are trending decidedly bearish. It's still a falling knife at...

norok Wizard

UPS and FDX both have been going bullish for a good while and setting off multiple timeframe bullish signals. Today though the lower timeframes are breaking down triggering reversals. This could be some profit taking down to swing trading support levels. The 30m breakout setup on UPS and I took it around the opening when my alert triggered. I went in with...

norok Wizard Updated 

UNP hit a resistance off the Weekly + Monthly levels today with earnings coming up in exactly one week. Volatility is above average which makes buying vertical spreads attractive. I'm taking the August 90/87.5 Put spreads which were selling for 0.32. Max profit on these is 2.50 which would happen in a massive move. Getting them cheap will let me go profitable...

norok Wizard

USDNOK looks to be breakout out short on the swing timeframes for a play back down to the bottom of the consolidation. I entered at 8.3722 following a breakout of price and momentum to the 2 hour Ichimoku cloud. My risk will be trailed above the Ichimoku Kijun Sen until I reach my target at the bottom of the Daily range where I will tighten up my stop.

norok Wizard

Today we are fighting the dividing line between the potential top and the boundary to go even higher for the US Stock Market index. Taking the Brexit move as the key launch point the 127% Fibonacci extension is at 2156.75 on the September /ES futures. The close above or below this level this week is KEY . So why not put a good reward/risk bet on the close? ...

norok Wizard Updated 

The afternoons of trading are times for logging, reflection, and learning. Earlier in the morning my scanner picked up a 10 minute timeframe breakout on the GBPAUD currency pair. The breakout itself fit my rules for a trade and I took it from 1.7389 down to 1.7288 for a morning 100 pip day trade. I wanted to get a higher level understanding of why this trade...

norok Wizard

Timing is coming to fruition this week. We are back at the Daily Resistance level of 672. Holding here I'll play it down first to the Daily support of 611. Taking a short off this level going into the statistically bearish day of Wednesday is the play. The break or hold of 672 is going to be key. Should it break the resistance the "clockwork" Friday bullish...

norok Wizard

USB hit a Weekly + Daily resistance today at 40.85 where I took September 40 Puts. Implied Volatility was cheap so I went with Singles. Also later this morning there was unusual Put volume that came across the scanner but I had already taken the trade near the open. Market Sentiment I find myself net short Financials going into this earnings season. That is...

norok Wizard

I'm playing BEAV short into earnings. Price reached a Weekly + Daily resistance at 46.37 today where I bought October 45 Single Puts. With the market going up IV is cheap across the board to go for the Singles rather than vertical spreads. Seasonality has BEAV going down in August and for the year thus far it has been following seasonal predictions by having...

norok Wizard

Going into Earnings on the 19th CMA touched a Weekly & Daily resistance level. I bought October Puts in the office but was called away on a home emergency (kitten in an AC duct, no joke) so just blogging at end of day.