TLRY has formed a second entry for a parabolic wedge bull flag and larger high 2, although a doji bar. If the bulls are unable to regain control soon - something is wrong with the bull trend premise. If the bulls do not return within the next few weeks, prices are more likely to be in a trading range and will likely test the tight trading range of the open...
TSLA So far this week is a failed failure - the buy setup for a failed bear breakout last week has failed. The bears have created a small gap from last weeks close around $236. Although this gap will likely be filled as all recent bear gaps have been in the most recent bear leg. This is common when prices are in a trading range. The bulls will want to form a...
(5/9/19) Today was a bull reversal day and will likely result in a large trading range day. There was a bear trend from the open after a large gap down and failed bull trend on bar 1. There were several good sell setups (red arrows), and a breakout gap which remained opened for the morning session. The appropriate stop for all entries was above the high of the...
5/8/19 Yesterday was a weak bull trend day that evolved into a trading range. The market opened always in long from the previous day's strong rally from a wedge reversal (nested and larger). The bears attempted to form a bear trend from the open, but failed on the third bar and were unable to fill the bull breakout gap. There were a few reasonable buy setups...
Last week formed a failed bear breakout, nested wedge reversal and larger wedge bull flag. However there is a tail above the signal bar and prices have been in a tight trading range. Prices are in the middle of a large trading range as both sides fight for follow through. The buying pressure has been weak since the April 18 bear spike. The bulls will need...
The bulls have decent follow through from the parabolic wedge bull flag and sell climax. There are several bull gaps and consecutive bull bars, although they are small. Prices are currently testing the top of the sell climax above the November selloff, around 6523. The bulls want a larger second leg up and test of the start of the bear channel around 11,500. The...
So far this week is an outside bull bar, higher low and possible large high two bull flag. However the bulls need this week to close on its high as a strong bull bar. The bull breakout gap from the January rally has been filled, but there are still open bull gaps below. If instead of closing on its high, this week turns down and continues to sell off, the bears...
CRON formed a high two bull flag which triggered last week. Instead of resuming the bull trend, prices are continuing lower. There is a bear gap which is still open at $17.80. There has been some decent selling pressure over the past 8 or so weeks with very little buying pressure since the parabolic wedge reversal. The bears will likely get a larger second leg...
TLRY formed a parabolic wedge bull flag which triggered last week. So far it is failing and testing the bull breakout gap around $40. The bulls will likely try to form a second entry for the wedge bull flag within the next few weeks. If instead the sell off continues, prices will likely test the tight trading range of the open around $20 and from there enter a...
So far the MES is off to a good start and looks like it will be a great alternative to trading the ES or the SPY. The volume is already heavy enough to day trade with minimal slippage, and the price action is closer to the ES than SPY. The commissions are a little higher for active traders but are comparable to the SPY. The commissions are around twice that of...
CGC has formed a failed bull breakout and small final flag reversal (failed breakout of tight trading range). It also tested the middle of the tight trading range from the previous all time high which was a target. However this is the first reversal attempt since the January rally and the selling pressure wasnt that strong. The bears need strong follow through...
The Bulls are getting trend resumption after testing the EMA and filling the buy climax gap at $150. Prices will likely reach a new all time high soon. There are signs of profit taking around the new all time high (sideways for past 8 weeks). A reversal down soon could become a second entry for the larger wedge reversal. If there is another buy climax prices...
ACB formed a failed high 2 lower high sell setup which triggered on the open of this week. Since prices have rallied, possibly setting up a wedge bull flag at the EMA. However this could also be the bulls trying to get out around break even from the high 2 buy setup. The past few weeks have been sideways, indicating some bull profit taking. If this week closes...
Introduction to Trading Psychology Learning to read a price chart takes a while, but is relatively straight forward. It is obvious learning how to read a price chart alone is not what leads to consistent profits. So, what is it that separates the very few successful traders from the so many failures? Is it their strategy, their money management skills, IQ, were...
TSLA is trying to form a buy setup for a failed bear breakout of the bull flag trading range after testing near the middle of the lower range and below the double bottom from October. If this week closes on its high it would be a nested wedge bull flag and failed bear breakout. However there has been some decent selling pressure over the past 10 or more weeks. ...
Yesterday (5/2) was a large trading range day. After a spike and climax bear trend and large second leg down from the previous day (FOMC announcement), prices reversed up in two legs. The bears failed to form a bear channel and instead prices remained within a smaller trading range and closed in the middle of the days range. So far today is in a tight trading...
The EURUSD formed a wedge reversal on the daily chart this week and there was good follow through before stalling at the 20 bar EMA. Although the bulls were not able to keep the breakout gap open, the April 25th sell the close bears are currently trapped. If they remained trapped and prices form a second entry with good follow through it will increase the...
TLRY formed a parabolic wedge bull flag last week which triggered this week and will potentially lead to bull trend resumption. The bears appear to be exiting on a test of the previous weeks bear close but the bulls will need follow through over the next few weeks. If prices continue to sell off the bears will likely test the bull breakout gap around $32 and $27.