Hello all,
as we approach the official news release of the Silk Road auction price has moved into an interesting location. As was mentioned previously, the move through $610 over the weekend has registered a wide double bottom off the 38.2% Fib level off the higher time frame charts. This bodes well for BTC over the longer term, however, when we drill down to...
Hello all,
Today's post is more about professionalism in the face of failure then reporting any new setups. Recently, I had started to make the case for the Alt coins and their long anticipated catch-up rally to BTC. While I still do feel that scenario has a high likelihood of playing out, this production is all about LTC's recent failure and how I acted in the...
Hello all,
hope you are enjoying the nice weather and even nicer stock market rally of late. It is a bit surprising to see the S&P 500 move to new highs into June but when a bull is charging it is often dangerous to draw lines in the sand. One can often get run over at best and even bankrupt oneself at worst. Regardless, a while ago I published this chart about...
Hello all,
A trader's journey is one of self discovery. Learning to identify and then appropriately trade 'setups' is really about finding what you are comfortable with. It took me many years of self discover to find what works for me as I am sure it has for you. To that end, I found one model that I really like and it is my privilege to bring it to your...
With the recent topping action in BTC it has been interesting and a little disappointing to watch LTC's outright failure. Indeed, Litecoin's inability to hold significant support levels has both broken its bullish bias and once again brought it's relevance as #2 to BTC into question. With this relationship continuing to decouple, I thought I would take a moment...
Just a quick update. BTC - Stamp has resolved the recent consolidation bearishly. I have been talking about the consolidation for a few days now in my videos and we have broken through support. While current prices don't seem to make sense for new trades, it is in my opinion one can realistically play short setups (day trade basis) as we work our way down to...
The parabolic price spike into the full moon caught me (and I would assume many others) completely off guard. The fact that there was little to no follow through supports the notion of an anomaly and the market is going through the natural process of correcting for that event. Indeed, the 1 hour chart continues to work its way lower after a well defined top/fail...
Here is a really nice example of the BoT in action. Price had been basing through the overnight session as a wide double bottom was confirmed through the pre-pit open. That bottom setup long ideas and sure enough the BoT came alive when prices corrected to 103.26. I watched price action closely and was very fortunate to act when given the opportunity (wtg Brian). ...
Every Friday we have weekly options expiry and with it comes some interesting price action. If one looks at option open interest data one can glean an idea of where 'the smart money' wants the market to finish at expiration (11AM pst). Interesting here, we see the institutions have a lot of incentive (in terms of net exposure considering they write most options)...
Sadly for those in the Bitcoin world, today was a very negative day for the cyrpto-currency. Viewers of our show last night should have left feeling the bearish tone to the current environment and indeed, that bearishness has played itself out. Technically, a rather ugly fail at the top of a well defined trend channel and a looming weekly OTE zone were two reasons...
