Nice bounce on HSI, looks like a bottom in 2022 because of an impulse up, now right shoulder at support. China is doing everything to support its economy, but with high rates in other major countries, they just cannot pick up that easily.
However, when economy in China will really start picking up that’s when commodity currencies like AUD and NZD can benefit....
You can never tell for sure how much more they have to accumulate/distribute but signs are encouraging that accumulation phase is coming to conclusion and HSI is poised for a run to all time highs very soon.
I small trade today on the Hang Seng Index that turned out to be quick and simple with little to no pressure from the entry. Could have been a better exit but all up it was a good start to the day.
I will explain the price action for the Entry and the reasoning for the trade coming into the start of the session.
** If you like the content then take a look at my...
There are more negative and pessimistic news about China every day in the papers, online and social media. Remember, be it print or clicks , the more viewerships , the more money they can make (capturing your data and then selling advertisments or relevant news back to you)
So who wants to hear positive and good news huh? It is boring and unsensational!
China is...
I see that we have held support, and were going back for a retest. I don't know how close we get, but if it touched into the baby blue box below, I think that's a great risk reward for a long position.
China is beaten down, fudded, this very well could be the bottom.
If it goes lower than the support, you probably want nothing to do with it till we see it above...
Exemplarily, Hang Seng has thumbed our target zone and turned upwards from there. Thus, we classify wave 2 in turquoise as complete. Now, wave 3 in turquoise should carry Hang Seng above the resistance at 21 056 points. The counter movement of wave 4 in turquoise should then push the index back toward this mark before the ascent can be resumed once again. However,...
1D - Retested the previous long-term downward trend line (red circle) and is rising again, and a falling wedge pattern is also underway.
Currently, the downward trend line (blue circle) that began on Jan. 30, 2023 has broken through, with only 19725 support likely to rise to 21047-21752/22400-2260.
1W
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I think...
HSI went oversold again.
China goes down, Bitcoin goes down. BTC seems like it's trading along with China for the past month.
Probably a weak bounce tonight, China has been very bearish lately.
Indicators don't show a direction, but I get a weird feeling China will get another pop tonight.
BTC has been tracking the Chinese market for the past month, so be careful if you're still shorting shitcoin.
Hang Seng is supported on the 1W MA50 with technicals both on the 1D and 1W time-frames (RSI = 51.130, MACD = 75.500, ADX = 25.377) neutral. This shows the high accumulation effect that is taking place as the huge Inverted Head and Shoulders pattern (whose Head formed the October bottom) is near to complete the Right Shoulder. Even though there are several...
The Hang Seng Index shows a strong accumulation in the background along with a strong upward breakout. Before Friday's session and US labor market data to be released today, Hang Seng again showed strength and formed a re=accumulation range.
The last re-accumulation zone becomes both a big support and a buying zone for today's session.
Analysts expect good data...
Trading and Price Action can be broken down into tow simple terms...a 'range bound' market and a 'trend' market. Being able to identify the price action early is key to successful daytrading.
In the video I discuss how I like to daytrade Indexes and especially how I look to identify a RANGE or a TREND market. As there really is only TWO WAYs to trade....ie/...
Increasing confidence for global economic resilience in 2023. Global growth for 2023 has continued to improve. The U.S. has started the year with a degree of momentum, even if activity could wane as the year progresses. Chinese activity is bouncing back as the economy reopens, while the Eurozone is likely to benefit as energy prices have receded and headline...
Overbought on RSI and MFI. Decided to buy a few PDD puts when it went green, it didn't rally with the Chinese market after missing earnings, it'll tank if HSI goes red.
In this update we review the recent price action in the Hang Seng and identify the next high probability trading opportunities and price objectives tot a
Hang Seng is still busy in the magenta-colored zone between 20 867 and 18 707 points. On the one hand, the index has slowed the descent and could very well have completed wave (4) in magenta by now, readying itself to take off. After all, the requirements for the current movement’s conclusion have already been met by touching at the magenta-colored zone. On the...
