Bankuur

Bankuur

I opened a couple new short positions on the E-mini this afternoon. The E-mini has been in a channel since its initial gap down last night ... this afternoon it broke through that channel to the downside. Unlike the false break earlier to the upside, this one tried multiple times to re-enter but failed. In addition to the break below, it also came back up to...

Bankuur

Well, oil shot up this morning (I know ... news flash!), and it shot up really BIG! At one point it was touching the 15% gain mark, but has since retreated, while creating a double top. I played the big gain, and now I'm going to play the profit taking. Double top, RSI divergence, and a shooting star ... what's not to like if you wanna play this short? Profit...

Bankuur

Shopify is looking pretty bearish to me. Notice, it is trading below its big up trend line, below its 10 SMA (orange line), below its 50 SMA (blue line), and looks to be heading for the 100 SMA (purple line) as well as the next major support area (dashed line). I am going to stay neutral for the time being, but will keep a close eye on it. If SHOP can't bounce...

Bankuur

Looks like a double top is forming on the 15 minute chart. Considering what transpired this weekend (attacks on oil refinery), I am not surprised. Also, SPY dipped back below the major trend line ... AGAIN!! It still is having trouble getting through the all-time highs.

Bankuur Updated 

If you follow the news, you know about the big drone strike on a Saudi Aramco oil refinery - their largest one - this weekend. An Iran linked group is claiming responsibility. From articles I have read, they are saying this will drop production by 5 million BPD which is pretty significant... then of course the tension this creates on a world scale, in an already...

Bankuur

Another big news story this weekend: GM employees begin strike this evening (Sunday). I think fundamentally this will hurt GM short term, and provide for some good shorting opportunities. I will watch it in the morning, as I expect a gap down. I then may enter on a retest to ride it down further ... Possibly to the next big support area.

Bankuur

Looking for a break below the candlestick that is before the inside bar. There was a nice retrace to the 38.2 fib level and 20 MA. GLD bounced from those levels with 2 solid bear moves, and the volume was solid for both. If GLD breaks below the low of the 1st candle, I will enter short and possibly take a 2 target trade.

Bankuur

Notice the bearish engulfing candlestick today, after the doji yesterday? I believe that means we are going back down to retest the green line I drew in the 295 area. We just made new highs, but could not close above the highest close level set in July. I do not believe this sell-off will be anything more than simple profit taking after this nice rip up after...

Bankuur

I believe the market wants to go higher, and I have switched my bias to bullish ... for now. However, I think there will be some profit taking before the all-time high is broken for good, and convincingly. There was a gap up to open the day. The market then shot up, then shot down, then finished undecided (doji). Typically, a gap, then a doji, means reversal. But...

Bankuur

If you follow the stock market, and the big names in it, you will know that Shopify has been on a rampage. But, SHOP has recently pulled back into a zone that I think counts as solid support. In doing this it made an inside candlestick pattern yesterday. Inside patterns are tricky ... they can be continuation or reversals. However, this particular inside...

Bankuur

Bearish gold fits the narrative right now - the S&P wants to climb. Technically, GLD made an inside candle bar today. Inside bars can be bearish continuation patterns if the low of the previous candle (the "mother" candle) can be broken. Or, they can be bullish continuation if the high of the previous candle (the "mother" candle) can be broken. In this situation,...

Bankuur

Daily USD/CHF looks to be in a channel, and right now it's at the top of it. If I can get an entry reason on the 4 hour chart, I may play this short down to demand zone.

Bankuur

I have switched to a bullish bias recently ... Tried to fill the gap, but failed. Since then SPY is proving to be stubbornly bullish in my mind. A close above the previous 4 hour high is bullish, and it might also be what's needed to finally breakthrough the long-term up trend convincingly. If it it does, the all-time highs will be retested. Notice, SPY sits...

Bankuur Updated 

This is why I put my entry order below that lowest point. Notice, I did not put it right at the support... Good thing I didn't, or else I would have been stopped out.

Bankuur

I published my analysis on this pair yesterday. It looks to be going my direction... Order was placed!

Bankuur

Hmmmmmm! So, I was charting and thinking... Is it possible - considering the difficult time the S&P is having breaking through the long term up trend - that it simply stays in an ascending channel underneath the trend until it reaches the all time highs, and then DROPS like a ROCK? I think it's entirely possible. Until (or IF) the up trend is broken through, I'm...

Bankuur

Couldn't break above long-term uptrend AGAIN, volume declining, RSI overbought, volume divergence since the gap up, and the gap needs to be filled (well, usually they do...). Clearly the market was not overly impressed by the end of day on Friday. The entire day was flat, and .2 was shaven off SPY in the last few minutes of trading and it almost closed at 0 or...

Bankuur

Earlier today I published analysis on the daily chart for this pair. After looking into it, I may enter on the 1 hour if there's a close below the 1.1016 area (dashed line), and try to ride it down to the green demand zone. Once it gets to the recent low area, I will start to really watch it and tighten my SL, as it could reverse in here as well ... You never know!