As mad as it may sound, Gold for me is a short for the next few weeks or even months.
In the face of the 'news', technicals are technicals, and Gold just painted a great big dirty Key Reversal on the Weekly chart, a key reversal backed up by break down of RSI thesis, and the $1380 resistance turned support level, just beckoning price like a magnet.
Still looking for bearish resolution of consolidation pattern.
1st Stop target is test of lows, thereafter adopt trailing stop strategy. There is no technical reason to believe the higher time frame Bitcoin Bear Trend is done, so DOWN has to be the bias on the lower time frames, but I would balk at holding any short position too far past a breach of the local...
Take note. This BTC short idea has not yet confirmed. Entering it prior to full confirmation across the 3 metrics I am looking at here, would be very silly.
Despite Bitcoin having already come down hard, there is nothing on the Higher Time Frame charts that suggests the slightest whiff of a trend reversal. Therefore the most probable thesis is that BTC is...
AUDUSD has already come down a lot, and HTF Harmonic targets have been met, and have overshot somewhat. So I wouldn't necessarily be looking for new lows here....certainly a 2:1 in there though, looking for a test of the lows.
I Stress. This is not a recommendation to jump on a Bitcoin short right now.....I state again. DO NOT SHORT BITCOIN RIGHT NOW!
.....but long term, $2K and below is where Bitcoin is headed.
Make no mistake!
Unless you are willing to risk down to $21.5K, there is no long setup to speak off here at the moment.
This is more a level in the market where the heavy lifters are likely to step in.
Don't fall for all the fear and panic.....the Big Crash will surely come, but they need to ramp the markets back up into Trump's re-election imo.
AUDUSD has bounced hard, too hard perhaps, and needs to do a little bit of back filling. Harmonic Bat Short Entry is pending.......textbook Bat entry is 88.6%, but I have seen too many air kiss that level before turning aright back around.......76.4% entry and/or hunt LTF charts for reversal structure.
Key Reversal and "Grade 1 RSI TL" Continuation Thesis in play.
Trade already active. Place entry at trade confirmation level (shown), or go down to lower time frames and hunt short range continuation setup's.
US Equities are 1 day away from painting a monstrous Key Reversal on the MONTHLY chart, the like of which has no precedent!
I love to trade these on v LTF charts, typically on the NYSE open, and typically with a 76.4% retrace buy-in. A Similar strategy could well prove itself prudent in this example, but instead of taking 30 minutes to get an entry, and then a...
There is a Bear Gartley working on a HTF, so have to consider this as a counter trend idea (gulp...usually doesn't turn out well when I state this in my notes).
However, price has been very directional since the breakdown at the resistance trendline and therefore, a retrace is due, imo.
RSI, the best indicator out there, bar none, imo is divergent with price and...
Despite the very nice Key Reversal candle which has also formed the top of this Ascending Wedge pattern, for me this EURUSD Short is not yet oven ready.
Until RSI support line (shown above) is breached, there remains a strong likelihood for any Stop's above the local pivot high to be run out.
Trade box is for illustration purposes only.
RSI has broken out confirmed bullish. Confirmed Bullish market structure, with price currently testing the consolidation range, setting up a potential Bull Cypher harmonic.
This is just one setup idea, to trade USDJPY, which imo, is in need of a bit of upside action.