Clear topping action is beginning to develop with RSI confirming as bearish momentum is strengthening. With that said, I'm expecting a stock market correction after such a solid year of performance. Unless US30 makes additional fresh highs, I'm shorting as I expect to see profit taking happening in the days ahead. That's it - That's all Trade Safe
Should price action present itself with a retest of the ascending resistance I'll look for an entry to sell short. Additionally I'm looking for a least a bullish pullback of at least 38.2 to consider my entry. You can note my fib levels on the screen.
Taking a look at the weekly chart, I believe this stock has more potential of a pullback then it does with bullish continuation. With that said, I actually want to see some further gains with this stock up towards my AOI level (area in green). If price arrives there, I'll be looking for a potential short position.
Weekly timeframe shows that this stock is likely to pullback to my level of support highlighted on the chart. I need that level to be tested before deciding on what to do with this stock. If we reach that level, I'll assess market conditions and momentum to determine if it's a low risk entry. There might be a chance of further declines as shown with my second arrow.
RSI is dropping below 70 showing signs of lack of bullish strength. I believe this stock is likely to pullback a bit.
Taking a look at the weekly chart, Disney is beginning to show signs of a bottom with the RSI divergence dictation along with strong bullish impulse off these lows. With that said, stocks to tend to underperform in January and I'm expecting to see similar follow through with DIS which is why my bullish target of 110 is set for April 1 Trade Safe - Trade Well
Big move in Bitcoin today. Some rumors (could be fake) that US regulators will not approve Bitcoin ETF. While the rumor remains, my bearish sentiment target is 40k
Earlier I mentioned a possible bearish breakout but wanted to wait for the 4 hour candle to close for confirmation. As of writing this article, the breakout is now confirmed and I'll be waiting for a possible bullish pullback to execute short at the Area of Interest.
Taking a look at the 1 hour timeframe, price action with Gold beginning to look quite bearish. Seems like all major assets are selling off today and all the value is getting pushed back into the greenback.
Taking a look at the daily timeframe, price-action is currently respecting the 200SMA for support. Furthermore, RSI is suggesting prices will rise with the bullish divergence.
On the 1hour timeframe we have a bullish breakout. The USD is the strongest and the CHF is the weakest as the NA session begins.
RSI on the 15 min timeframe is now back above 30 suggesting we may see a short-term bottom. With that said, I mapped out a 3.62:1 R2R setup. Important note when taking my trading recommendations is to always move SL to breakeven once in profit by 25 points with the US30 and then apply a trailing SL to the target. This helps manage to manage risk in the event...
Simple double confirmation sell setup. Confirmations Include 1: H&S formation on 15min 2. RSI dropping below 70 on 1hour
First thing to note is that we have a bearish breakout below the ascending trendline on the 1hour timeframe. Additional RSI is suggesting selling pressure with the bearish divergence. == Game Plan == Wait for a pullback as outlined on the chart to enter a sell targeting a 3:1 risk to reward.
This is just a 1:1 R2R setup, however I believe this setup has greater likelihood of turning profit before getting stopped out.
Just waiting for price action to arrive at my aoi level to reassess for a potential short sell position.
This is a 1:1 sell setup but this trade is more likely to win. I'm using 2 bearish confirmations to decide on this sell trade. 1.) Break below the ascending support 2.) Bearish Strength with RSI
Simple setup to short sell and target the 61.8 Retracement from the daily timeframe bullish impulse.