According to Elliott Wave theory, the price rose during the impulsive first wave and corrected in the second wave as an ABC zigzag to the 0.382 Fibonacci level. This aligns with Elliott's rules, suggesting that the correction of the fourth wave will likely be at 0.5 - 0.618. Based on the impulse of the first wave, the target for the third wave is 4.25, followed by a correction within the fourth wave. Using Fibonacci projections by shifting the grid from the start of the first wave impulse to the end of the second wave, the target for the third wave aligns with Fibonacci 1.618 (5.82). Without shifting the Fibonacci grid, the target for the third wave at Fibonacci 1.618 is 4.40. To confirm this scenario, the price must break above the peak of the descending financial channel. Successful trades!
1 Hour Traditional-PBT. Self -taught strategy putting it into action and developing it more and more as I learn from the markets of BTC.
Considering trading EOG Resources. The stock is in a nice uptrend, followed by a 2.5-year flat correction forming a triangle. Placing a buy order at $123.80 - close to the triangle's lower boundary. This is on a monthly chart, so patience is key. Will cut losses if the price drops below the triangle's lower band.
Its trading history goes back to the late 1980s (it was Symantec back then), and that history has been a stellar one as far as my trading system goes. Over 1000 trades with a low max drawdown, an average turnaround time of 11 trading days and an average gain of about 2.5% per trade puts it just outside my top 30 large cap names regarding its composite performance/safety score. Going back to the beginning of the tight upward channel in mid-May, it has produced over a dozen trades. Only one has lasted longer than 3 days before becoming profitable and that one ended up being the most profitable one of the bunch. Per my usual strategy, I'll add to my position at the close on any day it still rates as a “buy” and I will use FPC (first profitable close) to exit any lot on the day it closes at any profit. As always - this is intended as "edutainment" and my perspective on what I am or would be doing, not a recommendation for you to buy or sell. Act accordingly and invest at your own risk. DYOR and only make investments that make good financial sense for you in your current situation.
Good Evening and I hope you are well. nasdaq e-mini futures comment: Beautiful bear channel and you should trade it until it’s clearly broken. We are going down but it’s weak selling. Bears barely get lower prices, even on increased volume. Means that there is also much scaling into longs for probably another big leg up. current market cycle: Bull trend - very late and we are in the very last stage of it key levels : 21000 - 21700 bull case: Bulls are keeping the market two sided, since the channel is shallow. Market closed only 80 points lower than yesterday. As long as bulls have strong pull backs in between, they are fine and they can scale into longs and make money. Bears have to take profits at new lows in fear of another big pull back higher. That is why we are mostly moving sideways, despite making lower lows and highs. Invalidation is a daily close below 21000. bear case: Bears are trying on increased volume but they are not doing enough damage to the bulls, to make more cover or prevent them from buying new lows. Bears can’t sell 21400 because we can easily test back up to the top of the channel. If bears are strong, they will keep it below 20500 tomorrow but I highly doubt that. I do think the high 21606 will hold. Trade the channel. Invalidation is above 22000. short term: Bullish for 21500ish. Maybe 21530. I favor one or two more legs down before Friday’s close. As of now with the structure we have, I can only imagine that we will see another full melt up from next week into year end. Maybe 22000. If this closes 2024 below 21000, consider me surprised big time. medium-long term: Will update this over the weekend. 22000 is a possibility but a bit far for now. Daily close above 20500 would bring it in play. First target for Q1 2025 is 19000. current swing trade: Nope trade of the day: Selling near 21600 was perfect. Bears showed strength in that area and once we broke below 21540, market never looked back.
Considering that the Eurozone is performing very poorly and is forced to reduce interest rates more than any other currency, I predict this scenario.
I trade Nasdaq exclusively Trading in GMT time zone Sharing my post day review and analysis in case it can help you! Did my analysis at +- 5:30 am GMT (00:30 am EST) Economic news - None, but tomorrow is CPI News - None Directional bias - BUY. The M TF is very bullish and until there is a reversal pattern eg. DT on a high TF (like the D TF at least), I continue to hold my buy bias. Morning analysis: M TF - very bullish D TF - Price is right at the neckline area (marked in green) at time of writing this morning. If candles start closing below neckline towards the mushroom, Nas will turn bearish, because then a day DT has formed with the neckline broken down (change the D TF chart to a line chart and it will be easily visible). D fib retracement levels were broken down yesterday, in other words bulls were not able to overcome the bears at these levels and bears push down past these levels. Now only W retracement levels remaining. W 0.382 fib level is 2800 pips down (at time of writing in the morning). Bulls last defense against the bears is the D neckline (marked in green) and a strong D support level, exactly at the D neckline. So this is the level were bulls will have to step in if they do today. 4H TF - Shrinking red candles at C. indicate a loss of bearish momentum. Hoping that bulls will push up from the green support / neckline. Drawn in the SELL fib levels because these will be key take profit levels. Sell fib drawn from swing high at B. to swing low at A. As the day progressed: As the morning progressed a falling wedge pattern formed on the 1H TF, as marked by the thick pink lines. Entered a buy at the hand icon, when price broke upwards on the 15min TF - Confirmations: 1. Market pattern - Falling wedge pattern formed on 1H TF, right above key support. Pattern broken upwards, indicating that price is ready to move upwards 2. S&R - Green line represents D Neckline and key D support area. On the 1H TF, price is reacting to the 100 EMA, indicating that the torquiose EMA line is acting as dynamic support. 3. Trend - Buy is in the overall bullish trend of Nasdaq. Also the temporary downtrend line (the top pink line of the market pattern) is broken, indicating that price is ready to move upwards 4. Fib - None 5. Candlesticks - Shrinking candles on the 4H, indicating loss of bearish momentum Mental SL placed at the thick pink line. I was willing to risk more today because it might have come down one last time to test the green line, this was purely based on my feeling, which luckily turned out not be true. Luckily I had zero draw down and price shot up. I took partial profits at the top hand icon (because that was TP2 on the buy fib (as drawn) and then closed almost all the rest of my position at the blue arrow (when a strong DT started forming on the 15min TF). I left a runner open, just in case I could possibly benefit from a push up at CPI tomorrow, but this was taken out at entry ultimately. Majority of my profits was about 1000 pips. Stats: The total bullish move for the day was +- 1575 pips: I captured 63% of the total move (I'm happy with that). Amazing to see how price reacted to the sell fibs today. Fib levels are real baby! P.S. A note from yesterday's trading....I took a loss of 800 pips yesterday (I tried twice and hit SL twice). I was pretty bummed about it and didn't post :( Won't be trading CPI tomorrow, because I feel I cant stack the probabilities in my favour! See ya Monday! Abbreviations: TF = timeframe TP = take profit 1H = 1 hour 4H = 4 hour D = day W = week M = month S&R = support & resistance H&S = head & shoulders EMA = exponential moving average SL = stop loss
Good Evening and I hope you are well. tl;dr gold - Bullish but only until 2740ish. Bulls broke strongly above 2700 and the triangle is dead. Next stop is previous resistance around 2743. I do expect a pullback first, since the channel is obvious. Chart shows the preferred way for me. comment : Bulls are in control again. My chart is very clear, so I won’t try to make stuff up in here. 2678 should not be broken again and next target for the bulls is 2743ish. I expect a pullback down to 2710 or even 2700 before another leg up. If we break above the current channel, we will likely print 2800 before end of Friday. current market cycle: trading range key levels: 2680 - 2745 (above that is 2800 next) bull case: Chart tells the whole story for the bulls. Don’t make this more complicated as it is. Any pullback below 2710 is a decent buy with stop 2678. Invalidation is below 2678. bear case: Bears gave up once they could not reverse the market below 2670 again after y close and the early test down to 2683 in the EU session. Invalidation is above 2745. short term: Bullish. Look for longs near the lower channel line or 1h 20ema. medium-long term - Update from 2024-11-24: Likely to close 2024 above 2800 but I do think the recent selling was the first hint that we will transition into a trading range soon. current swing trade: None trade of the day: Buying the double bottom near 2680.
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Hello everyone, I invite you to review the LTC pair to USDT chart, looking at the one-day interval. As we can see, the price moved dynamically from the downward trend line, but here we can also see a sharp return near the trend, as well as a drop to a very strong support zone from $107 to $96, if the zone does not maintain the price, we will be able to observe an equally rapid decline to support at $83. Here it is worth looking at the place where the price made a quick change in direction, as you can see, we bounced off the strong resistance zone from $142 to $152, only the exit from this zone can give positive energy for an upward movement towards the second resistance zone from $200 up to $214. It is worth looking at the RSI indicator, which shows how the downward movement resulted in a rebound close to the support line, which leaves room for a new future price increase.