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EURUSD: reverses at key resistance but uptrend intactThe EURUSD moved higher last week as price rebounded following a decline to 1.2200 area the previous week. Notice the false break of key resistance up near 1.2520 that occurred last Friday, eurusd weakness could continue this week as this is a formidable resistance level having given rise to a pin bar reversal a few weeks back. However, eurusd uptrend is still intact and so we are continuing to view any downward pullbacks as potential buying opportunities near support. We will look to be a buyer at or near 1.2200 near-term support or possibly the 21 day ema (blue level) following a clear 4-hour or daily eurusd
by PkTk13
1
FTSE 100: UK100 Key levels and Trade Set-ups todayFTSE 100 UK 100GBP Key Levels and Trade set-ups today This chart shows FTSE's great 9 year rally from start point at the lows of 2009 to the end point on 11.01.18. This cycle forms part a longer 9 year year cycle that was described and shown in last FTSE comment. The lines of support and resistance are clear and should be helpful in coming trades... FTSE has bounced excatly where it should have (last comment) and rallied to exactly where it should have within 3 points or so. Day traders and bottom fishers have closed out where you'd expect looking at the lines and now left FTSE vulnerable to further selling pressure...looks quite likely to restest the 7085 line here and if this cannot hold it will fall away further still to 6904 and just under to 6870 - but it should try to put up a fight at 7085 if tested later - it's most likely the key level today, being positive above here and negative below. On upside it has to break above 7210 and hold to trigger a long up to 7294. Markets are due to remain voolatile - A break below/above any blue line should lead to a test of the next one. But run stops around 30 points higher/lower than the trigger levels and trail up/down. Still expect a bottom to be reached between 3rd and 10th March as per last comment but it can whipsaw in between and should present some decent trades (with stops) as a result.
OANDA:UK100GBP
by sumastardon
FTSE 100:UKX On Critical Support: Key Day Ahead MondayFTSE 100:UKX Critical Support and Key Day ahead for FTSE At the beginning of the year FTSE was forecast to hit the upper parallel and a maximumhigh at 7818 before coming off again. It duly hit the upper parallel spot on butthe high was a few days earlier than anticipated and the eventual high was reached at 7778, some 40 points shy of maximum likely near- term upside. Since then it's fallen all the way back its start point for the year. Up 10% and back down 10% in 6 short weeks. The action looks unlikely to stop now. In fact it could be just beginning. Probably the greatest trader who ever lived, WD Gann, told us to measure time cycles from high to low and low to high as well as high to high and low to low and look for potential changes in trend as these hiddden cycles repeat themselves down through time. Previous cycle highs identified the exact date of the high in 2007 as well as the subsequent high reached in April 2015 just at the point that markets began a 10 month 20+% correction (for more details please PM) . This cycle marks the period from 10.03.09 major crash low through to the next major cycle low on 06.03.09. From major cycle low to low is 9 years ...which now brings us, after a 9 year long bull run, to the coming 23 to 27 days, culminating in the anniversary dates between 3rd march and 10th March 2018... FTSE is already teetering on the brink of critical support at 7092. It has to cling on here on Monday for any failure will tip this index into bearish territory and trigger a short back to 6868 at least - and then if this level in turn gives way back to 6680-6637. Beneath here the next major support potential lies at the lower parallel and below here at 5777. So if 7090 gives way on Monday by more than 10 points look to short this index with stops above 7099, targeting 6870 initially, then the 6680-6637 range if 6860 fails to hold during Monday. It's quite probable that should 7090 fail come Monday, this Index will fall away in stages to test the lower parallel at 6004 on around 5th March - and only then bounce away to the upside again.This will present some wonderful shorting opportunities along the descent. However, in the very near term it's likely that contrarian traders will look to go long here, simply because the stop is so close (20 points away maximum now) but ready to reverse short as above if 7090 gives way by more than 10 points. Time, as always, tells.
TVC:UKX
by sumastardon
Bitcoin BTCUSd Key Levels TodayBitcoin Update Key Levels Today Bitcoin spent a really slow day slowly grinding higher until it hit the dynamics waiting above it to smash it back down again. It did manage to get as high as 10330 but couldn't hold on to the vital 10262 level on Bitstamp - but the bulls wouldn't quit and eventually they drove it up to test two converging dynamic resistance lines by midnight EST - at which point the bull game was over again and it's fallen in a straight line of red ever since. For the last 4 days Bitcoin has faced a barrage of selling when London wakes up. We were looking for a short back to 9371 and the low today so far is 9333, so it should be closed out again now. It's falling away to test the long term dynamic support at 9300 with more support at 9200 and is now a speccy buy with stops under 9300 and below 9200 at lowest, looking for smallish rally to 9600-9700 and then close out again. Returning to the downside, 9200 at lowest must continue to hold up on all tests today - should this level fail at any point we return to full-on bear mode, looking to short back back to 8993 initially, then 8058 once 8993 breaks. The next significant support below here lies at 7415. A break below any given level by more than 30 points should lead to a test of the next listed level. * There is another way to receive updates throughout the day but it's intended for full-on, active and experienced traders of Bitcoin only (please see top of Sumastardon page for further details)
BITSTAMP:BTCUSD
by sumastardon
1
Bitcoin for the Weekend - Key Buy and sell LevelsBitcoin BTCUSD Bitcoin rallied to meet the previous peak prior to news of the lastest hack on Thursday night, precisely on Bitfinex chart, before falling away again. Right now it's neutral as we await the next trading signal to trigger as Bitoin moves towards the apex of the triangle and hopefully reveals its hand so we can trade off that signal when it arrives. If at any point the lower dynamic support line gives way and then 11100 breaks Bitcoin will likely turn negative and trigger a short back to 10750 at least, and if this gives way back to 10497 where it will become a buy again if touched later today. And on upside it has move up above 11230 to trigger a long with stops under 11100 - resistance levels at 11336 and at 11438 then need to be broken and only when we see this will Bitcoin begin to attract more buyers again for move up to 11646 and on up through the restsance levels above it to an upside target at 12950. It's still positive whilst above the big rising dynamic but slow and lacking interest, and hence neutral now. So we await the next signal for the next trade here, as above.
BITFINEX:BTCUSD
by sumastardon
1
>>USDCAD<< >>January Week 3<< Short SetupUSDCAD just spiked back up from Weekly Key Level at 1.245, we possibly gonna see a drop back to my Level, bearish price action was very strong in the last couple of weeks. Broke short-term uptrend to the downside, our stops are at previous highs, our tp Level is at our actual low. This will be a quick one, so trade with care and watch out for fundamental news. Entry: 1.2505 Sl: 1.2600 Tp: 1.2385 Have a good one, I'm always happy about feedback :)
Short
by DACapitalTrading
2
BTC Key levelBTC key level idea ... Strong support/resistance level here, will have to watch whether or not bitcoin can sustain this level. If it does, the bull trend will continue until next resistance, if it doesn't, expect more downtrends. text bubbles from left to right: - once broken, the price comes back up to retest it. here, having failed the retest, it crashes down to sub $11,000 levels to find more support. - - once again support found here but quickly broken and after an unsuccessful retest price crashes to sub $12,000 levels - - resistance broken, now coming back to retest these levels, strong bounce would be super bullish, if these levels break expect another retest and then either a drop to sub $13,000 levels or if the retest succeeds then a strong rise to next $18,000 resistance.
BITFINEX:BTCUSD
by deniskov
Bitcoin BTCUSD Update and key levels todayBitcoin Update The break above the flag after far East opened had just enough power to take it back to the previous high of the day but not enough to break higher still - it really had to achieve this in the first hour after the break above the upper parallel of the continuation pattern - but only double topped before falling back once more to the break-out level before rallying one last time to a new high for the new day before getting sold off as London opened (hight at 08.30GMT). That pin bar created in the process means there is some serious near term selling power overhead. If you have raised/trailed your stops as each blue line is regained by the bulls (to just a few points under the line once broken above) then only about 200 points more profit have been locked in*. Those that got long when 14002 was broken above and held for the second time - with a technically near-perfect restest from above coming soon after (see chart) - have been rewarded with an 1800 point gain, so far, if not stopped out higher still. But it's a heart-breaker if you followed advice to raise stops to 13675 - the low was 28 points lower - turning a really good trade bad for those who followed it. Worse than being wrong, the most painful of all trades are those that are right but with wrong stops. The lesson for 2018 is to know that stops need widening now from 50 to 100 points in past to 100 minimum and 200 to 300 maximum -because price has more than doubled in the interim period. So if still long here we need to raise stops to just under the 14539 blue support line. Bitcoin should reach a minimum upside target at 16887 as a consequence of the reverse head and shoulders but to stay good in the very near term it must now continue to hold up at 14539 at lowest during the course of today - any failure to do so will trigger a short back to 14010 with a stop 100 lower if we see it. On Upside, The first minor resistance is here, at 14900 and Bitcoin has to push through here to stay positive now in near term. It's likely then to move sideways to up to retest 15077-15130 range and then to consolidate again before moving higher still, with each blue line being the likeliest points at which to expect near term resistance/consolidation to occur. So we stay long, looking to increase positions on a break above 15500 for further strength up to 16506 . Bitcoin only turns negative from here if 14530 gives way - only then do we enter into short positons again, looking for retest of 14010, where we would look to reverse back to long again with stops 120 below, at 13880 . *For newer traders any break above an upper flag parallel must have enough power to carry it above the last high (top of flag-pole to immediate left on chart) and should do it within the next hour or so of the break-out occurring - some flag break-outs only have the power to double top and some are full of intent, as we saw with the first flag breakout from the 13770 level yesterday. So, for future reference: watch the break-out in that first hour after it happens - if it stumbles and creates a little pin bar on 15 or 30 minute chart right around the last high it's a good clue that buying power is waning here - this is when Chart V Heart problems can arise - you want to stay long but the chart is saying it's topping out and losing upside momentum - you must follow the chart at that point, especially if the next candle starts red from the outset and cannot make it above the last candle. It's VITAL that you study breaks - they are our life-blood, the things we need to open new trades. Get a good understanding of breaks and failed breaks and you will be 80% of the way to making good returns on trades and not letting profits slip away because your heart ruled your head and the chart therefore got ignored. Overcoming natural human emotion and managing stops are our 2 biggest challenges as traders - not identifying patterns and trades.
BITSTAMP:BTCUSDLong
by sumastardon
2
Bitcoin BTCUSD Key break levels for this weekendBitcoin Weekend Update Lost the plot overnight with Bitcoin. It lost trck of the parallels but hasn't fallen away again to the lows but instead has made a good right shoulder at 13700 and has bounced . That is really positive overnight price action. In the process Bitcoinn has formed a reverse head and shoulders with the neckline at 14874 and a minimum upside measurement implication at 18631. We've just seen Bitcoin make a head and shoulders top with a downside minimum measurement target at 11391 (reached and exceeded by 240 odd points) - it will be interesting to see how it performs in reverse now. Bitcoin should rally to the necxkline at 14874 and pause ...this line is now the dividing line between bears on one side and bulls on the other. Tghus is the line in the sand that determines wheether Bitcoin has a great weekend ahead - or a depressing one, though the bigger parallel above should also present a problem ahead once that neckline is broken to the upside. Firstly though, Bitcoin has to break the neckline at 14874 and then it should move up to to test the parallel above it at around 15330 now - will likely recoil on first touch of the parallel and can then come back to the neckline agin to retest from above...must hold on that retest...then another attempt to breach the big parallel above ...and then once that's popped and broken through it should really begin to attract buyers again, moving higher to 15814, then 17229 and on up through the blue lines of resistance to 18631 minimum. Downside Potential Until the neckline is breached at 14874 Bitcoin is not out of the woods...the entire zone below here belongs to the bears now...they will try to force price under the neckline and to keep it there, knowing this and the parallel are their last lines of defense now. Would be better if this were France and not Russia in WW2 and the bears all ran away at the first shot. But that looks unlikely. If flat stay that way for now and await the break or can try for a short from the neckline when touched with stops just 50 points above - Bitcoin will remain vulnerable to tricks like this whilst unable to burst the neckline- and the longer it goes on the more likley it will fall away again...but if so must hold onto that right hand shoulder it's spent all night building in China at 14035 preferably and at 13500 at lowest on any declines from here...if it can do this it's still OK/bullish intent remains strong and will then make another attempt to break the neckline. Only if 13500 is broken will Bitcoin begin to look very vulnerable again, likely then to retest the lows which must hold at all costs today. Failure to do so will tip Bitcoin back into terrible technical trouble and likley force price all the way back to 10486 to begin with and then to 8324. But whilst the right hand shoulder stands firm on retests at 13500 Bitcoin is still overall positive. Look to buy the break of the neckline when it comes and close again on the test of the parallel above - then get ready to go long again when the upper parallel is broken on the upside.
BITSTAMP:BTCUSDLong
by sumastardon
8
Litecoin LTCUSD Key break level approaching Litecoin: LTCUSD Key Break Level Litecoin is doing well considering the mess Bitcoin caused yesterday. Bitcoin itself is making a reverse head and shoulders, but Litcoin is displaying a different trick. It cannot really be chased here, but slowly the bears are being rounded up around that sloping dynamic resistance line from the highs and soon the real battle will commence here. We can stand and watch if not already long - and then join the victors. It's likely to encounter problems between 278 and 293 - let it battle away but keep an eye on it until we see a victor emerge. Once 296 has been taken by the bulls it will be time to get long again on any pull-back looking for a retest of the highs at 347 minimum and more likely to 374.
BITSTAMP:LTCUSD
by sumastardon
2
BCHUSD Continuation pattern and key break/buy pointsBCHUSD Update Near Term and Break Points Near Term BCH ran out of upside momentum, double topping at 1461 though this level was actually briefly exceeded, snapping at any bear stops just above it before fading, and showing first quite big red bull engulfing candle off the high of the day...mild rejection, not hot but not cold either, except in very near term - what looks like a continuation pattern is now being hammered out and will likely have further to run yet...3 strikes on the lower parallel shows it's not 'hot' and has to unwind some more, likely recoiling from 1413 - when tested (and almost certainly from the two lines of dynamic resistance waiting just above price to clip any nascent rally in the bud at 1425 now) ...looks like it's a sell one more time from 1413-1426 range and a reverse long at 1351 ideally, or off the lower smallest parallel that this little continuation pattern is running in now. Break Points An eventual break above the upper smallest parallel that holds back price today should be followed (usual drill on breakouts) for a rally to 1620-1638 minimum and 1766 maximum in near term On downside: A break below 1347 would tip BCH from neutral to negative in the near term triggering a short back to 1286 and if this was to fail to 1245.
B
by sumastardon
2
ETHUSD Range and key break levels for today ETHUSD Update Risk Management Today Neutral whilst Trading between the lines, but great for day traders whilst it lasts. Left this as a sell off the underside of the lower parallel at 469 but it only reached 468 before it came off...two little pins off the underside was enough warning to exit and traders had plenty of time to see it form and take action. We looked to buy back at 455 and since then it's risen to hit the underside of the same parallel - and what was once support is now resistance to the upside in classic fashion...so that was a sell again (was banned from updating anything for 12 hours last night for making honest error of uploading a Litecoin chart to the sad little fellow who haunts the gold chat room on TV. So was banned because he reported my error and some jackbooted apparatchik moderator shut me down. Who would have the time to go report someone for making an error? Who are these people ffs?) So couldn't update this beautiful chart action...anyway it's been fantastic to trade in and out of if you've followed the lines on this chart which are unchanged from yesterday with addition of the new uptrend line which had formed here over the last 48 hours. Fairly obviously it's a buy off the new uptrend line supporting the entire move and a sell off the parallel above it...until the chart tells us it's changing. It either pops above the parallel and then comes back to test it from above once popped, it holds up ...very bullish outcome. get long again...you have missed about 3 points and a massive risk (if it fails from the parallel and you haven't closed out at the high). And alternatively if the uptrend line supporting this entire move gives way at any point it will come off to 446 again and potentially to 433 should 446 give way at any point. Something has to give here pretty soon now. Be ready for it. Follow what the chart tells you. Chart not heart. Always
BITFINEX:ETHUSD
by sumastardon
Bitcoin: BTCUSD Update/Key LevelsBitcoin Update Key Levels from Here Stopped out of longs at 7700. Bought aagain at 7680 with 50 point stop early in London. Lucky you if still in bed! We should be long again from 7570 now as per last comment, and stops can placed under low today (7530) by 30 points, so 7500. And for day-traders and those wishing to run tighter stops, 7717 is still the line in the sand, the freeezer lid. Whilst 7717 holds up all is good for Bitcoin bulls. So stops can be placed just under here, at 7700 - because if it should fail it's likely to retest 7530, bounce and then move sideways for a while. And, just in case, it's worth noting that 7530 is last gasp support now for the bull case, so it that has to hold up at lowest on any retests from here - but that can't happen whilst 7717 holds. That's Good. The freezer lid. There are 2 changes to the chart for the first time in 2 weeeks since the previous high, so the support line that was at 7570 has been lowered by 40 points or so and the lower large parallel (and therefore the upper ones too) has been adjusted too. The parallel is still not as perfect as it should be but refuse to try to force some pareidolic fit, so it just can't be completely trusted - but it's the best clue we have that the force of this upwave is still good. It's interesting that the 8000 level has been struck - that was Goldman's predicted next high - hats off to Jafari there - day traders will likely llok to book profits here once more bagging a quick 400 points from 7570 entry. So we should get some sideways movement... but whilst 7717 holds this can start to be viewed as a long term hold.
BITSTAMP:BTCUSDLong
by sumastardon