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ZEC HALVING APPROACHESHello, I missed this completely unexpected mini run (at least for me). However, the upside potential is still big as the Halving approaches (as of now it is expected on the 17th of November. Let's wait for a pullback to the 0.007 area to enter or for a decise breakup above the turquoise rectangle identifying a very important support/resisntence area in the last year. Target to be defined later on, when we will know which of the two scenarios will occur.
ZLong
by edutradinguru
2
DXY: Dollar Index Approaching Target at 94.20DXY Dollar Index Up 4.5% now and Approaching Upside Target at 94.20 After a brief period of consolidation off the early May highs DXY has continued onwards towards the longer term target at 94.20. it's rallied 4.5% in the last 30 days. At 94.2 it will be 5%. Stay long here and on USDEUR and USDGBP (see relevant charts) until we get there, or just under. It should come back 60- 70 pips to 93.60-93.45 again before it rallies once more back to 94.20. A break above here will in turn trigger further dollar strngth to 95.11 at which point it should fall back to 94.20 again and potentially lower still. DXY is still one of the best confirming indicators for almost all USD pairs, giving the clearest signals usually, and helping in decision making and timing across most of the dollar pairs. And right now it remains unstoppable. Don't stand in its way.
TVC:DXYLong
by sumastardon
2
AMAZON:AMZN Buy Points ApproachingAmazon AMZN After tracking within longer term parallels so faithfully for so long this new set, created from an earnings boost and big gap up into a higher gear at the end of October, is much sketchier. Despite that Amazon should retest 1450 come Monday. Any failure to hold this level will likely trigger a further wave of selling back to 1338. It may well spike as low as 1299 where it should find support again from the longer term parallel - worth buying again if it falls this far.
NASDAQ:AMZN
by sumastardon
3
DXY Dollar Index: Approaching reversal pointDXY Dollar Index Long Term We've been aggressively bearish of the Dollar since that first break below 98.5 back in early May last year. Down another 11% since then it's coming time finally to think about reversing back long again soon. DXY has already hit and bounced from the support line at 88.44. Below here lies a long term dynamic support line which has effectively stalled all Dollar declines since 2011. It lies at 87.70 and even if DXY suffers one last decline from here it should halt at 88.44 and at absolute worst at 87.70 during the course of this week - we should see the final low put in this weekcoming , and likely by the following week at latest if we don't hit the bottom this week. Look to close out most shorts across the dollar pairs into this final selling climax if we see it materialise over the next few days. Swing traders should now, finally, be looking to follow suit too. DXY Shorter Term Last week DXY made a new low at 88.44 before bouncing 1% to 89.51 resistance line with a high at 89.53...The 88.44 level is one of two likely levels to look for a reversal in trend, the other being the longer term dynamic support line, at 87.70 now. If the first level is to be the reversal point DXY will continue rallying from here and not break below the tiny rising dynamic directly under price right now...then comes the bigger test: it has to break above the upper parallel and break 89.53 and then hold on the retest - that would flip DXY back to near term positive and send it back to 92.62 and the falling dynamic resistance line shown on the chart above, where it's next major challenge will most likely lie. Follow that break if we see it materialise at any point this week Downside If in the alternative DXY loses the little dynamic holding it up and then falls below 88.88 it will fall back to 88.44 again and if it cannot base there and make a double bottom it will fall away to the second key level at 87.70 - at which point it should start to find some support. If so start closing out dollar shorts and look to build longs from here. Otherwise, the safer/less risky option for swing traders is to forget about bottom fishing wait to see at what point DXY finally exits the upper parallel of this impulse wave - which has, so far, controlled all upside potential for DXY throughout this current down-wave - and follow that break when it eventually comes, looking for 92.60 initially.
TVC:DXYLong
by sumastardon
Litecoin: LTCUSD Next Long Set-up approachingLitecoin: LTCUSD 2 buy points: 1. On test of 240 with stops at least 5 lower, under the dynamic support line. 2. Add On a break of the dynamic above - need to see some volume pick up with the latter and a decent rally in first hour after it happens...if we see this it should pick up momentum as it rises and should then hit 283-285 before it meets profit takers again. Join them, or stay long looking for a staged rally to 310, 325 , 347 and eventually 375 again.
BITSTAMP:LTCUSDLong
by sumastardon
1
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
BITCOIN: BTCUSD Approaching highs - raise stops nowBITCOIN: BTCUSD A fantastic day for bulls of Bitcoin has seen it rally back towards the highs. No stops we hit on longs and after problems gettting long here on Thursday and staying with it before stops got hit. Friday was kinder, steadier. We are many hundreds of points to the good here and need to protect profits now...See those 3 fantastic continuation patterns it hammered out during yesterday? Two strikes = 'hot' . All three times. These are the signals we need to familiarise ourselves with for the future..if you can spot these you have a key to the future...For day traders the nearest support is close at hand, at 11050 - failure here will mean a quick fall to 10970 - and should that fail it will comeback to 10638 where it becomes a buy again. And if Bitcoin can hold up here at first support/11050 it will then go on to test the high at 11390 - look to close out longs here and only re-enter long on a break of the highs by 90 points looking to buy again on successful retest with stops below 11200. Swing traders who got long from much lower (9400-9500) are showing about 1600 points of profit now in 25 hours ...use 11000 as a stop, just under and buy back at 10640 if stopped out now. Day tarders can use the upper paraallel of the top flag on the chart ...just UNDER 11000
BITSTAMP:BTCUSDLong
by sumastardon
4
Bitcoin: BTCUSD Some potentially big trades over ThanksgivingBitcoin: BTCUSD Over Thanksgiving Entry Points for some potentially big trades ahead: neutral in near term ahead of the action Hoping you'll have got out of longs when that pin bar mentioned in last update coudn't be beaten. It was likely a serious player in a low volume market who knew what he was doing at an inflection point with good timing - on a holiday, but still hasn't got much traction on the downside, for all that. Today was treacherous for day traders (we were lucky to break even after such a messy day, if you made a few points after spreads you've done well in the circumstances.) Did try to warn that profits need taking quickly both short and long, but it was an impossible day for all but the slickest and even they will have found that they've given half or more of any winnings to the likes of Etoro. Please stay away from these people. They rely on the unwary and the inexperienced. You work for them. Today almost all day traders did the same. But sometimes the pattern is clear enough to give us warning, and the chart is doing that now. This is helpful to the future. Today's price action finally looks to be evolving into a large pennant. This should be helpful in the next day or two. It's telling us that the range is narrowing, so if day-trading we need to pick our spots with utmost care and precision or we're working for the broker again. If this was a regular 'stock' the spreads would be so tight we could trade the crap out of it. But this is Bitcoin. So we have to stand back and watch the pattern unfold from here. We know it's going to do one of two things: break up or break down, eventually, but is quite likely to have one more test of the lower line followed by a bounce first. Buy Points/Signals 1. On a test of the lower dynamic support (lowest rising parallel) If we see this price action, it's worth buying with stops 30 points under the line when tested. 2. If at any point over the next two days Bitcoin breaks above the upper line of the pennant it is a major buy with stops 50 points under the line when broken - swing traders can join that break too if we see it, increasing longs, because the upside measurement implied by the break is 8834, about 552 points. That would be cool at Thanksgiving. Maybe. It's Bitcoin. Sell Points/Signals 1. If at any point over the next two days Bitcoin breaks below the the lowest rising parallel (that forms the lower line of the pennant) Bitcoin would turn near term negative and would like fall back to 8000 at first, rally some and then fall away to 7800-7700 range again - a tradeable drop of 350 points - before it rallies again. One way or another we should get a couple of good trades if we're awake for them. Happy Holidays America - as divided as you are, you have so much to be thankful for.
BITSTAMP:BTCUSD
by sumastardon
7
Bitcoin: BTCUSD Next levels of interestBitcoin: BTCUSD Still marvel in amazement at the classical way that this thing behaves...It is a text-book chart of the future for absolute sure. How long can it go on ? Time will tell..no stops at 7830 and above have been touched, so we're still riding this monster as she dives deep, and so far haven't been thrown off her back There is minor support at 6445, then it starts to get more serious and may start whipping around more (so far, the classic nature of this decline has been very kind to us...wasn't even that hard, though managing stops drives all traders nuts.) Next potential support is the uptrend line from lows earlier in the year, and it could get a good bounce from here - and there's a chance it could even be the low...don't think so but we need to keep an eye on it. The ideal low/target is still 6312 ...if this develops into a full blown selling climax we should see a spike to 6312 and then it regain the rising support line at 6355 - depending how she blows, there is still a fair chance that we'll see 6165 touched, but each of the support lines shown on the chart has the potential to create a rally up to the line above it as we reach lower levels. Got to eat sometime. Good luck . And take a look at that parabola again...see how once it breaks below it the game is totally over ? Amazing
BITSTAMP:BTCUSD
by sumastardon
Bitcoin: BTCUSD Last chance for low risk entry approachingBitcoin: BTCUSD Last chance for low risk entry coming up See how the old (now dead) rising support line is still trying to kill anything that comes near it? It's still toxic... You can see why day traders are wary of it, especially as it coincides with fixed overhead supply at the same 7350 level. (This stuff takes too long to write and too damn often what I think is about happen, HAS hapened by time it's finished ...very trying, especially as Bitcoin moves between 10 times and 1000 times faster than any other instrument on the planet. It was already on crack. Now it's doing steroids too. It's Jaws on crack and steroids and we've got it on the hook...maybe If you were slick enough to get long lower maybe you were slick enough to exit too??? If not, it's OK. We need to move away from that old toxic rotting line of rising support/new resistance, the left-overs from an old trail, to stay in outlaw-chasing mode....well there's not much selling going on from 7350 so far...ideally Bitcoin will trade sideways to down for a while and start to build support off 7260-7245 range and from there start to rise again. Look to buy/add from this range if tested. Will still be using a tight stop though just below 7220 just in case that old resistance line proves to be so strong it''s unsurmountable. If it gets struck, the risk is about 50 points. The potential reward is incalculable at present. It's the only financial instrument in the world you can say that about. Everything else has it's value, pretty much. Good luck!
BITSTAMP:BTCUSDLong
by sumastardon
3