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Pennant

CGC/WEED equilibrium break on top watchThe tightening range we've been watching for 6 weeks is going to break this week, and I'm anticipating that break will either bring us back to test our all time highs or bring us lower to find a new support above the December lows. Whether this breaks up or down, I want to see 12-15million shares traded on the day to tell me the break is for real and has momentum. This break will affect all names in the sector in the short term weeks ahead, so even if not playing Canopy, make sure to keep an eye on this chart.
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by McGuireTO
2
ACB looks to be setting daily lower highACB battle candle on the daily suggests we have have set the daily lower high in an equilibrium, with a deeper pullback on the hourly than we have seen in the two previous hourly higher lows since our daily higher low was set Friday morning. Keep an eye on the range of today for a break tomorrow to help us better anticipate where we are in the daily pattern, and I would not be surprised to see an hourly equilibrium form from there, if that's the case the break of this should be the signal to give clues to the daily pattern
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by McGuireTO
3
TRST double daily IBs on watchTRST bear break on the daily got no follow through and now we're in a tightening range. Watching for a break tomorrow on volume to tell us that break is for real and has momentum. Keep in mind the past 10 weeks have been an incredibly bullish market environment, which is perfect for MJ bull runs to thrive in. We've been seeing weakness for the past few days and if this weakness in the S&P500 continues, that will have downward pressure on the MJ sector as a whole. Never lose sight of what the overall market is doing!
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by McGuireTO
CGC resistance break and rejection - here's what I'm watchingCGC broke the resistance level we were watching, but immediately pulled back as a result of correlations to market weakness. Here's the question now - are bulls just taking a breather before following through with the break, or should we start looking bearish into some greater weekly consolidation? I'll be watching these levels in the coming days. Keep in mind the past 10 weeks have been an incredibly bullish market environment, which is perfect for MJ bull runs to thrive in. We've been seeing weakness for the past few days and if this weakness in the S&P500 continues, that will have downward pressure on the MJ sector as a whole. Never lose sight of what the overall market is doing!
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by McGuireTO
Fiboracle Introduction (Part 2)1. An asymmetric bullish/bearish pennant is drawn using ascending and descending curved trend lines with a minimum of three price action touche points per line. The direction is determined by the previous trend. 2. The angle tool is applied from the earliest two trend touch points, beginning at the earliest touch point. 3. A trend-based Fibonacci retracement triangle is drawn starting from the earliest trend touch point and ending at the earliest touch point of the opposite trend line. 4. Based on the degree, of the earlier defined angle, the appropriate (and secret) levels are selected for the fibonacci retracement; two levels for stop-loss and two levels for take-profit. The closest stop-loss level to the current price level is the top priority stop-loss. Though the secondary stop-loss level is often chosen for some markets such as FX and some equities in order to account for seldom unexpected resistance breaks. The greater target level is the top priority, and where majority of the shares are sold, though some may choose to close part of the position at the first target level or set it to be the stop-loss once price exceeds it. Entries should be laddered in around the levels closest of the yellow line. This trading strategy can be applied to any market and time frame, and positions most often garner the greatest risk-to-reward ratio with the highest success rate. What more can you ask for?
NYSE:DBShort
by fiboracle
Watching SQ hourly chart to signal a solid entry for a swingSQ has a night daily equilibrium playing out. We're looking for the hourly supports to break next week to signal healthy daily consolidation is coming to set a daily higher low above 64.69. I will potentially buy the hourly trend change, another strategy I may employ is to wait for the daily trend to change and break our resistance of 80.32 - that would eliminate some of the reward and some of the risk. I'll be keeping an eye on SPY to ensure it does not break it's recent lows - if the market dumps to lower lows, I certainly do not want to be holding any swing positions!
NYSE:XYZ
by McGuireTO
Fiboracle Introduction (Part 1)1. An asymmetric bullish/bearish pennant is drawn using ascending and descending curved trend lines with a minimum of three price action touche points per line. The direction is determined by the previous trend. 2. The angle tool is applied from the earliest two trend touch points, beginning at the earliest touch point. 3. A trend-based Fibonacci retracement triangle is drawn starting from the earliest trend touch point and ending at the earliest touch point of the opposite trend line. 4. Based on the degree, of the earlier defined angle, the appropriate (and secret) levels are selected for the fibonacci retracement; two levels for stop-loss and two levels for take-profit. The closest stop-loss level to the current price level is the top priority stop-loss. Though the secondary stop-loss level is often chosen for some markets such as FX and some equities in order to account for seldom unexpected resistance breaks. The greater target level is the top priority, and where majority of the shares are sold, though some may choose to close part of the position at the first target level or set it to be the stop-loss once price exceeds it. Entries should be laddered in around the levels closest of the yellow line. This trading strategy can be applied to any market and time frame, and positions most often garner the greatest risk-to-reward ratio with the highest success rate. What more can you ask for?
NYSE:DBLong
by fiboracle
XLU - Anatomy of a winning trade (reading the price action)In this video I analyze a live trade that I have been in for a few days now. I discuss how I was able to use price action to point out "red-flags" where it looked like price might turn against me. By acting on the price action I was able to get out just before a large drop and then get back in, almost where my trade originally started, but with a better cost basis as I had already locked in profits. This essentially is giving me a free trade where the worst I could do is make a small profit, or best case is ride this out to a full profit.
AMEX:XLULong
by krugman87
9
BTCUSD - Preparing to go short from bearish pennant patternPrice has had a small bounce off of the bottom of the pennant that I have been discussing for the past few weeks. This is a bearish bias pennant and one that I am watching to go short from. There are 2 potential trade setups to get short, one is simply going short on a break of the bottom of the pennant, which will confirm the pattern. The second option is if price rises to the upper pennant area, to then watch for bearish candle patterns to get short. Some candles to watch for is a bearish pin bar, bearish engulfing bar, inside bar/false break, and double/triple tops, just to name a few. I also discuss a common newbie trading mistake that you may have found yourself in this past week. Watch this video to see what the newbie mistake is and my advice on how to avoid it. Good luck and have fun!
BITFINEX:BTCUSDShort
by krugman87
1