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Shooting Star

Bitcoin Daily Update (day 245)I believe that it is possible to beat the market through a consistent and unemotional approach. This is primarily achieved through preparing instead of reacting. Click here to learn more about how I use the indicators below and Click here to get my complete trading strategy! Please be advised that I swing trade and will often hold onto a position for > 1 month. What you do with your $ is your business, what I do with my $ is my business. My recent Bitcoin Bubble Comparison - 3 Day Chart led to the following calls: < $5,750 by 11/15/2018 & my prediction for the bottom is $2,718 by 1/20/19 | My Bitcoin Bubble Comparison - Monthly Chart closely mirrored my price and time targets | Calling for $35 ETH before the end of 2018. Previous analysis / position: “However what is most important to me is the daily shooting star that closed 2 hours ago. My stop loss is set pennies above the top of that wick.” / Short ETH:USD from $197.81 | Short USDT:USD from 0.968 (order at 0.97 to close at nominal loss) Patterns: Symmetrical has worked it’s way past three quarters completion and is no longer valid (just like descending triangle) | Potential h&s on 4h Horizontal support and resistance: S: $6,319 | R: $6,332 - $6,339 BTCUSDSHORTS: Almost back down at support levels. Makes me think that this is the most pressure we have seen from leveraged longs all year and the price has gone nowhere. Consider this a bearish divergence since shorts pulling back this hard/fast usually equates in a price increase. Funding Rates: Longs pay shorts 0.01% | A chart showing funding rates would be very interesting, anyone know where I could find one? Short term trend (3 day MA): Today’s candle closed below | bearish Medium term trend (8 day MA): Close below but still has bullish cross with 3 MA = neutral Long term trend ( 34 day MA): Bearish | If/when 8 makes bearish cross with 3 then all with be in alignment. Overall trend: Bear Volume: This weeks candle has more volume than last weeks. So we have that going for us, which is nice. FIB’s: Broke through 0.618 at $6,312 and 0.5 at $6,345 | 0.382 held at $6,378 Candlestick analysis: Price broke down below yesterday’s shooting star, confirming the entry outlined in Day 244 Ichimoku Cloud: Fell out of 4h cloud and it is showing massive resistance overhead TD’ Sequential: 4h r9 Visible Range: Testing highest liquidity zone from the last year. Being below the point of control (POC) should lead to strong resistance above. 4h cloud agrees. Price action: 24h: -0.28% | 2w: -1.24% | 1m: -2.08% Bollinger Bands: Should test bottom band after finding strong resistance from MA Trendline: bear: $6,448 | bull: $6,227 Daily Trend: chop Fractals: Two down at $6,313 | Up: $6,447 RSI: Has cooled off on shorter TF’s. If we are going to get another rally (if you consider a 1% move a rally) then it should come soon. Stochastic: Incoming 4h buy signal agrees with RSI assessment Summary: Right now is a time to keenly watch the charts, even though it might not seem that way at first glance. We got a daily close below the 3 and 8 MA’s and at the same time we confirmed the shooting star that was pointed out in yesterday’s post. If the 3 MA crosses below the 8 MA then we will be in a fully bearish setup. According to Tyler Jenk’s Consensio theory the price cannot trend until all moving averages are in agreeance (Consensio is Latin for agreement). As long as they are jumbled up, like they are now, then further sideways action is to be expected. However, we are only one crossover away from the trends all being in agreeance and that is something to pay very close attention to. Being in a fully bearish setup does not necessarily mean the price will trend down, it simply means that the price is ready to trend down. The chart doesn't look ready for that crossover quite yet. The 4h is on a red 9 and a 1-4 candle correction is expected to follow. After 4 - 16 hours the expected correction should be complete and we will be primed to get the final crossover when tomorrow's daily candle closes.
BITMEX:BTCUSD.PShort
by Sawcruhteez
1
Bitcoin Daily Update (day 244)I believe that it is possible to beat the market through a consistent and unemotional approach. This is primarily achieved through preparing instead of reacting. Click here to learn more about how I use the indicators below and Click here to get my complete trading strategy! Please be advised that I swing trade and will often hold onto a position for > 1 month. What you do with your $ is your business, what I do with my $ is my business. My recent Bitcoin Bubble Comparison - 3 Day Chart led to the following calls: < $5,750 by 11/15/2018 & my prediction for the bottom is $2,718 by 1/20/19 | My Bitcoin Bubble Comparison - Monthly Chart closely mirrored my price and time targets | Calling for $35 ETH before the end of 2018. Previous analysis / position: “If you took the position that I outlined yesterday then your stop should still be safe (for now) and I don't see any reason why that should be adjusted now.” / Short USDT:USD from 0.968 | Short ETH:USD from $197.81 Patterns: Symmetrical triangle Horizontal support and resistance: R: $6,30 - $6,370 | S: $6,340 BTCUSDSHORTS: Dumping, currently testing monthly lows Funding Rates: Longs will pays shorts 0.01% Short term trend (3 day MA): Price above and it’s angled up = bullish Medium term trend (8 day MA): Price above with bullish crossover on 3 = bullish Long term trend ( 34 day MA): Price below and angled down = bearish Overall trend: Generally a good time to look for shorts when short and medium are opposing the long. Other option would be to wait until you get bullish crossovers with the long term MA. Volume: lol FIB’s: Broke through 0.618 at $6,312 and 0.5 at $6,345 | 0.382 held at $6,378 Candlestick analysis: Daily shooting star Ichimoku Cloud: Flat cloud on 4h shows good support at $6,336 TD’ Sequential: 4h r2 after g8 (1-4 candle correction?) | 12h g6 Visible Range: Testing point of control from the last year. Should be a ton of resistance here and so far it is holding. Price action: 24h: +0.15% | 2w: -0.76% | 1m: -3.9% (imagine being a swing trader last month smf) Bollinger Bands: MA continues to hold as resistance Trendline: bear: $6,529 | bull: $6,265 Daily Trend: chop Fractals: Two down at $6,313 | Up: $6,447 RSI: 1h RSI did a great job of calling the top of yesterday’s pump. Now that the price is making higher lows and the RSI has made lower lows we have a hidden bull div Stochastic: Daily buy | 4h sell Summary: The longer we support above $6,328 and continue to make higher lows the more uncomfortable I get about my short position. The clean triangle on the 1h with the hidden bull div certainly adds the discomfort. However what is most important to me is the daily shooting star that closed 2 hours ago. My stop loss is set pennies above the top of that wick. Something tells me that we will look back in a month and point to that candle as a crucial turning point for when this god awful range finally came to an end. If tomorrow spends > 1 hour above the wick then that would put the price back above the VPVR Point of Control (POC) from the last year and would likely put us in for another test of the top of the symmetrical triangle. Vice versa for the bottom of the candle. If the price breaks below the bottom wick then that would confirm an entry on the shooting star and a retest of the bottom of the symmetrical triangle. If that triangle doesn’t break on the next test then it will become invalid due to working it’s way too close to the apex. If not in a position a stop order slightly below yesterday’s candle with a stop loss slightly above makes the most sense to me. I would shy away from buy a breakout to the otherside. That is simply because the long term trend is bearish and it is most profitable to trade with the trend.
BITMEX:BTCUSD.PShort
by Sawcruhteez
BA bearish butterfly and daily shooting star combinationFirst of all, I don't really want to short this name. But this trade is too good to ignore, a harmonic pattern and daily shooting star combination! I won't take the trade as I don't have other conviction to short Boeing at all, but I would very like to record this trade down and see how it goes yo! Still, this is a better sign for the bulls to take some profit rather than for the bears to create short positions. Let's see how it goes!
NYSE:BA
by Trader_Joe_Lee
AUDUSD forecast - location - setupAUDUSD forecast - location - setup Two possible scenarios for this week: - Green arrow: Price tested an old and strong weekly support but USD is not strong enough to break it definetively; rebound up to channel line. - Red arrow: support is no more valid; bear shooting star formed on friday and moving averages are going south. Enter below 0.71300 and keep open for a while. A lot of news are expected this week so look at US index and price action at lower timeframes.
by 03.freeman
Monero's correction is finishedAs correctly analyzed, Monero broke above the trend line resistance and corrected higher. We wrote on Aug 27 that "...the 100 DMA is approaching the horizontal resistance and IF Monero gets eventually there, we may have a confluence of two huge resistance players - horizontal line and 100 DMA, around 0.01770". As a result, the coin did exactly the same, moreover, it pushed even higher to 0.01930 and got almost to the second zone of resistance - 38.2% Fibonacci support. The coin created a shooting star candlestick formation which is a bearish sign. This formation prompted a retracement and the coin is now trading back below the 100 DMA and a horizontal resistance, which ultimately means that correction is finished and we are again looking to test the major support zone between 0.01300 - 0.014000. We are looking for a test of that zone once again, with a higher probability now to make a break. If this happens, look for a quick trip to the next support zone around 0.01100.
Short
by WhaleAgents
2
EUR/USD - 700 Pips Down Potential!Hello traders, I bring you here an interesting view LONG TERM on EUR/USD. In this chart we can see EUR/USD is about to become a long time bear. We have a bearish cross on MAs, Broke an almost 2 year old support trend line and now after retest the trendline a Shooting Star Candle. This trade has big downside potential and for those who love swing trading will certanly appreciate this analysis. I personally am more of a Daily trader, but i spotted this oportunity and wanted to share with you all. If you find this post useful dont forget to leave a like :) See you on next trade, ForexAcademyClub
Short
by RodrigoFAC
1
SPX in possible WXY correction reaching new closing high on 'X'Folks, We got blindsided by a surprise bull run Friday 8/24 which seemed so unlikely I was horrified and amazed all at once. In retrospect, some sort of rally was to be expected off the Thursday low prices, and I hedged my bets in case, but this was quite bullish indeed. In spite of making a new high closing price on Sand P, US 30 did not confirm the high today, closing 98 points below its Tuesday high of 25888. So what it appears we have is a vigorous reactionary countertrend wave 'B' or 'X', better, since this corrective minor wave lacks ABC complexity. We have seen all the usual candles tokening corrections; shooting stars, pin bars, engulfing bears, etc. These signals all indicate index is at or near high. What can we expect? Perhaps a tad higher intraday and another shooting star Monday, then lower again. It is a zigzag within a zigzag inside a larger zigzag. Just another bull trap, I reckon. Good luck! As always, this is not investment advice, it's purely for education and your amusement.
SP:SPXShort
by DaddySawbucks
2
SPX Imminent retest of channel support: Rejection from ATHCompare to 6/14 Harami cross. Identical price behavior 8/21-23 c/w 6/12-14 and 8/7-9. Slapped down hard from high channel retest after 8/21 high. All the Doji have been seen- pin bar, shooting stars, Harami crosses, engulfing bears, Red Shooting star today. Perfect setup for lower and soon- imminent. Today I observed a bear flag all afternoon following the sharp intraday correction on 15m charts. Daily chart on 8/23 looks eerily similar to annual chart, past six months! Expect a harder test than last time. Probably at least to 2791 as shown in graph, maybe lower; WS2 at ~2777. Gonna be a choppy week. We have convergence of twin C waves bearing down from 08 Feb and 27 Jun A wave downspikes, rolling together now will bear down hard. Batten down the hatches- good luck! This isn't investement advice and I ain't no advisor. This post for amusement and education only. Enjoy!
SP:SPXShort
by DaddySawbucks
3
BTC - Can It Even Dead Cat Bounce?Bitcoin is printing a bearflag on the daily with a huge "fuck you, bulls" candle yesterday. If you looked at my last post you'll see I was expecting a dead cat bounce to 6.8k - 7k. I now believe bulls are running out of time to put together a bounce, and if we don't see a bounce soon, the shooting star wick we got into the 7k range might have been the "bounce". Consolidation after a big move typically leads to continuation, not a trend reversal. The NOT so inconspicuous "elephant in the room" is the number of open shorts. From what I've picked up in general market sentiment, the majority of people are expecting a short squeeze or dead cat bounce. Most of them aren't considering the possibility that we DON'T get a squeeze this time, and the wick into the 7k range WAS the bounce. We'll have to wait and see for confirmation. Siding with the "crowded bears" for now based purely on price action and ignoring the shorts / longs situation.
BITMEX:BTCUSD.PShort
by DerrickGibson
US 30 Rejected from Channel Trendline; in-day H&S, Shooting StarExpect gap down and significantly lower based on very bearish futures in PM. C wave beginning- soon. It might be very strong b/c it's a combo of primary ABC from Feb cycle and an intermediate ABC coming off the June swoon, both waves terminating at this juncture. Possible low target zone 23531 at Nov/Dec 2017 support. Good luck! As always, this is not investment advice and all comments are only intended for education and amusement. Good luck!
DJ:DJIShort
by DaddySawbucks
2