SHOP trade ideas
Shop... 1500 Dead end3 days outside its Bollinger bands . almost at ATH 1499, will it start a new uptrend? The answer to that question is will the NDX reach a new ATH? this won't reach a new high unless the index reaches a new high.
RSI at highest point in a year.
Circled in green is the reaction the last times it closed above BBands
SHOP 4H Short-term/Day trading LONG/BULLISHSHOP 4H Short-term/Day trading LONG/BULLISH - We have seen an amazing uptrend, we took support at the 0.382 of the Fibonacci Retracement ($1183.04) after the first go up and we managed to hit the 0.618 ($1341.27) and the 1.0 ($1438.25) now we expect a Retracement to one of the two main confluences that are pointed out and we will update our targets
Confirmation of Bullish Uptrend A few days ago I had posted my 1st ever idea and I feel I could have explained in much greater detail while providing better supporting evidence. I lacked conviction in my last post and im 80% confident now in my analysis (If youre 100% its clouded or you just a liar). So getting to it the 1st green arrow far left is the last time it traded up to its ath and theres some very key details that i think need to be noted here. "no mans land" SOLID BLACK LINE HORIZONTAL CHANNEL BELOW MOST RELEVANT SUPPORT as i call it has great historical significance price action was noticeably stronger on the strong move up while rejections/downtrends saw gap holes and no established value. The purple box is what i percieve to be establishment of Mr. No Mans worth and also confirmation that his land is worth something now (excuse the goofy shit buts its how my mind makes this easily retainable) the green box that follows is the 1st and earliest pre confirmation of whats to come. As of now that bottom edge of consolidation is holding and doing so above values that had most recently got that rejection hotline. In an amendment to my 1st idea i went on to conclude that i see it sitting on its previous most generally accepted trend upwards too which i have added and additional line creating what i believe to be bottom end consolidatioin channel where SHOP gets gassed up before taking off like a bloody piss missle. I would go on to offer explanation but im lazy tired and gotta go work in a few hours but ill say this much...take the above concept and reapply where it fits the narrative of the trend and it becomes fairly clear imo
INDICATORS ARE USEFUL HOWEVER I FEEL MY MIND IS MORE USEFUL I KNOW I CAN TRUST IT AND IVE HAD THIS SAME CHART NOW FOR MONTHS...ITS COUNTER INTUITIUVE BUT IM THAT LAZY I DONT WANNA KEEP USING THE DAMN INDICATOR MAKE IT ONCE AND ADD ONLY WHEN THE FUTURE DEMANDS SO I LOOKED AT THAT PINE THING AND I SEE A BIG BILLBOARD "DISTRACTION" WE DONT MAKE TOOLS TO READ A BOOK WE LEARN TO READ THE TOOL IS JUST AN ILLUSION OF KNOWLEDGE
shop pop top chop shorts boutta get that lop chop
$SHOP more than just a COVID phenomenaGreat run from low of $1025 on May 13th. Don’t think this run is over, but $SHOP appears to be finding resistance at $1245 level.
Expecting more upside, but might be range bound between P and R1 pivots, near-term.
P= 1180, R1= 1290, approximately.
Pivots shown on this graph are Traditional, Weekly pivots. Dashed line = 100 day linear regression.
Also note correlation between 2021 movements (from peak and trough) with Williams %R below main chart.
SHOP has returned to its previous upside trend trajectory1st thing id like to acknowledge is I will not use built in functions or indicators (MA's 20,50,200 only exceptions) as I believe they are only here to distract us from our own thought. This is by no means a declaration of "to the moon" or any specific price action range/value. what i am saying is that ive seen a few people very confident in their short analysis as its "all they see". In fact SHOP clearly just broke out of down side period of trading which can be seen in "trend channels" i created to track it. Confirmations are present for every channel crossing to the upside as well as overall breakout confirmation of the downtrend itself as it passes out the channels. if you wanna dig a little deeper you can see a clear change of bar movement the last 2/3 of down the channels. AlL I sEe Is rather weak gap bounce movement turn into a consistent and group consensus form as the gaps diminish telling me that upward sentiment (at that time was in charge) and it shall be noted most current bars sit on the upside of the line which also happens to be...you guessed it the general overall trajectory of shops market value (this line is what i consider to be the mean of trajectory as it can be proven making duplicates on same angle both above & below but im lazy and simple so i prefer my personal mean method. lastly has anyone noticed current volume rates and OI on the 6/18 $1400 strike calls? Most of accrued data took place during larger upward movement however crediting the short theory i can also arrive at those are sell to open...anyone have any useful insight into this. Thank You
They will all fall
