Short on Matic; long on SolanaIntroduction
I am biased short for the Ethereum ecosystem as a whole due to all the efforts made to have the system run more efficiently and at a lower cost. Price action will work its way down initially and severely before eth benefits again from the "adoption" trade.
A similar concept is water purification. Imagine water is very expensive to obtain and make potable. Efforts are made to get potable water cheaper and a new system is created that produces drinkable water at 1/10th of the price. The old systems that were in place before the development are going to crash in value as people move to the new system. The price of water is cheap and more people use it than ever before.
Matic is one of the old systems through no fault of its own or its developers. The price of Matic is due for quite a drop and the new Ethereum systems are poised to benefit if they can survive. And then there is the alternative to drinking water. I guess for this example we are talking about having a nice Mexican beer (a very overused pun for SOL). Hell, Cinco De Mayo is around the corner as well
Main Chart
This is technically a very simple play. Which is why I hope it is so powerful. We have a simple chart formation, a rising wedge creating a bull trap. That bull trap is a macro lower high from the all time high. We have a EMA ribbon that was support, and now it is poised to act as resistance. The targeting is likewise very simple. We can set a roughly equal W bottom which would be over a 60% loss from current levels.
Other Charts
I have cobbled together a set of indicators to develop a system to benefit from impulse as much as possible. It is decent on multiple time frames but I an trying to make less trades but bigger moves and tighter stops.
This set up is about 85% complete for a entry. It is a Heiken Ashi momentum strategy that looks to go short when indicators have a "bearish stack" and long when they have a "bullish stack. Ideally I would have waited until the SMAs were bearishly stacked and shorted rallys but shorting a break of the wedge is good enough.
Maticbtc versus LunaBTC
To be blunt, the MATICBTC chart looks like hell. There is a macro double top in blue and a nested double top making up the right top. These two formations cascade to a full target of Matic loosing 80% of its value against bitcoin from here. Absolutely devastating.
One thing scratching in the back of my head is how LunaBTC had a chart that predicted a simuar drawdown but the whole project got obliterated. One target for a rising wedge is the bottom of the wedge. So LunaBTC should have "only" dropped some 80% as well. I am wondering if some similar catastrophe could bit Matic. If not, and it merely loses 80% in a orderly fashion then I will be around to long the W pattern if it is confirmed.
My Trade
I have a pretty good entry. I was very tempted to take an entry in at a break of the purple trendline but the chance that price could have recovered at the wedge for another pump was too high and not enough of my conditions to go short were met. I am closing my trade at the first target and waiting to see if a continuation or reversal pattern develop. It could be a multi-month process.
I have a chart I use for reversals that uses daily and weekly SAR as well as the ADX, volume and stochastics. Taking profit around the monthly SAR usually a good idea and taking profits never made a man poor.
This strategy, but in reverse
Solana has taken on a fully bullish stack to its daily SMAs and is above both clouds. Both clouds have twisted bullish. The MACD is positive and looking to cross bullishly over the signal line. the 9SR is bullish on most time frames. This set up is appropriate as Solana has positions itself as a "Ethereum killer."
Here is ETH from 2019. I expect it SOL to have a similar rally because it is in a similar situation with regards to previous losses and current strength.
As such, I will be looking to take profit on a Solana trade as shown. Same strategy in reverse. It works long and short if you are patient enough.
MATICSOL
Here is an ABC correction draw on MATICSOL (actually maticbtc/solbtc) with EMAs on the weekly
And here is the draw on the daily set up for momentum. This chart is 100% fully bearish based on the system.
Momentumstrategy
Marathon Digital Symmetrical Breakout?Mara reached a new high and fell as expected. It started trading into a wide falling wedge out of a bullish uptrend. I would think other than Bullish if it was knifing down.
Found consolidation level at 17-17.60 area after double bottom bounce at 16.50ish and looking for a possible break to the upside out of a bullish symmetrical triangle.
With bit coin holding 30,000 level.
We could see it retest and/or reclaim $20 soon.
Trade Responsible,
#TradeTheWave 🏄🏽♂️🌊
COINBASE Victory lapCoinbase wins decision over SEC lawsuit pushing the stock here this is a big accomplishment and win for the company. With blackrock wanting to create a bitcoin ETF and coinbase being a potential part of that and Earnings coming up this can ROCKET!
Short term watching for a break out of the wedge and a 59% gain up to $100.
This stock was once at a high at $430
PANW Cyber SectorPalo Alto Networks is a cybersecurity company that provides advanced security solutions to organizations worldwide.
I don't think they're going anywhere for a while and are very established already with multiple deals and have been on point with their financials and earnings.
We're looking for a break out of the consolidating 238-240 range which already happened as im typing this.
huge gap down on july 12th looking for a retest to 253. If it falls below 238 it needs to hold 236 level or will retest 232.
LMT Looks BULLISHWith earnings coming up lockheed martin remains bullish and seems to have broke toward the upside out of consolidation. My immediate PT was for it to close gap at least around 475 area.
If LMT has a great earnings this can possibly test next resistance at 480 as its still trading and trending up.
Trade Responsible,
#TradeTheWave 🏄🏽♂️🌊
Lockheed Martin Closing Gap?Lockheed martin earnings play. This stock has my interest with multiple contracts with the government and missing 1 of the last 5 earnings.
Lockheed is no stranger to getting multiple contracts. A lot of constant contracts coming in with government agencies and commercial airlines.
For a month it has been consolidating jun-jul and recently broke out of consolidation.
coming up on earnings July 18th with price targets ranging from 498 to 579 and a strong out look from 1- 5 out of 5 its sitting at a 5 for earnings beat from Earnings whispers.
Im Bullish looking for at least a gap fill at $475
Trade responsible,
#TradeTheWave
mara strictly trading wedgeMara has been trailing BTC but is now Trading within its own wedge. I thought it would continue to drop but retail has too much buying pressure. Bouncing off a double bottom at 17.50. 20 seems to bee in the near future.
Trade responsible,
#TradeTheWave 🏄🏽♂️🌊
ENVX - Army Swiss Knife X FactorA Couple things to note is Enovix has been on a steady rise and has had bullish catalyst released. It's on the hook to hit the next leg. Lame pun for the Hook showing on the chart pattern
"The advanced silicon battery company said the deal is for it to produce commercial cells for use within U.S. Army soldier's central power source, called the Conformal Wearable Battery.
Enovix said the agreement moves the program toward full volume production. The cells will be used to build pre-production CWB packs." - MarketBeat
This launched the stock price to $19 ON JULY 6TH.
It helps that spy has been pumping making new highs. I feel it will rise in the next few weeks with spy being on an extreme bull run and ENVX following a similar pattern.
ENVX, RSI on close to oversold, Williams showing the stock is curling. ENVX is currently aligned with SPY and have the same exact pattern It may run up with SPY so long as it remains bullish.
Expect it to touch at least $25 but theres a lot of turbulance up there as thats where it's been consolidating in the past. General consensus PT is $38. Others have placed as high as $100.
has an average rating of buy and price targets ranging from $15 to $100, according to analysts polled by Capital IQ.
Trade Responsible,
#TradeTheWave
Hive is Buzzin - Trailing BTCThe stock runs hand in hand with bitcoin. It makes sense for it to keep going up being that the company stated they produced 259 BTC in the month of june.
New 52 week high loading? If it can avoid a double top.
TMHC A Steady Gainer - worth the time?Stock has been on a steady rise since oct 22. Out of the 7 earnings it only missed one.
This leads me to believe were looking at a run up before their earnings call on July 23rd ( Right before market open ) & If it falls it continuosly bounces off the 100 EMA.
It already showed it has potential to touch 60 on jun 23rd.. Retest prior to earnings?
To be continued..
BARBIE Movie and hot wheels about to RIPWhat interested me in this is this company has mutliple brands under them ( UNO brand, Barbie & Hot Wheels ) .
Yellow box is previous resistance and support zones)
Looking for it to consolidate around these levels tomorrow and continue to push higher. Also this company rarely misses earnings coming up July 26th. 👀
Datadog DDOGHi Folks,
DDOG start to draw an orderly consolidation. the consolidation is not yet mature, but worth to keep under surveillance.
• A big move in the past 1-3 months anywhere from 30%-100% the rally last for a few days to weeks.
• Orderly consolidation with higher lows & tightening range
• RDM, VCP
• Stocks surfs the rising EMA 10 or the EMA 20
• Volumes are significative compared to previous phase - NO
• Volumes dry up at the end of the consolidation
• Volumes are strong during the breakout - NO
• ADR is high, 3.8 - OK
• Revenues are really strong, but earnings needs to improve.
Go DDOG Wouf Wouf !!!
CEAT on a bullish momentumThe stock of CEAT Tyres (NSE: CEATLTD) is exhibiting bullish momentum and has crossed 2018 high of 2000 with a bang!
The price action seems bullish and the path of least resistance is up toward the 1.618 Fibonacci extension target of 2900.
Eurusd Pulls up to end the week 📺The Weekly candle has flipped bullish with NFP data as I outlined as a possible scenario in yesterday's publishing and appears to be now headed towards 1.096 Daily resistance zone( Also the other side of the daily range). We are currently above 1.091 daily resistance zone and closed at this level with the 4hr candle. The 4hr candle closed quite strongly bullish. We have done a retest at our previous 4h resistance zone(1.09) which has just acted as a support level 40 minutes ago. We are seeing a bullish push to end off the week here and I think it may continue towards 1.0936 and 1.096 Daily resistance zone. We are consistently holing above 1.091 daily resistance zone and the 4hr close has given us confirmation that we may continue up. We have now gotten 2 1hr candles and 1 4hr candle close above 1.091 daily resistance zone. It may act as a support now after we have recieved candle closure confirmation on the 1hr/4hr timeframes.
I was originally looking for sell positions on Eurusd with NFP. Instead we saw that —> 1) I Identified that NFP data was expected to decrease overall from the prior period ( Not a positive for USD) 2) The data was worse than what was forecasted by analysts' ( Not good for USD) 3) Price printed a strong daily candle closure back inside our daily timeframe range with yesterday's daily candle. Our daily timeframe range being between 1.085-6 Daily Support and 1.096 Daily Resistance
1 Trade today. Buy Stops with NFP
Explanation :
So price created a Daily resistance zone on Monday. On Tuesday it respected the daily resistance zone and moved down accordingly. I placed my buy stop position above this high of Tuesday's price. One position closed for +8 Pips, Other position closed for +9.3 Pips 💰. My target was the next 1hr resistance zone as we noted in yesterday's publishing at 1.0936. I secured partial positions and extend my Take Profit to 8-10 Pips during news trading and Lowered my position size accordingly.
Data
Thursday Daily Candle Incoming 🤯--> Continuation ( 6 minutes video 😎 ) As We approach the end of the week, We may observe alot of momentum! My mentors always told me that the market is setting up early in the week. The avalanche later in the week will provide plenty of opportunity for the disciplined trader to implement a trading system.
Price was at 1.08892 during our last publishing 24 hours ago. Price consolidated during Asian and London Sessions before gaining enough liquidity to see a breakout to the downside. Price is currently headed towards 1.08384 where we may see a bounce as we head into london session. If not then price is headed towards 1.081 4hr support zone as our next bearish target. Price has confirmed a breakout to the downside and I'm anticipating a pullback before my sells. If not then I anticpate a pullback with our 4 news releases tomorrow durng new york session. We could see all three sessions be bearish and it s thursday so I wouldn't be surprises. Must keep this in mind and plan for every scenario. I've outlined that good pullback prices look to me to be arouns 1.08628-1.0875
I've already met my weekly goal of 2% and I am quite a happy camper. 2 Weeks ago I recall I was up about 2.5% (.5% more than my goal) and I trade on a friday where I proceeded to give back 1/3 of my profits on the week. What a sour taste it left in my mouth to end off the week! Don't want to do that again so I will be publishing ideas and content for my channels to end off the week.
If you enjoyed the Video Analysis, please let me know by leaving a Rocket or comment!
-- ShrewdCatFx
Momentum gaining traction after Monthly Close 🚀The final week of June was spent consolidating as some Buyers took profit and Short Sellers have attempted to force price down. After the Monthly candle closed on Saturday, we can see it as the beginning for a new ascent. Since then price has climbed 2.35% at the time of writing and reached a high of 3%. Weekly timeframe : There is no Supply AKA Resistance level on the weekly timeframe up to $47K. As long as the Weekly timeframe holds above $30,328 Weekly Support Level, we can look for higher prices. Daily timeframe : Our remaining pit stops for a bullish ascent will be a fight to close above $31,352 Daily resistance and $31,787 Daily resistance. After that there will likely be liquidity above structural wick highs at $32,373. I would not be surprised if BTC wanted a retest at $30,715 Daily S/R Zone once more before a further ascent. It used this price level as a resistance for the entirety of last week and it will likley act as a support moving forward.
Bitcoin is Consolidating Upwards ₿Bitcoin is slowly probing into higher prices testing short liquidity and accumulating orders in view. After a 25% pump last week or 2 weeks ago whenever I would've liked to see Sellers take over already. Instead these " High prices" maintain and price sustains itself. Price is creating Higher Lows and is what should be anticipated in an increasing market. My thoughts are that we may see an increase in BTC early in the month here and a consequential pullback later in the month. The Level's I've drawn up will be the most relevant throughout the first half of this month.
Ethereum Retest after a Breakout 📕We've created a bottom wick on the new monthly candle of 2.5%. The Weekly candle closed strongly above the Weekly Resistance zone to the left hand side at $1,909. We can observe a clear Higher high in market structure that formed pushing price up to $1,976. We have clean traffic (clean and clear candles) to the left hand side on the 4hr and Daily timeframe up to $1,995. Textbook break and retest for Ethereum here for a continuation higher. Price is retesting our previous 4hr resistance which may turn into support.. It's possible price may want to retrace a bit more to $1,924 Daily support level that was formed after Sunday's price action.
4Hr Chart ->
Daily Chart ->
[ PMI ] Red Folder News Scenario's 🔥/ Eurusd For PMI data I'm favoring a continued push up throughout NY Session. If this does not happen then i anticipate the volatility to create the High of the day then slowly faded off the highs back to support at 1.08743. It is Monday and the market is setting up for the rest of the week so beware of that. On My last publishing I detail a potential fakeout on the Daily timeframe after the Friday candle Closed back inside the range last week above 1.0892 which is now our weekly support level. I'm looking for price to return to 1.096 daily resistance this week with the fakeout market structure. The Daily candle was bearish all day today and has only just recently flipped back bullish as we coincide with PMI data in 7 minutes. I took a buy and just TP with majoirty of my position., holding on to some during news with SL at B.E. Update : Price shot into profit and my runner position I took Profit at +25 Pips
Break and Retest @ $1,909 Weekly Level 📈Ethereum created a Higher High on the Daily Timeframe after the daily candle closed at $1,933 on Friday. Additionally, Eth closed up 3.15% on the Month and this suggests a further increase for July. More aggressive positioning for an increase in the month of July would be the anticipation that Ethereum closes above $1,909 Weekly supply level. Trade Idea : It uses what once was a Supply/Resistance level as a new Support/Demand level. This would translate into a swift break and retest trade above $1,909 and looking for new high prices to formulate as the new monhtly and weekly candle's kick off.
We have
1) Monthly candle just closed bullish
2) After 1 week of testing $1,909 Weekly Supply level, price has done a fair job of sticking right at it, current price $1,913
3) After all the crazy news, price remains at the medium term highs after a 16% pump across the past 2.5 weeks.
A Look at the Daily Chart, Created a Higher High and we may now use $1909 to do a break and retest to head towards $1,995
Fake-Breakout coming out of last week ↗️ 🌞PCE news last Friday took price back inside the range between 1.08919 Weekly Support level and 1.09859 Daily Resistance Level. The Friday daily candle retraced nearly the whole Thursday candle that contained GDP and unemployment claims data. I'm looking for this price behavior to continue into the early trading of this new week. The Idea is that we should have continued down last friday towards 1.07821 Daily S/R Zone. We didn't and instead we Eurusd has spring itself back in the range. A Fake breakout or Fakeout. I can see us returning to the top of the range basically. The Monthly candle closed Bullish for June. Looking for the same during July with the first target for July being 1.11. The second target being 1.11853. Price has been consolidating so far this year on eurusd. However, the market structure is consolidating upwards. The 3 month candle jsut closed a 3rd consecutive bullish candle. Why not more bullish?
27.5$ Top Wick and 25$ Candle Body 🫣 -> Rejection of HighsEthereum is Creating Lowr Lows and Lower Highs as it descends away from our Weekly Supply level $1,915. Price ran into th Weekly Supply level last wednesday and ever since then we have been unable to identify a push to create a Higher high on the Intraday timeframes. Instead price is retracing and it appears to be stepping down stairs in a calculated fashion. As the Monthly candle comes to a close price, we will be able to identify a bearish candle if price closes below $1,873. Price would have to increase +1.6% from the current price to end Break even on the month. If the Monthly candle closes bearish then Bears have established a Resistance. We may then anticipate further downside to fill at least part of the previous monthly candle's bottom wick with momentum carried over. This is the idea behind this Short publishing.
First TP $1,828 Daily Support Level
2nd TP $1,800 Psychological Level
3rd TP $1,723$ Weekly Support Level
Monthly timeframe Outlook : Idea is that we will go to fill at least part of this month's bottom wick with momentum carried over to the next monthly candle
Eurusd ; more downside squeeze? 💀The Monthly candle has been pulling back from monthly resistance at 1.10255 since intitially tapping into it last Thursday. The Weekly candle is bearish and is rejecting weekly resistance zone 1.094. The Daily timeframe has confirmed a bearish breakout to the downside since it recently closed below Daily support level 1.0891. This Daily support level has now tunred into a Daily S/R Zone and may act as a resistance area for more downside potential. As stated on Tuesday's publishing " Momentum from Last week , Eurusd whats cooking? " I mentioned this statement --> "Downside target for week is 1.081 4Hr Support zone" . This would be 51 pip drop from the current daily candle and similar to the 49 pips drop that we saw today with GDP and unemployment claims data. Tomorrow we have Core PCE data. Now A few things could happen. 1) We move up prior to news then drop with news 2) We move down to our weekly target 1.081 before news and then shoot up with news 3) We consolidate, then increase back into the Daily range between 1.0891 Support and 1.096 Resistance with bad USD PCE data tomorrow.
** Also we must be aware that the monhtly candle is coming to a close. This could cause some very irrational volatility. It's the end of the week as well. It could be a freaky friday. I'm lowering size and wider SL. I may not even trade we'll see.
