Silver (and SLV) took a brutal hit today, and fell at one point 6% intraday. It provided an interesting structure and lesson in momentum lows and bear flags. Let’s see it as it’s developing. SLV (Silver ETF) 5-min chart: I’ve never seen so many bear flags in a single day (at least not that I…
I’ve honestly never seen so many valid Bear Flag trades in a single intraday session. Let’s see all these flags and view the intraday structure for February 26’s trading session in the DIA. The day began with an initial gap, and though the first play perhaps should have been a gap fade, your trade was…
Wow – what a day. We had another surprise news rally that drove the market higher against the overwhelmingly bearish backdrop. It was a near-repeat of February 12th, when all signs pointed lower though price rallied sharply into the close thanks to a news leak… but that’s not what’s important. Let’s look inside the DIA…
What a day Thursday’s trading was! It seemed all hope was lost for the bulls until the last hour. Let’s dig a little deeper to see some patterns you might have overlooked, including a rare fractal (double) Bear Flag and a “Three Push” Pattern. DIA 5-min chart: Again, what a day. Thanks to the end-of-day…
Analyzing gold may seem difficult for traders, but let’s look at a related market – silver – to see if we can gather any insights from the Monthly or Weekly charts in this precious metal – hint: the picture looks a little clearer. Silver ($SILVER) Monthly: I’ve annotated this chart with a possible preferred Elliott…
Financial stocks were hardest hit in Tuesday’s market decline and I wanted to highlight the XLF Financials ETF (which broke its November lows today, falling 16%), Wells Fargo (WFC) which fell 24% today, and CitiGroup C which declined 20% today. First, the broader XLF Financial ETF: I’ll take a quick view of each stock’s technical…
I know that today’s trading was frustrating for many reasons, but by the end of the day, we’d developed a successful gap-fade trade, a couple of bear flags, and a couple of positive momentum divergences – all of which are worth reviewing for educational purproses to build pattern recognition skills for the future. DIA 5-min…
I wanted to highlight a quick, intraday example of a classic (or ideal) gap fade play that occurred on Goldman Sachs (GS) this morning. As a bonus, I’ll show the S&P 500 (SPY) chart intraday and the interesting reaction move that occurred today. Goldman Sachs (GS) Intraday: The morning (and week) began with a large…
With a semi-trend day behind us and plenty of trading opportunities at hand, let’s look at some of the price structures and idealized trade entries we could have taken now that Monday’s action is complete. Dow Jones ETF – DIA 5-minute: First, the day started with a mini-index gap, which was instantly filled for little…
The market gave us yet another trend-style day down today, washing away most if not all bullish hopes for an extended counter-rally recovery. Let’s view the intraday charts to see what opportunities were in store for nimble and aware traders, who were able to take advantage of the trend structure today. DIA 5-minute chart: Most…