Trading Nomadic | The Best Technical Indicators For Day Trading | Benzinga Stock Market
What's up, man! how are we doing? How's it going, man? What's up, man? How are you doing? How's it going brother oh shoot you got the youtube audio coming through too is that coming through on my end? What's up man how are you doing how's it going bro oh shoot you got the youtube audio coming here too yeah, hold on. yeah i'm not getting audio from stream yard um i'm gonna roll with it i can just turn this down um i mean i mean i'm trying to think of you you probably you might not need audio because i'm not going to beat them um see if i can or you want to hop out if you close the youtube browser and then hop back in here whenever you're ready i can share my screen yeah go ahead i'm good to go whenever you're ready brother all right yes sir i'll leave you to it um real quick i want to start off with uh well the talk in my circle at least um bitcoin after what is it i mean we've been sitting in the same zone since february 20th you know this little zone i got marked out here about 59 five um it's kind of the neckline i've been looking at of this consolidation here this big old structure um and it's been every time we try to get above it every time we do get above it it's just rejected immediately and finally this morning with a vengeance we have broken above that range um and right now i'm looking at a four-hour chart for bitcoin here you haven't seen any signs of momentum waning but on the rsi you do see that it is overbought i've kind of been looking at this 61 600 zone from you know maybe a pullback uh you know to back test this initial spring above that zone here we topped out once consolidated came back up um and more than likely we're going to come back down and give it a test again that just confirms what was resistance is now support ultimately for bitcoin uh the next zone i'm looking at is up here around 65 9 to 68 one um that's between the two one two seven two and the one four one four fibonacci off of um this bullish gartley pcz here i took that uh the fig retracement from the d to c level on the bullish harmonic and it's also confluent with the one six one eight from back here i believe that is the xa leg on uh the bearish shark we had uh back here in february so more than likely i think this zone is going to be the next target once we do find support if we don't have to come back and test this zone again it in a really bullish environment you might not you might not get that um i do have a position i got in down here at d i took some profits when we came up to this neckline um and i'm waiting once you know once we get either support down here or signs that we're going to continue upwards from here i'm going to add to my position once again uh and ultimately i'm expecting to get up here it is the final target on the bullish gartley which is the 1618 fib retracement on this x a leg here um the first two targets would have been cna and ultimately if it plays out we're going to end up at about 71.8 that's also confluent with trend projections in this long-term uh bullish trend we've been in like i said it's also confluent with some of these other areas uh on the the fig retracement from xna back here another big one i've been seeing on twitter i don't know how many crypto people we got in the chat here if you guys want want to give me a a heads up who who invests in crypto who's more in the stocks um i'm going to cover a few of the ones that i'm going over trades that i'm in fair disclosure i am in a lot of these trades not all of them i don't take every trade uh every trade that i chart out but i it's stuff i reference for when a trader would have an edge like on bitcoin here i added to my position when we got over this neckline with support and another one i i know it's a meme it's a joke of a crypto currency but dog is another one that has been you know everywhere everyone's talking about it um we have hit i had another target here that we hit at about eight cents my second target's been hit my third target has been hit at nine and a half cents um and ultimately uh on this chart my next target would be about 10 cents i'll probably take profit a little bit underneath 10 cents um because of that psychological uh the psychological barrier right you know 10 cents is going to be a a pretty serious number when it comes to you know people taking profit it is confluent with some of these fib zones up here um the one two seven two up to the one six one eight but uh i do have another target a little bit further up here at about 14 cents which is the measured move of this initial impulse up here that we got back in january uh the end of january um and once we see once we have some kind of consolidation some kind of support whether it's price action support on horizontal support and resistance levels or we get obviously you can see on the four-hour chart here the rsi is way oversold way overbought i'm sorry um the macd has not begun to start waning yet but i mean you can see we've already pulled back a little bit um from this zone here i wouldn't be surprised if we come down and test the top of one of my previous targets which we're about in that zone now um if you want to look left here a little bit we have this this little neckline on the top of this structure you know i almost always in trading once you break a resistance you're going to come back down you're going to test it again just to confirm that what was once resistance is now support we might not stop there we might can come back down and test uh lower the lower eight cents area too um until i get some sort of sign or um you know more information on the oscillators here i i'm not adding to my position um i've still got my original position from i believe somewhere down in this zone um and this is something i've been watching for a while i know dog is a meme coin it's ridiculous whatever you want to call it but i i've got a greater theory when it comes to this involving elon musk and you know what he's doing with the project so i got in where there is easy um easy to identify support and resistance you know as a trader that's what you're looking for i know where i wanted to stop out down here and i had targets in mind if we did break to the upside and it was a little risk so i played it and we did good um i got a couple of those on my list part um i'll go through plugs on my list workhorse i haven't revisited recently but i'll look at that one too uh apple's one that i brought up the last two tuesdays that we've been doing this um we topped out we hit the final area of this first target i had here which is the 1414 fibonacci retracement um ultimately the next target i've got is 136 and again i'm looking up here this c would have been a target uh on this bullish harmonic here but i once we get up into that zone i'm probably going to take profit and wait for a better edge to either add to my position or just get out of the trade for the time being um as a swing trader i do have i always have targets i always have stop losses set up because i i don't have well it's it's but especially when the the market's volatile um i like to you know when i see a trade i take the trade for what it's worth i you know every trade every formation whether it's patterns whether it's fibonacci however you trade um however you swing trading there's always targets that identify themselves based on the information you have and apple this is going to be my zone to get out and reassess um and that's that's about 140 here uh just to be safe i like getting out underneath where all the congestion is going to be uh it just it gives me peace of mind i'm gonna hit my targets i might lose a couple bucks same thing with stops you know now and then i get stopped out of a trade whether it's volatility martin uh news driven catalyst whatever it is if i'm confident in a trade after i'm stopped out i'll just get back in when uh the data presents itself that says that you know my previous trade might now be valid so apple i'm still in um i did scale back a little bit after the first target um it doesn't look like we're slowing down on the four-hour chart just yet from this zone to the bottom here uh this c area you've got hidden bullish divergence implying that this trend is going to continue upward you are oversold a little bit on the rsi so i would with apple i'm probably if if we do come back down to an area of support that i have an edge you know to add a a new trade to this position i might do that as well because i am confident that we're going to end up testing at least this 136 137 zone on apple uh tesla is another one i scaled back a little bit today um whether i'll regret it or not i have yet to see tesla i scale back a little bit after hitting target two we have potential on this four-hour chart you have potential bearish divergence forming but it's still forming you are oversold on the rsi i'm looking at this 715 area perhaps um you know for a pullback i don't know if we're going to come back down that far uh tesla's definitely got a lot of traction right now um but you do need some kind of pullback to reset the oscillators down here especially the rsi um and that's why i took partial profit today because as a trader obviously i'm looking for a way to better my position and if i sell here and it does pull back i'm gonna add to my position at a lower price that way when we do continue on and i believe we're going to continue on it's a my opinion um when we continue on if we continue on i will have a better average cost for tesla uh excuse me it's been a long day um he brought up unity software uh before i came on historical resistance and support uh back here from the fall and like he said the stock just seems to bottomed out between this zone and this zone here you had bullish convergence on the macd which would imply a continuation to the upside uh arguably you could almost look at this structure here coming off the the pcc as you know it's it's maybe a complex inverse head and shoulders i looked at it as you've got this low down here you've got a higher low higher low yet again potential three rising valleys uh a bullish dragon you could say this would be the spine coming down here whatever the case may be so far so good on unity software uh the rsi still looks good still got room on the rsi the macd hasn't slowed down yet uh so so far so good we might pop above this zone and retest somewhere in this area uh to confirm that this resistance has been turned into support after we broke above it microsoft microsoft's another one this one's starting to get to the top of the zone that i'm looking at i'm looking up here at 263 as the 100 measured move of this structure down here uh we hit first target early february um and again i set up that area as another target once we popped back above this neckline here uh dating back to the end of last summer right you got this nice higher lows higher lows implying accumulation you got a down sloping supply line which had did break in uh the end of january and again this is a zone up here at 263 i'm going to take profit at and reassess so far on if you look down here on the mac the 4-hour macd this negative momentum is still waning it means there's less negative momentum pulling this asset down you're oversold on the rsi which if i was looking for a pullback i you could you could look down here about 250 uh whether we retest that area or not but it would make sense because that is resistance back at the end of january middle of february and again that's the zone we just got done breaking uh earlier this month uh last week actually but it we did give it a re-test after breaking above that zone so we might just find support here on the one two seven two five retracement at 254 and once we get a clear identification of um support in this area i will probably be adding to my position hit this last leg um and again something i'm going to be looking for is this rsi to cool off a little bit uh it's definitely over bought but as you can see trend across the market it's a very bullish market right now i i've had a lot of plays coming through with success um in crypto and in the stock market another one i'm looking at i added to my position uh yesterday and a little bit friday anticipating some weekend action when it came to bitcoin which was a pretty lackluster and that's kind of been the story with bitcoin lately but once we get above that zone uh that neckline that we've been in the last couple months i'm expecting much higher prices and gbtc is trading now at about 55 i kind of reference back and forth between gbtc and bitcoin almost as an indicator you know sometimes gbtc gbtc lags behind and if you if you compare the price action between the two sometimes it'll give you a better edge but on gbtc we have gotten above this zone at 53 ish um it's the top of this structure here we have kind of given it a little back test uh testing what was resistance as support once again the rsi is getting a little bit hot down here but we haven't shown any waning in the macd but i wouldn't be surprised if you know we give a little bit more confirmation and support in this area as this rsi cools down i will be adding to my position once we get an edge to take a new trade because i am expecting to hit looks like about sixty dollars here um which is just under the one six one eight and ultimately in time i do think we're going to be coming up to this 70 zone um eventually which is uh using fib retracements on this impulse up here that would be a zone that's kind of fluent with the fib retracements on this one as well so um nvidia nvidia's an absolute rock star uh coming back to march 25th we bottomed out um the c to d lag on this bearish harmonic you could see was an old zone of resistance support when we came back down to this area at the same time you could see we had an edge on the macd which is hidden bullish divergence which means the price actions coming down i'm sorry that's actually convergence um any anyway getting back to um microsoft here i'm looking for a pull or nvidia here i'm looking for a pullback maybe to the 612 area this is the pcc of a bearish harmonic which would imply that we're going to get some sort of pullback uh whether it's down to 580 or to 612 or maybe this lower 600 area um where we've got this last engulfing candle coming off of this pullback here um i'm expecting a pullback and i will be adding to my position on this one as well because i am looking for higher prices up here towards 6.50 the video has been in the news um with a lot of positive news uh revenue news uh they are also benefiting from the uh recent bitcoin price action because they make gpus and bitcoin are not bitcoin but cryptocurrency miners use gpus uh in a lot of different mining um to mine a different lot of a lot of different assets including ethereum um so they have been benefiting from that and ethereum's another one that's been going up ghib i can look at too i'll take a break from these um i'll hit a couple of these requests real quick mara we haven't looked at um i'll run that one up real quick here because that's why i do have charted and this is a trade i'm in at this time so the way i've been looking at mara we had this initial impulse up from the end of march came back down retested what was once resistance as support i added to my position in this area as you can see i did take profit which is the one four one four off the c to d lag here um i am expecting to see some higher levels on this asset um you know it has had a nice run we might start to come back down retrace a little bit but nothing implies that on the oscillators just yet if you're looking at the macd the macd is implying positive price action the rsi is in a very healthy area uh for some higher numbers it's just falling underneath this i've got this rsi it's like a moving average it is falling underneath that but this is also a zone for mara that rsi likes to come back down to before it moves back up uh same way that you would back test the spring rsi kind of does that as well uh so i did take a little bit of profit on mara but i'm leaving um some of my position in because i do think we're gonna retest especially if bitcoin continues the upward trend which i believe is going to be the case at least for the short term time being and the long term um i do expect a test up here at about 56 57 again and if we do break above that i would be looking up towards 65 and 68.
um and until i get some kind of information on oscillators telling me that that's not going to be the case i'm leaving part of my position intact until we do hit these numbers or at least give them a test and get rejected um riot's one that goes along with that as well and i do have a chart for that one right i like a little bit more right now than mara because i think there's a little bit more room to move um the end of march came up uh earlier this month last week we tested this 56 level got rejected which it is previous resistance um in the history of this asset looking left but we have now broken above it as you can see i wouldn't be surprised if we come back down and test it once again because it was resistance and if it's support now we'll give it a re-test before we move up to these higher levels uh i think my next major target for riot is going to be this zone up here at about 66 which is the sea of this bullish harmonic um uh looking left here plug park mentioned plug earlier and that's one that i've been in today i tried to take a trade on plug back here after seeing this double bottom and i did get stopped out but if you look over here plug is now entering another uh another historical zone of support and resistance if it does come all the way down here to about 25 87 that would be a nice confirmation of this bullish harmonic uh that is a deep crab which the retrace on the c2b area is gonna be the three six one eight uh fibonacci retracement um i don't know if we're gonna hit that zone i did start my position again on plug because of these candles down here if i could catch my breath if you look down here you know we caught resistance at 38 made our way all the way back down underneath this zone here and we've got a piercing line bullish reversal but it looks like we might have caught a rejection of uh about that 2942 area but i still got hope because rsi is very low pointed upward on the macd here on the four hour chart from this point to this point we are showing some relief uh from the negative momentum heading upwards until we start uh to get some green until we start to get positive momentum in there i'm not ruling this 2550 zone out just yet but this nice engulfing candle uh after this doji here definitely gives me optimism watching the time and sales and the level two today on plug i'm not the only one who's confident that this asset may be turning around a lot of volume coming in um tsm patrick take a look at that one now this is not one i've got charted out but i do like the look of it in this area just look at some major levels here all right so this zone down here is an area where you would expect um a possible turnaround and it you could see we bounced back above it retested 113 uh what was once support we tested it again as support and we've got this initial bounce up here which we did a fibonacci retracement i've got my fibs reversed uh which is just my my style uh but it's a fibonacci retracement from this correction back upward these are some zones that i would watch on the way back up and as you can see we came up to the six one eight came back down which you could look at this as re-testing what was once resistance as support again i would like to see it stay above that level um but as long as it stays out of this area down here i think you're going to continue to see some higher prices looking at the macd you do have bullish divergence on the macd price action is coming down if you look down on the macd negative momentum is waning which would imply a reversal of this correction coming down from 128 uh so as far as the macd is concerned we're looking for some higher prices uh as of right now the rsi same thing as long as the rsi keeps heading up you've got bullish convergence down on the rsi which would imply just a continuation of this this impulse up if i was looking for some targets on tsm the 618 would be a target once again um i probably look at this 786 which is about 135 and again conservatively you could look at 143 would be the complete reversal of this correction uh but if you are being conservative with that target i would call this resistance here at 139 um if i was taking profits up in this area i would take it before we got into this zone because it did break above that but you didn't get you didn't get a lot of support at that level so i would look at that as the top on this asset an area that you might want to take some profits because if we do come up to this area we could very well hit it traders will come in take profits and then we could retrace back down to 134 which would be giving a back test to historical support and resistance um if you want to look higher than that you can look at the one six one eight and the one thing i did not mention is this zone down here would have been the best place you could have gotten into this asset but anything above here i do like because this is a bullish harmonic itself this is a cipher pattern which the entry on a cipher pattern if you were playing the bullish harmonic would be down here at uh the d point um but for targets same thing um if you're looking for targets on the cipher pattern you'd be looking at 136 and 142 respectively one i actually posted a little bit earlier today on my twitter at trade nomadic um i usually post a lot of these plays never advice i just read these charts and uh i i just chart them out um i don't give trading advice but this is an asset that i did take a chance on um this is another one i think i tried to enter in up here i got stopped out but my stop was really tight i think it was underneath um this wick here but i have entered again they did have a news release on ben zinger pro this morning um to all the shareholders talking about some of their business uh some of the ways they've been conducting business some of the things they've been doing in the background they released that because of hindenburg um released a short report on this asset calling them a fraud this and that uh and it really drove this asset down you can see we're starting to get some positive price action up here and i think this is when the report came out so they they released that uh report a little bit early to help investors um feel a little bit more secure uh holding on to their positions in this company and as you can see um at this d point which is also in you know this accumulation zone down here historical resistance and support you have gotten a reaction you've gotten a reversal at 467 i was taking profits on my position here i would be looking up at the 382 fibonacci first between 762 and 833 um that's an area that i would expect you could see there's a lot of congestion here a lot of resistance at that 833 zone so i wouldn't be surprised if that's going to be an area that other traders might take profit um ultimately i would be looking at oh about eleven fifty to twelve twenty five uh is another area to take profits because i do think we're gonna have some resistance coming into this 13 zone um but if you if you zoom out a little bit i i love i love this chart because this whole chart this is a classic white cough accumulation formation this type of formation it's the way to look at it is it's an accumulation zone right you're getting a lot of big money coming in you know every time we get up to this uh supply zone right up here you're getting sell-offs and re-accumulation down here once this structure breaks if ebon ebon um does break to the upside of this structure i think you're going to see a really accelerated um drastic markup because this implies that there's a lot of accumulation going on somebody is acquiring a massive position they're you know selling off at this resistance zone up here and if we do break out of this structure that means you know the people acquiring their positions have acquired their position and they're going to start marking up the prices so it's one i'm keeping an eye on um you know i like this area down here because there's easy to identify uh risk to reward right you know if if it does retrace lower than this d point let me zoom in a little bit here if we did retrace underneath about four about 440 i would probably get out um until i have a reason to get back in um the bottom of this zone would be 394 and i think that's the lowest just about the lowest area um or the lowest price this asset has had i think the lowest is 377. but if we break down into the zone again i'll probably get out until i get some more information rsi's got plenty of room to run and you could see there was definitely a reaction on rsi at this d point which would give more credibility that this structure is valid um and same thing with the macd the macd is still got positive momentum printing until this starts to wane a little bit i i don't see any reason to be bearish at all on this asset um you know you are going to want to see this continue for a while otherwise you will form a bearish divergence on these two macd peaks here um but you might see you've got this initial reaction and a lot of the times on bearish harmonics like this you're going to see an initial spring you know maybe up to the two three six at 6 39 and then you're going to see a back test you're going to see a confirmation low that says yep this is the bottom this is where you know uh swing traders will enter positions for some of these higher zones that 959 area is probably going to be an important zone you can see it's had a reaction to that zone a couple times resistance support support resistance at 950-ish um if you want to look at the candle closes on that area i would probably set a profit i probably take profit about 9 30 9 20 to 9 30 um just because of these candles over here uh what was the next one ghvi i have looked at that asset before i'm not in it currently but i do like this chart a lot and let me tell you why here ghvi so if you look left on this asset very early price action shows resistance at 12.71 and then over here you've found some support at about well you've got support uh in this early history of the asset too at about 1182 and you can see right now we're kind of hopping on top of it right and if we zoom in a little bit closer what i'm seeing is you've got you know your initial bottom here now you've got a higher low oops got a higher low and whether we come back down to retest 1271 again looking at the macd until this negative momentum starts to wane i would assume we're probably going to put in a double bottom here at 1278 which as long as it doesn't break back down into this zone that would be really bullish to me because it's confirming that what was once resistance is now support not once but twice which is awesome um and i'm gonna see see i'm kind of looking at this impulse over here as some sort of harmonic structure but you know with these a lot of the times uh the giveaway to some of these harmonics is you'll see these these big wicks coming off of the price action and sometimes don't give the harmonic away almost a shark but for targets on the upside of this one on ghib i would probably look at give me one second here i probably have my eye on this 1780 zone um actually if you look left here you've got an old resistance at about 1760 and then you've got a support just underneath it at 1610 so first target would be in that zone uh i would probably look about 1750 um the targets if this harmonic structure was valid you would be looking for looks like between 22 60 and 25 as a potential zone that you might have people come in and take profits but again i would also follow a lot of this uh the fibonacci retracement levels because you will see the price action when you're looking at bigger time scales like the four hour or the daily charts um you you will see price action at most of them you know they whether it's consolidation whether it's resistance or support um but i like this one um this is one i am actually going to add to my watch list i do want to see some sort of confirmation that this is going to be our new support level that we found the bottom up but i do like this structure you've got a supply line coming down like this you know it's almost uh a bullish dragon formation but i'd look for some confirmation uh you might come back down and retest this d zone but i don't think that's gonna happen but until this moment or the negative momentum on the macd starts to wane i wouldn't rule it out the rsi looks like it might be trying to turn around a little bit um and technically no no it's kind of a reach but you could argue that there's bullish divergence on the rsi you know you got this low second low in the same zone but the rsi is going up just a little bit so that's positive um if i missed anybody's request just toss it in the chat one more time for me um the macd on ghvi if if you start to see waning on this negative momentum here then yeah then you'll you'll be able to confirm you've just got to get confirmation on this macd that the negative momentum is waning it is starting to you know turn positive that would be your confirmation right here you've got bullish divergence coming down from this zone right here to this zone price action was still coming down but you've got the macd but that's already played out and that not a lot came from that um so i mean this is the zone you want to watch over here on on the macd if you start to get this negative momentum waning uh that's definitely going to be positive and that would imply that there's going to be a continuation to the upside um yeah because this is going to end up if this macd starts to wane that would imply hidden bullish divergence here which is a continuation of the upside with the price action cciv um as far as i haven't heard any news about ccib that's one that has been in my i thought i had a different chart for this this is one um i actually had was gonna enter over here i got stopped out pretty quick i thought we were gonna um retest 2266 as support and we ended up falling out but um with all trades that i get stopped out i do reassess them when i i'll set an alert for ccib i would be looking to get back above 22.64 i would set an alert for that because if this does start to break to the upside of that area i would definitely be interested in ccib again looking at looking at the macd here i was going to say almost bullish divergence but you do see the macd is starting to lose momentum to the downside the price action is moving up a little bit too um it's not reflected as much on the price action as it is on the macd but if you actually if you went from that negative histogram over here just above that 22 66 down to here it would make sense if the macd starts to turn around in this zone um the rsi the rsi you could almost say it's class c bullish divergence on the rsi you can only double bottomed on the rsi but even though you double bottomed on rsi the price has made a higher low um which would imply that there's going to be a continuation impending price action continuation to the upside and if it does break above that 2266 zone i would probably i'd probably look at 24.50 ish first uh probably 24 and a quarter
and then again up here i think this is going to be an important zone at about 27 and a quarter two if you look at historical price action on ccib i think between these two zones here is going to be an area where uh traders might take profit on the asset just because you do have old support support uh resistance um and then again you've got resistance over here so that would be a first target on ccib you know this asset suffered a lot from this this just ridiculous markup uh you know early february when they were announcing the merger and unfortunately because of how extended it got it suffered you know once that momentum to the downside really built up uh you know the asset suffered for it and i i think you you're starting to see traders come back in down in this lower 20 zone that we're in now um you know because it is an old area of support and resistance dating back to the end of january um you're seeing traders come in the negative momentum is waning a little bit if that continues if this trend continues i think we'll see some upside to ccib pretty quickly here um yeah i would also keep an eye on the 28 zone uh as a potential area um the profits taken uh just above that zone i mentioned earlier um workhorse amd amd i've already got charted out so i'll go to that one first and then i'll do workhorse amd is one um i am in i like amd as you can see if if we come back to the beginning of march you've got this historical support zone um it was once resistance back here after we broke above that you could see on the macd you had bullish convergence implying that this trend upward was going to continue and it did we did break this supply line uh dating back to the end of january coming down here um i think yesterday with the positive news from nvidia on the chip shortage stuff i i think amd suffered a little bit from that you know people who are playing that specific sector whether it's gpus specifically big tech whatever it is um you know amd was well on its way and it did come crashing down i managed to get a target out of it at 83.60 and looking at the macd where we're at right now you've got the macd making lower levels of negative momentum while at the same time the price is still marking up at this point at about 78 dollars that's going to be a support zone and historically that's been respected before and this is hidden bullish divergence which implies continuation to the upside so we've got that first target out of the way um the next area that i'm looking at for amd would be whether it's this horizontal resistance at 86 or the 618 fib retracement which has been respected a few times here um in this zone i'm expecting profits to be taken and i would probably take profit at about 89.23 um i i am going to leave some in amd i do like amd i've been trading amd for years and i like the sector um but when we get up here i will be looking for confirmation from the oscillators right now on amd you do have you also have bullish divergence on the rsi rsi is making lower lows and actually bottomed out in this zone here while the price action was still going up um so yeah i mean until until there's any new information on the oscillators or price action i think amd is going to break this supply line again uh hopefully find support above 79.92 and then test some of these higher levels uh if you look back here i like this horizontal resistance at 86 because you can see once we identified that as resistance came all the way back down here no stops just all the way down one shot so now that we found support i would expect to go re-test that zone again um that's going to be an area that traders set it up palantiy skynet uh palantir is one that i am in um i haven't brought it up today but i do like palantir if you take a look at i identified this area uh personally as an area of support and resistance you got this double bottom here the end of march we hop back above that support level at about 22 30. um you know you consolidated accumulated a little bit sideways for the last week or so um and now we've broken above another zone i like that has been respected time and time again in the history of this asset at 24 46 and if you look closely we sprung and you almost got a little back test of it um on this last four hour candle here uh but you might see some price action settling above 2446 that's what i would like to see uh if you look at the macd macd still got positive momentum um until that starts to wane out a little bit i wouldn't i wouldn't count on coming back down here to test it just yet you know we might come up and test the top of this zone at 27.67 um and see if that's still resistance if we break through that i would expect to see some higher prices uh one of my targets is going to be up here at the a and the c of this bullish harmonic here which brings you up to about i think i set it up about 43 and 37 but you do have a lot of chop to break through before you're gonna see levels uh that high but so far until we have you know different information on on the oscillators talenteer still looks good to go uh it is starting to get into an overs uh overbought zone on the rsi but not yet and again the macd hasn't started to give up just yet either but above 24 40 is going to be the zone that i would expect to see support found before moving up to higher prices um and yeah i'm in valencia i like this one a lot it's got you know quite a markdown on the price i mean we were up the end of january at 44 and 39 and momentum is starting to build back to the upside and this asset was on sale and has been on sale for quite some time it's given a lot of time you can see the volume even buying kind of slumped down starting to round back up and especially the last four hours got a lot of volume coming in um starting to pick up so this might be uh i mean it's still an area that you could enter this trade and still identify reasonable uh stop losses uh i would give this one some room but if i hadn't entered this trade yet i would wait until you get some sort of confirmation workhorse i'm sorry i forgot that one my brain is all over the place today it's been an exciting day and workhorse kind of looks exciting to me right now all right so if we look over here and this is the last summer we've kind of got kind of got this zone here so if we're looking at historical zones on the asset i would want to see i would want to see workhorse get above 1328 if i wasn't in a trade on workhorse that would be a number that i would kind of want i'm going to move that up um we're still kind of in a support zone but 13 28 ish 1320 that's going to be an area that would confirm that we're going to start moving up for me as long as workhorse stays above 12 41 i like it you've got support over here and the february you've got you know kind of a little zone down here um that you keep bottoming out on and getting a reaction to the upside if i was gonna take a trade on workhorse like i said i wanna get above this area and you kind of got a supply line coming down here which it looks like it's breaking out of a little bit i mean it's it's it's a little premature but it's attempting to get on the outside of this uh supply line coming down here the macd if we look at the macd i do like that um you've got negative momentum waning you've got positive momentum starting to form uh in this last four hours here and if you're looking over here coming down to this 1241 zone we're talking about you do have bullish divergence you've got price action coming down the rsi bottomed out between these two points while the price action was still coming down which means you're gonna start it it's a continuation sign it's a continuation indicator it's hidden bullish divergence you've got convergence on the on the macd as well and if we do start to see some pro a positive price action on workhorse this is definitely a trade i would probably look at um taking a position in myself but i do want to see some confirmation i want to get out of this little zone we're in down here um and if we do i would probably look to about 16 1691 um as a potential place to take profit and if you wanted if you wanted to catch a little bit of profit um safely another zone i might look at right around the 236 retrace is this area right here where you've got clear resistance you've got resistance um what was once support is now resistant so until we get above that that's going to be a zone that traders might take profit because it's a historical resistance zone um if we do get above that and ultimately if we get above that 786 fib at 1810 you could see a lot of upside on workhorse but it's it's something you got to be patient because until you get confirmation um you know we are gonna it right now the oscillators are saying that we're gonna start seeing a markup on this asset um you could almost argue that you've got bullish divergence on the macd as well price coming down negative momentum waning which so far right now this this would be a good entry for a trade if you were going to take one because you can identify your bottom right if workhorse gets underneath that 12 30 area um i'd want to get out that's not something i want to be in because the oscillators are telling you that there's bullish divergence here both of them they're both implying that this asset is going to turn to the upside and it has broken this supply line which is probably back testing right now um so if you broke below this area then your whole my whole reason for taking this trade would be invalidated and i would want to stop out until i've got another reason to take the trade uh personally but right now i would say bullish uh workhorse looks good like this um even though we're still in this zone down here it's still an area where you've got an edge because you know you're right near this would this would have been your entry point at you know about 12 30 like we said and it's it's trading at about 1290 so even though we're not out of this zone right now you still have it easy to identify stop loss if it falls underneath that you get out and just wait um but if we're looking for some of these higher prices i would definitely consider getting above 1361 that would be a pretty good indication that we might see some of these higher targets as well on the fibonacci retracement um spce i haven't looked at that one in a while but i could check it out if i was gonna quick identify some zones i was looking for an entry on spce you you could be in an area for an entry as far as price action goes um you know you're not going to want to get back below 26 15 um because technically over here if you look left you've got a resistance at 27.49
up here which is something you're gonna have to break but you found support back here march 8th at 2607 so if we fall back below that um you might be coming down to 23.78 and you know potentially double bottoming here um the four hour macd uh the positive momentum is waning a little bit um i would want i personally want to see you know a sign that positive momentum is on the way uh rsi if you're looking at the rsi you might have a better argument there um because you could look at again this area as a potential double bottom and even though the price action double bottom the rsi at the same time is moving up which would be class c bullish uh divergence um which is a continuation pattern uh it implies that you're going to see i'm you know mark up to the upside but i'd like to see some some kind of indicator on the macd you know right now it shows positive momentum is is waning so but as long as you stay above this 26 30 zone i think you're in good shape even if it trades sideways a little bit um until we you know identify this as for sure this is our new support um and we kind of put in that bottom you know then traders will start to take long positions and if i was taking a long position on sp ce um well first and foremost i would look at 32.95 um that's an area where we double topped over here obviously it's been resistance resistance here um resistance in this choppy zone and it's also the two three six fib so potentially that's an area that traders are going to take profit if you were looking for a level up from that 35.96 and i i like the the 618 retracement as a higher target as well um i can look at neil nato's on my list um if i run over time you guys just hop in i mean i'm more than happy to look at a few more of these charts yeah i mean if you want to you want to knock out a few more charts by all means one i'm in um i have well i can't hear you remember that i know right here okay if we're calling it quits uh i'm all i'm ready to go too um neil so far we hit this first price target at 41.39 um looks like we found support again at 37.58 my next price target up 44.61 you've got support resistance resistance again resistance that's probably an area where traders will take profit and that's an area that i'd be doing the same um after that i like 45.50 and 50.12 is that my
is that my cue i can't hear you i'm gonna have to get this get this thing figured out over here um but yeah if you guys have any more requests uh i am on twitter at trade nomadic um and i do the show every tuesday 6 p.m to 7 p.m if you guys can hit the likes do all that fun stuff for me i appreciate it thanks for having me guys of course we'll be back we'll be back tomorrow for uh you know tomorrow 8 a.m some pre-market prep see you then
2021-04-19 03:04
