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Hawkeye "Red Top" Sets Stage For Push Thru Session Lows

Speciale Analysis

Hey Trader,


Hawkeye "Red Top" Sets Stage For Push Thru Session Lows



Welcome, traders! Anthony Speciale here with Hawkeye Traders, hoping you're having a fantastic day. Today, we’re diving into a critical aspect of technical analysis: the Red Top.


For those unfamiliar, a Red Top can be a powerful indicator of market behavior, and I'll guide you on how to identify and use it effectively in your trading strategy.



What is a Red Top?


A Red Top occurs at key levels of resistance and signifies a strong presence of selling volume.


For it to be a Red Top, the candle must close in the lower 50% of its range, combining the wick and the body.


Identifying these at crucial support or resistance levels can be a game-changer in your trading decisions.



Analyzing Today's Crude Oil Example


This morning at 11:18 AM EST, crude oil presented a textbook Red Top.


Recognizing these patterns at key levels can significantly enhance your profit-taking strategies as the market moves lower off these Hawkeye Red Tops.


We saw a channel structure forming using the session low and a higher low marked by a green bottom.


This channel was confirmed as the price action tested and failed to break the resistance, indicated by the Red Top.


When we see a Red Top at such levels, it’s a strong signal that the market may face a downside pressure.


chart

Key Trading Levels and Strategy Execution


From the Red Top at 11:18 AM, we projected the move down to several target levels.


The first support level provided a 37-tick profit.


Subsequent levels at the channel structure and prior lows offered additional 50 ticks and 66 ticks, respectively.


Finally, the market touched the session low, culminating in an 82-tick profit.



Typically, strong buyers at support and strong sellers at resistance dictate the market's next move.


This morning’s session saw a high buying volume bar at 10:51 AM, but without significant follow-through, signaling that buyers were losing steam.



Why Red Tops Matter


Trading is about stacking probabilities in your favor.


By identifying Red Tops at resistance and Green Bottoms at support, you align your trades with high-probability setups.



Practical Application and Next Steps


In live market conditions, I was keenly watching the 81.72 level as a potential resistance point, predicting that it would be challenging for the market to break above.


This prediction was validated as the market struggled to sustain its highs and eventually rolled over.


If you’re serious about enhancing your trading, understanding these dynamics is essential.


The next step? Join our Training Webinar. Here’s what you need to do:


  1. Click the link below to register for the Training Webinar.

  2. Take notes during the session.

  3. Reach out to us with any questions you have.


During the webinar, we’ll dive deeper into these strategies, helping you understand how to identify Red Tops and Green Bottoms in real-time.


You'll also gain access to the Hawkeye Volume Mastery Series, equipping you with the tools to leverage volume and price action for better trading decisions.


Remember, clarity in trading comes from simplifying your charts.


Focus on volume and price action, as they reveal the true intentions of market participants.


By mastering this relationship, you can pinpoint high-probability setups and confidently apply risk to the market.


Speciale Analysis

Trading is about patience, discipline, and having an edge.


Understanding Red Tops and Green Bottoms at critical levels of support and resistance provides that edge.


Join us for the Training Webinar, start integrating these indicators into your trading, and let's work together to enhance your trading performance. See you in the webinar!



Happy Trading,

Anthony Speciale

Speciale Analysis



Anthony and Anna Speciale

About the Author:

Anthony Speciale is a seasoned market analyst with over 13 years of experience trading. Through his platform, Speciale Analysis, he offers in-depth market analysis, interpretation, and expectations designed to help all types of traders, at every skill levels reach their full potential.



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