Arbitrum Indecisiveness

Updated

Lots of indecisiveness surrounding ARB. This is one of those moments, as a trader, where you can't rush into a trade. You have to let the market decide and then make a move to go with the flow.

Symmetrical Triangle...Check
HL on PA (so far)... Check
LL RSI... Check!
Poking of 55MA...Check!

The close on the daily TF today will be key in forecasting what the PA will be tomorrow. If we close below the triangle, below the 55MA and re-test from below it in the next several days, I'll be looking to enter short with a TP @ $1.3 . Otherwise a re-test of the top isn't particularly attractive considering the RRR.

Cheers!

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I'm sitting on the fence on this one. On the one hand you have a bullish close above 0.618 fib and on the other a clear close below 55MA. Plus an unconvincing close above 55MA (too little too late). All I'm thinking now is this is a re-test of the triangle and further slide down. We'll see

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I'm still on the fence on this one. Can't tell if this is a re-test or fakeout. Volume is low. MACD is acting like the trend wants to flip to the up side. I'm sitting this out. Tomorrow will give more clarity

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Interesting...

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It takes quite the patience to do these trades. Still undecided though the bullrun is upon us...

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The market has spoken

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I'm posting my TP for Arb

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$1.1-$1.2 being the worst case scenario

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I don't even know if Arb will hit my 1.35 target. Market seems ready for the next leg up. We'll see...

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Interesting...

LockedAndLoaded

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