I have now closed my 4,100 shorts at 3,700. I am now long for a move into the 4,400 region, Bearish Bat.
A local bottom appears to be put in place in the 3,700 region for what some might consider a short-time-frame double-bottom. Since the trend is down I am only entering with half of my normal position size with the idea that this is a counter-trend-trade that could go against me. I'll look to open shorts at the top. This pattern is not yet confirmed until reaching point D so entering here is risky but the prior 4hr closed strong and support is holding "for now".
Stops Below Point C 3,670
A local bottom appears to be put in place in the 3,700 region for what some might consider a short-time-frame double-bottom. Since the trend is down I am only entering with half of my normal position size with the idea that this is a counter-trend-trade that could go against me. I'll look to open shorts at the top. This pattern is not yet confirmed until reaching point D so entering here is risky but the prior 4hr closed strong and support is holding "for now".
Stops Below Point C 3,670
Order cancelled
I stepped out of this trade on the last push up for break-even and will look to re-enter if and when we take out the daily pivot. So far I'm not liking what I'm seeing with price action so I'm sitting this out for either a break below support or taking out that daily pivot.Trade closed: target reached
Cashed out of my long now waiting for bearish confirmation.Note
Note
If we keep ripping higher then 4700 is the absolute best R/R short because any push above that gets really bullish so the risk is low.Otherwise I'm waiting as outlined above to short the bounce if 4300 doesn't hold.
Note
Target Hit.Note
Note
It's possible we reverse off 50fib but the inflection point should be just above the 618.Note
Target hit.
That's 3 profitable trades in 1 published chart.
This chart is now finished.
Thanks for following
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.